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Interim report

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January 1 – June 30, 2020

The second quarter in figures

  • Net sales amounted to TSEK 1,683 (2,168).
  • The loss after tax amounted to TSEK 8,864 (10,613).
  • The loss per share amounted to SEK 0.38 (0.64).
  • The cash flow from current operations was negative in the amount of TSEK 8,704 (9,900).
  • The gross margin reached 55.7% (53.3%).
  • Electrode sales volume decreased by 18% and reached 4,672 (5,712) units. Repeat sales of electrodes to existing customers decreased by 22%.

The first half-year in figures

  • Net sales amounted to TSEK 4,179 (4,536).
  • The loss after tax amounted to TSEK 17,800 (19,520).
  • The loss per share amounted to SEK 0.89 (1.17).
  • The cash flow from current operations was negative in the amount of TSEK 16,597 (18,850).
  • The gross margin reached 54.7% (52.9%).
  • Electrode sales volume decreased by 4% and reached 11,270 (11,792) units. Repeat sales of electrodes to existing customers decreased by 8%.

Important events during the quarter

  • The Covid-19 pandemic started to affect SciBase from mid-March and continued through the second quarter. Sales in the company’s key market Germany were affected and decreased by 25% in the quarter, and overall sales decreased by 23%. Customer interest and sales seems to be returning to normal from the end of Q2.
  • SciBase received FDA approval for Nevisense 3.0.
  • SciBase entered into a partnership agreement with the Advanced Dermatology and Cosmetic Surgery group (ADCS), the single largest dermatology network in the US with over 150 practices. The first systems were installed in Florida in June.
  • SciBase rights offer was heavily oversubscribed raising net MSEK 19.3 (after issue costs).
  • SciBase submitted a reimbursement code application in the US.
  • Anna Danström, SciBase’s head of production and supply chain chose to leave her position and accept a role at another company.
  • Extraordinary general shareholders’ meeting was held on April 29th approving the Boards decision regarding the rights offering.
  • The AGM was held on June 17th, 2020.
  • The annual report for 2019 was published on April 5th.

Important events after the end of the     period

  • Nevisense selected for ‘SpotCheck’ remote melanoma detection evaluation study by The Ronald O. Perelman Department of Dermatology at NYU Langone Health in New York.
July 1 2019 -
  Apr 1 - Jun 30 Jan 1 - Jun 30 Jun 30 2020 Jan 1 - Dec 31
THE GROUP 2020 2019 2020 2019 Rolling-12 2019
Net sales, SEK ths 1 683 2 168 4 179 4 536 8 919 9 276
Gross margin, % 55,7% 53,3% 54,7% 52,9% 55,5% 54,5%
Equity/Asset ratio, % 69,2% 74,5% 69,2% 74,5% 72,4% 69,4%
Net indebtness, multiple 0,44 0,34 0,44 0,34 0,38 0,44
Cash equivalents, SEK ths 30 450 46 772 30 450 46 772 30 450 26 456
Cashflow from operating activities, SEK ths -8 704 -9 900 -16 597 -18 850 -35 703 -37 956
Earnings per share (before and after dilution), SEK -0,38 -0,64 -0,89 -1,17 -2,07 -2,38
Shareholder's equity per share, SEK 1,44 3,10 1,68 3,10 2,32 1,93
Average number of shares, 000' 23 265 16 618 19 942 16 618 18 280 16 618
Number of shares at closing of period, 000' 36 560 16 618 36 560 16 618 36 560 16 618
Share price at end of period, SEK 2,44 4,34 2,44 4,34 2,44 4,36
Number of sold electrodes, pieces 4 672 5 712 11 270 11 792 23 202 23 724
Average number of employees 16 18 16 18 18 18
 

This information is information that SciBase Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on August 20, 2020.

Contact person: Michael Colérus, CFO. +46 70 341 34 72

For more information, please contact: 
Simon Grant, CEO SciBase 
Phone: +46 72 887 43 99 
Email: simon.grant@scibase.com

Certified Advisor: 
Avanza AB 
Phone: +46 8 409 421 20 
Email: ca@avanza.se

About SciBase and Nevisense
SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.

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