Brighter Reports Third Quarter 2021 Interim Report
Brighter AB [publ], today published the third quarter interim report for July – September 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 quarter.
- Brighter’s Actiste® receives final outstanding approval in Qatar.
- Erik Lissner is appointed interim Chief Executive Officer.
- Christopher Robinson is appointed interim Chief Financial Officer.
- Karin O’Connor and Clas Lindbergson are elected as new board members and Christer Trägårdh is elected as Chairman of the Board.
- The previous CEO Henrik Norström and the previous chairman Truls Sjöstedt do not receive discharge of liability for the fiscal year 2020. All other members of the board receive discharge of liability.
- Brighter enters into a commercial collaboration agreement with VivBon AB in Sweden for the Actiste® portfolio.
- Brighter receives clarification from the United Arab Emirates Ministry of Health and Prevention regarding data storage and processing in Actiste® Diabetes Management Solution.
- Brighter carries out a private placement of 39.7 MSEK.
- Brighter Commences legal action against Unwrap Finance Nordic AB.
- Brighter’s subsidiary Nectarine Health™ receives approval to release the Nectarine Health™ customer interface app.
- Brighter’s subsidiary Nectarine Health™ is granted two US patents.
- Nectarine Health™ enters into an agreement and expands its friendly user trials with Solutionology Health.
- Nectarine Health™ at Home is registered with the FDA.
- Brighter’s subsidiary Camanio wins allocation decisions for stationary care alarms and alarm monitoring with Vansbro Municipality.
- Brighter’s subsidiary Camanio wins allocation decisions for stationary care alarms and alarm monitoring with Österåker Municipality.
- Brighter’s subsidiary Nectarine Health™ signs an agreement with CK-Caregivers & continues expanding trials in the US
- Brighter is notified that its distributors in Nigeria and Ghana wish to renegotiate the distribution agreements – estimated revenues will either be substantially reduced or not materialize.
- Brighter’s subsidiary Nectarine Health™ signs an agreement with Peace of Mind Aging expanding trials in the US.
- Brighter signs a collaboration agreement for Actiste Mini with Padjadjaran University in Indonesia.
- Brighter carries out a Capital Markets Day.
- Brighter’s subsidiary Camanio wins allocation decisions for stationary care alarms and alarm monitoring with Borgholm Municipality.
- Founder files claim against Brighter AB over alleged share lending agreement.
- Net sales amounted to TSEK 1,449 (2,470).
- Operating result amounted to TSEK –46,829 (–40,977).
- Earnings before tax amounted to TSEK –47,662 (–36,632).
- Operating cash flow amounted to TSEK –55,595 (–35,361)
- Earnings per share, before and after dilution amounted to SEK –0.20 (–0.16).
CEO Comment - A new Brighter chapter.
The third quarter of the year was characterized by several important commercial milestones carrying Brighter forward. Brighter’s Actiste® received final outstanding approval in Qatar and the Company is now focused on the upcoming product launch. We are in ongoing discussions with distributors in the African market regarding the Actiste® service, and are continuously working with existing and new potential partners in the United Arab Emirates. In Indonesia, we are working closely with Padjadjaran University to drive a research project where 100 patients with diabetes will be using Actiste® Mini. After the quarter we also signed a reseller agreement with Medico, the leading provider of cloud-based healthcare-management systems in Indonesia. Medico also offers a telemedicine app for patients, and wants to initially be able to offer Actiste® Mini to its patients. This, together with our collaboration with the university and hospitals is forming a solid foundation for our commercialisation plans in the country.
During the third quarter we received a preliminary assessment from the UAE’s Ministry of Health and Prevention that the data storage elements in Brighter’s Actiste® Diabetes Management Solution will be exempt from the current data localization requirements in the Health Data Law in the UAE. We have also continued to expand Brighter’s sales channels in Sweden by entering into a commercial collaboration agreement with VivBon AB, a Swedish service provider that offers a wide range of personalized services and solutions for seniors and their relatives. With this collaboration we aim to increase our user base and gain valuable insights and data on the user experience.
During the quarter our subsidiary Camanio won allocation decisions for stationary care alarms and alarm monitoring with Vansbro-, Österåker- and Borgholm Municipalities. After the quarter, Camanio also won allocation decisions for Ragunda and Strömsund.
Our subsidiary Nectarine Health™ signed agreements with Solutionology Health, CK-Caregivers and Peace of Mind and continued expanding trials in the U.S. The company was also granted two U.S. patents and received approval from Apple and Google to release Nectarine Health™ customer interface app.
In the beginning of November, the Board, subject to the Extra General Meeting on December 7, decided to carry out a rights issue to secure additional capital. This, together with the procured credit facility, will enable us to continue our commercialization efforts and strengthen our position. I think it is a great show of trust that the whole Board of Directors as well as the majority of the Company’s leadership, including me, have already chosen to invest in the issue as either underwriters or with subscription commitments. It is important to keep our momentum and move forward to build upon and execute on the commercial preparations we have achieved. The Board is also continuing its ongoing discussions to divest its holdings in Camanio, Nectarine Health™ and Accumbo in order to focus all our efforts on our core business.
Now, after taking on the role as interim CEO in July 2021, I feel both expectant and positive about the future. I have great faith in the platform we stand on, but also in the ability and competence among all our employees. To improve efficiency, we have made some organizational changes during the last quarter. Among other things, the number of members in the executive management have been reduced. I believe that with a smaller team we can move faster, iterate at a higher frequency, and be a more innovative company. We are also continuously working on reducing the number of consultants and making sure that we are fit for purpose in all areas of the business.
Our main focus forward will be the continued commercialization of Actiste®, where we have taken the first important steps into the market. We will also continue to develop our digital solutions, and thus try to take a larger place in patients’ ecosystems. Through more precise information and proactive treatment, we can not only become more relevant to the patient, but we can also become a more valuable partner in healthcare. Our efforts remain high and we have full focus on 2022 being the year when Brighter reaches the market, partly with Actiste, but also with our digital platform where our goal is to create value for our customers and users through more accurate insights.
For further information, please contact:
Christopher Robinson, interim CFO
+46 70 777 40 14
Brighter’s Certified Adviser is Eminova Fondkommission AB,
+46 (0)8 – 684 211 10
This information is information that Brighter is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2021-11-15 09:00 CET
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 key to provide 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 certified under ISO 13485. In 2019 the company won the Swecare Rising Stars Award. The Company's shares are listed on Nasdaq First North Growth Market/BRIG.