IVISYS announces interim results for the first quarter of 2015

IVISYS today publishes its interim financial results for the first quarter of 2015 (1 January 2015 – 31 March 2015).

Summary of interim report

- Revenue for the period was 184 kSEK
- Operating income was -1,726 kSEK.
- Earnings per share were -0.20 SEK
- The equity ratio was 89 %

Press release
IVISYS AB
Ticker: IVISYS
556998-4981
18 May 2015

Definitions
- Earnings per share: Earnings of the period divided by 6 740 000 shares as of 31 March 2015.
- Equity ratio: Equity divided by total assets

Important events during the first quarter of 2015

- In January 2015 David S. Joelsen was hired as Sales Manager for Denmark and Poland.

- On 26 January, IVISYS could announce that the company planned an issuance of units prior to a planned listing on Nasdaq First North in Stockholm.

- On 19 February 2015, IVISYS published a memorandum on the company’s website, prior to the scheduled listing.

- The first system has been sold to Shiloh in Sweden (Shiloh’s annual sales to the global automotive industry is 7.3 bn. SEK).

- On 25 February 2015, the subscription period of the IPO commenced. The subscription period lasted until 12 March 2015. Through the issuance, which was oversubscribed, IVISYS got 435 new shareholders and approximately 12.2 million SEK before issuance costs. 1 740 000 shares and 870 000 warrants were issued in the issuance.

Important events after the end of the period

- On 1 April 2015, IVISYS announced that Nasdaq had approved the Company’s listing on Nasdaq First North in Stockholm. First day of trading in IVISYS’ shares and warrants of series TO 1 would to be 13 April 2015.

- In April 2015, IVISYS hired Anders Svensson as Sales Manager for Sweden and Germany.

- In April 2015, IVISYS participated in the Hanover Fair, at the fair IVISYS presented a new product – the IVISYS Advanced Conveyor Inspection Station (MAS600XUL).

- On 28 April 2015, IVISYS was officially granted a US patent for the Company’s ultra-high-speed process regarding ‘object recognition and tracking.’

- 30 April 2015, IVISYS announced that the Company’s Annual General Meeting was cancelled due to the fact that the company was formed on 16 December 2014 and thus did not have any annual accounts to present. The next annual report will include an addition of the accounts regarding the period 16 December 2014 – 31 December 2014.

IVISYS CEO Jakob Kesje’s comments

‘The first months of the year have passed and we now look back at an exciting time for IVISYS. IVISYS was listed on Nasdaq First North in Stockholm on 13 April 2015 after a very successful share issuance, which brought SEK 12.2 million to the Company, before issuance costs. As a result of the newly raised funds, we have been able to continue our efforts as planned – increasing the workforce as well as our sales and marketing efforts in order to increase our growth rate.

We started the year off with recruiting new staff by hiring David S. Joelsen as ‘Regional Sales Manager’. David has more than 15 years of experience in consulting and sales of technical products to industrial clients. In April, we expanded our workforce further by recruiting Anders Svensson as ‘Regional Sales Manager’ for Sweden and Germany. Anders has a background as industrial sales manager, which gives him great insight into the industry’s need of quality control. The sales team will be continuously expanded as competent candidates are identified.

During the first quarter, we also had the pleasure of welcoming a new customer, who has successfully implemented tests of IVISYS Pro V. After a test period, Shiloh in Olofström (formerly known as Finnveden Metal Structures) chose, initially, to purchase the test system for continuous quality control in their production. Shiloh is a global company, selling automotive components for nearly 7.3 bn. SEK annually with a number of factories worldwide.

During the period, we have participated in a number of the events in Denmark and Sweden as well as the Hannover Messe trade fair in Germany. It is a pleasure to meet potential customers and experience the interest, which exists among the audience. At the trade fair in Hannover, we had the pleasure of introducing our latest product, the IVISYS Advanced Conveyor Inspection Station. The product is a universal inspection station, which can be used for product verification, flaw detection and measurement applications. It consists of a programmable multi-zone scanning module and a conveyor belt, which is flexible with respect to running speed. In addition, our new system is adjustable regarding height above the ground, which means it is easily integrated into various working environments.

We are already experiencing great interest in our products and have a number of quotes out in the market, so we expect a continuous increase in revenues during the year with the aim of reaching the projected break-even in 2016.

We currently have a burn rate of approximately 600 000 SEK per month; however, the rate will increase as the right candidates are found and the number of employees increases accordingly during the year. Our expectation is that the increased costs will be accompanied by a corresponding increase in revenue.

We leave a successful period behind and look forward to an ongoing exciting 2015 for IVISYS!’

Jakob Kesje
CEO, IVISYS AB

Full first quarter report

IVISYS’ full first quarter report is available on the company website (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
Email: 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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