Evolva’s revenue surges 250% spurred by vanillin sales and resveratrol progress
06 Oct 2022 --- Swiss-based biotech company Evolva has released its Q3 results, announcing it has tripled its revenue with a 250% increase in comparison to the third quarter of 2021. The company saw a revenue increase of 56% on a year-to-date basis, amounting to CHF11.3 million (US$11.4 million).
“The growth drivers in Q3 were again good sales of vanillin and some progression with resveratrol, as the first half of 2021 was characterized by customer overstocking,” Doris Rudischhauser, head of investor relations and corporate communications at Evolva, tells NutritionInsight.
The company says its gross contribution margin increased in the third quarter, although no number or percentage was presented.
“The gross contribution margin improved further from the 10.9% achieved during the year’s first half, but we do not quantify more than the sales level at the nine months stage. However, we remain on track to achieve a double-digit gross contribution margin for 2022,” says Rudischhauser.
“We are happy with the ongoing good business momentum and are actively pursuing multiple initiatives to accelerate the commercial performance of Evolva further,” says Christian Wichert, CEO of Evolva.
Key targets “on track”
Evolva’s revenue target of reaching CHF15 million (US$15.2 million) in 2022 is “on track,” according to the company.
The company is currently being investigated for overvaluing goodwill, no update has been given from SER or the company.“This amount already surpasses the FY 2021 revenue level by 15%. With this development, we are on track to reach our target of CHF15 million in FY 2022 revenues,” Rudischhauser underscores.
“While July and August are typically months with reduced business activities, Evolva enjoyed good business momentum over the last three months. Sales growth amounted to a 250% increase compared to the third quarter of 2021,” notes the company.
During the year’s first quarter, Evolva reported a 31% increase in revenue for 2021 compared to 2020.
Undergoing sanction
In August this year, the monitor of the SIX stock exchange (SER) said that a potential sanction was being directed toward Evolva for “significant errors” in its previous financial reports, following an investigation into the company’s financial goodwill.
NutritionInsight followed up with SER on the sanction. “No information will be provided while the sanction proceedings are ongoing. SER will inform the public about the outcome of the sanction proceedings,” a spokesperson comments.
The company previously responded to SER’s investigation, saying it is “convinced that key allegations do not uphold and that potential deficiencies do not have a material impact.”
Regarding high revenue numbers during the period of financial difficulties for many companies, Rudischhauser notes, “economic instability has not been a factor so far this year, but we are watching the situation closely.”
By Beatrice Wihlander
