Vistin Pharma ASA: First quarter 2023 financial results

27 Apr 2023 07:50 CEST

Oslo, Norway, 27th of April 2023

Vistin Pharma ASA (Vistin Pharma, OSE: VISTIN) today announces the financial
results for the first quarter of 2023.

Revenue in the first quarter ended at MNOK 101 compared to MNOK 33 in Q1 2022.
Manufacturing from two production lines in the quarter has resulted in more
volumes available for sale, compared to Q1'22 where there were an eight-week
production stop due to the MEP installation.

First quarter EBITDA ended at MNOK 14.1 (MNOK -18.2). EBITDA positively affected
by increased sales volume, higher sales prices, competitive energy costs and a
weak NOK.

The net profit ended at negative MNOK 3 (Q1'22: negative MNOK 15.2) for the
first quarter of 2023. Net profit negatively affected with MNOK 15 by fair value
of FX cash flow hedging contracts (unrealized loss - no cash effect in quarter).

1240MT of metformin HCl was produced in the Fikkjebakke plant in Q1. In February
line #2 was closed down in 10-days for technical improvements. The stop was
planned, and the improvements has been successful, giving increased consistency
in the output from the new line. The manufacturing capacity is expected to
continue to ramp-up gradually during 2023 and reach an installed capacity of
close to 7000MT by end 2023.

Improved operational cash flow in the quarter resulted in a significant
reduction in net debt from MNOK 43.7 in Q4'22 to MNOK 20.3 by end of March.

The Board of Directors has proposed to get a power of attorney from AGM in May
to pay up to NOK 0.75 per share in dividend. The power of attorney should be
valid until the 2024 AGM.

The first quarter conference call, which will be held today, 27th of April, at
8.30am (CET), will be available via webcast and audio through the following
access points:

Webcast:
https://edge.media-server.com/mmc/p/esnqd8k9

Telephone conference (online registration):
https://register.vevent.com/register/BI27373abc81d0427486bb885a935c342c

The conference call will be held in English.

Please find the Q1 report and presentation enclosed. The report will also be
made available on www.vistin.com.

*****

For further information, please contact:

Alexander Karlsen
CFO
+47 97 05 36 21
alexander.karlsen@vistin.com

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

588728_Vistin Pharma ASA first quarter report 2023.pdf
588728_Vistin Pharma ASA_Q1_23_presentation.pdf