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Bioservo Technologies AB Interim Report January - September 2020

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Third quarter in figures

  • Net sales SEK 1.8 M (1.7)
  • EBITDA of SEK -4.8 M (-4.6)
  • EBIT of SEK -5.8 M (-5.5)
  • Earnings for the period was SEK -5.8 M (-5.5)
  • Earnings per share before and after dilution amounted to SEK -0.41 (-0.61)

First nine months in figures

  • Net sales SEK 9.6 M (6.9)
  • EBITDA of SEK -15.1 M (-13.8)
  • EBIT of SEK -18.2 M (-16.6)
  • Earnings for the period was SEK -18.2 M (-16.6)
  • Earnings per share before and after dilution amounted to SEK -1.27 (-1.86)
  • On 30 September, cash and cash equivalents were SEK 42.9 M (9.4)

Significant events during 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 to now. The award has been widely circulated internationally in the form of articles and posts on social media.
     
  • Loxam has ordered an additional 18 Ironhand® systems to a value of SEK 1.2 million. The ordered systems provide even greater availability and meet the increased demand from Loxam's customers at a total of 17 rental locations in France.
     
  • Bioservo received state support for short-term layoffs due to COVID-19. In total, during the first nine months of the year, support of SEK 3.6 million was accounted for and is reported under other operating income.
     
  • We have further strengthened our distributor network to meet the growing interest in Ironhand from Europe and Asia. During the last quarter, we have signed agreements with several prominent companies in Germany, Italy, Finland and Japan.

Events after the end of the period

  • Preliminary results from an ongoing study are very promising and open up new markets for Carbonhand. The study examines the therapeutic effect of using Carbonhand at home, i.e. that the use provides a maintained positive effect even after the therapy has been concluded. The results show both an improved grip strength and that the glove helps users in everyday life.
     
  • Bioservo has signed a distributor agreement with G-Hoo in South Korea. G-Hoo is a global partner for industrial robot systems and has extensive experience of implementing automated solutions for manufacturing companies, such as car manufacturers. They already have experience of implementing solutions with other types of exoskeletons to prevent repetitive strain injuries.
 

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. The information was submitted, through the care of the above person, for publication on 5 November 2020 at. 08:30.

 

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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