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Correction to pressrelease for Q1 2022 report

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Correction of the pressrelease published at 0900 with no MAR etiquett. This version contains MAR etiquett.

Brighter AB published its Q1 Report 2022

Brighter AB [publ], today published the first quarter interim report for January – March 2022. 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 announces the commercial launch and availability of Actiste® in Qatar
  • Brighter delivers Actiste® devices and consumables to Salford Royal Hospital in the UK
  • Brighter signs a Memorandum of Understanding with Emirates Health Services in the UAE
  • Brighter signs an agreement in the UK for clinical research with insulin-treated diabetes patients
  • The Nomination Committee of Brighter AB (publ) proposes Johnny Ludvigsson, one of the world’s top ten experts and researchers on type 1 diabetes, as a new board member of Brighter AB
  • Brighter’s subsidiary Nectarine Health signs agreement with Dynamark Monitoring Inc to procure personal emergency response services for Nectarine HealthTM at Home
  • Brighter’s subsidiary Nectarine Health signs a user trial agreement with JRW Services in the U.S.
  • Brighter announces outcome of rights issue 
  • Brighter changes Certified Adviser to Mangold Fondkommission AB
  • Mangold Insight publishes initial analysis of Brighter
  • Brighter extends the agreement with Erik Lissner as acting CEO
  • Acting CFO Christopher Robinson takes permanent role as CFO of Brighter

Financial overview

  • Net sales amounted to TSEK 224 (153)
  • Operating result amounted to TSEK –45 376 (–44 755).
  • Earnings before tax amounted to TSEK –46 555 (–48 303).
  • Operating cash flow amounted to TSEK –30 601 (–45 179)
  • Earnings per share, before and after dilution amounted to SEK –0.07 (–0.20).

CEO COMMENT - The future of medtech is about creating value through connectivity and data

What we have done 
2022 has started off on a positive note, where we achieved one of the biggest milestones in the company’s history. Thanks to our dedicated people, innovative products and the ongoing support of our shareholders, we launched ActisteⓇ Diabetes Management as a Service (ADMS) in Qatar. We also made strong progress in the United Arab Emirates, the United Kingdom and Southeast Asia. Additionally, our subsidiary Nectarine Health entered into a further test agreement and an important partnership to connect its product to emergency response services during the quarter. At the same time as we accomplished the launch in Qatar we carried out a rights issue that brought SEK 100 million to the company. This capital injection is being used to deliver on the strategy as well as assure that the launch of ADMS in Qatar will be a success. After being in the company for more than six months it is clear to me that we have a great product, fantastic people and a strong foundation to build on. Now we need to accelerate our commercial journey.

What we know
We know that diabetes causes suffering for patients around the world. We know it represents massive costs to society. We know that 92% of these costs come from treating complications. We know that these complications often arise because only 50% of the patients follow their treatment recommendations. In short, we know that diabetes is a ticking time bomb in terms of costs and health. 

We also know that the shift towards data-driven remote healthcare, propelled by the pandemic, has highlighted the need for more efficient and Connected Care. This has, sooner than expected, opened a window of opportunity for Brighter to take further steps on our journey towards “Closing the Benefit Loop”. (see illustration on page 5)

What we have learned
What we have learned during the past months is how we can most efficiently contribute to easing the burden on both the healthcare system and the patients. During my many conversations with people in the healthcare sector – doctors, patients, nurses and administrators – we hear again and again that a lack of reliable data is holding the system back. Hospitals may have the specialists needed to provide generalized diabetes care, but these specialists often lack access to the proper data they need for the creation of individualized care regimens aimed at enhancing patient compliance. This is exactly where we believe ADMS can help patients to record valuable, individualized time-stamped data about their condition. Patients can then easily share these data points with healthcare professionals and others. For the patient this can lead to a more personalized and exact treatment plan, which will create a better quality of life for the patient and the people around them. 

We have also learned, that in this new shift – where companies involved in diabetes care are increasingly integrating digital solutions to make use of data leading to better supporting patients and improving health outcomes – it's important to note that caregivers are primarily interested in the ActisteⓇ device as an enabler of this data. They need the data to make the process changes that will improve the efficiency of care for both the patient and the healthcare professional. It is evident that leveraging on data insights is our future and that caregivers are our main target as they promote and advise patients on what tools and medicine to use. 

What we will do 
To create a long-term profitable business for Brighter and concrete value for our shareholders we need to take the next steps in our strategy towards “Closing the Benefit Loop”.

  • Brighter will focus even more on commercial success through the caregivers’ systems, identify their friction points, learn how to redraw the map and navigate towards behavioral change through the use of data. 
  • Together with healthcare providers, we will establish Centers of Excellence that will form a proof of concept to use in all our key markets.
  • With focus on generating data insights through our report, we will continue to offer ActisteⓇ as an innovative CE marked data-capture device and system that can provide patients and healthcare workers with the insights needed to improve care. 
  • With the additional planned solutions in our roadmap – such as device agnostic digital solutions, with ActisteⓇ as an option among other devices to provide data insights - we will take the next important steps to create new sources of revenue from the ADMS ecosystem using our hardware as enablers. 
  • Several different business models and annual recurring revenue models will be used for this, including startup fees, subscription models for providing data, and license fees per hospital, doctor or patient. We’re also looking at models for providing premium services to patients as an upgrade through our Companion app.

With the first batch of ActisteⓇ devices on site in Qatar, our first Center of Excellence is now being established and I look forward to updating you on how it progresses next quarter. It has taken time to get to this point and I fully understand the frustration among you shareholders, but after carrying out this deep market evaluation I have a strong belief that Brighter has the solutions and expertise needed to accomplish this next step. While we continue working with our distributors and partners we aim to start gaining revenue by becoming a significant resource in implementing more efficient care, saving cost for society and continuing to improve the lives of people living with diabetes.

In closing, I’d like to again thank all of our shareholders for your patience and continuous support and also all of my colleagues, whose energy, expertise and persistence is helping us to take the next promising steps forward.

Erik Lissner, Interim CEO

For further information, please contact:
Investor Relations
ir@brighter.se

Certified Adviser
Brighter’s Certified Adviser är Mangold Fondkommission AB,
+46 8 5277 5020, ca@mangold.se, www.mangold.se.

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/.

This information is information that Brighter AB 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 09:00 CET on May 4 2022

 

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