Polygiene reported its “best quarter ever,” with sales rising by 11.7 percent to 22.9 million Swedish kronor (€2.27m - $2.63m) and the gross margin rising by 0.5 percentage points to 70.4 percent, leading to a financial turnaround. The results led to a financial turnaround for the Swedish ingredient brand company, which posted an operating profit of SEK 2.4 million (€233,459 - $275,745) as compared to a loss of SEK 2.0 million (€194,539 - $229,788) in the same period a year ago.
The progress was largely due to the success of Polygiene’s patented ViralOff anti-microbial treatment, which came out as the overall winner in this year’s Scandinavian Outdoor Awards. It has been adopted by many companies as a shield against contamination from the Covid-19 virus.
Notably, an Indian-based textile manufacturer, Skywalk International, has signed a partnership with Polygiene to treat fabrics and facemasks with Viraloff that should result in annual orders worth between $150,000 and $200,000. Another big order has been placed by Hakers, a maker of garments and facemasks in Taiwan that works for the like of Champion USA, Under Armour, Marmot and the Dallas Cowboys.
Among other brands, Diesel has partnered with Polygiene to develop an innovative anti-viral denim treatment that will start to be used in its spring/summer 2021 collection. Dr. Scholl will use two Polygiene technologies to keep its premium insoles fresh and free from odor and microbes. A Japanese textile company, Takisada Nagoya, and YKK, the leading producer of zippers, will also make use of Polygiene’s technologies.
The fourth quarter looks promising, too. More recently, Marks & Spencer agreed to treat its kitchen towels with Polygiene’s Stays Fresh technology, and Bedgear, a U.S. leader in bedding, will incorporate the Swedish company’s new Germ Shield Protector in its products.
Separately, Polygiene reportd the appointment of a new chief technology officer, Dane Momcilovic, who previously served as group R&D manager at Diab. It also announced that an investment fund, Lloyd Fonds, has acquired a 2.4 percent stake in the company.
