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Norway's Hofseth Biocare sees stronger results ahead as it enters commercial phase -CEO
October 10, 2017 / 1:11 PM / 2 months ago

Norway's Hofseth Biocare sees stronger results ahead as it enters commercial phase -CEO

OSLO, Oct 10 (Reuters) - Norwegian biotech firm Hofseth Biocare expects to report stronger results ahead as it enters a new commercial phase, its chief executive officer told Reuters, after reporting higher preliminary figures for the third quarter on Tuesday.

The firm, which produces health products and nutrients based on bio marine ingredients such as salmon, expects to report revenues of around 28 million crowns ($3.52 million) in the third quarter, up from 3.6 million at the same time a year ago.

“We’ll continue. It’s not just one quarter with strong growth. Now, we have entered the commercial phase,” chief executive officer Roger Hofseth said in an interview.

“Things have been up and running for the past month after many years with research and development,” he said.

Hofseth added that he saw the United States and Asia where the markets saw the biggest growth potential first.

Shares in Hofseth Biocare were up 14.5 percent at 1307 GMT jumped to their highest levels since July at 1.65 crowns, outperforming a 0.2 percent rise in the Oslo Benchmark index . ($1 = 7.9531 Norwegian crowns) (Reporting by Henrik Stolen, editing by Gwladys Fouche)

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