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Devyser Diagnostics Posts 33 Percent Jump in Q4 Revenues

NEW YORK — Devyser Diagnostics on Tuesday reported a nearly 33 percent year-over-year rise in revenues for the fourth quarter of 2023.

For the three-month period ended Dec. 31, Devyser's net sales climbed to SEK 45.4 million ($4.4 million) from SEK 34.2 million the year before. Adjusted for exchange rate fluctuations, the Swedish genetic diagnostic test developer's fourth quarter revenues were up about 28 percent.

Devyser narrowed its Q4 net loss to SEK 13.4 million, or SEK .80 per share, versus a year-ago loss of SEK 15.6 million, or SEK 1.04 per share.

R&D spending in the quarter jumped 60 percent to SEK 11.2 million from SEK 7.0 million, while selling and administrative costs fell slightly to SEK 43.8 million from SEK 45.3 million.

For full-year 2023, Devyser's revenues were SEK 169.3 million compared with SEK 126.6 million in 2022, a roughly 34 percent increase. Adjusted for exchange rate fluctuations, revenues rose about 25 percent in 2023.

Net loss for 2023 was SEK 53.2 million, or SEK 3.31 a share, up from a net loss of SEK 44.7 million, or SEK 2.89 per share, a year earlier.

R&D costs in 2023 climbed 44 percent to SEK 37.8 million from SEK 26.3 million the prior year, as selling and administrative expenses increased 24 percent to SEK 163.5 million from SEK 132.1 million in 2022.

At the end of 2023, Devyser had cash and cash equivalents totaling SEK 262.9 million.

In a statement, Devyser CEO Fredrik Alpsten called 2023 the "most successful year yet for the company," citing the signing of the first contract for its US-based CLIA-certified lab with UK diagnostics firm Cyted, its expansion into new international markets, and its laboratory services co-promotion alliance with Thermo Fisher Scientific.

He also said that Devyser's agreement to develop in vitro diagnostics with Illumina that was signed in January would help the company expand its customer base and navigate regulatory pathways in the US and Europe.

"I am very confident in our growth strategy for 2024, which includes continued investment in direct sales, an increased focus on the transplant area, together with our partner Thermo Fisher, and a stronger presence in the US," he added.