Polymer Factory Sweden AB (publ) Interim Report Q2 2023

The period in summary
Second quarter, April-June 2023

• Net sales increased with over 70% compared to the same period 2022
• The Company exhibited and presented at the ASMS conference in Houston in June
• The Company continued development of its calibration technology SpheriCal® to expand into new modalities

Year to date, January-June 2023

• Net sales increased with close to 50% compared to the same period 2022
• The Board of Directors resolved on a share issue, with subsequent approval by the EGM
• The Company raised approx. SEK 6,1 million* through a rights issue of shares
• The first instalment of the EDF grant was paid, amounting to approx. SEK 1,8 million**

*before deduction of transaction related costs
**the grant is accrued and recognized as income continuously over a period of 18 months

Key Figures

* adjusted for the shares issued in Q1 2023

Comments from CEO Elin Mignérus
During the period, the Company has focused on sales and marketing activities to increase the knowledge about our existing technologies and new developments in the industry. We also continue to push projects into their next phases with the ambition to meet all our goals set out for the year 2023, with new developments for SpheriCal® being one of the focus areas.

In Q2 2023, Polymer Factory continued to develop both our technologies and customer relationships. We have seen both industrial and academic customers coming back for follow-up orders, which we are working to move into long-term partnerships.

In June, Polymer Factory exhibited at the 71st American Society for Mass Spectrometry (ASMS) Conference in Houston, as well as holding a presentation on new developments for the SpheriCal® platform. At the conference, we presented several new and coming expansions of the platform, which gained a lot of interest from participants, and we hope to see this leading to new business relationships once the platforms are launched. Expanding the range of applications for this platform and utilizing its unique features for calibration of different analytical techniques is something that the Company is striving towards to also expand the market share in the mass spectrometry markets. New developments for the SpheriCal® platform include electrospray ionization (ESI), ion mobility spectrometry (IMS), and high molecular weight MALDI-TOF mass spectrometry, which are all currently under development and have started going to beta testing by experienced users, and are planned to launch later in 2023. 

Being present at conferences and fairs is of great importance for Polymer Factory, as it gains attention for the Company and our products. This is an effective way for us to make the company more well-known among potential customers and something that we will continue to focus on as part of our marketing efforts. From experience, we know that presence at conferences is a good way of establishing new contacts, building on existing relationships, and generating leads in our industry, where lead times from first interaction to commercialization is a long process.

Financially, the second quarter of 2023 followed the same pattern as the year before, but we are happy to once again have increased the revenue compared to the same period last year. We are aware that revenue can fluctuate over the year at this stage of the company’s journey, especially with projects and deliveries being completed at different points in time over the year. The perspective on this is that we need to continue to patiently work towards stable, long-term projects that will provide continuous revenue, and completing research and development- and customized material projects for customers is a step in taking us there. For the mass spectrometry market, there is a clear trend that the second quarter is slower, as the entire industry is putting a lot of focus into preparation for ASMS in June.

As of June 1st, Polymer Factory welcomed a new product manager to take over the DNG segment and continue the efforts to develop the platform. We are a small but ambitious team, and with this new addition we have also expanded the expertise of the company, which we look forward to capitalizing on going forward. As CEO, I am very proud of the engagement the entire team puts into the company and look forward to continue to share our journey with all of our shareholders.

This disclosure contains information that Polymer Factory is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 16-08-2023 08:00 CET.