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Bioservo Technologies AB Year-End Report 2020

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Net sales increase of 26% for the full year despite operating in a challenging business environment due to the COVID-19 pandemic

Fourth quarter in figures

  • Net sales SEK 2.0 M (2.4)
  • EBITDA of SEK -5.5 M (-5.5)
  • EBIT of SEK -8.1 M (-6.6)
  • Earnings for the period was SEK -8.1 M (-6.6)
  • Earnings per share before and after dilution amounted to SEK -0.55 (-0.52)

Year End in figures

  • Net sales SEK 11.7 M (9.3)
  • EBITDA of SEK –20.6 M (-19.4)
  • EBIT of SEK -26.3 M (-23.2)
  • Earnings for the period was SEK -26.3 M (-23.2)
  • Earnings per share before and after dilution amounted to SEK -1.82 (-2.35)
  • On 31 December, cash and cash equivalents were SEK 52.6 M (56.9)

Significant events during the period

  • Successful completion of directed share issue generating SEK 13.4 million net after transaction costs further strengthening the company's financial position.
  • Bioservo received state support for short-term layoffs due to COVID-19. In total, during the year, support of SEK 4.7 million was accounted for and is reported under other operating income.
  • Bioservo has further strengthened its distributor network to meet the growing interest in Ironhand from the US and Asia. During the last quarter, agreements have been signed with several well-established companies in the USA, South Korea and Germany.
  • Preliminary results in an ongoing clinical study are very promising and open up new markets for Carbonhand. The study examines the therapeutic effect of using Carbonhand in the home, i.e., that the use provides a lasting effect which is maintained even after the glove has been used. The results show both a strengthened grip sand that the glove helps users in everyday life.

Events after the end of the period

Bioservo ended the short-term layoffs due to COVID-19 on January 1, 2021 in order to accelerate the internal development work and deliver on our externally funded projects.

 

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 23 February 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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