Gradientech: Interim report 1 January – 30 June 2023

Thu, Aug 24, 2023 08:00 CET

Gradientech AB (publ) interim report for Q2 2023 is now available on the company's website www.gradientech.se.

Second quarter 2023

Net sales amounted to SEK 1,141 thousand (4).
Net profit/loss amounted to SEK -16,837 thousand (-17,741).
Earnings per share before and after dilution were SEK -0.95 (-1.11).
Cash flow from operating activities amounted to SEK -14,399 thousand (-21,907).
Cash and cash equivalents amounted to SEK 39,535 thousand (51,821) as of June 30, 2023.
Equity amounted to SEK 35,112 thousand (60,857) as of June 30, 2023.
Within the framework of the AGM’s authorization, the Board of Directors decided on 4 April 2023 to carry out a directed issue to the commercial partner a.d.a SRL of 550,000 shares at a price of SEK 20.50 per share. As a result of the issue, the share capital increased by SEK 55,000 to a total of SEK 1,779,525.00 and the number of shares increased to a total of 17,795,250 shares. The issue was registered with the Swedish Companies Registration Office on April 25, 2023.
In April, Gradientech exhibited at ECCMID in Copenhagen, the world’s leading congress for both industry and clinic in clinical microbiology and infectious diseases. In July Gradientech exhibited at ASM Microbe in Houston, Texas. At the congress, Gradientech presented data confirming that QuickMIC® outputs precise susceptibility testing results in 2-4 hours.
At the AGM on May 9, Dr Hilja Ibert and Dr Nedal Safwat were elected as new members of Gradientech's Board of Directors. Ted Elvhage and Simon Turner did not stand for re-election.

Net sales amounted to SEK 1,521 thousand (4) KSEK.
Net profit/loss amounted to SEK -34,900 thousand (-32,913).
Earnings per share before and after dilution were SEK -2.00 (-2.15).
Cash flow from operating activities amounted to SEK -32,467 thousand (-36,889).
On January 18, 2023, the subscription period for the rights issue ended, which started on December 27, 2022. The final outcome comprised a total of 1,271,057 subscribed shares, which provided Gradientech with approximately SEK 26.1 million before transaction costs.

In July, the QuickMIC® system received Breakthrough device designation from the US Food and Drug Administration, FDA.
In July an issue of convertible instruments, with deviation from the pre-emption rights for existing shareholder, was completed. A total of 815,823 convertible instruments were subscribed for and through the issue the company received approximately SEK 16.7 million before deduction for transaction costs.
Gradientech announces that it has started pre-clinical studies at two sites in the US.
In July, Gradientech exhibited at the FEMS Congress of European Microbiologists in Hamburg, Germany.