Nordic Bioscience A/S

Management's review

Key activities The object of the Company is to operate within biotechnology and other related businesses, including to own subsidiaries and related investments. Development in the year The income statement of the Company for 2023 shows a profit of DKK 33,664,027, and at 31 December 2023 the balance sheet of the Company shows a positive equity of DKK 61,596,655. Profit/loss for the year in relation to expected developments The profit/loss for the year was below the outlook expressed in the Annual Report for 2022. The main driver for the performance in 2023 was a shortfall in samples to be measured leading to a lower activity level compared to 2022. Meanwhile the company have increased the R&D efforts on primarily automating manual products, by converting manual ELISA biomarkers to automated high-precision platforms such as the COBAS platform from Roche Diagnostics and i10 platform from IDS plc. Outlook The company expects increased revenue and earnings in 2024 compared to 2023. The order intake increased in the fall of 2023 and the signed backlog per December 31st 2023 was record high, with good visibility into the next 3-4 years revenue. Use of financial instruments Inflation-risk is low as the Company is not bound to material agreements with long duration and fixed prices. Credit-risk is low as the customer-base is broad and the largest customers within top-25 Pharma-Companies. The Company has a good profitability and no interest-bearing debt, except for customary Danish Mortgage debt (long term property financing). Knowledge resources The key to the Company’s success is our 25 years of research in the ECM (Extracellular Matrix). Our staff counts more than 167 employees, of whom more than 120 are directly engaged in the research and development activities. We seek to foster a unique and competitive environment with the freedom to explore scientific ideas. We believe in publishing our scientific results and publish more than 50 scientific articles a year in the highestranked specialist journals. Environmental performance We use a minimal number of products in our activities and limited quantities hereof, which could potentially damage the external environment. We find it very important to comply with or exceed all applicable environmental regulations and have a good and close relationship with the relevant authorities overseeing such activities. Research and development activities The Company carries out research and development within the pharmaceutical sector. The activities are focused on biomarkers, with the vast majority being either formation or degradation of different collagens. The biomarkers are typically used to help diagnose or predict the development of various diseases. Subsequent events No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.