The plant stem cell-based cosmetic ingredients and actives company has this week published its financial results for the 2023 financial year. Vytrus Biotech has obtained a net profit of 544,943 euros in 2023, 10% less than last year, when it entered the BME Growth market.
The Terrassa-based company has increased its turnover by 1.5% in 2023 to 3.74 million euros, although in the report, the company states that this was not the figure it expected to achieve, since the forecasts predicted double-digit growth. Vytrus indicates that these results are due to a 4% decrease in sales and the uncertainty to which the market was exposed, especially at the beginning of 2023. Earnings before interest, taxes, depreciation and amortisation (Ebitda) were 1.3 million euros, down 11%, as shown in the BME Growth report.
2023 became the year in which Vytrus broke the 20-product pipeline barrier and now has 21 active ingredients on the market. 2023 allowed the company to innovate and strengthen its product portfolio. Proof of its firm commitment to innovation is the seven international awards for the innovation and sustainability of its latest active ingredient launched, Photobiome™.
Vytrus is firmly committed to R&D&I. In the 2023 financial year, the company invested more than 960 thousand euros, 21% more than in 2022. This amount has been directed especially towards increasing the product portfolio and technological diversification.
The Catalan company presents a healthy financial position in 2023 with cash of more than 1.1 million euros and gross financial debt of around 2.8 million euros, lower than the figure recorded in June 2023, when it stood at 3.1 million euros.
In terms of future forecasts, the biotech company expects to triple its sales to 12 million euros by 2027 and reach 5 million euros in EBITDA for the same year. These results will be predicted by some actions the company has already shared. In the 2024 to 2027 strategic plan, Vytrus expects to expand and strengthen collaboration with its partners, building long-term relationships with customers and bringing the company's innovations closer to the market.