Brighter Reports Second Quarter Interim Report April – June 2021
Brighter AB [publ], today has published first quarter interim report for April – June 2021. The full report is available on the company website https://brighter.se. The report is also attached to this press release as a pdf file.
Significant events during the period (highlights):
- Patent to safely combine MDD and IVDD functionality into one unit is granted in Brazil.
- Brighter initiates commercial partnership with DiapointME in the United Arab Emirates.
- Brighter´'s subsidiary Camanio launched innovative pilot project with Tomelilla Municipality
- Compatibility with New insulins opens up new market opportunities for Brighter’s Actiste®
- Brighter and Prime Medical Center in Dubai enter into commercial partnership Regarding Actiste
- Brighter and Al Zahra hospital in Dubai entered into a commercial partnership regarding Actiste
- Brighter's subsidiary Camanio wins allocation decision for stationary security alarms with KSON (The Municipal association for health care in Norrtälje)
- Brighter enters a Proof-of-Concept collaboration with Chronos Care (Chronos Labs AB) to verify Brighter’s Actiste® service and evaluate the potential for future commercial collaboration in Sweden
- Brighter's Auditor, in the Audit Report for the Fiscal Year 2020, specifically recommends the general meeting not to grant the former CEO Henrik Norström and the former chairman Truls Sjöstedt discharge from liability for the financial year 2020
- Net sales amounted to SEK 3,785 thousand (3,840)
- Operating result amounted to SEK -101,158 thousand (-84,409)
- Earnings before tax amounted to SEK –126,118 thousand (-91,338)
- Operating cash flow amounted to SEK -84,543 thousand (-104,575)
- Earnings per share, before and after dilution amounted to SEK -0.40 (-0.67)
CEO Statement: A quarter characterized by several important commercial milestones for Brighter and its subsidiaries.
During the second quarter, we achieved several important commercial milestones for Actiste®, Camanio and Nectarine Health.
At the beginning of the quarter, we announced that Brighter’s User Experience collaboration with two Swedish health centers, one in Halland and the other in Västra Götaland, is on track and continues to strengthen our position in the Swedish market. Brighter aims to present a summary of this project at the end of this year.
Later in the quarter, we entered a Proof-of-Concept collaboration with Chronos Care (Chronos Labs AB) to verify Brighter’s Actiste® service and evaluate the potential for future commercial collaboration in Sweden with physicians and nurses who work with Chronos Care and its patients.
I am very pleased with the progress that the Actiste® portfolio made in the United Arab Emirates (UAE) this quarter. We entered a new sales channel with a commercial partnership with DiapointME. We have continued our mission to improve the lives of people living with diabetes in the region by entering into two additional commercial partnerships with Al Zahra hospital and Prime Medical Center for Actiste® and Actiste® Mini in Dubai. Both are direct sales channels to reach potential Actiste® users in the UAE. Sales of subscriptions through Brighter’s local subsidiary will commence once all necessary data storage and telecommunications product and market preparations are completed in the UAE.
In June, we announced that our Actiste® device is compatible with a wider variety of insulin cartridges and now can support insulin cartridges from Sanofi and BIOTON S.A. (SciGen Pte. Ltd. – the exclusive distributor of BIOTON products, excluding Poland) This opens additional markets with new revenue opportunities worldwide for Actiste®.
Momentum continued across our subsidiaries as Nectarine Health initiated discussions with several potential partners in the United States for its AI-based well-being technology, Nectarine Health™ at Home, that focuses on digital care services for the elderly.
Camanio had great commercial success in the quarter, starting with the launch of a pilot project in Tomelilla municipality that aims to digitalize elderly care through its digital platform, Camanio SmartCare. At the end of the quarter, Camanio won a tender to be a supplier of stationery care alarms and alarm reception with Norrtälje Municipality. This marks Camanio’s first customer within the Adda framework agreement and includes delivery of a digital care platform for alarm reception / management as well as hardware, in the form of care alarms, sensors, and portable alarm buttons. This is a huge milestone for Camanio.
After the quarter, we reached some important milestones that I would like to highlight. In Qatar, both Actiste® (with insulin injection) and Actiste® Mini, received type approval for the radio transmission element in the device (telecommunication) from the Qatari Communications Regulatory Authority. Additionally, Brighter expanded its sales channels in Sweden with a commercial collaboration with VivBon AB, a Swedish service provider that offers a wide range of personalized services and solutions for seniors and their relatives, to sell Brighter’s Actiste® and Actiste® Mini portfolio for diabetes management.
In the beginning of this month, we received a very welcome preliminary assessment from the United Arab Emirates (UAE) Ministry of Health and Prevention that Brighter’s Actiste® device is considered to fall within the “simple device” categorization. Brighter is evaluating the implications of this development and will communicate in due course its assessment of how this affects go-to-market prospects under previously announced partnership agreements for the United Arab Emirates (UAE). This is an important commercialization milestone for Brighter and we remain focused on providing services for patients and healthcare providers in this area.
Lastly but not least, I am pleased to welcome Erik Lissner to Brighter as the new interim CEO, as announced on the 20th of July 2021. Erik brings extensive experience from within the MedTech sector and is a strong leader who has successfully driven change and improved the performance of various businesses throughout his career. I am confident that Erik is the right person to bring Brighter into the company’s next chapter and that together with the Brighter team, he will continue to run the company towards new upcoming milestones. I look forward to remaining in the company and contributing to the progress in my new role as Chairman of the Board.
Christer Trägårdh – Chairman of the Board
I am honored to join Brighter during this pivotal and exciting time in the company’s history. I believe that Brighter is in a position to evolve into a leader in diabetes management as a service and to continue the goal of expanding data-driven healthcare in diabetes globally.
On behalf of the Board and the entire Brighter team I thank you for your continued support of Brighter’s efforts to contribute to improve health outcomes and wellbeing and facilitate increased efficiency throughout healthcare systems around the world.
Erik Lissner – Acting CEO
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About Brighter AB (publ)
Brighter is a health-tech company from Sweden with a vision of a world where managing chronic diseases is no longer a struggle. We believe a data-centric approach is a key to providing smarter care for chronic conditions. Our daily-care solutions are designed with a vision to facilitate the flow of real-life treatment data between chronic-disease patients, their loved ones and their care providers – aiming to improve quality of life, easing the burden on healthcare systems, and opening new opportunities for data-driven research. Brighter's quality management system is ISO-13485 certified. In 2019 the company won the Swecare Rising Stars Award. The Company's shares are listed on Nasdaq First North Growth Market/BRIG.
For more information, please visit our website at https://brighter.se/.