AcouSort: Interim Report 2021-04-01 – 2021-06-30
Second quarter (2021-04-01 – 2021-06-30)
• Income amounted to TSEK 530 (1 448)
• Result before tax amounted to TSEK -3 476 (-1 338)
• Result per share was SEK -0,31 (-0,12)
• Equity ratio amounted to 45 % (86 %) on 30 June 2021
AcouSort has continued to develop well during the second quarter of the year. Our strategic collaborations continue to expand in the right direction. At the same time, interest in understanding and exploring our technology is growing and interest from the life science industry remains high strengthening our strategic investments in the OEM business.
Revenues in the quarter were relatively modest and amounted to 530 TSEK, which is a decrease compared to the corresponding period last year (1 448). The result also decreased to -3 476 TSEK (-1 338). Although our sales activities have been able to continue relatively well during the pandemic, it has led to somewhat longer sales cycles. In addition, it should also be mentioned that our business is not evenly distributed over the year but may vary significantly from quarter to quarter.
Even if the effects of the pandemic have affected travel and participation in important conferences, our assessment is that it is temporary and that we eventually will return to a normal business climate. So far, we have been able to handle this virtually, but we have also noted that there are clear ambitions that physical events can start during the fall.
Our collaboration with Instrumentation Laboratory (IL) has continued to develop well. In mid-May, we were able to announce the successful completion of another feasibility study with IL. The results were very promising and open opportunities for further collaboration already this year.
The collaboration with IL as well as with other strategic collaborations are moving forward and attracting increasing interest from the industry. This is a direct effect of the investments we have made both within application development and business development. We will therefore continue to expand these investments and also further strengthen our sales focus.
During the quarter, we finalized the first phase of the previously announced collaborative project with a Belgian diagnostics company that develops innovative products for point-of-care testing. AcouSort has developed and now also delivered a test platform based on AcouSort's technology to the Belgian company.
Finally, I can state that the work of completing our first semiautomated assembly line for separation modules is proceeding according to plan and approaching the end point. The assembly line has already produced hundreds of high-quality modules. This means that our plans for the assembly line to be ready for commercial use during the fall are firm.
The fact that we now have the opportunity to start producing separation modules on a larger scale is an important milestone for the Company. In its basic version, it has a capacity of about 100 000 modules per year, but the system is prepared for a second installation that allows us to quickly double production capacity. Scaling to 400 000 modules per year may then be achieved by simply adding an operator shift.
This, in combination with the other steps AcouSort has taken during the quarter, makes me look forward to an intense and eventful autumn. Hopefully, we will also see more relief in the restrictions that the covid-19 pandemic brought with it and thus be able to return to more regular business operations.
Torsten Freltoft - CEO ACOUSORT AB
Significant events during the second quarter
• On April 28 Martin Olin was elected new Chairman of the Board in AcouSort. Martin has more than two decades of experience from executive positions in international life science and life science investment companies and has held board positions in several life science companies.
• On May 3 AcouSort and Pharmacolog signed a letter of intent to investigate integration of AcouSort’s blood separation technology. The aim is that the collaboration will result in the development of a novel product for determination of antibiotic concentration in blood from critically ill patients.
• On May 17 AcouSort announces that AcouSort has finalized the recent feasibility project with Instrumentation Laboratory (IL) concerning generation of blood plasma aiming to expand the use of AcouSort’s technology in additional IL product lines. The project results have been very promising, lining up for additional feasibility studies addressing blood-plasma separation together with IL.
• On June 16 AcouSort reaches an important milestone for AcouPlasmaoptical. The project has reached “Design freeze”, meaning that the final product design is completed.
• On June 29 AcouSort announces that the first phase of the previously announced collaboration project with a Belgian diagnostics company that develops innovative products for point-of-care testing has been finalized. The collaboration continues with further evaluations of the platform at the company’s site.
Significant events after the end of the period
• On July 6 AcouSort announces that it has sold an AcouWash system to its Japanese distributor Physio-Tech. Physio-Tech has over the last year worked intensively with introducing AcouSort’s bench-top systems to the Japanese market.