Bio-Works Technologies increases sales by 230 percent to MSEK 2.0 for Q1 2020 and sees good financial sustainability despite the ongoing Covid-19 crisis.
Bio-Works can see a strong increase in demand from the company's customers in the late scale-up phase and production during the first quarter of 2020. This is a development that is fully in line with the company's long-term strategy and sales work.
“We are very pleased with the company's sales during the first quarter of the year, the quarter when we normally experience the lowest customer activity. Despite good sales figures, it is important that we remain cautious about company costs in view of the uncertainty surrounding Covid-19. The company has therefore taken a number of savings measures with the aim of ensuring the security of our cash while maintaining our main focus, which is increased sales”, says Mats Johnson, CEO Bio-Works Technologies.
Bio-Works has an on-going savings program in place that involves cutting costs that do not directly support the sales plan. This way the company ensures financial stability for at least 18 months.
Like many other actors, Bio-Works is now negotiating the hurdles of travel restrictions and restrictions on physical meetings that apply in connection with the Covid-19 crisis. Since Bio-Works has already established effective communication with a large number of customers and projects, the company's assessment is that the crisis will have a limited impact on the company's sales during the year.
For more information: www.bio-works.com or contact Mats Johnson, CEO of Bio-Works, e-mail: mats.johnson@bio-works.com, telephone: +46 70 516 53 37.
This information is such that Bio-Works Technologies AB is obliged to disclose in accordance with the EU Market Abuse Regulation (MAR). The information was made available for publication by the above contact person on April 3, 2020 at 08:30 CEST.