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Bioservo Technologies AB Interim Report January - June 2020

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Second quarter in figures

  • Net sales SEK 4.8 M (3.5)
  • EBITDA of SEK -3.8 M (-4.8) 
  • EBIT of SEK -4.8 M (-5.8)
  • Earnings for the period was SEK -4.8 M (-5.8)
  • Earnings per share before and after dilution amounted to SEK -0.34 (-0.65)
  • Cash flow from operating activities for the period amounted to SEK -6.0 M (-7.4)
  • At 30 June, cash and cash equivalents were SEK 44.2 M (9.9) 

First half-year in figures

  • Net sales SEK 7.8 M (5.2)
  • EBITDA of SEK -10.4 M (-9.3)
  • EBIT of SEK -12.4 M (-11.1)
  • Earnings for the period was SEK -12,4 M (-11.1) 
  • Earnings per share before and after dilution amounted to SEK -0.87 (-1.25)
  • Cash flow from operating activities for the period amounted to SEK -12.3 M (-15.2)
  • At 30 June, cash and cash equivalents were SEK 44.2 M (9.9) 

Significant events during the period

  • An additional study confirming the positive effects of using Bioservo's technology to strengthen the grip of the hand was published. This latest study investigated the usefulness and effects of our assisted robotic glove (Carbonhand®) in the home environment for people with MS or patients recovering following a stroke. This is the latest in a series of studies published this past year.
     
  • Loxam opened their rental sites again and we completed the delivery of the 82 Ironhand® systems including consumables that were ordered in February. Before the pandemic approximately 22 Ironhand® systems, including gloves and carry solutions were shipped to a select number of Loxam locations.
     
  • Bioservo received state support for short-term layoffs due to COVID-19. In total during the first half of the year, support of SEK 1.9 million was accounted for and is reported under other operating income.
     
  • Bioservo Technologies AB signed a distribution agreement with CAS Assembly Tooling and Services in England. They are market leaders in supplying, installing and servicing production tooling. As well as supplying tooling, they have 20 years’ experience in project management of turnkey assembly facilities for some of the largest manufacturing companies based in the UK and Europe. For many of its clients, CAS provides support with everything from initial tooling installation to full process control.

Events after the end of the period

  • Ironhand® wins NASA Commercial Invention of the Year Award. We are very proud to receive this award which recognizes all the hard and leading-edge work invested up until this point in time. The award has been widely circulated internationally in the form of articles and posts on social media.

CEO Petter Bäckgren comments on the second quarter of 2020 

Sales during the period amounted to approximately SEK 4.8 million, which corresponds to an increase of 37% compared with the same period a year ago. So far this year, the increase is 50% compared to the same period in 2019. Sales were largely driven by deliveries to our French partner Loxam, that during the first quarter ordered 82 units and consumables. Loxam's investment in Ironhand® has been a great success. They are receiving more and more requests to rent out gloves, both from new and existing customers, for example from Eiffage, which is one of their largest customers.

 

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 7 May 2020 at. 08:40.

 

About Bioservo Technologies

Bioservo Technologies AB (publ) is a world leading company in wearable muscle strengthening systems for people in need of extra strength and endurance. All our innovative products and systems are designed to keep people strong, healthy and efficient.

The company has a unique global position within soft exoskeleton technology for the hand, both for industrial applications to improve the health for workers and to improve quality of life 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 University Hospital. Bioservo Technologies is a Swedish public limited company with headquarters in Stockholm.

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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