I-Tech AB (publ) (ticker: ITECH) has been selected to participate in the Sweden Sustaintech Venture Day 2020 in Stockholm on February 6, 2020. The Swedish Energy Agency, Nasdaq, Business Sweden and the UN agency World Energy Council are among the organizers and event partners.

At the event, Sweden's leading sustainability innovation companies will meet Swedish and international investors. I-Tech is one of thirty sustaintech companies chosen to participate by a group of Sweden's leading environmental investment experts as Sweden's most successful and fast-growing companies in the sector according to demonstrated strong, rapid sales growth, good export potential and maturity past the seed investment stage.

I-Tech’s revolutionary biotechnology, the barnacle-repelling active agent Selektope®, is an organic, non-metal ingredient for marine antifouling coatings that works to prevent barnacle fouling by temporarily activating the swimming behaviour of barnacle larvae, repelling them from the ship hull surface with non-fatal effect.

Heavy barnacle fouling is particularly problematic for ships as it increases hydrodynamic drag, which increases fuel consumption and raises emissions of greenhouse gases and hazardous particles.

Philip Chaabane, CEO, I-Tech AB, commented: “We are honoured to be selected to participate at the Sweden Sustaintech Venture Day 2020 with Selektope®, a technology that can contribute to solving the climate crisis and help reduce the environmental impact of the maritime industry”.

For additional information, please contact:
Philip Chaabane, CEO
M: +46 073-910 37 08
E: philip.chaabane@i-tech.se 

About I-Tech AB

I-Tech is a biotechnology company that has developed the product Selektope®, an active agent that prevents barnacle attachment on submerged surfaces such as ships and boat hulls, but also other marine installations. By increasing the resistance to barnacle growth in marine paint systems (e.g. antifouling coatings), fuel and maintenance costs are reduced. I-Tech has obtained the necessary regulatory approvals for Selektope® and has several of the world's largest manufacturers of marine antifouling coatings as customers. The company's share is listed for trading on Nasdaq First North in Stockholm with Erik Penser Bank as Certified Adviser, phone: +46 (0)8 463 83 00, email: certifiedadviser@penser.se. For more information visit our website www.i-tech.se

About Selektope®

Selektope® introduces, for the first time, a pharmacological mode of action to combat barnacle settlement. By temporarily stimulating the octopamine receptor, the barnacle larvae’s swimming behavior is activated and the organisms are deterred from the hull. These ground-breaking discoveries enable unrivalled power at very low concentrations, yet within the limits of rigorous risk assessments. Selektope® is an organic, non-metal compound with efficacy proven at 0.1% w/w.  For more information visit our website www.selektope.com

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Redeye initiates coverage of I-Tech, a provider of a unique antifouling ingredient, used in marine paint. We see an attractive envirotech case with rapid growth and operational leverage, derived from a strong value proposition and key market drivers. Our valuation offers upside potential, supported by several catalysts which may improve the investor sentiment.

Read more and download the research update: http://bit.ly/2KzEiRy

Start following companies at Redeye to receive the latest equity research within Life Science and Technology.

This is a press release from Redeye - Research Powered Investment Banking. https://www.redeye.se/about/

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Mölndal, Oktober 25, 2019 - I-Tech AB (publ) (ticker ITECH) publish the interim report for the third quarter 2019

Summary of the period - Q3 2019

”A strong quarter with high growth and clear positive action for the future”

Net sales for the period amounted to kSEK 12 238 (4 993), which corresponds to an increase in sales of 145% (-10%). Operating result amounted to kSEK -763 (-4 889).

Net sales for the first nine months of the year amounted to kSEK 30 990 (18 077), which corresponds to an increase in sales of 71% (69%). Operating result for the first nine months amounted to kSEK -6 104 (-10 743).

July to September 2019

● Chugoku Marine Paints launched its eighth Selektope®-powered antifouling paint product.

● I-Tech received its largest supply order to date from Chugoku Marine Paints worth SEK 57million.

● Cambrex sold its holding (approximately 16%) in I-Tech. Länsförsäkringar, Handelsbanken and The Fourth Swedish National Pension Fund are new, large institutional investors on the list of shareholders.

Important events after the period

● No important events have occurred after the period

Financial Summary

All amounts in TSEK	2019 jul-sep	2018 jul-sep	2019  jan-sep	2018  jan-sep	2018  jan-dec
Net sales	12 238	4 993	30 990	18 077	28 947
Operating result	-763	-4 899	-6 104	-10 743	-13 625
Net result	-411	-5 108	-5 926	-10 743	-13 737
Operating cash flow	320	-2 068	-4 100	-11 181	-11 945
Equity at end of period	97 055	105 761	97 055	105 761	102 981
Cash and cash equivalents at end of period	39 965	48 102	39 965	48 102	46 538

 

CEO comments

The third quarter this year provided a record order and sales that increased by 145 percent; from SEK 5.0 million in the corresponding quarter last year to SEK 12.2 million. The reason for the strong improvement is an increased level of activity among our customers. This includes increased sales to development customers who, after successful product verification, are close to launching products on the market.

The gross margin improved to a good 48 percent, driven by high sales and a widened customer base. For the second quarter in a row, we reported a positive EBITDA margin.

Summing up the third quarter, I can see that it puts us in a very promising position for what I believe will be an incredibly exciting journey ahead of us. What stands out in this quarter is a record order from our largest customer, Chugoku Marine Paints (CMP), which will bring strong growth in the coming year. In addition to CMP placing a large order, they also launched another product during the quarter, which further broadens their Selektope®-powered antifouling paint range. Another thing worth highlighting is that 20% of the quarter’s sales came from one of our development customers outside the Nordic region, a company which is one of the six largest in the world. This customer has progressively stepped up during this year and is currently conducting large- scale verification of our technology which paves the way for upcoming launch of new products.

As a consequence of high orders, good continued growth and a broader customer base, our gross margin improved slightly and increased from 44% to 48%. As in the second quarter, we have a positive EBITDA margin, confirming that we are on the right track to achieving our profitability target during 2020.

In September, a major change in ownership occurred as I-Tech’s largest owner, Cambrex, who held approximately 16% of the shares, sold its entire holding in the company. The sale was made in conjunction with Cambrex being in the process of being bought out of the New York Stock Exchange. In this context, it feels very satisfying to note that we have gained reputable institutions in the form of Länsförsäkringar, Handelsbanken and The Fourth Swedish National Pension Fund as new owners.

The third quarter represents an interesting milestone for I-Tech. In addition to CMP’s core business growing significantly, another large and dominant OEM in the coating industry has geared up by placing a series of recurring orders in a relatively short period of time.

A strong improvement in earnings, a positive EBITDA margin and new institutional owners enable us to look forward to the coming years with great confidence.

Philip Chaabane, CEO

M: +46 73 910 37 08
E: philip.chaabane@i-tech.se

 

This information is information that I-Tech AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above, at 08:00 CET on Oktober 25, 2019

About I-Tech AB

 I-Tech is a biotechnology company that has developed the product Selektope®, an active agent that prevents barnacle attachment on submerged surfaces such as ships and boat hulls, but also other marine installations. By increasing the resistance to barnacle growth in marine paint systems (e.g. antifouling coatings), fuel and maintenance costs are reduced. I-Tech has obtained the necessary regulatory approvals for Selektope® and has several of the world's largest manufacturers of marine antifouling coatings as customers. The company's share is listed for trading on Nasdaq First North Growth Market in Stockholm with Erik Penser Bank as Certified Adviser, phone: +46 (0)8 463 83 00, email: certifiedadviser@penser.se. For more information visit our website www.i-tech.se.

About Selektope®

Selektope® introduces, for the first time, a pharmacological mode of action to combat barnacle settlement. By temporarily stimulating the octopamine receptor, the barnacle larvae’s swimming behavior is activated and the organisms are deterred from the hull. These ground-breaking discoveries enable unrivalled power at very low concentrations, yet within the limits of rigorous risk assessments. Selektope® is an organic, non-metal compound with efficacy proven at 0.1% w/w. For more information visit our website www.selektope.com.

Documents & Links I-Tech Q3 2019 ENG
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Mölndal, August 28, 2019 - I-Tech AB (publ) (ticker ITECH) publish the interim report for the second quarter 2019

Summary of the period - Q2 2019

”Highest sales so far in a single quarter”

Net sales for the period amounted to kSEK 12 582 (9 270), which corresponds to an increase in sales of 36% (86%). Operating result amounted to kSEK -906 (-2 544).

Net sales for the first half of the year amounted to kSEK 18 752 (13 083), corresponding to an increase in sales of 43% (155%). Operating result amounted to kSEK -5 341 (-5 844).

April to June 2019

• The Swedbank Robur Teknik and Microcap funds have increased their shareholdings in I-Tech after buying the main part of the 850,000 shares that I-Tech’s second largest owner, Almi Invest, sold during April.
• After an extensive trial, Team Tankers International signed up more ships to use Selektope®-powered hull coatings.
• I-Tech strengthened its organisation by recruiting Dr. Markus Hoffmann as Technical Director.
• Chugoku Marine Paints launched its eighth Selektope®-powered product.

Important events after the period

I-Tech received its largest supply order to date from Chugoku Marine Paints worth SEK 57 million.

Financial Summary

All amounts in TSEK	2019       apr-jun	2018      apr-jun	2019      jan-jun	2018      jan-jun	2018       jan-dec
Net sales	12 582	9 270	18 752	13 083	28 947
Operating result	-906	-2 544	-5 341	-5 844	-13 625
Net result	-1 046	-2 273	-5 515	-5 635	-13 737
Operating cash flow	-3 847	-2 218	-4 420	-9 114	-11 945
Equity at end of period	97 466	111 083	97 466	111 083	102 981
Cash and cash equivalents at end of period	41 195	50 657	41 195	50 657	46 538

CEO comments

The second quarter demonstrated continued good development for I-Tech and all-time-high sales for a single quarter. Our operating result also improved significantly during the second quarter and amounted to SEK -0.9 million (SEK -2.5 million). We increased net sales by 36% to SEK 12.6 million (SEK 9.3 million). The growth was mainly due to increased deliveries to Chugoku Marine Paints (CMP), and I am particularly pleased to see continued strong growth in a historically strong quarter.

The improvement in operating result is attributed to the previously announced improvement measures in manufacturing and, above all, to the high level of sales. We are pleased to be able to combine sales growth with a maintained gross margin, which also resulted in a positive operating result (EBITDA) for the period, kSEK 1,155 (kSEK -486). This gives us increased confidence towards our goal of achieving a sustained positive operating result from the start of 2020. A goal which is promising with the new order announced after the end of the second quarter.

Taking into account the first half of the year, net sales amounted to SEK 18.8 million (SEK 13.1 million) and operating profit amounted to SEK -5.3 million (SEK -5.8 million). Sales growth is in line with our target and the development of our operating result is in accordance with our plans as it includes strategic initiatives supporting our long-term growth that were not included during the corresponding period last year.

Expanding business with Chugoku Marine Paints

I-Tech’s largest customer, Chugoko Marine Paints, which is one of the three largest suppliers in the industry, launched a new antifouling coating. SEA PREMIER 3000 PLUS is the eighth product developed by CMP that contains Selektope® as a differentiating technological ingredient. The product, which is aimed at several different segments, is also being introduced as a candidate to manage niche areas with the aim to counteract the spread of invasive species. Niche areas include areas on the ship that are more susceptible to fouling for various reasons, for example sea chests, which are an increasingly discussed problem and for which there is currently no well-functioning solution. During August, I-Tech also received an SEK 57 million order for delivery in 2020, which in itself is an increase of more than 50% given the framework order from 2018.

I am delighted with our record quarter where we have expanded our product portfolio and, at the same time, gained increased confidence for the future from our Japanese customer, CMP. Even though our development is going well, we have full focus on attracting more customers and increasing our business further with existing customers.

Philip Chaabane, CEO

M: +46 73 910 37 08
E: philip.chaabane@i-tech.se

This information is information that I-Tech AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above, at 08:00 CET on August 28, 2019

About I-Tech AB

 I-Tech is a biotechnology company that has developed the product Selektope®, an active agent that prevents barnacle attachment on submerged surfaces such as ships and boat hulls, but also other marine installations. By increasing the resistance to barnacle growth in marine paint systems (e.g. antifouling coatings), fuel and maintenance costs are reduced. I-Tech has obtained the necessary regulatory approvals for Selektope® and has several of the world's largest manufacturers of marine antifouling coatings as customers. The company's share is listed for trading on Nasdaq First North in Stockholm with Erik Penser Bank as Certified Adviser, phone: +46 (0)8 463 83 00, email: certifiedadviser@penser.se. For more information visit our website www.i-tech.se.

About Selektope®

Selektope® introduces, for the first time, a pharmacological mode of action to combat barnacle settlement. By temporarily stimulating the octopamine receptor, the barnacle larvae’s swimming behavior is activated and the organisms are deterred from the hull. These ground-breaking discoveries enable unrivalled power at very low concentrations, yet within the limits of rigorous risk assessments. Selektope® is an organic, non-metal compound with efficacy proven at 0.1% w/w. For more information visit our website www.selektope.com.

Documents & Links Interim report Q2 2019
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