We started 2024 with high expectations, and I am proud that throughout the year we managed to maintain strong cost control by streamlining our processes and workflows. This has been a priority area, contributing to strengthening our financial position for the future.
Unfortunately, we did not achieve the net revenue we had hoped for. Despite this, resin sales in litres increased compared to 2023, something that we consider a good result. Although we fell short of our revenue target, we are proud of our growing customer base and the increasing demand for our products.
During the second half of 2024 we established a new sales organization, and already after the initial start-up period we saw positive effects. Globally, both customer inquiries and order volumes are increasing, signalling an improved market situation and strengthening our optimism for 2025. We begin 2025 with a large order for WorkBeads affimAb valued at 11.2 MSEK. In addition, we have received two more orders with a total order value above 8 MSEK. Consequently, we have decided to invest approximately 1 MSEK in our production. This to eliminate bottlenecks in our production and double our production capacity within a year.
Bio-Works' 2023 Annual Report describes the company's continued journey as it positions itself as the industry's preferred "tailor" of customized solutions, while implementing significant internal changes with the aim of creating an even more agile and focused organization that is adapted to prevailing market conditions.
An investment in Bio-Works allows participation in the expansive biotechnology sector but with a lower risk profile.
Bio-Works generates revenue in the early phases of a biotherapeutics' development, long before the approval of the drug substance.
There is a strong market demand for suppliers of chromatography resins who can offer alternatives to the few that have dominated the market for decades.
Bio-Works has the foundational cornerstones in place and is well-positioned for expansive growth without large investments in the near future.
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