Camanio Care AB publishes interim report January-March 2019
The complete interim report is available as a PDF on the company website www.camanio.com. It is also attached to this press release.
The quarter in brief for the group
1 January – 31 March 2019
- Total revenue for the period increased to kSEK 4,471 (kSEK 2,477)
- Net sales for the period increased to kSEK 3,864 (kSEK 1,931)
- The operating profit/loss was kSEK -3,830 (kSEK -3,746)
- The profit/loss after financial items was kSEK -3,861 (kSEK -3,834)
- Earnings per share amounted to SEK -0.19 (SEK-0.24)
- Equity in the group as per March 31, 2019 amounted to kSEK -429 (kSEK 3 386 as per December 31, 2018)
- Cash and cash equivalents in the group as per March 31, 2019 amounted to kSEK 938 (kSEK 2 451 as per December 31, 2018)
- Liquidity amounted to 23 percent (94 percent as per December 31, 2018)
- The equity/assets ration amounted to -2 percent (11 percent as per December 31, 2018)
- The number of shares at the end of the period was 20,261,683 (16,674,539 as per December 31, 2018)
Amounts in brackets refer to the corresponding period the previous year unless otherwise stated.
Significant events during the first quarter
17 January Camanio Care uses virtual reality to show vision for home care
18 January Camanio Care is awarded research funds by Vinnova
28 January Camanio Cares preferential rights issue registered
6 February Extraordinary shareholders’ meeting in Camanio Care called
12 February Camanio Care makes sales of Giraff to Kalix and Lidingö
19 February Camanio Care publishes year-end report
20 February Niclas Lilja and Marianne Ramel elected to the board of directors and Johan Lidén leaves the board
26 February Camanio Care communicates the the company has enough cash to cover the operations until the end of April
26 February Camanio Care launches cooperation with My Possibilities for care to people with disabilities
26 February Camanio Care stock moved to the observation list at Spotlight Stock Market
25 March Camanio Care strengthens the team with Victoria Wang Chief Operating Officer
27 March Camanio Care enters financial agreement and communicates that the cash is enough to cover operations until the end of June
Significant events after the end of the period
2 April Camanio Care launches package solutions to simplify digitalization
4 April Camanio Care participates in research project about 5G at KTH
12 April Camanio Care makes sales of BikeAround in Canada
16 April Camanio Care receives biggest order ever for BikeAround Screen
24 April Camanio Care ties the creator of BikeAround to them as advisor
7 May Yearly shareholders meeting of Camanio Care called
21 May Camanio Care decided about set-off issue and enters into new agreement regarding funding, meaning the cash reserves are enough to secure operations until September
A letter from the CEO
The year started off with strong growth. Since the start of the year we have delivered the telepresence robot Giraff to several municipalities, for example Kalix and Lidingö; we have received our largest order for BikeAround Screens ever from Australia; we’ve sold BikeArounds to Canada; and we have continued the development of our digital platform Vital Smart Care.
The total revenue increased with 80 percent to SEK 4.5 (2.5) million for the quarter. This was driven by an increased demand for our solutions. We are in an investment phase and the operating profit/loss was SEK -3.8 (-3.7) million for the quarter.
To strengthen our balance sheet we have decided to perform a set-off issue of SEK 15.3 million. This issue is directed at creditors who have accepted to set off loans for the corresponding amounts in the issue. Through this issue, the balance sheet is strengthened, which makes it easier to get new investors and creditors to the company, and at the same time the interests on these loans will no longer burden the company. Camanio Care has also entered into an agreement which makes it possible to loan an additional SEK 3 million. Through these measures, the company has cash reserves to continue financing the operations until September.
Camanio Care offers smart solutions for digital home care. Our solutions increase the availability, quality and efficiency in home care. Today we offer an attractive total solution in welfare technology with the Vital Smart Care Platform, BikeAround, Bestic and Giraff. We complement these with select products from other providers, such as digital therapy pets.
Our vision is to optimize the mix between physical and digital care. We are driven by our values to ensure safety, good quality of life, dignity and independence for the individual. Our ambition is to become world leading in welfare technology through cooperating with care organizations and contribute to their digitalization.
The development of our offer
Vital Smart Care is our digital service platform that ties together our future home care services. Through Vital Smart Care we will connect our services and products to each other and to the cloud. This means that we in the future can gather data from an ecosystem of different sensors such as alarms, cameras, locks, stove guards and cognitive aids. Through connecting medical measuring equipment and sensors in the home, we will be able to deliver data to the care of patients with chronic conditions. We believe in data gathering for an efficient and dignified home care. This opens up for new business opportunities.
An important long-term priority is the roll-out of 5G (fifth generation mobile networks) for connected welfare technology. 5G will lift welfare technology to a new level by making connected products and services faster and smarter. That is why we are happy that Vinnova during the first quarter decided to finance our further development for 5G.
The Swedish municipalities, regions and other organizations are step by step increasing their investment speed in welfare technology. During this quarter we have received our biggest order ever for the experience bike BikeAround Screen. Our Australian distributor Leef Independent Living Solutions bought ten units for just over SEK 300,000 and also became a reseller of BikeAround in Australia. We have also delivered Giraff to municipalities like Lidingö, Sundsvall and Kalix.
During the first quarter we have had traditional revenues from sales of products, but also increasing recurring revenues based on the number of users and services. Our e-commerce solution continues to work well as a complement to personal sales, especially for our digital therapy pets and for additional sales to existing customers. We also continue to develop our reach through our subsidiary in the USA and distributors in Asia, the Middle East, Australia and ten European countries.
Multiply the sales during the coming years
Camanio Care has a driving role in the digitalization of home care. We have a leading offering with internationally competitive solutions and are now performing a commercialization.
As previously communicated, it is the judgement of the board of directors that the company is correctly positioned to multiply the revenue during the coming years. This judgement is based on the facts that care organizations are continuing to increase their investments in welfare technology and of course also that we invest in a competitive offering.
The agreement entered on May 21 gives us new funding of SEK 3 million. We are thereby funded until September and we are planning to perform a rights issue at the latest in September. We are continually working on the financing and we have a plan. Our future development is reliant on us securing enough investment capital to be able to really invest in our commercialization.
VD Camanio Care