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Gradientech: Year-end Report 2022

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The year-end report 2022 for Gradientech AB (publ) is now available on the company's website www.gradientech.se.

Fourth quarter October-December 2022

  • Net sales amounted to KSEK 831 (KSEK 0).
  • Profit after tax amounted to KSEK -16,409 (KSEK -17,859).
  • Earnings per share before and after dilution were SEK -1.03 (SEK -1.46).
  • Inline with the commercialisation of the QuickMIC® system, Gradientech has started accounting for Inventory, which had a positive one-off effect on the result with KSEK 3,529.
  • Cash flow from current operations amounted to KSEK -19,550 (KSEK -17,286).
  • Cash and cash equivalents as of 31 December 2022 amounted to KSEK 21,177 (KSEK 14,724).
  • Equity as of 31 December 2022 amounted to KSEK 46,578 (KSEK 93,770).
  • Marc van Nuenen joined as VP Business Development US in October, based in the US. 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, started reference studies with the QuickMIC® system.
  • Within the framework of the authorisation of the AGM, the Board decided on 16 December 2022 to carry out a rights issue of 2,457,568 shares at a price of SEK 20.50 per share. The subscription period started on 27 December 2022 and ended after the end of the year on 18 January 2023. The final outcome comprised a total of 1,271,057 subscribed shares, which added approximately SEK 26.1 million to Gradientech before deductions for issue costs.

The period January-December 2022

  • Net sales amounted to KSEK 988 (KSEK 141).
  • Profit after tax amounted to KSEK -60,962 (KSEK -53,317).
  • Earnings per share before and after dilution were SEK -3.90 (SEK -4.37).
  • Inline with the commercialisation of the QuickMIC® system, Gradientech has started accounting for Inventory, which had a positive one-off effect on the result with KSEK 3,529.
  • Cash flow from current operations amounted to KSEK -67,144 (KSEK -52,487).
  • After the new share issue, that was registered at the Swedish Companies Registration Office (Bolagsverket) on 2 February 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 organisation.
  • In April, the company's Scientific Advisory Board was expanded with Elisabet Nielsen as a new advisor.
  • 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.
  • In July, Gradientech signed an exclusive distribution agreement with Biomedica for the commercialisation 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 commercialisation of QuickMIC® in Sweden, Norway, Denmark, Finland and the Baltics.
  • East-Tallinn Central Hospital, Estonia, started reference studies with the QuickMIC® system.

Significant events after the end of the period

  • Within the framework of the authorisation of the AGM, the Board decided on 16 December 2022 to carry out a rights issue of 2,457,568 shares at a price of SEK 20.50 per share. The subscription period ran from 27 December 2022 through 18 January 2023. The final outcome included a total of 1,271,057 subscribed shares, which added approximately SEK 26.1 million before deductions for issue costs. As a result of the Rights Issue, the share capital increased by SEK 127,105.70 to a total of SEK 1,724,525.00 and the number of shares increased by 1,271,057 to a total of 17,245,250 shares. The issue proceeds were paid in February 2023 and registered with the Swedish Companies Registration Office on 2 February 2023.
  • Reference study with the QuickMIC® system started with university hospital in Florence, Italy.

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.

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