IVISYS publishes half year report for the period January to June 2016

Press release
IVISYS AB
556998-4981
26 August 2016

IVISYS AB (‘IVISYS’) today publishes the half year report for the period January to June 2016. Below is a summary of the report.

First half year (2016-01-01 – 2016-06-30)

– Revenue for the period was 167 KSEK (575).
– Operating income was -4 668 KSEK (3 415).
– Earnings per share were -0.53 SEK (-0.42).
– The equity ratio was 86,4 % (95).

Second quarter (2016-04-01 – 2016-06-30)

– Revenue for the period was 167 KSEK (391).
– Operating income was -2 657 KSEK (1 689).
– Earnings per share were -0.30 SEK (-0.20).

Definitions
– Earnings per share: Earnings of the period divided by  6 764 534 for the first half year / 6 788 268 for the second quarter.
– Equity ratio: Equity divided by total assets.
Figures in parentheses are numbers for the corresponding quarter the previous year.

Important events during the second quarter of 2016

- During the period from 13-27 April 2016, the time window for exercising the warrants of series TO 1 was open. Through exercise of the warrants, the Company raised approximately 0.9 million SEK before issuance costs. As a consequence, the company's total number of shares increased by 96 535 shares. CEO and board member Jakob Kesje exercised 50,000 warrants of series TO 1.

- On May 12 2016, IVISYS’ Annual General Meeting was convened. A report on the Annual General Meeting is available on the Company's website, www.ivisys.com.

- In the end of May, IVISYS announced that the Company would deliver an inspection system to a Swedish manufacturer specialized in machined parts. Furthermore, the customer placed an additional follow-up order.

- At the end of May, the company also announced that it has developed a new version of the company's vision system software IVISYS Pro and made it commercially available. The new software version - IVISYS Pro III - includes a new GUI (Graphical User Interface), micro-level precision, automated camera calibration, barcode reader and many other features, which make it possible for IVISYS’ systems to execute even more complex inspections.

- In June, IVISYS announced that the company has opened an office and established a partnership in Poland. The presence in Poland is organized in collaboration with Marcoll S.C. The office is based in the Greater Krakow area—an area which is home to many suppliers to the European automotive industry.

- On June 15, IVISYS announced that the company has expanded its product range with an additional inspection station. The new ’IVISYS Fastener Inspection Station’ is capable of inspecting complex fasteners and ensuring that no defective parts enter the assembly process.

- In late June, IVISYS announced that the Company has been listed by the trade magazine ’Manufacturing Tech Insight’ as one of the ten leading vision system suppliers. IVISYS was selected alongside companies from the US and Switzerland.

Important events after the end of the period

- In July, IVISYS announced that the company had entered into a formal partnership with the Slovakian company FMach s.r.o.

- In July, IVISYS announced that the Company had received a test order from a global manufacturer headquartered in Japan.

- In August, IVISYS received an approval in Japan of the company’s patent for a "Method and Device for Finding Nearest Neighbor".

- In August, IVISYS announced that the company has hired a new CFO and two new engineers.

IVISYS CEO Jakob Kesje’s comments

The second quarter has passed and it is my pleasure to sum-up the results during the quarter and up until today. Initially, I am pleased to announce that all resolutions were passed and the board was re-elected at the Annual General Meeting on 12 May 2016.

Another significant event during the quarter was the issuance of new shares. A year ago IVISYS was listed on Nasdaq First North in Stockholm. As a part of the listing, we conducted a successful issuance of units, comprised of ordinary shares and warrants. During April 2016 the window of time for exercising the warrants was open, from 13-27 April, and a number of investors chose to convert their warrants of series TO 1 into shares. This increased the share capital of our company by 96 535 shares and the company raised 0.9 million SEK before issuance costs.

Since the end of the previous quarter, we have strengthened our presence abroad by entering into new partnerships and opening an office in Poland. One of these partners are Marcoll S.C. in Poland, located in the in Greater Krakow area, which is an area where a number of suppliers to the automotive industry are located. The cooperation agreement with Marcoll S.C. involves a possible exchange of services, where IVISYS provides Marcoll S.C. with vision systems and Marcoll S.C. provides us with mechanical solutions.

Furthermore, we have strengthened our local presence in Poland even more by opening an office staffed by a local sales manager, who is responsible for business development in the region. This has happened in close collaboration with Marcoll S.C. and we look forward to future joint projects.

The second partnership is with the Slovak integrator FMach s.r.o., a provider of consulting, automation and engineering solutions. FMach is based in Zilina in Slovakia and will be an official supplier of IVISYS’ systems in Slovakia. Besides offering IVISYS’ ’off-the-shelf’ inspection stations, FMach also expects to use IVISYS’ technology for custom made solutions for their end customers.

Both of our new partners have extensive experience in automated manufacturing and enjoys a customer base with a demand for automated quality control. Many of the companies in the European automotive supply industry are located in Central Europe - by partnering with FMach and Marcoll we get much closer to our potential customers.

Moreover, during the second quarter, we delivered an inspection solution to a Swedish manufacturer specialized in machined parts. In addition to the delivered inspection system, the customer placed an additional follow-up order, which is scheduled for delivery during Q3. This particular order has highlighted our ability to perform multiple complex inspections as well as our ability to build advanced mechanical systems.

After the end of the quarter, we announced yet an order. It is a test order to execute inspections according to     very demanding requirements with regards to tolerance levels. The customer is a branch of a global manufacturer of metal components headquartered in Japan.

Encouraged by the delivery of the above mentioned order to the Swedish manufacturer of machined parts, we decided to expand IVISYS’ product range permanently. Our new inspection station is called ‘IVISYS Fastener Inspection Station’ and is capable of handling fasteners of varying sizes and thus has the potential to benefit many companies producing various fasteners and similar shaped objects.

Our ability to create such state-of-the-art vision systems caught the attention of the magazine ’Manufacturing Tech Insight’. In the June issue of the magazine, IVISYS was listed as one of the top ten suppliers in the vision industry. It is very satisfying to receive such recognition of our innovative technology. In line with this, it is also pleasing that the novelty of our technology was yet again confirmed, when the Japan Patent Office in August approved our patent for our ‘Method and Device for Finding Nearest Neighbor’. With such recognition and progress in mind, I continue to expect a bright future for IVISYS.
Jakob Kesje
CEO, IVISYS AB

IVISYS’s full report for the first half 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

This information is information that IVISYS AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 26 August 2016.

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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