Audientes A/S: Q2/Half-year 2023 Financial Report
Company announcement no. 26-2023
August 24, 2023
Today, Audientes (“Audientes” or the “Company”), CVR 36047631, releases its financial results for Q2 and the first half-year of 2023.
During Q2 2023, Audientes derived sales revenue at DKK 1.0 million, primarily generated from product sales to our new exclusive distributor in India, Earkart. In Nepal, its self-fitting hearing aid Ven was introduced to the market via a new distribution partner, M.B. Meditech, who was onboarded and trained.
Our advanced hearable, Companion by Audientes, was released to the market medio Q1 and we commenced channel development in various markets.
Audientes released in Q2 the major “v2.0” software update for both its Ven and Companion products, as announced earlier in Q1, which greatly enhances their performance and customer experience.
An accelerated entry into China was announced in June, including an investment by Shenzhen Hengtong Partner Company Ltd., our new distribution partner, who since has placed an initial pre-paid order for TDKK 562 for the delivery of Companion products later in 2023.
Substantial cost saving initiatives have been lowering the cash burn significantly, as part of a lean and focused platform for execution in Audientes priority markets.
Performance highlights for Q2 2023
|
TDKK |
Q2 2023 |
Q2 2022 |
H1 2023 |
H1 2022 |
2022 |
|
Revenue |
1,042 |
987 |
1,253 |
1,008 |
79 |
|
Other operating income |
752 |
214 |
966 |
428 |
856 |
|
EBITDA |
-1,838 |
-3,328 |
-4,334 |
-6,686 |
-14,026 |
|
Profit/loss for the period |
-3,603 |
-4,580 |
-7,325 |
-8,630 |
-24,362 |
|
Cash and cash equivalents |
1,682 |
3,680 |
1,682 |
3,680 |
6,948 |
|
Equity |
7,275 |
16,854 |
7,275 |
16,854 |
13,049 |
|
Equity ratio (%) |
36.2% |
56.6% |
36.2% |
56.6% |
49.1% |
|
Earnings per share (DKK) |
-0.11 |
-0.49 |
-0.22 |
-0.92 |
-1.28 |
|
No. of shares beginning of the period |
28,747,024 |
9,349,010 |
28,747,024 |
9,349,010 |
9,349,010 |
|
No. of shares end of period |
39,150,472 |
9,349,010 |
39,150,472 |
9,349,010 |
28,747,024 |
|
Average number of shares |
33,948,748 |
9,349,010 |
33,948,748 |
9,349,010 |
19,048,017 |
Highlights Q2 2023
• Audientes generated new product sales revenue of DKK 1.0 million
• As announced on 1 May 2023, we have entered into an agreement with a new exclusive distribution partner in India, Earkart, resulting in a significant change to our distribution and retail set up in India for B2B and B2C channels.
• Earkart expects to order for around DKK 5.0 million Audientes products in the 12 months from May 2023.
• Shipped Ven hearing aids to Nepal as the first country in Asia outside India through a collaboration agreement with M.B. Meditech, whom we have trained and onboarded.
• Accelerated entry into China in 2023 facilitated via an agreement for the distribution and sale of Audientes’ products in China with Shenzhen Hengtong Partner Company Ltd., who also invested DKK 1 million in the form of a directed issue of new shares.
• The advanced hearable, Companion by Audientes, will initially be available throughout Hengtong’s retailers and online distribution channels, and later in 2024 also the self-fitting hearing aid, Ven.
• Released the v2.0 software platform release for Ven and Companion that greatly enhances performance and customer experience. The v2.0 release is available to update Ven and Companion products via the Audientes’ smartphone app in Apples and Googles app stores.
• Began marketing and selling our new Companion by Audientes product in online retail.
• We announced in Q2 a decision to take back all sold, however not cash collected products in India, for upgrading to v2.0 software and marketing in new channels. These products have largely been received now and undergoing upgrading as part of the commercial activities in India.
Highlights after Q2 2023
• Hengtong has placed an initial pre-paid product order for TDKK 562 for Companion products to be delivered in late 2023, subject to local GTM readiness.
Outlook for 2023
• Due to the uncertainty around the size and timing of funding in the short-term as well as in the medium-term, we do not provide guidance for the outlook for revenue and EBITDA for 2023.
For further information, please contact:
Steen Thygesen, CEO, Audientes A/S
Phone: +45 77 34 16 80
Email: st@audientes.com
Troels Torp, CFO, Audientes A/S
Phone: +45 77 34 16 80
Email: tto@audientes.com
About Audientes A/S
Audientes A/S is a Danish hearing health company specializing in smart, self-fitting and affordable hearing aids and advanced hearables. Audientes’ unique hearing aid solution, Ven™ by Audientes, is available for purchase in the Indian and Nepalese markets. Companion by Audientes is an advanced hearable consumer electronics product, marketed in select markets worldwide subject to company priorities.
Audientes’ mission is to develop hearing aids and hearables for hearing improvement or enhancement for everyone who needs them globally. Audientes is listed on Spotlight Stock Market Denmark (AUDNTS) and headquartered in Copenhagen, Denmark with a subsidiary in Hyderabad, India.
For additional information please refer to the company’s websites, www.audientes.com, www.audientes.eu or www.audientes.in.