Insights / News

Controlant AGM 2023: Revenue doubled and continued growth ahead

Controlant holds its Annual General Meeting and publishes results for 2022.

AGM 2023

Gísli Herjólfsson, CEO and co-founder of Controlant, Ásthildur Otharsdóttir, Chairman of the Board of Controlant, and Guðmundur Árnason, CFO.

Highlights from Controlant’s 2023 Annual General Meeting:  

  • Revenue doubled from $68 million in 2021 to $133 million in 2022. 
  • EBITDA was $66 million and net profit was $5.5 million. 
  • Strong underlying non-Covid growth with key industry trends driving demand for Controlant’s validated, automated, real-time visibility solutions.  
  • Shareholders authorized the Board of Directors to increase the share capital to support the ongoing funding process.  
  • Two global industry leaders were elected as new Board Directors at the meeting, Søren Skou (as of 1 January 2024) and Steven van Kuiken.

 Key financial and operational results 

Controlant held its Annual General Meeting on 16 June 2023 where Ásthildur Otharsdóttir, Chairman of the Board reported on the company’s performance on behalf of the board. Gísli Herjólfsson, CEO and co-founder of Controlant presented the company’s strategy and outlook, and Guðmundur Árnason, CFO, presented the company's financial results.  

Controlant’s revenue doubled in 2022, totaling over $133 million. Operating profit (EBITDA) was $66 million and net profit amounted to $5.5 million.  

In order to support continued growth, accelerate innovation and strengthen customer engagement, the Controlant team continued to grow in 2022 and the number of employees at year-end 2022 was 430. In addition to existing operations in Iceland, the USA, and the Netherlands, Controlant expanded its presence to Wroclaw, Poland in September 2022 and most recently to Copenhagen, Denmark in March 2023.  

Transforming pharma supply chains 

Underlying growth in non-Covid revenue is strong with clear opportunities to support the world’s leading enterprise pharmaceutical companies and logistics providers in transforming pharmaceutical supply chains—ensuring patient safety and eliminating waste.  

The company’s offering encompasses a holistic solution framework that brings together the cloud-based, validated Aurora Platform, Saga IoT devices, and services including 24/7 monitoring and response of shipments globally. Trends in the pharmaceutical industry such as the extensive growth in increasingly complex, sensitive, and precision medicine are key drivers to adapt digital real-time technology in pharma supply chains.  

Gísli Herjólfsson, CEO and co-founder of Controlant: 

“Breakthrough medicine and vaccines including increasingly complex and sensitive products such as precision medicine, biosimilars, and cell-and-gene therapy, may revolutionize healthcare. However, to ensure these medicines can reach patients safely, the next generation of supply chains is needed. Controlant is on a fast-forward journey to automate, digitize and ultimately transform pharma supply chains with patient safety and sustainability at the core.”  

Global industry leaders join the Board of Directors 

Søren Skou and Steve van Kuiken were elected as new Board Directors at the meeting, with Skou’s term commencing on 1 January 2024. Ásthildur Otharsdóttir, Chairman, Kristin Fridgeirsdottir, Trausti Thormundsson and Jørgen Rugholm were re-elected to the board. Frosti Ólafsson steps down from the board, and Jørgen Rugholm will step down as of 1 January 2024. 

Skou and Van Kuiken bring extensive global leadership experience from the shipping and logistics industry, and the healthcare and life science industry respectively. 

Ásthildur Otharsdóttir, Chairman of the Board: 

“Controlant has established its position as a global leader in real-team visibility solutions for pharma supply chains. We are laying a strong foundation for continued, scalable growth through partnerships with leading pharmaceutical companies and logistics providers. As we lay that foundation, we are very pleased to welcome Steve Van Kuiken to the Board of Directors and we look forward to Søren Skou joining us next year. Their extensive experience, industry knowledge, and leadership will be invaluable on the exciting journey ahead in realizing Controlant’s vision to deliver zero-waste supply chains for its partners and planet through digitalization, automation, and transformation of pharma supply chains. At the same, I would like to sincerely thank Frosti Ólafsson for his valuable contribution to Controlant.“ 

Søren Skou is a globally recognized leader in shipping and logistics, who served as the CEO of A. P. Møller-Maersk from 2016 until 2022, and he has held various leadership positions within Maersk for the last 40 years.  

Steve Van Kuiken most recently served as a Senior Partner at McKinsey & Company. Over his long career at McKinsey, he founded and led the firm’s Healthcare Technology Practice as well as founding and building up McKinsey’s global technology practice, McKinsey Technology. 

Read more about Søren Skou and Steve van Kuiken here.

Shareholders authorize an increase in share capital

To support the execution of Controlant’s strategy and leverage opportunities in the market, the Board of Directors has initiated a funding process. At the Annual General Meeting, the shareholders granted the Board of Directors authorization to increase the share capital of the company to facilitate ongoing funding. Further information on funding will be disclosed in due time. 

Controlant is backed by a broad group of around 300 domestic and international private and institutional investors.