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Bioservo Technologies AB Interim Report January – June 2023

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April-June in figures

  • Net sales of 1.2 MSEK (3.6)
  • EBITDA of -11.4 MSEK (-11.0)
  • EBIT of -11.9 MSEK (-11.8)
  • Earnings for the period amounted to -11.9 MSEK (-11.8)
  • Earnings per share before and after dilution amounted to SEK -0.42 (-0.62)
  • Cash flow from operating activities for the period amounted to – 9.5 MSEK (-9.8)

January-June in figures

  • Net sales of 5.8 MSEK (6.5)
  • EBITDA of -20.3 MSEK (-21.8)
  • EBIT of -21.3 MSEK (-23.9)
  • Earnings for the period amounted to -21.3 MSEK (-23.9)
  • Earnings per share before and after dilution amounted to SEK -0.75 (-1,26)
  • Cash flow from operating activities for the period amounted to – 22.3 MSEK (-22.2)

Significant events during the period

  • The board of directors of Bioservo Technologies AB announces that based on the authorization from the Annual General Meeting held on April 25, 2023, to carry out an issue of units of a maximum of approximately MSEK 37 with preferential rights for existing shareholders.
  • Carbonhand is made available to the US market, and the process of establishing a commercial infrastructure of partner companies is initiated.
  • Bioservo signs distribution agreement with Assistive Innovations for sales of Carbonhand® in the Netherlands as well as with Anatomical Concepts for sales of Carbonhand® in the UK.

Events after the end of the period

  • Michael Forss is assigned as new interim CFO and member of the management team, Michael succeeds Madeleine Börjesson as CFO and starts on July 7, 2023. Michael has a background as an auditor and partner at EY with long and valuable experience of public companies in an international environment.
  • Through a Rights Issue, registered on July 3rd, the share capital in the Company will increase by SEK 11,374,790.40, from SEK 5,687,395.40 to SEK 17,062,185.80, through the issue of 56,873,952 shares. The number of shares thus increases from 28,436,977 to 85,310,929 shares. The dilution amounts to 66.7 percent.
  • Participants in the Rights Issue have the right to subscribe for newly issued shares through the warrants during the period December 6 - December 20, 2023. One (1) warrant of series TO3 entitles the holder to subscribe for one (1) new share in Bioservo, at a subscription price corresponding to 70 percent of the volume-weighted average price of the Company's share during the period November 22 - December 5, 2023, however not less than the share's quota value (currently SEK 0.20) and not more than SEK 2. Upon full exercise of all issued warrants of series TO3, the share capital will increase by an additional SEK 3,791,596.80 and the number of shares by 18,957,984. The Company can thus receive an additional maximum of MSEK 38 before issue costs of approximately MSEK 2.
  • Bioservo signs a wholesale distribution agreement with Veterans Healthcare Supply Solutions for the sale of Carbonhand in the US. The initial intention of the agreement is to make Carbonhand available to Veterans Administration Facilities (VA) and Department of Defense Healthcare Facilities (DoD). The agreement can also be expanded to include other customer segments.

Download the full report

For further information please contact:

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

or

Michael Forss, CFO
michael.forss@bioservo.com
+46 8 21 17 10

This information 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 Augist 18, 2023 at 08:30 a.m. CET


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 is the company’s Certified Adviser on Nasdaq First North
For more information, please visit www.bioservo.com

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