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Vigmed Holding AB presents interim report January – September

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Vigmed Holding AB presents today their interim report for January 1–September 30, 2015.

Sales to distributors in Germany, France, Italy, Switzerland, Austria, Belgium and Australia/New Zealand were initiated during the first nine months.

Vigmed took over the supply chain on September 30 from the Danish partner, MBH.

In September, the Company was granted CE-mark for commercial sales of the new product line Vigmed® SWiTCH

Feedback from some customers in February pointed out a detail in the design affecting the robustness of the CLiP Winged product line. These rare incidences occurred, when the products were used slightly differently than intended. After thorough analysis, the product design was modified and updated. All distributors were offered a replacement of the CLiP Winged products in question. This process, however, led to sales being put on hold during the spring and summer, awaiting the new, upgraded product versions.

  • Net Sales for the January - September amounted to SEK 3.0 million
    (SEK 0.4 million during January - September 2014).
  • Operating result for January - September for the Group amounted to SEK -26.8 million (SEK -22.4 million).
  • Net income per weighted number of shares for January - September amounted to SEK -0.57 (SEK -0.59).
  • Cash flow from operating activities during January - September amounted to
    SEK -33.6 million (SEK -16.7 million). Cash flow from operating activities is mainly driven by the negative result (SEK -23.6 million), warehouse establishment of
    SEK -4.4 million and a onetime fee to Supply Chain partner MBH of SEK – 3.0 million.

Significant events after the reporting period:

On October 2, Vigmed received their first larger order on SWiTCH products for delivery during October/November.

Vigmed established a new warehouse located with DSV in Landskrona (South of Sweden). The first order was shipped to customer from the new warehouse on October 9.

Vigmed announced on October 12 that the Board of Directors together with management had decided to appoint, with immediate effect, Henrik Olsen as interim CEO. This meant that Finn Ketler stepped down from his position as CEO.

After the reporting period, the Board of Directors has on a board meeting on October 26 decided to call for an Extraordinary General Meeting to be held on November 12, where proposal for new share issue will be discussed. The new issue is fully guaranteed by existing shareholders and external guarantors.

For further information contact:

Chairman of the board, Lennart Holm +46 70 630 8562 or CEO, Henrik Olsen +46 76 349 7364

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 5 500 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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