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Year-End Report Vigmed Holding AB (publ) January – December 2016

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Fourth quarter: 1 October–31 December 2016

  •  Sales for the fourth quarter amounted to SEK 0.3 (1.2) million.
  •  Operating result in the fourth quarter amounted to SEK -16.2 (-21.4) million.
  •  Cash flow from operating activities during the fourth quarter amounted to SEK -5.2 (-6.1) million.
  •  On 31 December 2016 cash and cash equivalents amounted to SEK 19.6 (65.4) million.

Financial year 2016

  •  Sales for the financial year amounted to SEK 3.6 (4.2) million.
  •  Operating result for the financial year amounted to SEK -38.0 (-48.2) million.
  •  Cash flow from operating activities during the financial year amounted to SEK -38.2 (-40.3) million.
  •  On 31 December 2016 cash and cash equivalents amounted to SEK 19.6 (65.4) million.
  •  The Board proposes no dividend to be paid for the financial year 2016.

 
Significant events during the fourth quarter

During the fourth quarter Vigmed’s Board and management have focused on exploring ways of securing long-term financing of the business. As part of this effort, the Board decided to evaluate the Group’s strategic options and engaged an external advisor to assist in the project. Based on the existing conditions at the date of this report, the Board believes that it is likely that the financing of the company’s operations can be secured for the next 12 months.

Vigmed has entered into a distribution agreement for the important markets in the UK and Ireland. The distribution agreement means that Vygon UK and Vygon Ireland have the exclusive right to sell Vigmed’s products in the UK and Ireland.

Vigmed participated in a large Nordic tender during the last quarter of 2016 without success. However, the allocation has been revoked due to an error in the tender process, and the process will be repeated during the first quarter of 2017. Vigmed will participate in the tender again.

During the fourth quarter Vigmed, together with its distributors won exclusive contracts in Sweden, France and Finland. The expected annual turnover of these contracts for Vigmed amounts to approximately SEK 0.5 million.

Vigmed identified potential quality issues surrounding the packaging of CLiP® products and the effect of the sterilisation method on the SWiTCH FEP products during the fourth quarter, which led to the decision to put these products into quarantine until root cause was identified and addressed. Combined, this had a negative impact on reported revenue during the quarter.

For further information contact:
Chairman of the Board Sten Dahlborg, +46 708-369 419
CEO Henrik Olsen, +46 763-497 364

This information is information that Vigmed Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 am CET on February 27, 2017.

This is a translation of the Swedish version of the press release. When in doubt, the Swedish wording prevails.

 
Vigmed is a Swedish medical technology company whose mission is to eliminate needlestick injuries and the associated risk of cross infections with blood-borne infectious diseases by offering the market unique needle-protected products. Vigmed is headquartered in Helsingborg, Sweden. Vigmed’s share is traded on NASDAQ OMX First North in Stockholm (ticker VIG) and has approximately 5 600 shareholders. Remium Nordic AB is the Company’s Certified Advisor.Additional information about the company can be found on Vigmed’s website: www.vigmed.com/investor 

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Vigmed AB Q4 2016

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