Year-end report 2013

Global sales demonstrate mixed results. US grows year over year and commercial
approach being adjusted and refocused to optimize results.
January – December 2013

  ·
Global Net sales decreased by 7% to SEK 136.2m (147.0)*. Adjusted for currency
fluctuations, net sales decreased by 5% Year over Year (Y-o-Y).

    ·
Net sales for clinical use of NIOX MINO decreased by 1% in total but increased
in the US by 21% (26% in local currency).

    ·
Strategic sales/shipments (sales to Pharmaceutical companies and CRO’s for
clinical trials) decreased by 24% to SEK 27.3m (35.7). These sales fluctuate
substantially between quarters.

  ·
Total worldwide number of tests sold (repeat and initial) reached over 2.0m
(1.8) tests, an increase of 10% Y-o-Y and in the US for clinical use by 44%.

    ·
Total repeat test volume for clinical use increased by 11% and in the US by 25%.

  ·
Gross Margin was 72% (72%).

  ·
The loss after tax amounted to SEK 225.6m (201.5), corresponding to a loss per
share before and after dilution of SEK 1.5 (1.6). The operating loss amounted to
SEK 205.7m (197.0).

October – December 2013

  ·
Global Net sales decreased by 1% to SEK 35.6m (36.2)*. Adjusted for currency
fluctuations, net sales decreased by 1% Y-o-Y.

    ·
Net sales for clinical use of NIOX MINO decreased globally by 18% and in the US
by 14% (11% in local currency).

    ·
Strategic sales/shipments increased by 157% to SEK 8.4m (3.3).

  ·
Total worldwide number of tests sold (repeat and initial) reached over 0.5m
(0.5) tests, an increase of 9% Y-o-Y and in the US for clinical use by 12%.

    ·
Global sold repeat test volume for clinical use increased by 22%, and in the US
by 7%.

  ·
Gross Margin was 69% (73%).

  ·
The loss after tax amounted to SEK 59.1m (62.9), corresponding to a loss per
share before and after dilution of SEK 0.4 (0.4). The operating loss amounted to
SEK 51.6m (63.5).

  ·
Aerocrine’s industry leading FeNO-measuring device NIOX MINO®-09 cleared for
commercialization in Japan

  ·
NICE (National Institute for Health and Care Excellence) published draft
guidelines
recommending (http://www.nice.org.uk/newsroom/pressreleases/NICEConsultsOnDraftG
u 
idanceRecommendingAsthmaTests.jsp) the use of Aerocrine’s NIOX MINO®and NIOX
VERO®,Aerocrine’s new airway inflammation monitor, to guide the diagnosis and
treatment of a type of asthma caused by airway inflammation.

  ·
A new randomised clinical trial demonstrated lower incidence of asthma
exacerbations and increased asthma control with Fractional exhaled Nitric Oxide
(FeNO)-guided anti-inflammatory treatment. The study has been published on the
website of Journal of Allergy and Clinical Immunology: In
Practice (http://www.jaci-inpractice.org/article/S2213-2198(13)00352
-8/abstract).

  ·
Aerocrine signed an exclusive agreement with Danish medical device company
Intramedic AB for distribution of the NIOX VERO®in Sweden.

Key events after the period

  ·
Aerocrine signed an exclusive agreement with UK & Irish medical device company
Healthcare 21 Ltd for sales, marketing and distribution of the NIOX VERO® across
the UK and Ireland.

AEROCRINE IN BRIEF

+-----------------------------+-----+--------+------+------+
|                             |Oct - December|Full year    |
+-----------------------------+-----+--------+------+------+
|SEKm                         |2013 |2012    |2013  |2012  |
+-----------------------------+-----+--------+------+------+
|Net sales                    |35.6 |36.2    |136.2 |147.0 |
+-----------------------------+-----+--------+------+------+
|-of which strategic sales    |8.4  |3.3     |27.3  |35.7  |
+-----------------------------+-----+--------+------+------+
|Gross profit/loss            |24.8 |26.4    |97.8  |106.2 |
+-----------------------------+-----+--------+------+------+
|Gross margin %               |69%  |73%     |72%   |72%   |
+-----------------------------+-----+--------+------+------+
|Operating profit/loss        |-51.6|-63.5   |-205.7|-197.0|
+-----------------------------+-----+--------+------+------+
|Net profit after tax         |-59.1|-62.9   |-225.6|-201.5|
+-----------------------------+-----+--------+------+------+
|Cash flow, current operations|-41.3|-49.1   |-210.3|-184.2|
+-----------------------------+-----+--------+------+------+
|Total cash flow              |-43.0|-49.2   |89.7  |48.8  |
+-----------------------------+-----+--------+------+------+

For further information, please contact:

Scott Myers, CEO: +46 768 788 379 or +1 970 368 0336            or Michael
Colérus, CFO: +46 8 629 07 85

www.aerocrine.com or www.niox.com

*Note all numbers in ( ) are the corresponding period previous year and in the
same unit.

This is information that Aerocrine AB (publ) is required to publish in
accordance with the Swedish Securities Markets Act and/or the Swedish Financial
Trading Act. This information was submitted for publication on February 20,
2014, at 8.00 a.m.