Interim report April - June 2020
The full Interim report is available on Brighter's website https://brighter.se. The report is also attached as a pdf file to this press release.
April – June 2020
- Net sales amounted to SEK 2,128 thousand (0).
- Operating result amounted to SEK -46,362 thousand (-19,467).
- Earnings before tax amounted to SEK -53,765 thousand (-23,671).
- Earnings per share, before and after dilution amounted to SEK -0.18 (-0.29).
Among the reasons for the higher loss was amortization of capitalized development and depreciation on equipment and installations now ready for use in production. Depreciation was SEK -6,688 thousand (-1). Brighter and Brighter Software Trading contributed SEK -31,428 thousand to the operating result of SEK -46,362 thousand. The rest refers to Camanio and Pink Nectarine Health, which were acquired in Q4 2019 and Q1 2020.
Head count (Full Time Equivalents – FTE) reach 100 at the end of the period, the number of FTE being 70 (25) employees and 30 consultants. The staff costs amounted to SEK -18,541 thousand (-5,029) of which SEK -7 702 thousand relates to Brighter AB and Brighter Software Trading LLC. Brighter AB and Brighter Software Trading LLC also had FTE consultancy costs of SEK -14,593 thousand.
Other external costs increased and amounted to SEK -41,339 thousand (-19,127) of which SEK -29,908 thousand relates to Brighter AB and Brighter Software Trading LLC.
|SEK thousands||Apr-Jun 2020||Apr-Jun 2019||Jan-Dec 2019||Jan-Dec 2018||Jan-Dec 2017||Jan-Dec 2016|
|Net financial items||-7,403||-4,205||-9,875||-4,475||-2,897||-238|
|Earning before tax||-53,765||-23,671||-89,685||-53,080||-27,292||-14,683|
|Equity per share (SEK)||1.65||1.83||1.27||2.19||1.54||1.01|
|Equity ratio to total assets||87%||73%||81%||63%||78%||76%|
For definitions, see note 28 in Brighter’s 2019 Annual Report.
Significant events during the period
Brighter communicated that consumers in Sweden can now subscribe to Brighter’s diabetes care subscription service Actiste®. Brighter’s Actiste recognized by Fast Company as one of the best World Changing Ideas 2020. Brighter held the annual general shareholders meeting on the 15th of June where it was decided to adopt Long Term Incentive Programs (LTI) for the Board of Directors, CEO, Leadership team, key individuals and other team members. Brighter received SEK 9,2 million through exercise of warrants TO3. This was the last exercise period. The number of shares and votes in Brighter AB increased from 194,443,589 to 199,036,580.
Significant events after the end of the period
Brighter expanded its product portfolio with “Actiste® Mini” which received two (2) EC certificates. An additional patent for AI-monitoring of medical devices was granted in the US. On the 31st of July an extraordinary general shareholder’s meeting (EGM) elected a new board. The new board members are Emilie Erhardt Winiarski, Åsa Sjöblom Nordgren, Hab El-Assaad and Truls Sjöstedt. A new chairman is to be elected at a later date and until then it was decided by the board that Emilie Erhardt Winiarski serves as chairman in the interim. The top candidate for permanent Chairman is being processed for election at an EGM. The EGM was held to replace the board members Tove Andersson, Emanuel Lipschütz Jan Stålemark, Anna Bernsten and Peter Sibirzeff.
The first half of 2020 has been a turbulent time for the whole world. The Brighter Innovation Group has faced challenges too, but we’ve weathered them well and are now in a solid position for 2H 2020. We’re staying the course we have set for the group companies and remain steadfastly focused on our goal of developing digital solutions that help people live healthier and easier lives, longer.
The events with Brighter’s board over the summer have been an unfortunate distraction from all the good things that are happening inside the group. One of these is our partnership with the provincial government of West Java, Indonesia. This is a big break-through for Brighter, in a country where more than 10 million adults have diabetes. The partnership is not a revenue-generating opportunity at this stage, but it means we get 100 Actiste subscriptions into the hands of patients and healthcare professionals in Indonesia. This is very important, as it allows us to get both a head start in the commercial process as well as feedback from the users that we can use to further improve the Actiste service for Southeast Asia.
The phased rollout commencement of Actiste Diabetes Management as a Service in Sweden is beginning to bring us insights. Our ambassador and reference groups are using Actiste and providing us with valuable information about the customer experience. These user insights will help us to develop, improve and optimize the customer journey overall.
Some of our investments have not developed as quickly as anticipated. Our acquisition of Nectarine Health, for example, resulted in us deciding to support the company’s pivot from pure B2B to primarily B2C, as this will better align its assets with the Brighter Group’s longer-term strategy.
The increased attention to telemedicine amid the pandemic has had a positive effect on our investment in Accumbo. Since its wider scale launch in Sweden in March 2020 their hypertension treatment offering blodtrycksdoktorn.se has attracted more than 13,000 users to date. Brighter Group owns some 13% of Accumbo and we see a lot of synergies between our assets and customer bases, so this development has been welcome news. It confirms we are heading in the right strategic direction.
Due to delayed registration in the UAE sales and revenues have not picked up as expected. The Coronavirus pandemic is partly to balance as it’s caused the healthcare sector to focus more on intensive care than preventive care throughout much of 1H 2020. We have used this time to sharpen our message about how Actiste can allow diabetics to be treated via telemedicine in the safety and comfort of their own homes, rather than needing to visit hospitals.
On behalf of the Board of Directors and Leadership Team, given the delays in market approvals, the company remains committed to the vision and our main priority is go-to-market and revenue generation.
Finally, I want to thank the many shareholders who have written to me over the summer voicing their support for me personally and for the company. Some of you have also asked about when the CE-marked Actiste Mini will be available. I’m pleased you share our excitement around this product and as soon as we can put a timeframe on its market launch, we will do so.
Henrik Norström, CEO of Brighter AB.
For further information, please contact:
Henrik Norström, CEO
Phone: +46 73 340 30 45
Ann Zetterberg, CFO
Phone: +46 708 37 21 23
Brighter’s Certified Adviser on Nasdaq First North Growth Market is Eminova Fondkommission AB, +46 (0)8 – 684 211 10, firstname.lastname@example.org, www.eminova.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 key to provide smarter care for chronic conditions. Our daily-care solutions facilitate the flow of real-life treatment data between chronic-disease patients, their loved ones and their care providers – improving quality of life, easing the burden on healthcare systems, and opening new opportunities for data-driven research. Brighter 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.
This information is such information, as Brighter AB is required to disclose under the EU Market Abuse Regulation and the Securities Market Act. The information was provided by the above contact persons for publication on August 31, 2020, at 08:00 CET.