IVISYS announces interim report for the third quarter of 2015

Press release

IVISYS AB
Ticker: IVISYS
556998-4981
15 November 2015

IVISYS today publishes the interim report for the third quarter (2015-07-01 – 2015-09-30) / first nine months of 2015 (2015-01-01 – 2015-09-30).

Summary of Q3 interim report

– Revenue for the period was 0 kSEK
– Operating income was -1 820 kSEK
– Earnings per share were -0.27 SEK
– The equity ratio was 94 %

IVISYS AB was formed on 16 December 2014, thus it is not possible to show the third quarter 2014 interim report for comparison.

Definitions
– Earnings per share: Earnings of the period divided by 6 740 000 shares as of 30 September 2015.
– Equity ratio: Equity divided by total assets.

Important events during the third quarter of 2015

– On 4 August 2015, IVISYS announced that the company had entered into a mutual referral partnership with Scape Technologies, a provider of bin-picking solutions. The partnership is a two-way agreement and initially covers Germany and Sweden.

– On 13 August 2015, IVISYS announced that Holger Kämpfer had taken up the position as Installation Manager, with responsibility for installing IVISYS’ systems for customers in Europe.

– At the end of September, it was announced that IVISYS and Scape Technologies would jointly exhibit at the Elmia trade fair in Jönköping in November. The companies would present the outcome of a joint development project – an integrated bin-picking and inspection robot.

Important events after the end of the period

– 1 October 2015, IVISYS added sales manager Giulio de Muro to the company’s sales team. Giulio has extensive experience with international B2B sales.

– On 3 November 2015, IVISYS announced that the company was granted an official patent by the US Patent and Trademark Office

– From 11 – 13 November 2015, IVISYS participated in the Elmia Subcontractor trade fair in Jönköping, Sweden.

IVISYS CEO Jakob Kesje’s comments

‘The third quarter of 2015 has passed and I would like to take this opportunity to sum up the main achievements during the quarter and up until today.

As a young company, we continuously strive to develop our company in an appropriate manner, so we position ourselves in the best way possible in order to achieve long-term growth. Therefore, one of our current main priorities is to make sure we achieve the right product-market fit, another is to protect the company’s intangible assets. Since the previous quarter, we have made significant progress in both of these areas.

In September, we were pleased to announce that we together with our collaboration partner Scape Technologies would jointly exhibit at the Elmia Subcontractor trade fair in Jönköping. At the trade fair, which ran from 10 – 13 November, we showcased the outcome of our mutual development project—a bin-picking robot, with the product name IVISYS Robo Inspect, which can transfer an object from point A to point B and concurrently during this process inspect if the object has been assembled correctly etc. The interest in IVISYS Robo Inspect at the fair was substantial and attracted much attention from the visitors. By adding the IVISYS Robo Inspect to our product portfolio, we now stand in an even stronger position when we approach potential customers, since IVISYS Robo Inspect can replace both manual quality control and manual handling of objects. In parallel to our development of IVISYS Robo Inspect, we have continued the process regarding verifying that our other solutions meet the exact needs of the market. We do this by gradually increasing our dialogue with relevant potential customers and submitting project proposals. Currently, we are talks with a range of potential customers regarding numerous projects, in various phases. One example of this is our delivery and installation of a complete vision system for quality assurance of a surface treatment process of metal coils for a company in Southern Denmark.

Concerning protection our intangible assets, we passed yet another important milestone since the previous quarter, when the US Patent and Trademark Office approved our patent application regarding our unique ‘Method and Device for Finding Nearest Neighbor’. The patent covers a unique and extremely fast way of searching in large image databases, which – of course – is valuable also in many other fields of image processing than the area focused on by IVISYS today. This patent alone has a significant value on its own. We are pleased that this, our second US patent, also passed the application process without any remarks from the authorities. The seamless approval of both of our patens in the country of the world’s leading economy underlines our technology’s high degree of novelty and is encouraging regarding our efforts to achieve protection of our intangible assets in other parts of the world.

Besides our focus on improving our product range and protecting our intellectual property, we have continued adding relevant staff to our team. During the quarter, which has passed, we have had the pleasure of expanding our team with Holger Kämpfer, who is our new Installation Manager. Holger was hired in August and his main task is to provide IVISYS customers with support regarding commissioning and installation of inspection systems. Holger has several years of experience from within the industry and fits in well with our organization. During October, we also welcomed sales manager Giulio de Muro to our sales team. Giulio has extensive experience with international sales and is focusing on business development in the Benelux countries.

Looking forward, we will continue to pursue our long-term objectives. When we have received a sufficient amount of feedback from the market, conforming that our product offering is matching the range of application areas in demand, we will gradually increase our focus on scaling the business. As we have previously announced, we expect this path of development to lead to IVISYS reaching break-even in 2016. We are progressing as planned and we expect a bright future for IVISYS!’

Jakob Kesje
CEO, IVISYS AB

Complete interim report for the third quarter of 2015

IVISYS’s full interim report for third quarter/the first nine months is available on the company’s website (only in Swedish): ivisys.com/investor/financial-reports

Certified Adviser

Sedermera Fondkommission is Certified Adviser to IVISYS.

For more information, please contact:

Jakob Kesje, CEO IVISYS AB
Phone: +45 20 22 60 10
E-mail: jk@ivisys.com

About IVISYS

IVISYS AB was formed on 16 December 2014. The company provides independent vision system solutions for quality control and offers “plug-and-play” solutions with an easy installation process. IVISYS delivers complete solutions with cameras, lighting, hardware and software. The solutions perform quality inspections at high speed and allow multiple control points in a single inspection. IVISYS’ solutions are easily adapted to various products and variations and is invariant to product positioning. Settings can be adjusted by the customer’s own staff according to their demands.

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