HBC reported record sales revenues in Q2 with a 42% increase from previous year.

From GlobeNewswire: 2024-08-23 02:00:00

In the second quarter, HBC reported gross operating revenues of NOK 80.4m. Adjusted sales revenues were NOK 72.2m, a 42% increase from the same quarter in 2023. Cash and cash equivalents increased by NOK 3.1m, totaling NOK 25.3m. CEO Jon Olav Ødegård aims for 50% sales growth by year-end.

HBC achieved record sales revenues in Q2, up 42% from the previous year. Production volumes increased by 31%. Gross margin was 34%. In June, the company recognized a profit of NOK 8.2m from sale of assets. HBC continues developing pharmaceutical leads for inflammatory diseases. No significant events have occurred post-quarter.

HBC is a Norwegian consumer and pet health ingredient supplier focusing on inflammation modulation. Research includes pre-clinical studies for developing oral treatments. Lead clinical candidates target inflammatory-driven diseases like asthma and COPD. Other leads focus on GI protection. HBC values sustainability, resource utilization, and traceability.

HBC’s headquarters are in Ålesund, Norway, with offices in Oslo, London, Zürich, New Jersey, and Palo Alto, CA. For further information, contact Christel Elise Kanli, CFO of Hofseth BioCare ASA.Visit the link for the full HBC Q2 & Half-Year 2024 Financial Report.



Read more at GlobeNewswire:: SECOND QUARTER AND HALF YEAR 2024