Interim Report Q3 – July – September, 2021 Redsense Medical AB (publ)
July – September 2021
- Net sales amounted to kSEK 3,566 (2,107), a 69 percent increase compared with the corresponding period in 2020.
- Profit or loss before tax amounted to kSEK -2,547 (-3,213).
- Earnings per share before dilution amounted to SEK -0.18.
January – September 2021
- Net sales amounted to kSEK 6,008 (12,213), a 51 percent decrease compared with the corresponding period in 2020.
- Profit or loss before tax amounted to kSEK -6,937 (-2,958).
- Total equity amounted to kSEK 38,904 at the end of the period.
- Cash and cash equivalents amounted to kSEK 4,277 at the end of the period.
- Earnings per share before dilution amounted to SEK -0.49.
Significant events July – September 2021
- In August, Redsense Medical announced the conclusion of a new distributor agreement with CardioMed Supplies Inc. for Canada and Bermuda.
Significant events after the period
- On 13 October, Redsense Medical announced its first order from Canada.
Comments from our CEO
Net sales triples in Q3 from the last quarter
During the third quarter, we have seen the early signs of normalization that became visible in the second quarter gradually solidify into something that resembles the turning of a corner. In the third quarter, net sales more than tripled, increasing by 236 percent over the previous period, and we expect to see continued strengthening over the course of the fourth quarter.
The COVID-19 situation has not vanished off the map and does remain a burden - but it has, at least in the United States, receded to a point where the general access to clinics and patients has recovered substantially. There is also an unmistakable eagerness in the healthcare system to restore and revive the workings of the pandemic-ridden infrastructure for home hemodialysis. As a result, Redsense’s sales are growing, and we are once again making good progress.We are not quite at our pre-pandemic level of growth as of yet, but we continue to press ahead encouraged by the vaccination coverage in the patient population, the reduced load in intensive care units and the greater possibilities to meet in person.
Redsense enters Canada
As of this quarter, our sales activities in North America have expanded to include also Canada and Bermuda in addition to the United States. This is the result of an agreement concluded with the Ontario-based distributor CardioMed Supplies Inc. in mid-August.
While Canada has not eased its restrictions to the same extent as the United States, our new distributor has already set to work, and we received our first order from the new market after the end of the quarter. Moving forward, we hope that more patients will be encouraged to try out home hemodialysis thanks to the added safety provided by our device.
Market introduction of Redsense Clamp comes closer
The venture into Canada follows upon our new activities in the Oceanian market in the first and second quarters. This should be seen in the context of the Redsense Clamp, our new, soon-to-be-released accessory product and a key enhancement of our offer, which equips the Redsense Alarm with the ability to intervene on its own in any setting where it is used.
We are truly pushing the boundaries with the Redsense Clamp. No other product on the market has the ability to not only detect but also independently stop a blood leakage in progress. As such, the bundling of the Redsense device and the Clamp gives us a more comprehensive solution, a first-mover advantage and decidedly better protection for the patients.
This opens up an opportunity for entry into new markets. We are looking to introduce the Clamp across all of our markets, viz: North America, Europe, and Oceania, pending the clinical validation process. Canada, where we have a long history of cooperation with Toronto University Hospital in relation to the Clamp development, is a natural market to enter in this phase.
By and large, we are en route to launching the Clamp as envisaged; some minor delays emerged in relation to the preparations for clinical validation, as it took longer than anticipated to get clinical access, but on the whole, everything is proceeding according to plan. Of course, that process proceeds in the fourth quarter, in parallel with our handling of the new influx of sales.
In the United States in particular, the political climate is promoting home hemodialysis. The advantage of our position is that we supply a key enabling technology for an ongoing development that will also benefit us: the increasing number of patients dialyzed at home.
Finally, I want to extend my appreciation to the team for all the dedication and hard work. Thank you!
For more information, please contact:
CEO Patrik Byhmer
Telephone: +4670-357 21 64
Redsense Medical is obliged to make the information contained herein public pursuant to the EU market abuse regulation. The information was submitted for publication through the agency of the contact person above at CET 08:30 on Tuesday, November 9, 2021.
About Redsense Medical
Redsense Medical is a corporate group with operations mainly in Europe and the United States. The company has developed the Redsense System, an innovation used for monitoring and alarm in the case of blood leakage in connection with a hemodialysis treatment. Redsense Medical solves one of the most serious remaining safety problems within hemodialysis – to quickly detect Venous Needle Dislodgement and catheter leakage to minimizing blood leakage. The system consists of a patented fiber optic sensor, designed for either venous needle or central venous catheter, which is connected to an alarm unit. From the very start, the development of the company's technology has been based on the demands and safety requirements of healthcare providers in the dialysis sector.