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Prim’s first quarter 2021 revenue down 3.1% to €37.2 million

The Spanish biotech company Prim has recently published its first quarter financial results. The company has reduced its revenues by 3.1%, to $45 million (€37.2 million). The gross operating profit of Prim increased by 7.9%, to $6.4 million (€5.3 million). Prim’s total available liquidity of more than $71.3 million (€58.9 million), showing that the financial strength of the group has increased.

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Prim shrinks its sales in the first three months of the year. The Spanish group, which specializes in medical services, closed the first quarter of 2021 with a turnover of $45 million (€37.2 million), 3.1% less compared to the results achieved in the same period of 2020, as reported by the company in a statement sent to the National Securities Market Commission (Cnmv).

The Spanish company justifies these results as a consequence of the “effect of the third wave of the pandemic suffered at the beginning of the year”. The gross operating profit (EBITDA) and operating income reached $6.4 million (€5.3 million) and $4.6 million (€3.8 million), representing an increase of 7.9% and 5.8%, respectively.

On the other hand, the financial strength of the group has increased, with a net financial position of more than $36 million (€29.8 million) and total available liquidity of more than $71.3 million (€58.9 million).


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Prim has a net financial position of more than $36 million (€29.8 million)

During the first quarter, and as a result of the revaluation of the dollar, almost four million euros of losses “on the fair value of derivative instruments recorded in the fourth quarter of 2020” were reversed, the company explains. This variation corresponds to the currency hedging carried out by the company in order to eliminate the risk of foreign currency procurement.

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Although the revenue figure for the first quarter of fiscal 2021 was lower than that of the first quarter of the previous year, “the management team is optimistic that, once the situation in the hospitals has been restored and as the population vaccination programs progress, the level of activity can be recovered in the coming quarters, offsetting the drop in activity in the first quarter,” Prim pointed out.

In the chapter on tangible fixed assets, although the investments made since the declaration of the state of alarm have been reduced as much as possible, the investments that were in progress at the beginning of the state of alarm have been completed.

The total amount of investments made was approximately $0.58 million (€0.48 million) for operating investments. In addition, a further $1.16 million (€0.96 million) was invested in long-term leases, which are to be recorded as investments.

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(Featured image by mohamed_hassan via Pixabay)

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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Anthony Donaghue writes about science and technology. Keeping abreast of the latest tech developments in various sectors, he has a keen interest on startups, especially inside and outside of Silicon Valley. From time to time, he also covers agritech and biotech, as well as consumer electronics, IT, AI, and fintech, among others. He has also written about IPOs, cannabis, and investing.