YEAR END REPORT Period from January 2021 to December 2021

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Peptonic Medical Israel Ltd and CommonSense Marketing Inc is consolidated in the group from 2021-10-20

Peptonic Medical AB (publ) org nr 556776-3064

( ticker: PMED)

Group, Peptonic Medical Israel Ltd and CommonSense Marketing Inc are included from 2021-10-20


  • Net sales of products KSEK 5,642 (7,258)
  • Gross profit KSEK 3,388 (3,866), Gross margin 60% (53%)
  • Operating loss KSEK -43,974 (-10,702) 
  • Loss per share SEK -0.23 (-0.07)

FULL YEAR 2021 (Jan-Dec)

  • Net sales of products KSEK 31,643 (21,283)
  • Gross profit KSEK 19,070 (13,089), Gross margin 60% (61%)
  • Operating loss KSEK -73,718 (-31,053)
  • Loss per share SEK -0.38 (-0.19)

Adjusted earnings before non-recurring costs and the acquisition of Common Sense


  • Net sales of products KSEK 5 088 (7,258)
  • Gross profit KSEK 3,490 (3,866), Gross margin 69% (53%)
  • Operating loss KSEK -9,589 (-10,702) 
  • Loss per share SEK -0.05 (-0.07)

FULL YEAR 2021 (Jan-Dec)

  • Net sales of products KSEK 30,971 (21,283)
  • Gross profit KSEK 18,634 (13,089), Gross margin 60% (61%)
  • Operating loss KSEK -35 262 (-31,053)
  • Loss per share SEK -0.18 (-0.19)

From the CEO

2021 was a very eventful year for Peptonic Medical.

We start where it ended, with the completion of the acquisition of the assets from the Israeli company Common Sense Ltd. This is because the acquisition is an important step in the company's strategy going forward.

Peptonic is a medical technology start up group with the vision to become a leading player in clinically proven self-care solutions for women. This is based on the principle of diagnose - treat - prevent. The first area is intimate care. If problems with genital health arise, a woman should be given the opportunity to solve the problems herself with proven products from Peptonic. The products should inspire confidence and offer everything from diagnosis to solution to preventive measures. With the acquisition of Common Sense, Peptonic has taken another important step towards the realization of this strategy. The background to the choice of strategy is that the company has identified a clear and rapidly growing need and a societal trend.

In connection with the covid pandemic, people's propensity and willingness to take care of their own health has increased significantly. In a comprehensive survey, in which 4,400 people in Germany, Spain, Italy and the United Kingdom were interviewed during the pandemic, 65% answered that they are now more likely to take care of their own health. It is also interesting to note that 63-84% of those surveyed in each country are inspired by taking increased personal responsibility for their health and thereby reducing the burden on healthcare systems. In this trend, the respondents want to see clinically proven self-care solutions, 82% answered that this is very important.

The portfolio currently includes a self-test to diagnose vaginal infections, a self-test to identify amniotic fluid leakage, a treatment for vaginal atrophy and a moisturizing and thus preventive intimate wash. During the autumn of 2021, a clinical study for an adapted variant of VagiVital ActiveGel for treatment against fungal infections has been initiated at Karolinska Hospital. The company is also working to develop treatments for bacterial vaginosis and vestibulitis, it is not yet determined whether this will be in-licensing, acquisition or own development.

The company's more lifestyle-oriented brand in intimate health, Lunette, has in 2021 continued to develop positively in the domestic market Finland. The addition of primarily additional sustainable menstrual products has contributed to strengthening the position as a leading player in the area. Internationally, it has been tougher and sales development has been negative (-23%). An important analysis of this is that the investment needs to be consolidated into much fewer markets in order to then gradually build up.

The company's strategy regarding sales is to create profitable references in the domestic markets, which are then taken further internationally. VagiVital's business in Sweden grew by just over + 30% in 2021 and the company has previously informed that it expects the domestic market for VagiVital to be profitable in 2022. Regarding Lunette's home market Finland, sales of Lunette grew during the year by just over + 10% and are profitable. The Nordic region currently accounts for just over 30% of the company's global sales. Sales also developed positively during the year through several successful influencer collaborations.

In the Nordic region, the sales channels are a mix of own online stores, retail online stores and retail physical stores. It is the company's analysis that this mix of distribution models works best. The digital part of the business is growing fastest, and marketing is also primarily digital, where the company has found a working model.

The model is now being taken to the US, where VagiVital has been launched on Amazon and in its own online store, and will then gradually build up the distribution network both digitally and in physical stores. In the United States, there are also a number of partners for whom Peptonic produces vaginal self-tests which are sold under the partners' own brands. Peptonic's own brand VagiVital is built up in parallel with these and will over time have a unique range with the concept that is created - diagnose, treat, prevent.

In markets outside the Nordic region and the US, the company's current intention is to build sales through collaborations with local distributors. During the year, it was the company's assessment that the portfolio needs to be broadened to better attract partners who can take a holistic approach and launch Peptonic's portfolio locally.

In 2021, the company has informed that it has terminated the agreement with Yuanjia Bio for the Chinese market due to a non-payment of SEK 4 million, and that it has an ongoing arbitration case in China to try to get back outstanding debt.

During the year, the organizations for Lunette and VagiVital were merged into one, which led to organizational savings corresponding to SEK 6 million for the full year. The company is currently evaluating opportunities to link the Lunette and VagiVital brands even closer to each other.

The products that were added to the company's portfolio through the acquisition of the assets in Common Sense are now sold and marketed by Peptonic's existing organization, which is why the Common Sense sales and marketing organization did not participate in the acquisition. Peptonic is headquartered in Bromma, Sweden, the subsidiary Lune in Finland, the production and development company Peptonic Medical Israel and sales company in the US.

During the year, we chose to burden the result with a number of substantial extraordinary costs, which amount to SEK -38.5 million during the year, of which the quarter was charged with SEK -35.0 million. The extraordinary costs are primarily of an accounting nature and include amortization of goodwill relating to the acquisition of Lune Group, the acquisition of the assets in Common Sense, operations in Common Sense, restructuring costs and costs related to the EBM case. Adjusted profit without these extraordinary costs for the full year 2021 was SEK -35.3 million (SEK -31.1 million) with sales corresponding to SEK 31.0 million (SEK 21.3 million). The adjusted result for the old operations excluding the Common Sense acquisition for the last quarter was SEK -9.5 million (SEK -10.7 million last year) with sales of SEK 5.0 million (SEK 7.3 million). Note that in 2020 there was sales to China of 2.0 MSEK.

Reason Amount (thousand SEK) Heading under the income statement
Termination salary of the CEO, 18 months from 15/4 2021, including severance pay of 6 monthly salaries. Expensed until 2023-04-14. 5 746 Personnel costs
Doubtful trade receivable customer China. The entire amount is 100% expensed. Attempts to recover the amount are ongoing. 4 098 Other external costs
Costs for acquisition of the assets in Common Sense, external costs. In comparison with previous years, these costs have not been capitalized. 1 007 Other operating expenses
Own costs in connection with the acquisition of Common Sense. 700 Personnel costs
Legal costs in connection with the EBM investigation. 531 Other external costs
Impairment of goodwill amounted to SEK 23,495 thousand regarding Lune Group OY, in accordance with current accounting rules. 23 495 Depreciation of tangible and intangible fixed assets (group level)
Operating and start-up deficit at the newly started subsidiary Peptonic Medical Israel Ltd, refers to Oct-Dec 2021 2 879 Under each type of cost in the income statement
Total impact of extra costs 2021 38 456

With the acquisition of Common Sense, Peptonic Medical Israel was started, to which the assets were transferred during the last quarter. Since then, the focus has been on securing the deliveries of raw material suppliers and accelerating production and shipping against incoming orders. The company did not have time to ship and invoice more than a limited amount during Q4 2021 and is working to catch up. This means that invoicing will improve in the coming periods.

The construction of the portfolio diagnose - treat - prevent costs. Building consumer brands also involves significant marketing costs. Peptonic has announced that during the first quarter of 2022, a rights issue will be carried out to finance continued marketing, FDA approval of the company's product to identify amniotic fluid leakage and continued development of the company's portfolio. It will be relevant with further rounds of financing in the future to reach the goal of the company's vision.

If we look ahead in the longer term, Peptonic has something very exciting going on. Addressable market globally at the consumer level is about $ 20 billion. With our growing portfolio of diagnose - treat - prevention, we are creating a unique self-care offer in this market. An offer that meets the 65% who after the pandemic will spend more time on self-care, the 82% who believe that these solutions must be clinically proven and the up to 84% who are inspired by relieving healthcare systems by seeking self-care solutions. We do this based on the profitable model we put in the Nordic home market and expand into the world. Next in line is the United States. In other parts, we continue to try to attract local partners. Should partners continue to prove to be a challenge, we will build market by market ourselves based on the Nordic model. We are inspired by the fact that we will help many women to a better and simpler life and that we will relieve healthcare systems around the world.

Stockholm, 25 February 2022

Erik Sundquist, CEO Peptonic Medical

Peptonic Group
12 mon 12 mon
jan-dec jan-dec
2021 2020
Sales goods, KSEK 31 643 21 283
Gross profit sales goods, KSEK 19 070 13 089
Gross margin, % 60% 61%
Operating profit, KSEK -73 718 -31 053
Return on equity,% -174 -61
Equity ratio,% 62 88
Earnings per share, SEK -0.38 -0.19
Liquidity per share, SEK 0.05 0.24
Equity per share, SEK 0.27 0.72
Share price per closing, SEK 0.63 1.73
Share price/Equity per share, SEK 2.30 2.39
Equity per share, SEK 191 639 642 162 911 613

The creation of Peptonic Medical Israel Ltd and acquisition of CommonSense Marketing Inc was completed on 2021-10-20, this report includes their results from and on 2021-10-20 in the consolidated accounts. The balance sheet is consolidated as of 2021-10-20.

Revenue - Sales of goods during the fourth quarter amounted to SEK 5,642 (7,258) thousand. Other operating income for the quarter was SEK 610 (1,087) thousand. In the full year, sales of goods amounted to SEK 31,643 (21,283) thousand. Other operating income for the period was SEK 622 (1,151) thousand. Other income included income for the Group of SEK 499 thousand for the acquisition of CommonSense Marketing Inc in the fourth quarter.

Income in the interim report for the third quarter was too high due to faulty elimination in the revenues. This has been corrected in this report. The reported profit was correct in the interim report for the third quarter.

Costs - Costs for the fourth quarter amounted to SEK -50,226 (-19,047) thousand. The costs for the full year were SEK -105,893 (-53,487) thousand. During the full year, costs for products were SEK -12,573 (-8,194) thousand and a cost of SEK -23,495 thousand has been taken in the Group for the write-down of goodwill for Lune Group. Besides this, costs of SEK -12,082 thousand has been taken during the year for costs of one-off character.

Costs for products in the interim report for the third quarter was too high due to faulty elimination in the costs of sold goods. This has been corrected in this report. The reported profit was correct in the interim report for the third quarter.

Profit - The Group's profit after net financial items for the fourth quarter amounted to SEK -43,858 (-10,991) thousand. For the full year, the corresponding result is SEK -73,688 (-31,333) thousand.

Financial position and liquidity - Cash and bank as of December 31, 2021, amounted to SEK 10,153 (39,312) thousand. External acquisition costs for the assets of CommonSense Ltd and the company CommonSense Marketing Inc have during the year a net burden on liquidity of SEK -4,495 thousand.

Shareholders 'equity - The Group's shareholders' equity as of December 31, 2021, amounted to SEK 52,017 (117,820) thousand, which gives an equity / assets ratio of 62 (88) percent.

Liabilities - The company's liabilities, as of December 31, 2021, amounted to SEK 31,483 (16,618) thousand.

Organization - During the full year, the average number of employees is estimated at 18 (12). At the end of the period, the number of employees was 34 (19). In addition to this, the parent company and Lune Group Oy has four consultants hired on long-term agreements in the market and quality, and the accounts are outsourced to an accounting firm. Employees at Lune Group OY, including subsidiaries, refer to a total of 13 employees and in Peptonic Medical Israel Ltd there are 17 employees.

Share - The total number of shares as of December 31, 2021, was 191,639,642 (162,911,613).

Peptonic Group
3 mon 3 mon 12 mon 12 mon
oct-dec oct-dec jan-dec jan-dec
KSEK Note 2021 2020 2021 2020
Operating income
Sales of products 5 642 7 258 31 643 21 283
Other operating income   610 1 087 622 1 151
Total operating income  6 252 8 345 32 265 22 434
Operating expenses
Cost of goods -2 254 -3 392 -12 573 -8 194
Other external expenses 1 -14 876 -10 373 -45 690 -29 515
Personnel costs -8 905 -4 363 -19 430 -12 350
Depreciation -24 409 -909 -27 055 -3 285
Other operating costs 218 -10 -1 234 -143
Total operating expensses -50 226 -19 047 -105 983 -53 487
Operating loss   -43 974 -10 702 -73 718 -31 053
Net financial income/expense 116 -289 30 -280
Loss before taxes -43 858 -10 991 -73 688 -31 333
Taxes 0 241 0 241
Net loss for the period -43 858 -10 750 -73 688 -31 092

Peptonic Group
31-dec 31-dec
KSEK  Note 2021 2020
Non-Current assets
Intangeble assets 2 52 210 54 070
Goodwill/badwill 2 0 23 495
Tangeble assets 3 4 204 1 485
Financial assets 0 0
Total non-current assets   56 413 79 050
Current assets  
Stock 10 323 6 133
On going fund raising 0 2 752
Other receivbles 5 166 5 602
Tax receivable 524 0
Prepaid expenses and accrued income   920 1 589
Liquid assets  10 153 39 312
Total current assets   27 086 55 388
Total assets 83 500 134 438
Equity and liabilites
Ristricted equity
Share capital 19 164 16 291
Ongoing right issues 0 2 327
Reservs 9 617 11 186
Other contributed capital 247 337 240 399
Profit or loss brought forward incl year result -224 101 -152 383
Total equity   3 52 017 117 820
Current liabilites  
Liabilities interest bearing 6 219 3 784
Trade payables 15 347 7 506
Other payables 2 885 628
Prepaid income and accrued expenses 7 032 4 700
Total current liabilities 31 483 16 618
Total equity and liabilities 4 83 500 134 438

Peptonic Group
KSEK   Share Capital Reservs Ongoing right issue Other contributed capital Accumul-ated result incl year result Total shareholders equity
Opening balance January 1, 2020 13 813 12 394 0 182 006 -122 499 85 714
Net loss for the year -31 092 -31 092
Transfering fund -1 208 0 0
Right issue 479 7 021 7 500
Non-cash issues 1 999 29 624 0 31 623
On going right issues 2 327 23 041 25 368
Issue expenses -1 293 -1 293
Closing balance December 31, 2020 16 291 11 186 2 327 240 399 -153 591 117 820
Opening balance January 1, 2021 16 291 11 186 2 327 240 399 -153 591 117 820
Net loss for the year -73 688 -73 688
Transfering fund -1 569 1 569 0
Right issue 2 873 7 500
Coneversion difference 400 400
Issue expenses -15 -15
Closing balance December 31, 2021 19 164 9 617 2 327 240 384 -225 310 52 017

Peptonic Group
12 mon 12 mon
jan-dec jan-dec
KSEK Note 2021 2020
Operating profit/loss  -73 688 -31 333
Non-cash flow items 26 840 3 285
Paid tax 0 241
Increase (-) decrease (+) inventory -4 190 -5 539
Increase (-) decrease (+) receivables 3 333 -15 392
Increase (-) decrease (+) liabilities 7 365 2 881
Investment in immaterial assets, net -1 256 -2 822
Investment in material assest, incl subsidaries -3 024 0
Investment in financial assets, net 476 0
Divestment / reduction of  financial assets 0 0
Rights issue 7 500 32 868
Issue expenses -15 -1 293
Bridgeloan 7 500 7 500
Cash and cash equivalents at beginning of period 39 312 35 984

This Year End Report has not been reviewed by the Company’s auditors.

The Board of Directors and the CEO certifies that the interim report gives a fair overview of the business, position and profit or loss of the Company. The Board will not propose any dividend to the Annual General Meeting.


Annual report 2021                                                                                              February 28th 2022

Quarterly report, 1                                                                                               May 12th 2022

Annual General Meeting                                                                                      May 24th 2022

Quarterly report, 2                                                                                               August 18th 2022

Quarterly report, 3                                                                                               November 10th 2022

Year end report, 2022                                                                                          February 24th 2023

Stockholm, February 25th, 2022

Hans von Celsing, Chairmen of the Board                                                Anna Tenstam, Board member

Marianne Östlund, Board member                                                            Leni Ekendahl, Board member

Erik Sundquist, CEO

Erik Sundquist, CEO

Telefon: + 46 722 49 90 43


About Peptonic Medical AB

Peptonic Medical AB (publ) is an innovative medtech company that conducts research, development and sales of medical devices and lifestyle products in the field of women's health. Peptonic launched its first product, VagiVital® Active Gel against vaginal atrophy, in July 2018. In April 2021, VagiVital® Moisturizing V Cleanser, was launched, a moisturizing and preventive intimate wash. The company was founded in 2009 and the share has been traded on Spotlight ( in Stockholm since 2014.

Since August 2020, Lune Group Oy Ltd. has been a wholly owned subsidiary of Peptonic Medical. The company was founded in 2005 with the purpose to lead a light-hearted menstrual revolution in positive spirit via patented menstrual cups. The company is now evolving into leading the way in sustainable, intimate well-being.

In October 2021, all assets of Israeli company Common Sense Ltd were acquired. Common Sense has developed unique and patented self-tests to accurately diagnose bacterial vaginosis and amniotic fluid leakage respectively.