Company Announcement no. 6/2025 (May 01, 2025)
Revenue comparable to the same period last year, operating expenses reduced by 33%, and an amended agreement with Sobi
BIRKERØD, DENMARK - ViroGates A/S ("ViroGates" or the "Company"), a medical technology company developing blood tests for measuring chronic inflammation in health clinics and hospitals, announces its Quarterly Report for the period 1 January - 31 March 2025, as approved today by the Company's Board of Directors. The report is unaudited.
The first quarter of 2025 continued a period of strategic refocusing for ViroGates. Revenue was comparable to the same period of 2024, with a larger part stemming from sales to general health and longevity customers than in Q1 2024. ViroGates is concentrating efforts and resources on generating market knowledge and positioning the company to efficiently cater to this new segment. Among other activities, ViroGates participated in the Aesthetic & Anti-Aging Medicine World Congress 2025 in Monaco in March 2025 to promote suPARnostic® within the health and longevity segment.
ViroGates increased the number of recurring customers (defined as customers placing at least two orders with an accumulated value above 10,000 EUR) from 15 by the end of Q1 2024 to 20 by the end of Q1 2025. This development is positive, as it reflects a broader base of repeat customers, lowering the dependency on singular large accounts, while also reflecting success in selling into the longevity segment. However, customers in the health and longevity sector differ significantly from ViroGates' traditional hospital targets and typically represent smaller accounts. ViroGates is planning several market access activities to increase its segment knowledge and engage laboratories and clinical customers in using suPARnostic® for measuring suPAR levels among clients.
In Q1 2025, ViroGates also amended its agreement with the Swedish medical company Sobi. The amendment confirmed Sobi's commitment to contribute both financially and with regulatory competencies to bring suPARnostic® TurbiLatex to the US market, and expanded the agreement to include ensuring the products' compliance in the EU according to the new IVDR regulations, cf. Company Announcement No. 2-2025 from March 19, 2025.
In the first quarter of 2025, ViroGates furthermore continued the collaboration with Genspeed Biotech GmbH on fine-tuning and further developing the suPARnostic® POC+ device, enabling the measurement of suPAR levels in finger-prick blood. ViroGates expects to gain more data on the performance of the product during H1 2025.
Jakob Knudsen, Chief Executive Officer of ViroGates, says: "This quarter's financial results reflect a positive trajectory, as we have maintained consistent revenue while significantly reducing our operating expenses by 33%. This has led to a notable decrease in operating loss and net loss. We work hard to improve revenue, as this is the key driver for our Company. We are pleased to continue our relationship with Sobi and see the amended agreement as a continued commitment from both parties to accompany Sobi's product Kineret® with suPARnostic® tests."
Financial results in Q1 2025
- Revenue amounted to TDKK 1,202 (TDKK 1,199)
- Operating expenses decreased by 33% to TDKK -3,285 (TDKK -4,916)
- Operating loss decreased by 26% to TDKK -2,753 (TDKK -3,710)
- Net loss decreased by 23% to TDKK -2,784 (TDKK -3,596)
- Cash and cash equivalents at the end of the period amounted to TDKK 11,226 (TDKK 12,229)
Business highlights in Q1 2025
- ViroGates continued its close collaboration with Sobi. The amendment to the existing agreement confirmed Sobi's commitment to fund and contribute with regulatory competencies to bring suPARnostic® TurbiLatex to market in the US and comply with regulations in the EU, cf. Company Announcement No. 2-2025 from March 19, 2025.
- ViroGates has participated in the Aesthetic & Anti-Aging Medicine World Congress 2025 in Monaco to promote suPARnostic® within the longevity segment.
- ViroGates increased its recurring customer base to 20 customers (an increase from 15 recurring customers by the end of the same period last year).
- More than 1,100 studies about suPAR are now published on PubMed, manifesting the importance of suPAR and chronic inflammation in disease development, progression, and risk of mortality.
ViroGates restates its guidance and expects full-year revenue between DKK 5 to 7 million and an EBIT of DKK -8 to -11 million in 2025.
This announcement is a summary and should be read with ViroGates' Q1 2025 report, published on 1 May 2025. A downloadable PDF version is available on ViroGates' website.
On Monday, May 5, 2025, at 14:00, ViroGates will host a webinar on the Q1 2025 report. Interested parties can listen to the report presentation and ask questions during the following Q&A. You can sign up for the webinar and post your questions here:
https://app.stokk.io/app/virogates/event/210/q1-presentation-and-qa/
For further information, please contact:
ViroGates A/S:
CEO, Jakob Knudsen
Tel. (+45) 2226 1355, email: jk@virogates.com
Certified Advisor:
Västra Hamnen Corporate Finance
Per Lönn
Tel. (+46) 40 200 250, email: per.lonn@vhcorp.se
About ViroGates
ViroGates A/S is an international medical technology company that develops and markets blood tests to measure chronic inflammation in health clinics and improve hospital patient care. ViroGates markets its blood test products under the suPARnostic® brand.
The company was founded in 2000. Headquartered in Denmark, ViroGates' sales force covers Spain, France, and Benelux, while distributors serve other markets. ViroGates' shares (ticker "VIRO") are listed on Nasdaq First North Growth Market Denmark. For more information, please visit www.virogates.com.
