Vivostat A/S

Development in activities and financial matters
The income statement of the Company for 2022/23 shows a result of 4.899.048 DKK against 5.668.024 DKK last year. The result for the year is considered satisfactory. The revenue growth rate from 2021/2022 to 2022/23 in ordinary business (ex. EU project) is high (38%), this is partly a post covid effect. Vivostat has made progress in sales for all product brands, including the new brands, Obsidian ASG®, Obsidian RFT® and ArthroZheal®, although sales of the new products are still at a relatively low level.

The project “Obsidian ASG – a powerful and efficient tissue sealant method for reducing the anastomotic leak rate in colorectal surgery” continued in the financial year 2022/23 and approx. 150 patients are enrolled to date in a pivotal randomized clinical trial conducted at 15 hospitals in different countries across Europe. The Obsidian product line seals and heals biologically using the patient's own blood. Observational studies have shown that the use of Obsidian ASG® reduces the anastomotic leakage rate in colorectal surgeries by more than 50%. Vivostat has received a grant from the EIC (European Innovation Council) Accelerator Program to finance 70% of the project. The EU grant has had an impact on the annual report in the form of increased revenues (see note 1) and increased costs. In the financial year, 2022/23, Vivostat acquired certain Intellectual Property Rights and marketing rights for Obsidian ASG covering most countries in Europe and the Middle East. This investment is reflected in the annual report as Goodwill under assets.

Management has positive expectations for the coming financial year (2023/24) with increased turnover and earnings.