Polygiene (Sponsored) - Q4'21 report: Sales SEK 40m (-30.2% vs ABGSC 58m), Adj. EBIT SEK 6m (-58.6% vs ABGSC 15m), Net profit SEK 3m (-78.2% vs ABGSC 13m),. Conference call at CET 10:00. The report was clearly below our expectations as the polymer shortage caused further cancellation and delayed orders than we have seen in previous quarters. Polygiene has also struggled with supply chain related issues that caused a delay for orders going to distributors. The sales growth in the quarter was 51% y-o-y and organic growth excluding sales to distributors was 11% y-o-y. The gross margin was 67.8% (64.9%), but the increased level is an effect of lower sales to distributors. Adj. EBIT margin was 15.4% (0.9%).
Guides for higher profitability already in Q1
Despite the headwinds in the report management guides for more normal level of profitability already in Q1 as the delay in distribution orders should only be a transition between two quarters. The more challenge issue seems to be the polymer shortage where the company sees a more stepwise improvement during 2022. There is a risk that it leads to cancellation of orders rather than a delay.
There were also positive highlights in the quarter
Although the Q4 report was a disappointment on headline numbers there were also some positive operational news. For example, the company communicated a partnership with UK based TBM Ltd, an actor within bus and train transportation. Management sees it as a breakthrough in the transportation sector. In addition, Polygiene will also be present at the Aircraft Interior Expo in Hamburg in June, which can lead to further progress within the aviation space.
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