REINACH, Switzerland--(BUSINESS WIRE)--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.
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Evolva solves the supply chain issues of nature through a 21st century mix of biotechnology and fermentation. We develop, make and sell natural ingredients that provide significant health, wellness and nutrition benefits to people in their daily life, but whose supply chain issues have limited their use until now. Our flagship ingredients are stevia, nootkatone and resveratrol. To make our world sustainable requires nature and technology to work together as one, and our aim is to play a (small) part in achieving this transformation. For more information see www.evolva.com.
This press release contains specific forward-looking statements, e.g. statements including terms like believe, assume, expect or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of the company and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties readers should not place undue reliance on forward-looking statements. The company assumes no responsibility to update forward-looking statements or to adapt them to future events or developments.