Bioservo Technologies AB Interim Report January – September 2022

Third quarter in figures

• Net sales of SEK 1.9 M (2.3)
• EBITDA of SEK -9,9 M (-5.1)
• EBIT of SEK -10,7 M (-6.3)
• Earnings for the period amounted to SEK -10.7 M (-6.3)
• Earnings per share before and after dilution amounted to SEK -0.56 (-0.40)
• Cash flow from operating activities for the period amounted to SEK -15,8 M (-7.4)

First nine months in figures

• Net sales of SEK 8.4 M (4.8)
• EBITDA of SEK -31.5 M (-22.5)
• EBIT of SEK -34.6 M (-26.2)
• Earnings for the period was SEK -34,6 M (-26.2)
• Earnings per share before and after dilution amounted to SEK -1.83 (-1.65)
• Cash flow from operating activities for the period amounted to SEK -38.8 M (-25.8)
• On 30 of September, cash and cash equivalents were SEK 12.7 M (61.3)

Significant events during the period

• Via the distributor Rhino Tool House, Bioservo Technologies AB has received a first order from Waupaca Foundry for 30 Ironhand® systems at an order value of SEK 1.6 million. 
• The company has signed a distribution agreement with Rehabilitations Systeme AG for the sales of Carbonhand® in Switzerland. The agreement provides access to a new market with established payment systems and is part of a strong investment in Life Science.
• The company has published new financial targets for 2025 based on the increasing interest in the industrial segment in the US and the upcoming launch of Carbonhand 2.0 in the healthcare segment. According to the new goals, Bioservo shall achieve a turnover of SEK 100 million and cash flow positivity during 2025.
• The board of Bioservo Technologies AB has during the period decided on a new issue of units, consisting of shares and warrants with preferential rights for existing shareholders (the "Rights Issue"). In case of full subscription in the Rights Issue, Bioservo will initially receive approximately SEK 30.3 million before issue costs.
• An extraordinary general meeting has been held on 19 September 2022.

Events after the end of the period

• Bioservo Technologies AB has added yet another new distributor to its network for the global sales of Carbonhand®. The latest addition of distributors is Device Services Australia who work across Australia with specially trained sales staff and clinics. 
• Bioservo Technologies AB's new issue with preferential rights for the shareholders ("Rights Issue") was completed on October 10, 2022. The subscription summary shows that 45.2 percent were subscribed with and without the support of unit rights. The remaining part of the Rights Issue has been subscribed by the investors who guaranteed the issue, which means that the Rights Issue is fully subscribed and Bioservo has thus received approximately SEK 30.3 million before issue costs.
• Bioservo Technologies AB's preferential issue of units ended on October 10, 2022, has been registered with the Swedish Companies Registration Office and the last day for trading in paid subscribed units ("BTU") was Tuesday, November 8, 2022.
• After completed safety tests, Carbonhand is now classified and approved as a medical device according to the MDR and sales work begins in several countries in Europe during quarter 4, 2022.

Download the full report

For further information please contact
Petter Bäckgren, CEO
[email protected]
+46 8 21 17 10

Madeleine Börjesson, CFO
[email protected]
+46 8 21 17 10

The information in this press release is such that Bioservo Technologies AB (publ) is obliged to publish in accordance with EU Regulation on Market Abuse (MAR). The information was submitted for publication through the agency of above contact persons for publication on November 15, 2022 at 08:30 a.m. CET.

About Bioservo Technologies
Bioservo Technologies AB (publ) is a world leading company in wearable muscle strengthening systems for people in need of extra strength and endurance. All our innovative products and systems are designed to keep people strong, healthy, and efficient. The company has a unique global position within soft exoskeleton technology for the hand, both for industrial applications to improve the health for workers and to improve quality of life for people with reduced muscle strength. Bioservo Technologies was founded in 2006 in collaboration between researchers at the Royal Institute of Technology and a doctor at Karolinska University Hospital. Bioservo Technologies is a Swedish public limited company with headquarters in Stockholm.

FNCA Sweden AB is the company’s Certified Adviser on Nasdaq First North
For more information, please visit www.bioservo.com