Interim report January - March 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.
January – March 2020
- Capitalized expenditure for development work reached SEK 8,641 thousand (8,692)
- Net sales amounted to SEK 1,712 thousand (0)
- Operating result amounted to SEK -38,047 thousand (-12,677)
- Earnings before tax amounted to SEK -37,573 thousand (-15,801).
- Earnings per share, before and after dilution amounted to SEK -0.14 (-0.22).
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 -6,522 thousand (-26). Also, Camanio AB and Pink Nectarine Health AB contributed SEK -9,095 thousand (0) to the operating result.
Staff costs increased and amounted to SEK -14,898 thousand (-4,752) of which SEK -8,318 thousand relates to Camanio and Pink Nectarine Health AB. The cost per employee was SEK 199 thousand (216). Other external costs increased and amounted to SEK -22,298 thousand (-16,646) of which SEK -4,362 thousand relates to Camanio and Pink Nectarine Health. The increase in external costs relates mainly to sales and marketing activities as well as human resources and production.
|SEK thousands||Jan-Mar 2020||Jan-Mar 2019||Jan-Dec 2019||Jan-Dec 2018||Jan-Dec 2017||Jan-Dec 2016|
|Net financial items||474||-3,124||-9,875||-4,475||-2,897||-238|
|Earning before tax||-37,573||-15,801||-89,685||-53,080||-27,292||-14,683|
|Equity per share (SEK)||1.94||1.42||1.27||2.19||1.54||1.01|
|Equity ratio to total assets||92%||63%%||81%||63%||78%||76%|
For definitions, see note 28 in Brighter’s 2019 Annual Report.
Significant events during the period
- The rights issue was finalized with a subscription rate of 99.54% – corresponding to SEK 191 million contribution in capital after costs.
- Brighter AB acquired Nectarine Health, an assistant care solutions provider, optimizing AI and IoT care solutions, focused on seniors living independently at home or in nursing homes.
- The US Patent and Trademark Office granted Brighter's patent to securely combine MDD and IVDD into one unit.
- Brighter’s main Actiste patent granted in India – can support the growing biosimilar industry.
- Patent for AI-powered safety monitoring of medical devices granted in Indonesia.
- The number of shares in Brighter AB has increased. The total number of shares and votes increased from 96,111,204 to 194,443,589.
During Q1, we focused on sharpening and communicating Brighter’s message about how Actiste and our approach to telemedicine can help the healthcare sector through and beyond the Covid-19 pandemic.
In recent months, we have seen many medical and scientific publications – including The Lancet and Nature – publish studies on how diabetes is a common comorbidity of people infected by the novel coronavirus. As they are often immunocompromised, people with diabetes and other chronic diseases are advised not to visit hospitals for medical check-ups at this time. We believe that telemedicine through Actiste is part of the solution to this challenge.
The same can be said of the other solutions offered by companies within the Brighter Group – namely Camanio and Nectarine Health – as well as through our partnership with Accumbo. These are all connected-care solutions that allow people to be treated in the comfort and safety of their own homes, protecting both patients and healthcare workers alike from the threat of Covid-19 infection.
As we are a tech-savvy organization used to collaborating across borders, the pandemic has caused no substantial disruptions to our business. We moved fast to ensure the safety of our employees, implementing a work-from-home strategy for everyone across the company. This has gone very smoothly, with everyone naturally adapting to the new setup.
In the United Arab Emirates, we are still patiently waiting for the registration of Actiste to be completed. It’s possible that things are taking a little longer than planned due to the authorities there also being in a remote-working mode at this time. On the plus side though, we have intensified our commercial efforts beyond the public healthcare sector to encompass the private healthcare sector too, both in the UAE and Saudi Arabia.
In Southeast Asia, our activities to register Actiste in several countries and form partnerships there continued in Q1. Our intention is to be able to offer Actiste through partners in Indonesia, Thailand, Singapore and potentially also Malaysia before the end of the year.
Our Swedish market activities have been related to the Accumbo partnership, moving forward with the development of Diabetesdoktorn and investigating further opportunities within the private sector. We are also preparing for direct to consumer sales in Sweden to collect real-life data and other insights as soon as possible.
Being a company in the scale-up phase, with focus on market introductions and preparing the organization for future growth opportunities, also means that we this quarter see substantially increased payroll costs. This is a necessary and very natural development in our journey, enabling us to address and proactively work towards reaching the identified market potential.
We are facing a brighter future.
Henrik Norström, CEO of Brighter AB
For further information, please contact:
Ann Zetterberg, CFO
+46 708 37 21 23
Henrik Norström, CEO
+46 73 340 30 45
Brighter’s Certified Adviser on Nasdaq First North Growth Market is Eminova Fondkommission AB, +46 (0)8 – 684 211 10, email@example.com, 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. T he Company's shares are listed on Nasdaq First North Growth Market/BRIG. https://brighter.se/
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 April 30, 2020 at 08:00 CET.