HBC recorded total operating revenues of NOK 60.9 million in the first quarter
of 2025, compared to NOK 52.4 million in the same period last year. Net
operating revenues were NOK 60.7 million, reflecting a 15% increase from Q1
2024 (NOK 52.1 million), driven by continued growth in higher-margin human and
pet health segments, despite early-quarter production constraints and ongoing
pressure in the commodity oil market.
Cost of goods sold (CoGS) amounted to NOK 37.5 million, up from NOK 27.3 million
in Q1 2024. Operating expenses totalled NOK 23.1 million, slightly down from NOK
23.9 million in the prior year. This included NOK 3.0 million in one-time
restructuring costs linked to organizational adjustments and personnel changes
initiated to improve long-term operational efficiency.
EBITDA for the quarter was negative NOK 19.9 million, compared to NOK -16.2
million in Q1 2024. The Operational EBITDA* amounted to NOK -8.3 million,
slightly lower compared to the same period last year, reflecting the exclusion
of non-recurring items such as restructuring costs (NOK 3.0 million), clinical
trial and R&D investments (NOK 4.3 million), and Berkåk project costs (NOK 4.4
million).
Highlights in the first quarter:
* Total revenues increased 15% year-over-year to NOK 60.9 million, despite
lower raw material volumes in the quarter.
* In February, HBC decided to start the expansion project at Berkåk to triple
production capacity.
* HBC launched an unsecured bond towards certain investors in Switzerland,
Lichtenstein and Norway. The bond closed after the quarter with
subscriptions of approx. CHF 3.5m.
* Strong B2B Sales in the human segment with growth of 66% YOY, driven by
demand for OmeGo®, ProGo®, and the newly launched NT-II(TM) for joint health,
especially in Europe and Asia.
* HBC participated in Natural Products Expo West (USA) and Food Ingredients
China, including a keynote presentation to over 120 industry experts in
Shanghai, reinforcing its leadership in marine-based nutrition.
* Although overall B2C growth was flat, organic sales continued to rise in
core product lines and markets, with new launches and listings on Amazon.de,
Walmart.com, and the upcoming Fressnapf marketplace.
* The Midsund facility achieved the highest three-week production period in
HBC's history, running 15-20% above its previous rated capacity while
maintaining product quality and yield.
* ? Clinical Milestone for OmeGo® where a peer-reviewed study confirmed that
OmeGo® significantly reduces coughing and improves sleep in city dwellers
exposed to pollution, with effects observed at both 2g and 4g daily doses.
* NT-II(TM) Shows Clinical Promise and results from our pilot study showed
improvements in joint pain and stiffness, were presented at the ICFSR 2025
conference.
* Significant advances were made in pharmaceutical research, including FT-
002a for prostate cancer and MA-022s for asthma, alongside continued IND
preparation for the SPHi pediatric IBD trial with Stanford.
Please find the HBC Q1 2025 Financial report attached.
For further information, please contact:
Jon Olav Ødegård, CEO of Hofseth BioCare ASA
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no (mailto:joo@hofsethbiocare.no)
About Hofseth BioCare ASA:
HBC is a Norwegian consumer and pet health company founded on the core values of
sustainability, optimal utilization of natural resources and full traceability.
It upcycles the side streams of the salmon industry by taking fresh filleted
salmon and converting it from a waste product into ingredients to improve human
and pet health.
These ingredients are ProGo®, a mix of bioactive peptides and collagen, OmeGo®,
a whole salmon oil, with all the fatty acid fractions contained in fish, and
CalGo® / NT-II® salmon bone powder containing calcium hydroxyapatite and
undenatured collagen for bone and joint health.
HBC places scientific evidence at the forefront which has led to important
academic partnerships and the identification of unique health benefits. This
includes the demonstration of improved iron metabolism by boosting the body's
ability to take up and use iron resulting in increased energy and vitality with
ProGo® as well as the activation of the GLP-1 receptor with fat reduction in
overweight adults. OmeGo® has shown important immune health benefits including
recovery from viral infection and improved respiratory health and sleep in
adults troubled by particulate matter pollution. Finally, CalGo® has shown both
bone and joint health benefits to support healthy ageing and active lifestyles.
This work has also resulted in the granting of a number of patents protecting
these discoveries. It has also led to the discovery of potential therapeutics
and HBC has spun out a biotech-focused company, HBC Immunology (HBCI) has raised
external finance, and the lead program is in prostate cancer followed by ovarian
cancer. A separate molecule is targeted as an oral, steroid-sparing therapy for
asthma. HBC's headquarters are in Ålesund, Norway with branches in Oslo, London,
Zürich, New Jersey and Palo Alto.
HBC is listed on Oslo Stock Exchange with ticker "HBC".
*) Alternative Performance Measures are further described on p. 13 in the
financial report.
This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act