Invent Medic Sweden AB - Q2
Continued sales growth despite Covid-19 shutdowns in the UK and Germany
FIRST HALF OF THE YEAR (January-June)
- The company’s sales amounted to 873 (218) KSEK.
- Operating costs amounted to 8,300 (6,333) KSEK.
- Result before and after tax amounted to -7,545 (-6,116) KSEK.
- Result per share amounted to -0.57 (-0.59) SEK.
- Cash and cash equivalents at the end of the period amounted to 19,677(6,572 ) KSEK.
SECOND QUARTER (April-June 2020)
- The company’s sales amounted to 471 (101) KSEK
- Operating costs amounted to 4,266 (3,243) KSEK.
- Result before and after tax amounted to -3,846 (-3,143) KSEK.
- Result per share amounted to -0.26 (-0.30) SEK.
CEO Karin Bryder summarizes the quarter
During the second quarter of the year, Invent Medic’s business operations were substantially affected by the Covid-19 pandemic. Among other things, we clearly noticed the impact from the shutdowns in the UK and Germany, and we had to adjust to only being able to conduct digital meetings with distributors and partners. Due to the effects of the pandemic, the expected sales growth in the UK based on the agreement with the national healthcare organization NHS England did not materialize, but we were still able to increase the total sales figure somewhat in comparison with Q1, which is a positive sign for the future. In Sweden, our application for a design change of Efemia that makes the product more attractive for users was approved, and we also signed an agreement for inclusion in the large pharmaceutical chain Apotea’s assortment. Our discussions regarding expansion to additional countries in Europe had to be put on hold due to the pandemic, but they have now been resumed.
We were however able to continue according to plan with our preparations for a possible launch of Efemia in the United States and other possible markets outside of Europe. Additionally, we are still aiming to present at
least one new product candidate for our product pipeline
before the end of the year.
For more information please contact
Karin Bryder, CEO
Phone: +46 (0)723811710
This information is information that Invent Medic Sweden AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on August 25, 2020.
About Invent Medic
Invent Medic Sweden AB (Invent Medic) is a Swedish company developing innovative products with the aim to improve women’s health and quality of life. The company’s products are to be safe, effective and easy to use. Invent Medic’s first product, Efemia, is a CE-certified and patented medical technology product used to reduce stress urinary incontinence (SUI) that was shown to reduce urine leakage with 77 percent during usage in a clinical study. The product is based on the same scientific principle as the TVT method, the premier surgical treatment for SUI. Invent Medic’s share is listed on the Spotlight Stock Market with the ticker symbol IMS, and the share’s ISIN code is SE0007603402. More information can be found at www.inventmedic.com and www.spotlightstockmarket.com.