AcouSort: Interim Report 2021-01-01 – 2021-03-31
Summary of the first quarter 2021
First quarter (2021-01-01 – 2021-03-31)
Income amounted to TSEK 2 802 (2 553).
Result before tax TSEK -1 685 (-1 022).
Result per share* was SEK -0,15 (-0,10)
Equity/assets ratio** amounted to 73 % (78%) 31 March 2021.
The first quarter of the year got off to a good start with two new deals in January. Our Japanese distributor Physio-Tech, which since last autumn has worked intensively to introduce our systems AcouTrap and AcouWash on the Japanese market, bought an AcouTrap system to meet an increased demand for demos in the Japanese market. In addition, AcouSort entered into an agreement with a Belgian diagnostics company. The purpose is to jointly develop a test platform based on AcouSort’s technology for assessment of using the two technologies together. If successful, the test platform will be used in the Belgian company’s product development going forward.
Revenue in the quarter increased to 2 802 TSEK (2 553). The increase is partly attributable to the growing interest in our technology and consists primarily of one-off payments from projects and public funding.
During the first quarter, we continued our strategic investment with an even clearer focus on the OEM business and we saw an increasing interest from the life science industry. Although the effects of the pandemic continued to affect the international market in the form of missed conferences, we have been able to conduct our sales work relatively unhindered. We now look forward to this year’s upcoming conferences where we during the spring will participate in virtual events and hopefully towards fall, also physical events. When live events becomes a reality, time will tell, but we are naturally looking forward to this and are convinced that it will affect our business in a positive direction.
Based on the signals we continuously receive from our customers, it is very gratifying that we now are in the final phase of qualification of our first own production facility. The production line has been developed together with an external partner and was delivered in early April. It is now being adjusted and optimized and we expect it to be ready for commercial production during the third quarter. In its basic version, it has an annual capacity of approximately 100,000 units. However, the system is already prepared for a second installation that will allow us to quickly double the production capacity. As the demand for our products increases further, we anticipate that we will outsource production and only retain test production and special versions internally.
It is also gratifying that our collaboration with Instrumentation Laboratory (IL) continues to develop. In mid-May, we were able to announce that another feasibility study had been successfully completed with IL. The results have been very promising and are expected to fuel further collaboration projects already later this year.
All in all, this means that we now have a very exciting year to look forward to.
Torsten Freltoft - CEO ACOUSORT AB
For further information on AcouSort, please contact:
Torsten Freltoft, CEO
Telephone: +45 2045 0854
AcouSort AB (corporate registration number 556824-1037) is an innovative technology company focusing on developing products and solutions for integrated preparation of biological samples. With the help of sound waves, the company's products can separate blood cells, concentrate, purify and stain cells, exosomes and bacteria from biological samples. The technology of the company's products is acoustofluidics, where sound waves and microfluidics enable automated handling of samples in a range of application areas, from research on new biomarkers to the development of new diagnostic systems for near-patient testing – so-called Point-of Care (POC) systems. The company's commercialization strategy is based on the already proven business model of providing separation modules to diagnostic system manufacturers for integrated sample preparation as well as to continue the commercialization of the company's research instruments. With the help of the company's products and development of point-of-care tests, new diagnostic systems and treatments are enabled, addressing some of the most challenging disease areas of our time: cancer, infectious diseases and cardiovascular diseases.