From GlobeNewswire:

HBC reported gross operating revenues of NOK 47.4m in the fourth quarter and NOK 218.5m for the full year, with an increase of 38 percent compared to 2022. Cash and cash equivalents increased by NOK 6.2m during the quarter, leaving total holding at NOK 23.9m at the end of the year. HBC aims for 50 % further growth in sales in 2024 and a positive EBITDA. The company is focused on developing treatments for inflammatory diseases and is committed to sustainability.

In the fourth quarter, HBC saw a significant jump in sales revenues, up 26 percent compared to fourth quarter 2022. Total sales revenues for the year were 190 million, up 58 percent, an increase of 70 million from 2022. R&D work on all ingredients continued unabated, with the company entering into an agreement with Hofseth International to make an investment in HBC in a new class of preference shares. The transaction converted accounts payables to newly issued preference B-shares and improved HBC’s equity ratio to approximately 47 percent.

HBC’s sales successes are a result of systematic promotion in international markets of unique, fresh ingredients founded on science and circular economy, enabling the company to enter high-value human and pet markets. The company had a gross margin excluding a write-down of 27 percent in the fourth quarter, compared to 18 percent in the fourth quarter of 2022. Despite an extraordinary write-down of excess calcium inventory, new projects are accelerating with several new product launches for CalGo and a new pet buyer in the quarter.

The transaction converting accounts payables to newly issued preference B-shares was concluded and registered in January 2024, improving HBC’s equity ratio to approximately 47 percent. The company is founded on the core values of sustainability, optimal utilization of natural resources, and full traceability. HBC is focused on research to identify the individual elements within its ingredients that modulate inflammation and the immune response with pre-clinical studies ongoing in multiple clinics and university research labs.



Read more: FOURTH QUARTER 2023 AND FULL YEAR