Devyser Diagnostics AB publishes Interim Report for the period, January to September 2021

Continued focus on increased direct sales

"The second half of the year started off very well for Devyser. Sales remained strong during the quarter, and operations continued to develop in accordance with plans, with a continued focus on increasing the share of direct sales in Europe and building a presence in the US. The effects of the pandemic are decreasing with every passing month, even though we continue to see some limitations in access to current and new customers in certain parts of Asia.”

Fredrik Alpsten, CEO

Third Quarter, July - September 2021 
· Net sales amounted to SEK 24.3 million (16.5) corresponding to an increase by 47.4 percent. Adjusted for exchange rate changes, net sales increased by 49.7 percent.

· Gross profit totaled SEK 19.1 million (11.1), corresponding to a gross margin of 78.5 percent (67.5).
⋅ Operating loss (EBIT) amounted to SEK -2.5 million (-0.1).
⋅ Loss after tax totaled SEK -3.6 million (-0.8).
⋅ Earnings per share before and after dilution amounted to SEK -0.32

(-0.09).

Period, January - September 2021

⋅ Net sales amounted to SEK 69.0 million (47.9), corresponding to an increase by 43.9 percent. Adjusted for exchange rate changes, net sales increased by 49.5 percent.

⋅ Gross profit totaled SEK 53.5 million (33.8), corresponding to a gross margin of 77.5 percent (70.6).

⋅ Operating loss (EBIT) amounted to SEK -7.3 million (-0.8).

⋅ Loss after tax totaled SEK -10.1 million  (-2.7).

⋅ Earnings per share before and after dilution amounted to SEK -0.92 (-0.31).

⋅ Cash flow from operating activities amounted to -10.6 million (5.6).

Important events during the quarter

Extraordinary General Meeting, September 30

At an Extraordinary General Meeting on September 30, Pia Gideon was elected as a new member of the Board. Pia Gideon has long experience from different senior positions in Sweden and internationally within marketing, communication and leadership development. She is since 20 years active as Chair of the Board and Board of Directors in both listed companies as well as government-owned companies, with a specialty towards technology and health/healthcare.

Strengthening of the management

In July, the management group was strengthened by the recruitment of Sabina Berlin as CFO and Göran Rydin as COO. Sabina Berlin has solid experience from listed growth companies with associated financial reporting, process development and regulatory compliance. Göran Rydin has over 25 years of experience from leading positions within medtech with focus on research, development, project management, QA/Reg and production. Ulf Klangby, the founder of Devyser and former CEO, was appointed deputy CEO in July.

Share split and new share issue

July 19 was the record date from the share split decided at the AGM, meaning that each existing share in the company was divided into 300 shares of the same class of shares. Before the share split, the number of shares in the company amounted to 37,516 and after the share split the number of shares amounted to 11,254,800.  In September, a new share issue was carried out in connection with the exercise of warrants which added SEK 3.3 million to the company.

Building a sales organization in North America

Planning and preparations for building a small sales organization in North America has been ongoing during the summer. A head of North American operations was recruited and began his employment August 1, in the newly started US based subsidiary.

Important events after the end of the quarter

No important events have occurred after the end of the quarter.
 

For more information, please contact:

Fredrik Alpsten
CEO
Email: fredrik.alpsten@devyser.com
Tel: +46 706 673 106

Sabina Berlin
CFO
Email: sabina.berlin@devyser.com
Tel: +46 739 519 502

The information was released for public disclosure, through the agency of the contact person above, on December 1, 2021 at 11:15 a.m. (CET).