Audientes A/S Q1 2023 Financial Report

Company Announcement 17-2023
May 30, 2023

Today, Audientes A/S (CVR 36047631) releases its financial results for Q1 2023. Sales revenue for the quarter ended at a modest DKK 0.2 million, generated from product sales from new customers in India, Nepal as well as in Scandinavia, where it introduced Companion by Audientes medio Q1. Substantial cost savings have been made, which is part of creating the platform for execution in the coming year. Audientes released a major software update for both its Ven and Companion products, which greatly enhances their performance and customer experience. The company recently announced a partnership with a new exclusive distribution partner in India, Earkart Pvt. Ltd., who expects to order around DKK 5.0 million of Audientes’ products in the coming 12 months.

 

 

Performance highlights for Q1 2023

 

TDKK	Q1 2023	Q1 2022	2022
Revenue	211	21	79
Other operating income	214	214	856
EBITDA	-2,496	-3,358	-14,026
Profit/loss for the period	-3,722	-4,050	-24,362
Cash and cash equivalents	774	4,421	6,948
Equity	9,327	21,434	13,049
Equity ratio (%)	46.1%	82.2%	49.1%
Earnings per share (DKK)	-0.13	-0.43	-1.28
No. of shares beginning of the period	28,747,024	9,349,010	9,349,010
No. of shares end of period	28,747,024	9,349,010	28,747,024
Average number of shares	28,747,024	9,349,010	19,048,017

 

Highlights Q1 2023

•          Audientes generated new product sales revenue of DKK 0.2 million

•          Expanded our sales channels to include NGOs such as the Association of People with Disability in India, with whom we signed a collaboration agreement and received an initial order to supply Ven hearing aids

•          Received an order to deliver Ven hearing aids to Nepal as the first country in Asia outside India through a collaboration agreement with M.B. Meditech, a hospital equipment and surgical supplies company in Katmandu.

•          Announced the v2.0 software platform release for Ven and Companion that greatly enhances performance and customer experience. The v2.0 release is available as an update to Ven and Companion available via Audientes smartphone apps in Apple’s and Google’s app stores.

•          Launched Companion by Audientes in the first quarter of 2023 in Sweden and Denmark, through online retailers, who began marketing and selling the Companion product in Q1.

•          We announced a decision to take back all sold, however not cash collected products in India, which amended a previous provision for bad debt to a provision for negative sales revenue for 2022 of DKK 3.0 million; EBITDA-result remain almost unchanged at DKK -14 mio, but the full year 2022 revenue now amounts to DKK 0.1 million.

 

Outlook

•          At end Q1 2022, we announced an agreement with an exclusive distribution partner in India, Earkart, and will change our distribution and retailer set up in India to this extent. As announced on 1 May 2023, Earkart expects to order around DKK 5.0 million of Audientes’ products in the coming 12 months.

•          Due to the uncertainty around the size and timing of funding in the short-term as well as in the medium-term, the Company has decided not to announce any guidance for the outlook for revenue and EBITDA for 2023 at this time.

 

  

Steen Thygesen, CEO Audientes A/S comments:

“It has been a year since Audientes began mass producing and shipping its first product, Ven, unfortunately with sparse results of DKK 0.1 million for all of 2022 following the provisions of sales we have made recently. We have learned from the past year and have been working on a major v2.0 software release for Ven and Companion, which greatly enhances the performance and customer experience of both, and which we believe will lead to a good product/market fit and thus improved sales performance. In the first quarter of 2023, Companion began to sell in Sweden and Denmark, and we also partnered with a new exclusive distribution partner in India, Earkart. We believe these new collaborations will be beneficial for our future sales. Although our sales revenue for the first quarter in 2023 was only DKK 0.2 million, we have established new partnerships we can build on further during the year.”  

 

Financial Calendar

The financial calendar for the remainder of 2023 is scheduled as follows:

 

Date	Title
13 June, 2023	Annual Report for 2022
28 June, 2023	Annual General Meeting 2023
24 August, 2023	Q2/Half-year 2023 reporting
9 November, 2023	Q3 2023 reporting

 

For further information, please contact: 

Steen Thygesen, CEO, Audientes A/S

Phone: ‭+45 77 34 16 80‬‬‬‬‬‬

Email: [email protected]

 

Troels Torp, CFO, Audientes A/S

Phone: ‭+45 77 34 16 80

Email: [email protected]‬‬‬‬‬‬

About Audientes A/S

Audientes A/S is a Danish hearing health company specializing in smart, self-fitting and affordable hearing aids and advanced hearables. Audientes’ unique hearing aid solution, Ven™ by Audientes, is available for purchase in the Indian and Nepalese markets, and will be introduced in other markets in the coming years. Companion by Audientes is an advanced hearable consumer electronics product that is commercially available in Europe and later in 2023 in Japan and other markets.

 

Audientes’ mission is to make high-quality hearing aids and hearables for hearing improvement or hearing enhancement accessible to everyone who needs them globally. Audientes is listed on Spotlight Stock Market Denmark (AUDNTS) and headquartered in Copenhagen, Denmark with a subsidiary in Hyderabad, India.

 

For additional information please refer to the company’s websites, www.audientes.com, www.audientes.eu, or www.audientes.in.