First half of the year
1 January –
- Net sales amounted to KSEK 0 (0).
- Result after taxes amounted to KSEK -14,668 (-13,610).
- Basic and diluted earnings per share amounted to
SEK -0.07 (-0.09). - Cash flow from operating activities after change in working capital amounted to KSEK -13,734 (-14,636).
- Cash and cash equivalents amounted to KSEK 29,199 (32,275) on the balance sheet date.
Financial overview of the second quarter
1 April to
- Net sales amounted to KSEK 0 (0).
- Result after taxes amounted to KSEK -7,423 (-7,180).
- Basic and diluted earnings per share amounted to
SEK -0.04 (-0.05). - Cash flow from operating activities after change in working capital amounted to KSEK -7,050 (-5,676).
The company’s development during the second quarter
Net sales and results during the second quarter
Net sales for the second quarter of 2023 amounted to KSEK 0 (0).
Operating costs, including capitalised costs for the second quarter, amounted to KSEK 13,543 (10,425). A larger proportion of the costs have been capitalised in the quarter compared to the corresponding period last year, KSEK 6,038 (3,072). The increase in personnel costs is mainly related to continued development efforts and building a future organisation with more employees.
Operating income for the second quarter amounted to KSEK -7,420 (-7,179), and the result after taxes amounted to KSEK -7,423 (-7,180).
Cash flow, second quarter
Cash flow from operating activities during the second quarter amounted to KSEK -7,392 (-7,146). After changes in working capital, cash flow for the period amounted to KSEK -7,050 (-5,676). Total cash flow for the period amounted to KSEK -12,914 (-8,749).
Net sales and results, first half of the year
1 January – 30 June
Net sales for the first half of the year 2023 amounted to KSEK 0 (0).
Operating costs for the year's first half amounted to KSEK 24,601 (19,603). A larger proportion of the costs have been capitalised in the first half of the year compared to the corresponding period last year, KSEK 9,782 (5,793). The increase in personnel costs is mainly related to continued development efforts and building a future organisation with more employees.
Operating income for the year's first half amounted to KSEK -14,667 (-13,609), and the result after taxes amounted to KSEK -14,668 (-13,610).
Cash flow, first half of the year
Cash flow from operating activities during the first half of the year amounted to KSEK -14,606 (-13,543). After changes in working capital, cash flow for the period amounted to KSEK -13,734 (-14,636). Total cash flow for the period amounted to KSEK -23,516 (-3,164). In the corresponding period last year, part of the paid-in new issue of KSEK 17,265 was included.
Personnel
The average number of employees during the period was 15 (14), 3 (3) of whom were women.
Investments, liquidity, and financial position
On
The book value of investments in the patent portfolio amounted to KSEK 4,378 (3,444), most of which was related to investments in patents and patent applications regarding the Company’s products.
At the balance sheet date, cash and cash equivalents amounted to KSEK 29,199 (32,275).
Equity amounted to KSEK 115,308 (99,011).
The equity ratio was 94 (92) percent.
Significant events during the second quarter
The shareholders were called to the annual general meeting on
The first international pilot study concluded with promising results and was presented by Dr
The new website was launched to reflect
CE marking and launch of SCIZYS will be delayed as the design changes that need to be made cannot be completed in the first half of 2023. However, the assessment continues that launch is possible in 2023.
In June,
In June, Mangold Insight published a commentary on their latest company analysis of
Significant events after the end of the period
The results from
CEO comments
The past quarter has been a time of interesting developments and promising opportunities. The marketing and commercialisation work has continued unabated, and our commercial network has expanded to include a significant number of contacts from
An extra big event during the quarter was our invitation to present at
In addition to the presentation in May, poster presentations have been held at the congresses that
To strengthen our digital presence, we launched a new website in May. Our new website reflects the commercialisation phase we are now in and forms a central part of our brand development.
Our second preliminary study, which is also our first international one, ended with the desired results and demonstrates the potential of our technology in renal diagnostics. When we are now close to a market launch, it is incredibly gratifying to receive further confirmation of the versatility of our technology as a basis when we hold dialogues and discuss plans with our potential customers. The quarter has been characterised by not only discussing the product and its value creation but also its prices and business models with potential end customers, distribution and collaboration partners. The fact that we are now holding this type of dialogue proves how far we have come and that the targeted marketing work going on actively towards our target group for over a year is now beginning to bear fruit. There is a noticeable increase in interest, and
The objective has been to CE mark and launch our first product, SCIZYS, during the year's second quarter. However, feedback from our independent testing institute Nemko, regarding documentation and electronics updates has required a reconsideration of this timeline. We are working intensively to get everything in place and then CE mark SCIZYS later this year.
We are incredibly grateful for your continued support and commitment to
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