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Devyser Diagnostics AB publishes Year End Report for the period January to December 2021

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Another record quarter

"Devyser’s sales were also strong in the fourth quarter 2021, as well as in the other quarters of the year. We have continued to feel the impact of the pandemic, however, with new lockdowns in some countries during the quarter, particularly in Asia. We are therefore pleased to have maintained a good level of growth despite this. In the fourth quarter of the year, sales grew by 38 percent compared with the same period last year. Adjusted for exchange rate fluctuations, net sales increased by 40 percent.”

Fredrik Alpsten, CEO

Fourth quarter, October to December 2021

  • Net sales amounted to SEK 24.5 million (17.7), corresponding to a 38.1 percent increase. Adjusted for exchange rate fluctuations, net sales increased by 39.7 percent.
  • Gross profit totaled SEK 18.5 million (13.2), corresponding to a gross margin of 75.3 percent (74.3).
  • Operating profit/loss (EBIT) amounted to SEK -13.9 million (-10.1). The amount includes listing costs of SEK 4.8 million (0.0).
  • The loss after tax totaled SEK -10.6 million (-8.2).
  • Earnings per share before and after dilution amounted to SEK -0.87 (-0.94).
  • Cash flow from operating activities amounted to SEK -5.7 million (4.9).

The period from January to December 2021

  • Net sales amounted to SEK 93.5 million (65.7), corresponding to a 42.3 percent increase. Adjusted for exchange rate fluctuations, net sales increased by 46.9 percent.
  • Gross profit totaled SEK 71.9 million (47.0), corresponding to a gross margin of 76.9 percent (71.6).
  • Operating profit/loss (EBIT) amounted to SEK -21.2 million (-10.9). The amount includes listing costs of SEK 4.8 million (0.0).
  • The loss after tax totaled SEK -20.7 million (-10.9).
  • Earnings per share before and after dilution amounted to SEK -1.85 (-1.25).
  • Cash flow from operating activities amounted to SEK -16.3 million (0.6).
  • The Board is not proposing a dividend for 2021.

 

Important events during the quarter

Listing and raising of capital

On December 10, the Parent Company was listed on the Nasdaq First North Premier Growth Market in Stockholm. A capital increase of SEK 300 million was completed in connection with the listing, comprising 3,750,000 newly issued shares. New share issue- and listing expenses amounted to SEK 24.6 million, of which SEK 4.8 million was expensed in the income statement and SEK 19.8 million was capitalized against equity. The shares issued were subscribed for primarily by new institutional shareholders. Following the listing, the number of Devyser shares amounted to 15,188,100.

 

Continued building up of the organization

The building-up of the company's organization, begun in 2021, mainly in marketing and sales, continued and intensified during the period. The number of employees increased by eight during the quarter.

 

Important events after the end of the quarter

Exercising of the over-allotment option

There was a great deal of interest in the December 2021 issue and the over-allotment option was therefore exercised. A total of 610,886 additional shares were issued at the beginning of January 2022, bringing the company a further SEK 48.9 million before issue costs. Following the issue, the number of Devyser shares totaled 15,798,986.

 

Acquisition of SmartSeq S.r.l.

In early February, Devyser acquired all the outstanding shares in the associated company SmartSeq S.r.l. The acquisition covers 70 percent of SmartSeq’s shares, at a purchase price of EUR 835,000, of which 23 percent in cash and 71 percent in newly issued Devyser shares. The acquisition strengthens Devyser’s diagnostic analysis customer offering and is expected to have a positive impact on Devyser's gross profit and gross margin. A total of 81,083 new shares were issued in payment, corresponding to a 0.5 percent dilution. Following the issue, the number of Devyser shares totaled 15,880,069.

 

Important events during January to December 2021

In January, Devyser was granted funding of SEK 5.0 million under the Eurostars-2 program. The funding will be used to further develop NGS-based testing for monitoring transplant status and early rejection in kidney transplant recipients.

 

In May, the company secured an Italian contract for genetic diagnosis of cystic fibrosis with Devyser´s NGS-based product for complete DNA sequencing. The contract has an estimated value of SEK 20 million.

 

At the Annual General Meeting in May, Mia Arnhult was elected to the Board of Directors, and Chair of the Board. Lars Höckenström, Ulf Klangby, and Fredrik Dahl were elected to the Board. At an Extra General Meeting in September, Pia Gideon was elected as a new member to the Board.


The share and listing

During 2021, three share issues were completed, of which one was connected to the exercise of warrants, and one was connect to the listing. A total of SEK 433.3 million was added to the company before issue costs. In July, a share split was implemented, dividing each existing share into 300, 300:1.

During 2021, a resolution was taken to adopt a warrant program and an employee option program. In December, the share was admitted to trading at Nasdaq First North Premier Growth Market in Stockholm.

 

This information is information that Devyser Diagnostics AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact persons below, on February 24, 2022 at 08:00 CET.

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