25 January 2018 - Evolva (SIX: EVE) announces preliminary unaudited 2017 financial highlights.
Based on preliminary unaudited 2017 financials, product revenues increased to CHF 2.0 million as compared to CHF 1.1 million in 2016, in-line with previous guidance. Our products resveratrol and nootkatone each showed strong growth rates.
Revenues from R&D projects declined to CHF 4.8 million in 2017 as compared to CHF 7.6 million in 2016. This reflects our previously communicated strategy to gradually wind down milestone-based R&D projects in order to put the Company’s full focus on product development and sales.
Overall revenues were CHF 6.8 million in 2017 versus CHF 9.6 million in 2016.
Due to the successful financing transactions of October and November 2017, Evolva finished the year with approximately CHF 97.0 million in cash, up from CHF 33.8 million on 30 June 2017.
Final audited numbers will be released on 20 March 2018. The Annual General Meeting will take place on 2 May 2018 in Basel, Switzerland.
EverSweetTM, the sustainably sourced next-generation stevia sweetener, remains on track for its commercial launch in 2018. Cargill, Evolva's commercial partner for the EverSweetTM business, reiterates that feedback from potential customers remains positive. In a process that began late last year, Evolva and Cargill are evaluating different financing arrangements for the commercialization of the EverSweetTM business. Evolva will provide an update as soon as a conclusion has been reached.
- ends -