Enzymatica AB is the best seller of common cold products in 2014 in Sweden. The company is operating in Lund since 2007 and is listed in Nasdaq First North since June 2015. Enzymatica develops products based on patented enzyme technology in which a cold/adapted enzyme

from deep sea cod is used to create active protective barriers against pathogenic viruses and bacteria. At the moment the company has two different products: ColdZyme® Mouth Spray against common cold and Kalvatin™ veterinary product against gum and skin diseases.


Value Drivers
Quality of Earnings
Risk Profile
Quality of Management

Enzymatica – Promising distribution agreements

Expansion to new markets: Enzymatica has signed agreements with the partners in the UK, Spain, and Finland. These agreements will lead to increase in profitability and will improve firm’s value.

Patent expiration: Enzymatica has a patent for its production which lasts until 2022. As patent is close to its expiration it can lead   Enzymatica’s customers to low-priced alternatives.

Small inside ownership: Around 16% of shares are held by insiders in Enzymatica, which is considered to be low number.

Production uncertainty: Company has only two main products, therefore it has a very low diversity comparing with competitors.

Highly competitive market: There are many competitors in the market which offer broader range of similar products. According to the financial ratios they perform better than Enzymatica.

New CEO in the company: Fredrik Lindberg took position as CEO in spring 2015. His experience in growing companies with international operations could lead to beneficial expansions to new markets.