IVISYS announces interim report for the second quarter of 2015

Press release

IVISYS AB
Ticker: IVISYS
556998-4981
14 August 2015

IVISYS today publishes the interim report for the second quarter / first half of 2015 (2015-01-01 – 2015-06-30).

Summary of Q2 interim report
- Revenue for the period was 391 kSEK
- Operating income was -1 689 kSEK.
- Earnings per share were -0.20 SEK
- The equity ratio was 95 %

IVISYS AB was formed on 16 December 2014, thus it is not possible to show the second quarter 2014 interim report for comparison.

Definitions
- Earnings per share: Earnings of the period divided by 6 740 000 shares as of 30 June 2015.
- Equity ratio: Equity divided by total assets.

Important events during the second quarter of 2015

- On 1 April 2015, IVISYS announced that Nasdaq had approved the company’s listing on Nasdaq First North in Stockholm. First day of trading in IVISYS’ shares and warrants of series TO 1 would to be 13 April 2015.

- On 16 April, IVISYS announced the company’s participation at the Hannover Fair, which is one of world’s largest industrial fairs. At the fair, IVISYS presented the company’s latest product – the IVISYS Advanced Conveyor Inspection Station (MAS600XUL).

- On 28 April 2015, IVISYS announced that the US Patent and Trademark Office had issued an official approval of the company’s patent for ultra-high-speed process regarding ‘object recognition and tracking’.
- On 30 April 2015, IVISYS announced that the company’s Annual General Meeting was cancelled due to the fact that the company was formed on 16 December 2014 and thus did not have any annual accounts to present. The next annual report will include an addition of the accounts regarding the period 16 December 2014 – 31 December 2014.

- In June, IVISYS hired Elisabeth Carlund as new Sales Manager.

Important events after the end of the period

- 4 august 2015, IVISYS announced that the company had signed a mutual partnership with Scape Technologies, who produces solutions for bin picking. The partnership consists of a mutual referral agreement and intitially covers Germany and Sweden.

- In August, IVISYS hired Holger Kämpfer as Installation Manager.

IVISYS CEO Jakob Kesje’s comments

‘Now, the second quarter passed, and I will take this opportunity to summarize the bygone quarter and the period up to now.

On April 13 2015, we passed a milestone when IVISYS was listed on Nasdaq First North in Stockholm after a successful issuance of new shares bringing SEK 12.2 million to the company; however, it also resulted in one-off issuance costs, which affect the results for the second quarter negatively. After the capital increase and the subsequent listing, we have continued our efforts related to stepping up our recruitment, marketing and sales efforts as planned in order to increase the growth of the company. We are already slowly beginning to see the results: Compared to the first quarter, we have increased sales and we have submitted a number of offers to potential customers. It remains our view that the market’s response regarding our products confirms the expectation that we will reach break-even in 2016.

As planned, we continue to hire new staff for our sales team and we have had the pleasure of welcoming a new Sales Manager, Elisabeth Carlund. Elisabeth’s background and experience provides her with great insight into manufacturers’ need for quality control, as she has previously held several relevant positions as procurement manager, most recently as a strategic procurement manager for SKF in Sweden. We also welcomed Installation Manager Holger Kämpfer who is going to work with procurement and installation at customers’ locations. Holger has previously worked in a similar position in the vision industry and is an ideal match regarding our needs for skills in both procurement and customer support.

As already mentioned in the interim report for the first quarter, we participated in the Hanover Fair in April in Germany, one of the largest fairs of industrial engineering, where we presented the latest addition to our product portfolio, the IVISYS Advanced Conveyor Inspection Station. Another notable event in the second quarter was that we in the end of April obtained an official US patent for IVISYS’ exceptionally fast processing within ‘object recognition and tracking.’ The patent has previously been approved in Denmark, and applications for approval has also been submitted in Europe, Canada, China, Japan and India. As a company, we have a long-term focus on global growth and the protection of our intangible assets is part of this strategy.

In early August, we were able to announce that IVISYS has initiated a partnership with Scape Technologies. Scape Technologies is a market leader for standardized bin picking solutions – systems that enables robot arms to see, find and grip components, which are randomly placed in boxes. Many of the companies that Scape Technologies provides solutions for also demand camera-based systems for automated quality control – solutions that we at IVISYS can provide. For example, Scape Technologies has provided solutions for Volvo Group and Audi AG, which makes them an ideal partner for us because our focus is exactly the European automotive industry. We see the partnership with Scape Technologies a seal of approval of our technology, and we were therefore very pleased that Scape Technologies is the first partner to sign a partnership agreement. We expect that the agreement will create value for our customers, as well as increase our market visibility. We will continue to explore opportunities of entering into such partnerships with additional distributors.

It has been a busy period, but there is nothing to indicate that we are going to be less busy in the coming months, and this only serves to strengthen my optimism about the company’s continued positive development.’

Jakob Kesje
CEO, IVISYS AB

Complete report for the first half year of 2015

IVISYS’s full report for the first half is available on the company’s website (only in Swedish): ivisys.com/investor/financial-reports

Certified Adviser

Sedermera Fondkommission is Certified Adviser to IVISYS.

For more information, please contact:
Jakob Kesje, CEO IVISYS AB
Phone: +45 20 22 60 10
E-mail: jk@ivisys.com

About IVISYS

IVISYS AB was formed on 16 December 2014. The company provides independent vision system solutions for quality control and offers “plug-and-play” solutions with an easy installation process. IVISYS delivers complete solutions with cameras, lighting, hardware and software. The solutions perform quality inspections at high speed and allow multiple control points in a single inspection. IVISYS’ solutions are easily adapted to various products and variations and is invariant to product positioning. Settings can be adjusted by the customer’s own staff according to their demands.