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Bioservo Technologies AB Interim report, 1 January to 30 June 2019

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Second quarter in figures

  • Net sales SEK 3.5 M (1.6)
  • EBITDA of SEK -4.8 M (-4.0)
  • EBIT of SEK -5.8 M (-4.7)
  • Earnings for the period was SEK -5.8 M (-4.7)
  • Earnings per share before and after dilution amounted to SEK -0.65 (-0.52)
  • At 30 June, cash and cash equivalents were SEK 9.9 (41.6)

First half-year in figures

  • Net sales SEK 5.2 M (3.0)
  • EBITDA of SEK -9.3 M (-9.0)
  • EBIT of SEK -11,1 M (-10.5)
  • Earnings for the period was SEK -11,1 M (-10.5)
  • Earnings per share before and after dilution amounted to SEK -1,25 (-1.18)
  • At 30 June, cash and cash equivalents were SEK 9.9 (41.6)

Significant events during the period

Bioservo launched the next generation of industrial glove Ironhand® providing significant improvements with regards to robustness, comfort and user-friendliness based on the use of new sensors, a new harness and better power transmission within the glove.

Lago Kapital Ltd was engaged as liquidity provider for the company's shares. The assignment as a liquidity provider is to secure the opportunity to trade in the company's shares by continuously placing trading items on each buy and sell side in the order book. Lago Kapital allocates buy and sell volumes of 15,000 SEK with a maximum spread of 4% between buy and sell prices, in keeping with NASDAQ First North regulations. The aim of a liquidity provider is to improve the liquidity of shares and minimise differences between buy and sell prices during ongoing trading.

Loxam, a leading company in equipment and machinery rental to the construction industry in Europe acquired five Ironhand® units, initially to rent these out to Eiffage in France.

Bioservo began a collaboration with research centre Roessingh in the Netherlands, and initiated a clinical study focused on demonstrating the rehabilitative benefits of Carbonhand® in patients with reduced hand function, as part of the iHand project, financed by the European Horizon 2020 programme.

Events after the end of the period

In July, Bioservo received an EU-contribution for the iHand project amounting to 837,000 EUR which has improved the company’s overall liquidity.

Jacob Michlewicz was contracted by Bioservo as new interim CFO and member of the executive leadership team. Jacob, who comes with a background as business consultant at McKinsey, and subsequently as co-founder of consultancy firm, Zitha Consulting AB, replaces Maria Myräng as CFO and took up his post on August 4, 2019.

Bioservo has signed an exclusive distribution agreement with GOBIO, a unit within the EUROPE TECHNOLOGIES Group, for the sale of Ironhand® in the French market. GOBIO has both a management team and a sales team with existing successful sales experience of exoskeletons to the industrial sector, and a good network of relevant customers in France, in keeping with Bioservo’s commercialisation strategy.

CEO Petter Bäckgren comments on the second quarter of 2019

I am pleased to report a successful second quarter which saw the further development and launch of the all-new Ironhand® and the significant international interest that the introduction generated – evidenced by the sale of more than 20 Ironhand® units in the same period. The quarter is also marked in that we began the work to establish a global distribution network in our priority markets. In July, we appointed a new distributor for the French market, a collaboration with GOBIO, a part of the EUROPE TECHNOLOGIES Group, for the sale of Ironhand®.

For further information please contact:

Petter Bäckgren
CEO
petter.backgren@bioservo.com
+46 8 21 17 10

or

Jacob Michlewicz
CFO
jacob.michlewicz@bioservo.com
+46 8 21 17 10

Note This information is such as is required by Bioservo Technologies AB under the EU Market Abuse Regulation and the Securities Market Act. The information was submitted, through the care of the above person, for publication on 13 August 2019 at 08:30.

Bioservo Technologies in brief

Bioservo Technologies (publ) is a technology and development company that combines medical science with modern robotics. The company holds a leading global position within soft exoskeleton technology –wearable non-invasive devices –for people in need of extra power to optimize the body’s endurance and performance, or for people with reduced muscle strength.

Bioservo Technologies AB was founded in 2006 in collaboration between researchers at the Royal Institute of Technology and a doctor at Karolinska Hospital. Since its inception, Bioservo Technologies AB has further developed its acclaimed and patented SEM ™ technology (Soft Extra Muscle) and is the world leader in wearable soft robotics. 

Bioservo Technologies is dedicated to becoming the world-leading developer of wearable technologies based on bionic soft robotics. 

The commitment is based on a true belief that this technology will change the lives for many people, enhancing their independence and quality-of-life. Our innovative solutions are already delivering future business opportunities and breakthrough technologies. We are extremely proud to have been top-ranked for our technological and innovative progress in both Europe and in Sweden. Our revolutionary SEM™ (Soft Extra Muscle) technology was invented by Professor Hans von Holst (neurosurgery), Professor Jan Wikander and Doctor Johan Ingvast, PhD (mechatronic engineering).

FNCA Sweden AB, +46(0)8-52800399, info@fnca.se is the company’s Certified Adviser on Nasdaq First North-

For more information, please visit www.bioservo.com 

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