Higher revenues fail to save Hofseth BioCare from deeper Q2 losses

Norwegian Biotech company Hofseth BioCare was unable to climb out of the red during the second quarter, despite a rise in revenues.

The company posted an operating loss of NOK 22.7 million ($2.5 million/€2.2 million). In the corresponding quarter in 2020, the company posted a loss of NOK 17.8 million ($2 million/€1.7 million).

The company also posted a NOK 14.5 million ($1.6 million/€1.4 million) loss in its earnings before interest, taxes, depreciation, and amortization (EBITDA) during the second quarter, compared to a loss of NOK 12.2