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Bioservo Technologies AB Interim report 1 January to 30 September 2019

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Third quarter in figures

  • Net sales SEK 1.7 M (1.0)
  • EBITDA of SEK -4.6 M (-5.8)
  • EBIT of SEK -5.5 M (-6.7)
  • Earnings for the period was SEK -5.5 M (-6.7)
  • Earnings per share before and after dilution amounted to SEK -0.61 (-0.75)
  • At 30 September, cash and cash equivalents were SEK 9.4 M (32.1)  

First nine months in figures

  • Net sales SEK 6.9 M (4.0)
  • EBITDA of SEK -13.8 M (-14.9)
  • EBIT of SEK -16.6 M (-17,2)
  • Earnings for the period was SEK -16.6 M (-17.2)
  • Earnings per share before and after dilution amounted to SEK -1.86 (-1.93)
  • At 30 September, cash and cash equivalents were SEK 9.4 M (32.1)

Significant events during the period

  • Bioservo successfully completed a Rights issue with preferential rights for the existing shareholders on September 30, 2019. The interest to participate was significant and in total the Rights issue was subscribed to 156.3 percent.
  • Bioservo signed exclusive distributor agreements for Ironhand® on priority markets:
    • For the French market, Bioservo entered into an agreement with GOBIO, a brand within EUROPE TECHNOLOGIES Group. GOBIO has previous experience of successful sales of exoskeletons for industrial use and has a strong network of relevant customers.
    • For the American market, Bioservo signed an agreement with Rhino Assembly Ltd that focuses on delivering the world’s most innovative solutions for the assembly market. Rhino works with customers like Ford, BMW, Boeing, Caterpillar and several others within the automotive, aerospace and agriculture industries.
    • For the German, Spanish, Portuguese and Polish market, Bioservo entered into an agreement with ITURRI, S.A. that has experience from successful sales of exoskeletons for industrial applications.  
    • Bioservo also signed an agreement with Health2Work for the Dutch market and awb Schraubtechnik- und Industriebedarf GmbH for the Austrian market.
  • Bioservo’s development partner Eiffage received four awards for the work with Ironhand®. The two companies have, since 2017, a close research- and development partnership for the development of Ironhand®.
  • The benefits of Bioservo’s patented and award-winning SEM™ technology was illustrated in a scientific article. The article was published in the scientific journal PLOS ONE and proves that Carbonhand®, either as an aid or as a training tool, can counteract the deterioration of hand function associated with aging.
  • Bioservo received, as part of the earlier communicated EU grant from Horizon 2020 for the iHand project, an amount of 837,000 EUR.

Events after the end of the period

  • The proceeds from the Rights issue of 58.7  MSEK net of issue costs  has been received and thereby strengthened the company's financial position. The rights issue has also been registered with the Swedish Companies Registration Office and the paid subscribed shares ("BTA") were converted into shares as of Monday, October 28, 2019.
  • Bioservo has entered into a collaboration with Ericsson to primarily promote Ironhand® at major international exhibitions and events and to demonstrate in real-time the future possibilities of connected products through fast and stable networks.


For more information, please contact
Petter Bäckgren, CEO of Bioservo Technologies AB
Phone: +46 (0)8 21 17 10
petter.backgren@bioservo.com

Jacob Michlewicz, CFO of Bioservo Technologies AB
Phone: +46 (0)8 21 17 10
jacob.michlewicz@bioservo.com

The information in this press release is such that Bioservo Technologies AB (publ) is obliged to publish in accordance with EU Regulation on Market Abuse (MAR). The information was submitted for publication through the agency of above contact persons for publication on 5 November 2019 at [8.30] a.m. CEST.

About Bioservo Technologies
Bioservo Technologies AB (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 was founded in 2006 in collaboration between researchers at the Royal Institute of Technology and a doctor at Karolinska Hospital. Bioservo Technologies is a Swedish public limited company with headquarters in Stockholm.

FNCA Sweden AB, +46(0)8 528 00399, info@fnca.se is the Company’s Certified Adviser on Nasdaq First North Growth Market.

For more information, please visit www.bioservo.com

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