Interim report  January - March 2014

First quarter January – March 2014

  · Group net sales in the first quarter 2014 amounted to 113.7 MSEK (103.2), an
increase by 10.2 percent. At comparable exchange rates sales increased by 10.4
percent compared to the corresponding quarter 2013.

  · Operating profit for the quarter amounted to 9.5 MSEK (6.1).

  · Result after tax for the period amounted to 8.1 MSEK (3.1).

  · Earnings per share amounted to 0.12 SEK (0.04).

  · The cash flow from operating activities amounted to 10.8 MSEK (15.2).

  · Net cash at March 31 amounted to 87.4 MSEK, compared to 85.0 MSEK at
December 31, 2013.

  · During the quarter 9,274 own shares were acquired under the repurchasing
program resolved at the 2013 Annual General Meeting. At March 31, 2014 Biotage
had a total holding of 5,146,883 own shares acquired for 46.7 MSEK at an average
purchase price of 9.07 SEK per share. The board has proposed to the Annual
General Meeting that the repurchased shares shall be cancelled.

Comments by CEO Torben Jörgensen

Biotage opens 2014 just as well as we ended 2013. We achieved a strong first
quarter with a sales increase exceeding 10 percent, in reported figures as well
as at comparable exchange rates. I am also pleased that we increased the
operating profit for the quarter by 55 percent to 9.5 MSEK, compared to 6.1 MSEK
the corresponding period 2013.

All product areas developed positively compared to the corresponding period last
year. Our product area Purification continues to be the major contributor to the
good sales development. We increased our instrument sales in this area by 26
percent. Industrial Resins continues to develop well. We are seeing an
increasing number of customers entering into research collaborations with us and
increased product sales. This is the case not least in Japan, where these
products are a contributing factor to the strong first quarter results of our
Japanese subsidiary.

Sales in our two most important geographical areas in terms of turnover, Europe
and the United States, developed well. Japan also achieves a strong first
quarter, which to some extent can be explained by the fact that our first
quarter is the last one of Japan’s fiscal year. An increase of the Japanese VAT
from 5 to 8 percent also came into effect on April 1, which motivated some
Japanese customers to place their orders earlier. In our distributor business we
are seeing some glimpses of light, even if this is not a clear trend. In Brazil
and India weakened local currencies are limiting the business opportunities.
China is also having a somewhat weaker quarter. Our direct sales in China is in
transition from contract research customers to academic and government
customers, this work is expected to continue throughout the year.

The distribution of sales between systems (43 percent) and consumables and
service (57 percent) remained unchanged from the preceding quarter.

The gross margin amounted to 54.3 for the quarter and to 55.6 percent on a
rolling 12 month basis. The relatively weaker gross margin for the quarter is
partly explained by the strong product sales in the product area Purification.

We report an operating margin of 8.3 percent. On a rolling 12 month basis the
operating margin amounts to 9.4 percent, an improvement by 0.6 percentage units
compared to the end of 2013.


For further information, please contact:
Torben Jörgensen, President and CEO, phone: +46 707 49 05
84
Erika Söderberg Johnson, CFO, phone: +46 707 20 48 20

The information is of the kind that Biotage AB (publ) is required to make public
according to the Financial Instruments Trading Act. The information was released
for publication at 15.00 on April 28, 2014.

About Biotage
Biotage offers efficient separation technologies from analysis to industrial
scale and high quality solutions for analytical chemistry from research to
commercial analysis laboratories. Biotage’s products are used by government
authorities, academic institutions, pharmaceutical and food companies, among
others. The company is headquartered in Uppsala and has offices in the US, UK,
China and Japan. Biotage has approx. 290 employees and had sales of 445 MSEK in
2013. Biotage is listed on the NASDAQ OMX Stockholm stock exchange. Website:
www.biotage.com