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Nightingale Health Group’s Half-year report 1 July 2021 – 31 December 2021: Progressing faster than expected in line with strategy

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Nightingale Health Plc Half-year report 1 July 2021 – 31 December 2021 (unaudited)

Nightingale Health Group’s Half-year report: Progressing faster than expected in line with strategy

Company Release, 24 February 2022 at 9:00 a.m. (EET)

This release is a summary of Nightingale Health Plc's Half-year report from period 1 July 2021 – 31 December 2021. The full Half-year report is attached to this release.

Numbers presented in brackets refer to corresponding year-on-year period unless otherwise stated.

July–December 2021 key financials

  • Revenue was EUR 1.32 (1.01) million
  • EBITDA was EUR -3.25 (-2.15) million
  • Operating profit (loss) was EUR -4.78 (-2.34) million
  • Net income (loss) for the period was EUR -5.06 (-3.01) million
  • Unadjusted earnings per share (EPS) was EUR -0.09 (-0.09)
  • Cash and cash equivalents at the end of the period were EUR 105.41 (6.09) million

Significant events during half-year period July 2021–December 2021

  • Nightingale acquired German digital health company Yolife GmbH (“Yolife”). In the acquisition Nightingale’s blood analysis platform was complemented by Yolife’s digital solutions.
  • Nightingale received CE marking for its at-home blood collection kit that it uses in its at-home solution.
  • Nightingale and Terveystalo launched a new wellbeing membership that combines Nightingale’s blood test results and wellbeing programs developed by Terveystalo.
  • Nightingale launched Nightingale Home and Nightingale Pro service models. In Nightingale Home service model, the consumer takes a finger-prick sample themselves with an easy-to-use device. In Nightingale Pro service model, the blood sample is drawn by a healthcare professional at a laboratory. Nightingale Pro is applied in the wellbeing membership launched by Nightingale and Terveystalo.
  • Nightingale and major Finnish pharmacy chain Yliopiston Apteekki entered into a nation-wide distribution agreement of Nightingale’s at-home testing solution. A service based on the Nightingale Home service model came available to Yliopiston Apteekki’s online store in December 2021.
  • Nightingale announced that it will add two new health areas (mind health and immunity) in its mobile application. The health areas will become available during first quarter of 2022.
  • Nightingale progressed in the collaboration with Estonian Biobank, with samples analysed from over 50,000 biobank participants – expected to be accelerated during H2/2021–2022.
  • Fimea inspected Nightingale’s regulatory compliance with the requirements for manufacturer of medical device.
  • Nightingale appointed Jeffrey Barrett as Chief Scientific Officer and Tuukka Paavola as Chief Financial Officer.

In Japan

  • Nightingale and BioBank Japan announced a collaboration to realise personalised and preventive health in Japan.
  • Nightingale’s corporate health service was piloted at Mitsui & Co, Ltd. (“Mitsui”) headquarters in Tokyo.
  • Nightingale’s preventive health service was launched at Shin-Oyama City Hospital in Japan.
  • Nightingale expanded its Japan laboratory by doubling the analysis capacity.

Key figures

EUR thousand Group
7–12/2021 7–12/2020 2020–2021
Revenue 1,322 1,013 2,081
EBITDA -3,254 -2,151 -4,752
Operating profit (loss) -4,780 -2,339 -5,222
Net income (loss) for the financial period -5,063 -3,005 -11,192
Equity ratio, % 94 % 52 % 94 %
Net debt to equity ratio, % -84 % 4 % -87 %
Balance sheet total 129,203 32,144 134,191
Number of employees on average 62 88 76
Personnel expenses 1,139 986 2,649
Investments in tangible and intangible assets 3,818 1,392 3,134
Cash and cash equivalents at the end of the financial period 105,413 6,090 113,807
Earnings per share (EPS), undiluted and diluted*, EUR -0.09 -0.09 -0.27**

*) The company’s potential dilutive instruments consist of Series EMP shares and stock options. As the company’s business has been unprofitable Series EMP shares and stock options would have an anti-dilutive effect and therefore they are not taken into account in calculating the dilutive loss per share. Thus, there is no difference between the undiluted and diluted earnings per share.
**) IPO-related costs have been taken into account in the profit (-loss) used in the earnings per share calculation.

CEO’s review:

Disease prevention is one of the most important healthcare objectives globally. The costs of treating lifestyle diseases are immense, and the COVID-19 pandemic that has tested our healthcare systems has ultimately shown that the ability of the systems to function is jeopardized if the number of sick patients increases significantly.

In the primary healthcare of the future, it is vital to focus on disease prevention, as it is the only way to bring down the costs of lifestyle diseases and release resources for high-quality treatment of sick patients. Well-functioning disease prevention and treatment of diseases together are the key to a healthier world.

Nightingale’s mission is to bring disease prevention and a healthier life within everyone’s reach. During the first half of the financial year 2021–2022, we took significant steps forward to implement our mission and commercialize our blood analysis technology.

Nightingale Home service model becomes available through major Finnish pharmacy chain

During the review period, we launched the Nightingale Home and Nightingale Pro service models, with which we can offer preventive health services to a broad customer base in accordance with our mission and strategy.

In the Nightingale Home service model, the consumers draw the blood sample from their fingertip themselves with an easy-to-use device.  The goal of the service is to provide everyone access to personalized information about their body’s current state and a better understanding of their own wellbeing. The Nightingale Home service model has been developed in our at-home test pilot announced in February 2021, which quickly reached the key product development objectives set for it.

Launching a commercial service based on the at-home test was one of the goals set for the current financial year. The commercial phase of the Nightingale Home service model was initiated faster than expected at the end of the first half of the financial period, when we entered into a commercial partnership with major Finnish pharmacy chain Yliopiston Apteekki. A service based on the Nightingale Home service model became available in the Yliopiston Apteekki online store in December 2021. In addition to the online store, the service will be introduced in the pharmacies of Yliopiston Apteekki across the country during the first half of 2022.

Nightingale Pro service model to wide-scale use by Finland’s largest health service provider

In the Nightingale Pro service model, the blood sample is drawn as a venous sample in the laboratory of the health service provider partnering with Nightingale. In addition to health indicators describing different areas of health, the service includes comprehensive information on individual blood values. With this information, healthcare professionals can support individuals in their lifestyle choices and guide them towards better health.

The Nightingale Pro service model is applied in the Terveystalo + Nightingale wellbeing membership launched jointly with Terveystalo, combining the results of Nightingale’s blood analysis with the wellbeing programs created by Terveystalo. The service is a concrete achievement that takes us closer to our goal. It proves that our technology is suited for the wide-scale use of a health service provider significant in size on a European level.

First commercial steps taken in Japan

The development in Japan has also been positive during the review period. The cooperation with Welltus Inc, a wholly-owned subsidiary of Mitsui, has progressed towards commercial partnerships as the Shin-Oyama City hospital began selling the preventive health service offered by Nightingale and Welltus in December 2021. Launching the service as part of the Shin-Oyama City hospital’s offering is a significant achievement for Nightingale. Nightingale and Welltus aim to expand the availability of the preventive health service to other hospitals and clinics in Japan during the first half of 2022.

Japan is a significant market for wellbeing services that companies can offer their employees. The pilot we carried out in December 2021 with international conglomerate Mitsui is the first step in expanding our offering in Japan to companies that seek preventive solutions to support the wellbeing of employees.

During the review period, we also announced our partnership with BioBank Japan (BBJ), one of the biggest hospital biobanks in the world. Our cooperation with BBJ has already produced strong proof for using Nightingale’s technology in Japan, and the work done so far proves that the algorithms developed by Nightingale for identifying disease risks work well in the Japanese population.

Yolife acquisition accelerates development of mobile app

During the review period, we have also invested significantly in a new version of the Nightingale mobile app, which will include new health areas with information on immunity and mind health. The Yolife acquisition carried out in July, the strategic partnership with Reaktor announced earlier, and the highly skilled Nightingale team have enabled the development of the new version of the internationally competitive mobile app in the planned schedule. We expect to publish the new version of the mobile app during the first quarter of 2022.  

Teemu Suna

CEO and Founder, Nightingale Health Plc

Business targets for the financial year 2021–2022

Nightingale’s business targets for the financial year 2021–2022 have remained unchanged. The targets are:

  • FDA (U.S. Food and Drug Administration) approval
    • FDA approval enables the use of Nightingale’s analysis technology in health care applications in the United States.
  • Launching a new version of the company’s mobile application
    • The new version of the mobile application will contain a more holistic view of health and an at-home test integration.
  • Launching a commercial service based on the at-home test (achieved in December 2021)
    • By combining Nightingale’s analysis technology and at-home test capability, it is possible to create quickly scalable health and wellbeing services that do not depend on the customer visiting a laboratory.
  • Signing an international commercial partnership agreement
    • Nightingale expects its next commercial agreement to be a significant international agreement that increases the number of users of the company’s health and well-being services.
  •  Reaching an order book of EUR 5 million by the end of the financial year
    • The order book is expected to contain commitments from business partners as well as recurring revenue from customers using a continuous subscription service.

In addition to the targets set for the financial year 2021‒2022, Nightingale has medium- and long-term targets that are described in the offering circular related to the IPO and on Nightingale’s website. The mentioned targets remain unchanged.

Significant events after the review period

On 18 January 2022 Nightingale announced the introduction of the combination of its proprietary blood test and genomics by acquiring Finnish genetic testing company Negen and launching an international centre of excellence for genomic data analysis. The acquisition was completed on 3 February 2022.

Combining Nightingale’s proprietary blood test and genomic data provides ground-breaking possibilities to improve early disease risk detection and accelerate preventative medicine. For the first time, individual risk for a wide range of diseases can be predicted by both the dynamic molecular state of the body, as well as information gleaned from the genome sequence a person inherits from their parents. With the acquisition of Negen, Nightingale can integrate blood-based data and genomic data in an unprecedented way into a simple and actionable preventative health analysis that allows people to make better decisions about their own health.

The unique combination of Nightingale’s proprietary blood test and genomic data increases the competitive advantage of Nightingale’s products and is expected to have a positive impact on Nightingale’s revenue in the long run.

On 20 January 2022 Nightingale announced that its information security management system ISO/IEC 27001:2013 certification was continued with outstanding results in a surveillance audit.

Live webcast for investors and media

Nightingale will arrange a live webcast for investors and media in English on 24 February 2022 at 1 p.m. EET. The webcast can be followed online at https://nightingalehealth.videosync.fi/2021-2022-h1-results.

A presentation will be held by CEO Teemu Suna and CFO Tuukka Paavola. A recording of the event will be available later the same day at www.nightingalehealth.com/investors.

Helsinki, 24 February 2022
Nightingale Health Plc
Board of Directors

For further information, please contact:

Teemu Suna, CEO, +358 20 730 1810

Certified Adviser:
Oaklins Merasco Ltd, tel. +358 9 6129 670

About Nightingale

Nightingale Health is a Finnish health technology company that aims to promote preventative health and help people stay healthy. Our blood analysis technology measures a large variety of biomarkers from a single blood sample and identifies personal risks for disease using unique health data assets. We provide people with comprehensive insights on health, help them make better decisions regarding their health and connect them with healthcare experts that offer preventative services for maintaining health. We strive to help millions of people prevent common lifestyle diseases in the future and, at the same time, to reduce the immense expenses of healthcare.