NATTO, Oppdaterer markedet:




Q3 revenue increases by more than 60% on a Q by Q comparison
Oslo, Norway (19 November 2018) - NattoPharma reports operating revenues for the
third quarter of 2018 of NOK 24,6 million, adjusted for non-product related



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revenue NOK 23,6 million. This represents growth of 61% compared to the third
quarter of 2017. During the same period gross margin has developed positively to
45%, up from 42% in Q2, resulting in a year to date gross margin of 43%.

all numbers in NOK million Q3 YTD
2018 2017 2018 2017
Product Revenue 23,6 14,7 70,8 45,1
Adjusted EBITDA 1,1 -0,3 3,6 1,2
Pre-Tax Profit -0,1 -3,5 -2,0 -7,0

Operational Development

We are pleased that our sales continue to accelerate ahead of our previous
guiding and also by presenting the 8th consecutive quarter with positive
adjusted EBITDA in the supplement business. Based on this we are confident that
our performance in the final quarter will enable us to meet the anticipated
annual growth of 40% to 50%. At the same time we are seeing a positive
development in the gross margin, as the efforts initiated earlier in the year to
expand our production capacity starts to yield results. We are continuing to
focus and invest in this area to ensure that we can achieve the improvements
necessary to meet longer term growth and profitability targets, but for the 2018
financial year we maintain our guidance of 40% to 45%. The focus for the final
quarter of the year will be on sales, execution of order fulfilment and careful
cost management.

Our continued effort to develop our supply chain, especially related to the
synthetic product line, is continuing in the second half of the year. Good
progress has been made, and we are now in a better position to meet all customer
demands with a competitively priced product. To further improve our position in
the market, we have during the second half of the year initiated a non-recurring
development process to secure a more efficient production process for next year
and forward. Current estimates from the project indicate a strong cost
optimization on future volumes enabling us to stay price competitive in a
growing market with increased price pressure.

Overall, 2018 has been a transitional year for NattoPharma after the carve-out
of Kaydence Pharma at the end of 2017, resulting in a new focus and new
priorities, an on-going supply-chain ramp up and the addition of many new faces
to the team. We have staffed up with senior personnel in all the vital areas and
a few additional low and mid-level positions will be added in the next year to
the most important functions; sales and supply chain, to support our growth
ambitions. As a result, we expect to continue our growth and have a positive
development in EBITDA over the coming year.

Market Development

We continue to see forward momentum within the K2 market and are benefiting from
our position of offering the only researched and clinically validated vitamin K2
ingredient, MenaQ7®. On this note we are proud to be collaborating with
visionary partner, STADA, who have launched EUNOVA® DuoProtect D3+K2, featuring
MenaQ7® Vitamin K2, across Germany and the UK. STADA, a leading health and
wellness manufacturer serving Europe for 120 years, has selected NattoPharma’s
MenaQ7® PharmaPure K2 for its supplement line, as our product is the highest
quality material available and thus aligned with their philosophy and mission
statement ‘ALL THE BEST’. We are extremely excited about another innovative
product being introduced to the global market featuring MenaQ7® as part of
STADA’s extraordinary line, with its demonstrated years of excellence providing
only the best ingredients available.

In the United States, NattoPharma partner Weider Global Nutrition has earned
placement in Costco to sell its innovative cardiovascular product, Artery
Health. Weider is an active nutrition company that has been developing
innovative dietary supplements for more than 80 years, providing products and
services to over 120 countries. Artery Health was launched in January 2018, and
quickly earned the attention of Costco, the United States’ largest membership
-only warehouse club, with almost 500 warehouses nationwide. Artery Health will
be available for purchase on Costco store shelves nationwide and NattoPharma
anticipates significant volumes sold through this channel. The nationwide roll
-out will commence in Q1 of '19 and be staged over the course of the calendar
year.

We see now more than ever that brand owners appreciate that MenaQ7® is the only
Vitamin K2 clinically shown to be pure, safe, and bioeffective/bioavailable,
with the most comprehensive IP portfolio. Our excellent sales and marketing
performance can be attributed to the fact that the MenaQ7® trials we have funded
are very compelling and involve adults and children, as well as healthy patient
populations.

As an organisation we continue our ongoing commitment to promote science-based
K2 education both with consumers and the industry as a whole. In October we were
a key sponsor in a symposium held by the University of Maastricht in the
Netherlands, where presentations were given examining the role of arterial
calcification and the impact of Vitamin K2. The most recent research has
demonstrated the cardiovascular implications of vitamin K2 as a mitigator of the
disastrous role of arterial and soft tissue calcification. After the symposium,
Prof. Dr. Leon Schurgers, Professor of Biochemistry of Vascular Calcification,
Department of Biochemistry, University of Maastricht, gave his inaugural lecture
“Vascular calcification: hard disease in the heart”. Prof. Schurgers has a long
-standing scientific collaboration with NattoPharma, having two PhD students
working on joint projects and financed by the Norwegian Research Council.
Additionally, NattoPharma is partner in two Marie Slodowska-Curie Horizon2020
consortium grants from the European Union.

New Ingredients

We continue to develop new ingredient candidates to add to our commercial
portfolio. The process of qualifying continues, and the selection of a new
ingredient is imminent. The leading ingredient candidate, provided a decision is
made to move forward, is a well-documented ingredient in a high growth market
-segment. Due to the continued validation being done to the product, significant
revenue is not likely until late 2019, or first part of 2020.

Kaydence Pharma Capital Placement

Kaydence Pharma has closed the initial phase of the ongoing share issue,
achieving approximately 50% of the upper-end gross proceeds target based on
participation from several of the major shareholders and executive management.
This group, which includes Pro AS, Synergia Life Sciences Pvt Ltd and TG
Montgomery AS, contributed approximately NOK 10 million in cash. NattoPharma ASA
will convert a similar amount of the outstanding seller’s credit to maintain the
ownership at current level, i.e. at approx. 46%. In accordance with the loan
agreement, Kaydence Pharma will use a portion of the cash proceeds for reduction
of outstanding debt held by NattoPharma. This cash will be received by
NattoPharma in the 4th quarter.

Kaydence continues to make excellent progress on its pharmaceutical development,
with an ultimate goal of full drug registration. The company is on track to
achieve its initial set of milestones focused on regulatory submissions and non
-clinical studies. Preparation for upcoming clinical development trials are also
underway.

Investor Relations

Starting from the first quarter 2019, we will return to quarterly reporting to
the market. We are also looking into setting up coverage from one or more
analysts. We aim to have something in place during the first half of 2019. These
are some of the measures we take and will continue to work on to increase the
interest in the NattoPharma share and maximize shareholder value going forward.

X X X

For more information, please contact:

Kjetil Ramsøy, NattoPharma Chef Executive Officer

E-mail: kjetil.ramsoy@nattopharma.com

*) Use of Alternative Performance Measures (APM)

Product Revenue: NattoPharma’s main revenue stream is sale of products. Other
Revenues as reported in the Profit and Loss Statement are related to re-charges
of payroll and other operating expenses to Kaydence Pharma. Product Revenues are
therefore the most reliable performance measure for Revenues in NattoPharma.

Adjusted EBITDA: NattoPharma use EBITDA as the main APM for profitability. The
reason for this is that EBITDA is the closest APM to cash flow in the company.
The company has no long-term debt or other financial instruments significantly
impacting net cash flow. In the current stage of significant revenue growth,
cash generation is pivotal to support future growth. The company adjusts EBITDA
by subtracting non-cash cost for options and shares. Otherwise no adjustments
are being made to E

http://www.netfonds.no/quotes/release.php?id=20181119.OBI.20181119S2

bevares, en oppdatering. Bra omsetningsøkning, men fortsatt litt for store kostnader. Klarer den å holde seg over 9 nå?
livsstil
19.11.2018 kl 09:07 3333

Dessverre er det nok for mange som har mistet tålmodigheten og vil ut så det blir nok et press på aksjen.

ja den skal visst ned på 8 tallet igjen ser det ut til.

Nesten utrolig at et selskap med 100 mill. i omsetning i året, som nå er lønnsomt og har ca 50% vekst, skal verdsettes til 150-160 mill. NATTO viser nå jevn god vekst over flere kvartaler og kostnader under kontroll (marginer bedre dette kvartalet). Da skal børsverdien ligge betydelig høyere enn i dag!! De starter dekning av aksjen trolig i starten av 2019, da blir det kanskje lettere for flere å se den enorme rabatten som er her nå.....
Herman*
19.11.2018 kl 10:55 3189

Endelig en ledelse som får styret til å skjønne at de må ta grep for å minimere skadene etter mange år med forakt for aksjonærene. Veksten ser grei ut, kostnadene er bevisst lagt litt høyt etter min mening. Ny ingrediens rett rundt hjørnet er bra, vil bidra til å oppretthilde veksten fra 2020. Analytikerdekning kan bli bra, litt avhengig av hvem det blir. Natto prises fullstendig feil. Burde prises til en PS på 4-5, dvs over 20 kr, og det er en nøktern prising. Når det gjelder Kaydence, anser jeg emisjonen som en fiasko da de ikke klarte å selge inn caset til andre enn seg selv. Det er dog bra at styret og ledelsen bidrar.
Redigert 19.11.2018 kl 10:56 Du må logge inn for å svare

Yes, good news!
Looking forward to a more reasonable market valuation. To me, 20 NOK makes sense as a first price target.

men enda en gang er det noen som legger seg på salg under 9, og kjøperne synes visst fortsatt at det er for dyrt. Sier litt om hvor drittleie aksjonærene er
Herman*
19.11.2018 kl 12:29 3078

Selskapet leverer helt greit på det operasjonelle, samt tar grep for å rette opp tidligere feil. Å bygge tillit er desverre ingen quick fix, og det har derfor hopet seg opp utålmodige selgere. I dag har informasjon blitt utlignet til markedet, og både ledelsen og styremedlemmer står (med stor sannynlighet) fritt til å handle aksjer i markedet. Vi kan jo håpe at styreformann som har handlet Natto aksjer for ca. 20 mill utenfor børs de siste årene, kan handle litt i markedet for å bidra til å rydde opp i selgersiden. Vedkommende har et selskap (TGI) som går særdeles bra, og et selskap (Eqology) som har gjennomført en vellyket snuoperasjon. Selv om han har bidratt i Kaydence emisjonen, håper jeg også at han kan finne rom for å starte kjøp av natto aksjer i markedet.
Redigert 19.11.2018 kl 12:30 Du må logge inn for å svare

virker å være helt utømmelig på 8 tallet. Det nytter ikke å få denne oppover.
trendi!
19.11.2018 kl 13:18 3024

loversen i ekstase, lar meg fortsatt ikke imponere av hverken tall eller ledelse.
trendi!
19.11.2018 kl 13:23 3008

vesta, tillit er et ord som er fremmedord i ledelsen til natto. tillit bygges over lang tid, og kan rives fortere ned enn bygges opp

Slutt 8,50, for ett gjesp
karamell
19.11.2018 kl 16:55 2892

19/11-2018 16:51:01: (NATTO.OAX) NATTO: MANDATORY NOTIFICATION OF TRADE
On 19th November 2018, Pro AS bought 5,513 shares in NattoPharma ASA at an
average price of NOK 8,50 per share. After this transaction Pro AS control
1,974,944 shares in NattoPharma ASA. Pro AS is wholly owned by Sjur Thorsheim,
member of the Board of Directors in NattoPharma ASA.
Ekstern link: https://newsweb.oslobors.no/message/463931

PRO AS ligger fortsatt med 26k på 8.50.

Det som er problemet, kjøperne flytter seg ikke oppover, for de vet at selgerne kommer nedover. Kursen har vel stått stille siste året. Så kjøperen får nok sine aksjer i morgen , og da senker stillheten seg igjen.
Herman*
19.11.2018 kl 17:23 2856

Bra dette, men både Pro og selskapene til Bohan har mulighet til å ta alt under 10-11 kroner for å sende et kraftig signal om at Natto er latterlig priset.Når det er sagt, så er det all ære til Sjur T. for at han stadig stiller opp med mindre kjøp i markedet. Jeg tror hans inntreden i styret kombinert med Ramsøys nye rolle som Adm dir, kan bidra til at Natto etterhvert kan fremstå i et mer seriøst lys.

Thanks for the link. I'm very much looking forward to see the result from the VitaK-CAC Trial.
Herman*
19.11.2018 kl 22:46 2687

Svensson: Do you think these studies can help Kaydence in their next round of financing, assuming they target institutional investors?
trendi!
20.11.2018 kl 00:35 2628

markedet ble ikke overbevist. selskapet med bohan i spissen har minimal tillit i markedet. kun enkelte lovers som spretter champisen og firer flagget til topps.
Herman*
20.11.2018 kl 10:25 2532

Hvis mine regneferdigheter ikke svikter meg, trenger Natto bare ca 37% vekst i q4 for å nå 100 mill i årsomsetning. Dette er bra. For 2019 kan vi håpe på 150 på topplinjen. Driftsresultatet er avhengig av de faste kostnadene, og de guider at disse skal marginalt opp. Vi kan derfor håpe på et driftsresultat på rundt 20-23 mill, men dette er usikkert da det alltid er fristende å bruke penger. Nå venter vi på lansering av ny ingrediens som skal være like rundt hjørnet. I denne sammenheng vil jeg tro at en lansering før jul er sannsynlig men ikke garatert. Veldig bra med dekning på aksjen, vil nok medføre økt interesse.

det trengs virkelig, melding I går og innsidekjøpet er alt glemt. Og selvsagt er kjøpsposten på 8,50 borte vekk, kan jo ikke risikere at man får kursstigning,
20.11.2018 kl 11:22 2496

Kansje kan vi begynne å tro på bedre tider igjen,omsettningen stiger jamt og trutt.Har veldig god tru på tiden vi har forran oss, Kansje vil aksjen doble seg innen kort tid.
Herman*
20.11.2018 kl 11:28 2491

Nattopharma leverer varene, kursen stiger når «sentrale aktører» ønsker seg en høyere kurs. Hva tror dere et innsidekjøp av f eks 200-300 000 aksjer over børs hadde gjort med kursen...

Regner med at vi får en reprising når Q4 og guiding for 2019 legges frem, pluss en analyse eller to fra meglerhus som starter dekning på nyåret.
Dette vil skape økt interesse i markedet.
holmes
20.11.2018 kl 12:46 2450

Nattopharma-aksjen kan stå foran en vitamininnsprøytning
Et selskap med mer enn 60 prosent vekst i omsetningen vil ofte være skyhøyt priset i aksjemarkedet. Det går det an å hevde at ikke er tilfelle for Nattopharma.

https://e24.no/pluss/kommentarer/boerskommentar/boerskommentar-nattopharma-aksjen-kan-staa-foran-en-vitamininnsproeytning/24496797
Redigert 20.11.2018 kl 12:46 Du må logge inn for å svare

Noen som kan legge ut artikkelen?

Yes, if the outcome is positive I think this will have a significant impact on the valuation and funding for Kaydence.
Herman*
20.11.2018 kl 16:00 2342

Svensson: Lets see how Kaydence solves their funding issues going forward. After a contribution to Natto, I would guess that their cash balance is around 10 million NOK these days. This is not much, but should easily fund them until spring when they apparently are planning a major funding round in the US.
trendi!
20.11.2018 kl 16:15 2327

dette ordtaket passer perfekt til aksjen, opp som en hjort, ned som en lort.

markedet er fremdeles ikke fornøyd med selskapet. tallene var ikke noe mer enn, hmmmmmm, fremdeles dårlig.

ha en trendi aften
Herman*
20.11.2018 kl 16:22 2319

Kan du si hva som er galt med tallene? Er det 60% vekst du er misfornøyd med?

That is new information to me. What have you heard about funding in the US?
Logon
20.11.2018 kl 18:11 2248

Natto er jo en trygg havn i disse tider. Er jo frosset fast på 8,50. All in ?
trendi!
20.11.2018 kl 18:48 2223

h.mann, om veksten er opp, er det fremdeles underskudd. mao avtalene er for dårlige og gir lite grunkers i kassa
Herman*
20.11.2018 kl 20:28 2182

Trendi: De velger å øke de faste kostnadene for å prioritere vekst fremfor bunnlinje. Det er ikke noe galt med avtalene, de gir jo en snitt margin på vel 40%.
Herman*
20.11.2018 kl 20:35 2171

Not much, just that they are planning to try their luck in the US for the next round of financing. Lets hope they learn from the mistakes they made in this round.