Gradientech: Interim report 1 January – 30 September 2022

Gradientech AB (publ) interim report for Q3 2022 is now available on the company's website www.gradientech.se.

Third quarter July-September 2022

• Net sales amounted to KSEK 153 (KSEK 141).
• Profit/loss after tax amounted to KSEK -11,640 (KSEK -13,972).
• Earnings per share before dilution were SEK -0.73 (SEK -1.14) and earnings per share after dilution were SEK -0.70 (SEK -1.14).
• Cash flow from current operations amounted to KSEK -10,705 (KSEK -9,627).
• Cash and cash equivalents as of 30 September amounted to KSEK 41,012 (KSEK 32,682).
• Equity as of 30 September amounted to KSEK 49,216 (KSEK 38,613).
• In July, Gradientech signed an exclusive distribution agreement with Biomedica for the commercialization of QuickMIC® in Austria, Switzerland and East Central Europe.
• Gradientech registered products with risk class A in the QuickMIC® system, instruments and sample preparation kits, according to the new IVD Regulation (IVDR).
• Anna Tiensuu took up the position as QA & Regulatory Affairs Manager in mid-August.
• In September, Gradientech signed an exclusive distribution agreement with the Triolab group for the commercialization of QuickMIC® in Sweden, Norway, Denmark, Finland and the Baltics.
• East-Tallinn Central Hospital, Estonia, started reference studies with the QuickMIC® system.

The period January-September 2022

• Net sales amounted to KSEK 157 (KSEK 141).
• Profit/loss after tax amounted to KSEK -44,553 (KSEK -35,458).
• Earnings per share before dilution were SEK -2.87 (SEK -2.90) and earnings per share after dilution were SEK -2.76 (SEK -2.90).
• Cash flow from current operations amounted to KSEK -47,594 (KSEK -35,201).
• After the new share issue that was registered at the Swedish Companies Registration Office on February 2, 2022 and increased the number of shares by 3,768,370 and the share capital by SEK 376,837, the share capital amounts to SEK 1,597,419.30 and the number of shares to 15,974,193 at the end of the period.
• In February, Peter Karlberg took up the position as VP Sales with responsibility for sales and the commercial organization.
• In April, Elisabet Nielsen joined as a new member of the company's Scientific Advisory Board.
• In May, Gradientech CE-IVD registered its first diagnostic product QuickMIC® and its gram-negative antibiotic panel. The certification was supported by the clinical study completed in the second quarter, which demonstrated performance results exceeding the regulatory requirements for a new antibiotic resistance testing system, as well as the shortest average time to resistance response compared to competing systems on the market.
• Urban Adolfsson took over as new CFO during the second quarter and Hans Richter finished his assignment as interim CFO.

Significant events after the end of the period

• Marc van Nuenen joined in October as VP Business Development US, stationed in the USA. Marc leads the company's business development activities in the US including the preparation for clinical studies with the goal of FDA approval of the QuickMIC® system.
• General University Hospital Dr. Balmis in Alicante, Spain, began reference studies with the QuickMIC® system.

For more information please contact:
Sara Thorslund, PhD, CEO Gradientech
Tel: +46 736 29 35 80
sara.thorslund@gradientech.se

Urban Adolfsson, CFO
urban.adolfsson@gradientech.se   

Ann Charlotte Svensson, Investor Relations
ir@gradientech.se
 

About Gradientech*
Gradientech is leading the field of ultra-rapid antibiotic susceptibility testing. We develop next-generation diagnostics in infectious disease medicine. Our product QuickMIC allows patients with sepsis to quickly receive specific guidance on the right antibiotic in the right dose. It saves lives, reduces healthcare costs and limits the spread of antibiotic resistance – one of the greatest global health threats of our time. Gradientech is headquartered in Uppsala, Sweden. Visit www.gradientech.se for more information.