Zinzino
November 16, 2023
GOTHENBURG, Sweden, November 16, 2023 --
Zinzino AB reported third-quarter 2023 total revenue of 436.9 million kronor, up 25 percent from 349.9 million kronor a year earlier. EBITDA rose to 71.2 million kronor from 25.4 million kronor, lifting the EBITDA margin to 16.3 percent from 7.3 percent, and gross margin improved to 38.2 percent from 31.7 percent. Cash flow from operations was 104.4 million kronor.
The company attributed the margin gains mainly to changes in sales mix, efficiencies and economies of scale. During the quarter Zinzino completed a sales launch in Mexico and its laboratory in Oslo analyzed its one millionth BalanceTest.
For the first nine months, revenue rose 22 percent to 1,238.5 million kronor and EBITDA rose to 169.3 million kronor, with cash of 298.7 million kronor at September 30. The board maintained its forecast that 2023 would be a record year. Zinzino sells test-based nutrition and skincare products through independent partners in more than 100 markets.