Bioservo Technologies AB Interim Report January – March 2023
First quarter in figures
- Net sales of SEK 4.6 M (2.9)
- EBITDA of SEK -8.9 M (-11.0)
- EBIT of SEK -9.4 M (-12.1)
- Earnings for the period amounted to SEK -9.4 M (-12.1)
- Earnings per share before and after dilution amounted to SEK -0.49 (-0.64)
- Cash flow from operating activities for the period amounted to SEK -12.8 M (-12.4)
Significant events during the period
- In January 2023, the new Carbonhand was delivered to the first patients in Sweden, Norway, and Germany. The order backlog at year-end 2022 amounted to approximately 40 units.
- Waupaca Foundry, Bioservo and Rhino Tool House conclude a successful partnership project where 30 Ironhand systems have been used over seven months. Waupaca decides to continue a rollout at three more facilities. The additional 30 Ironhand systems to be used in phase 2 of the rollout are sold at an order value of SEK 1.8 million.
- During the period, the transition was completed to prepare the company for higher production volumes by fully establishing manufacturing with our production partners, a transition that also entails cost savings by reducing the organization by approximately 25%.
Events after the end of the period
- Bioservo signs distribution agreement for Carbonhand with Assistive Innovations BV in the Netherlands, an important market with good knowledge of and great interest in Carbonhand.
- Bioservo signs distribution agreement for Carbonhand with Anatomical Concepts Ltd in the UK, a company with long experience in rehabilitation and a wide network of carefully selected partner therapists and clinicians.
- Bioservo announces that the company has registered Carbonhand® as a medical device under 510(k) exemption in the FDA's database for medical devices in the United States. Thus, Carbonhand is available for sale in the US.
For further information please contact:
Petter Bäckgren, CEO
petter.backgren@bioservo.com
+46 8 21 17 10
or
Madeleine Börjesson, CFO
madeleine.borjesson@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 April 25, 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