ArcticZymes Technologies Q3 and first nine months 2022 results

Tromsø, Norway, 27[th] October 2022 - ArcticZymes Technologies (OSE: AZT)
reported sales of NOK 29.3 million (25.2) and an EBITDA of NOK 2.8 million (9.9)
for the third quarter of 2022.

Highlights from Q3 and first 9 months 2022

· ArcticZymes Technologies (AZT) had Q3 sales of NOK 29.3 million growing by
16% (Q3 2021: NOK 25.2 million) and sales for the first 9 months of NOK 108.8
million growing by 24% (9M 2021: NOK 87.5 million)
· AZT had a positive EBITDA for Q3 of NOK 2.8 million, a reduction of NOK 6.2
million (Q3 2021: NOK 9.9 million) and a positive EBITDA for the first nine
months of NOK 40.2 million, a reduction of 0.6 million (9M 2021: NOK 40.8
million)
· Increased expenses correspond to investing in growth initiatives such as
talent acquisition, expansion in Oslo, the Drug Master File (DMF) and external
M&A support
· Cash flow for Q3 was positive NOK 7.6 million (Q3 2021: NOK 9.9 million)
giving a cash balance of NOK 238.6 million (Q3 2021: NOK 186.9 million)
· Expression studies have yielded several promising R&D prototypes of RNA
enzymes
· ArcticZymes intensifies the M&A process, entering discussions with a select
group of international companies

CEO Jethro Holter comments:

"Sales continue to grow despite headwinds related to seasonal effects with
customer vacations and the foreseen void created following the pandemic where
demand for enzymes for Coronavirus-related applications has vastly reduced.

The main growth driver for the quarter was the Biomanufacturing business.
Molecular tools achieved flat performance for the quarter but growth for the
first nine months.

Inorganic growth initiatives advance to discussions with a select group of
international companies."