Q-med's report for the first quarter, 1998

Q-MED'S REPORT FOR THE FIRST QUARTER, 1998 * Revenues increased sharply, to SEK 14.2 (8.3) million. * Income after financial items amounted to SEK 1.3 (1.5) million. * Subsidiary companies have been started in USA and Canada. * At the Annual General Meeting held on April 22, 1998, it was decided that no dividend would be paid for the financial year May 1, 1997 to December 31, 1997. All the members of the Board were re-elected. Revenues and income Q-Med continues to grow at a rapid rate and the Group reports revenues of SEK 14.2 (8.3) million for the first three months of 1998. The majority of these revenues are accounted for by Restylane@, Q-Med's product for filling out lips, facial wrinkles and facial folds. Restylane's distribution network has been extended and now covers all of Europe as well as Australia/New Zealand. Subsidiaries have also been started during the period in USA and Canada. The registration process for Restylane is ongoing in Canada and it is estimated that it will be possible to start sales during the autumn. Operating income for the quarter amounted to SEK 1.3 (1.6) million. The fact that the operating income for the period was somewhat worse than for the equivalent period for the previous year is attributable to considerable expansion, above all with regard to marketing and personnel. Amortization and depreciation of SEK 0.6 (0.2) million have been charged against income, of which SEK 0.2 (-) million was amortization of goodwill. Income after financial items amounted to SEK 1.3 (1.5) million. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1998/04/23/19991111BIT00520/bit0001.doc http://www.bit.se/bitonline/1998/04/23/19991111BIT00520/bit0002.pdf