Year-end report 2020: GROWTH DESPITE PANDEMIC, ACQUISITION AFTER THE END OF THE YEAR
FOURTH QUARTER 2020 (OCT – DEC)
Net sales amounted to SEK 39.6 million (39.3), corresponding to an increase of 1 percent compared with the corresponding period in the preceding year.
Operating profit amounted to SEK 12.6 million (12.4).
Net profit amounted to SEK 10.6 million (9.2), corresponding to earnings per share of SEK 0.31 (0.27).
Cash flow from operating activities amounted to SEK 16.7 million (7.9). As of December 31, 2020, cash and cash equivalents amounted to SEK 87.2 million (69.2).
FULL-YEAR 2020
Net sales amounted to SEK 104.8 million (101.5), corresponding to an increase of 3 percent compared with the corresponding period in the preceding year.
For comparable units, sales decreased by 19 percent.
Operating profit amounted to SEK 20.0 million (15.2).
Net profit amounted to SEK 15.6 million (12.6), corresponding to earnings per share of SEK 0.45 (0.45).
Cash flow from operating activities amounted to SEK 23.2 million (55.2).
FOLLOWING THE CLOSE OF THE YEAR
On January 20, 2021, a conditional agreement was entered into to acquire all of the shares in Mimic Technologies Inc. (“Mimic”), which operates in the area of robotic surgery. Mimic is based in Seattle in the US, and the acquisition provides Surgical Science with an additional customer base in robotic surgery, contributes data collection/analysis technology and significantly strengthens the presence in the important US market. The initial purchase consideration was USD 18 million (approximately SEK 150 million) on a cash and debt-free basis. In addition, a maximum USD 15.6 million (approximately SEK 130 million) may be paid as a deferred contingent consideration.
A private placement of approximately SEK 322 million was implemented, in which a number of new and existing Swedish and international institutional investors subscribed for shares. The transfer of ownership took place on January 27, 2021, once all of the terms of transfer had been met. Mimic will be consolidated within Surgical Science as of the transfer date.
Gothenburg, Sweden, February 11, 2021
Surgical Science Sweden AB (publ)
This report, in its entirety, is available through the attachment or via:
https://surgicalscience.com/aktien/pressmeddelanden/
https://surgicalscience.com/aktien/finansiella-rapporter/
For further information, please contact:
Gisli Hennermark, CEO
Telephone: +46 70 420 83 00
E-mail: gisli.hennermark@surgicalscience.com
Anna Ahlberg, CFO
Telephone: +46 70 855 38 35
E-mail: anna.ahlberg@surgicalscience.com
This is information that Surgical Science Sweden AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons above, on 11 February 2021 at 08:30 (CET).
This is a translation of the Swedish version of the press release. When in doubt, the Swedish wording prevails.
About Surgical Science Sweden AB (publ)
One of the biggest challenges within healthcare globally is how injuries during care can be reduced. Medical education and training are key, as a large part of the training today can be performed outside the operating room. Surgical Science is a world leader in the manufacture of virtual reality simulators for evidence-based laparoscopic and endoscopic training. The simulators enable surgeons and other medical specialists to train and improve their psychomotor skills and instrument handling before entering the operating room. In parallel with its own products, Surgical Science works with simulation solutions for medical technology companies that develop surgical instruments for clinical use, such as robotic surgery.
Surgical Science is headquartered in Gothenburg, Sweden and present in Stockholm, Sweden, as well as in Seattle, Washington, in the US. Through sales offices in the US, France, China and UAE as well as a global network of distributors, Surgical Science maintains a presence in most markets around the world. Surgical Science Sweden AB (publ) is traded on Nasdaq First North Growth Market. Certified Adviser is Erik Penser Bank (Telephone: 08-463 83 00; E-mail: certifiedadviser@penser.se).