Bioretec Ltd  Company announcement 16 May 2024 at 8:30 a.m. TAMPERE, Finland, May 16, 2024 /PRNewswire/ -- This announcement summarizes Bioretec Ltd's business review for January-March 2024. The complete business review is attached to this release as a PDF file and available on the company's website at https://bioretec.com/investors/investors-in-english/releases. January-March 2024 in brief Net sales amounted to EUR 682 thousand (1-3/2023: EUR 1,071 thousand). The sales margin was EUR 478 (718) thousand, or 70.1% (67.0%) of net sales. The sales margin of 2024 includes other income of EUR 60 thousand accrued relating to the Business Finland grant. When excluding the grant effect, the sales margin for the current reporting period is EUR 418 thousand, or 61.3%. The main reason for the lower sales margin percentage has been the planned production shutdown due to the ramp-up of new production capacity. EBITDA was EUR -1,112 (-491) thousand. EBITDA was EUR -1,112 (- 491) thousand. It was burdened by increased personnel costs due to headcount growth and additional fixed costs relating to U.S. commercialization and R&D projects. The result for the reporting period amounted to EUR -1,097 (-557) thousand. This business review is unaudited. This is Bioretec's first business review for the first quarter, and comparison period figures have not been published earlier. Key figures EUR 1,000 unless otherwise noted 1-3/2024 1-3/2023 Change 1-12/2023 Net sales 682 1,071 -36.4 % 3,906 Sales margin 478 718 -33.4 % 2,810 Sales margin, % of net sales 70.1 % 67.0 % 71.9 % EBITDA -1,112 -491 126.6 % -2,833 EBIT -1,139