- Wednesday, October 16, 2024
By Maitane Sardon
German company Brain Biotech has announced a rise in revenue for the first nine months of its fiscal year, putting it on track to meet its full-year targets.
Revenue Growth
The supplier of bio-based products and solutions reported revenue of 40.4 million euros ($44 million), compared to 36.0 million euros earned during the same period last year.
Losses and Adjusted Ebitda
Brain Biotech's loss before interest, taxes, depreciation, and amortization (EBITDA) stood at 1.6 million euros, up from a loss of 1.4 million euros last year. The adjusted EBITDA loss amounted to 900,000 euros, compared to a loss of 200,000 euros previously.
BioIncubator Segment Performance
Brain Biotech's BioIncubator segment, which includes revenues from both in-house research and development projects and collaborations, recorded revenue of 500,000 euros. However, the segment also incurred an adjusted EBITDA loss of 2.2 million euros during the period. The company attributed this loss to ongoing investments in its CRISPR technology platform known as Akribion Genomics.
Meeting Targets Amid Challenges
Brain Biotech acknowledged the challenging economic environment but remains confident about achieving its stated fiscal year targets. The company stated, "Despite an increasingly challenging economic environment and ongoing high investments, especially in its Akribion Genomics genome editing platform, BRAIN Biotech stays on track towards its stated fiscal year targets."
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