Quarterly Report, Quarter 1 2022

The quarter in brief, January - March 2022

January - March 2021

•          Net sales: SEK 6.8 million (4.9)

•          Operating income: SEK -4.0 kronor (-5.3)

•          Net income for the period: SEK -4.1 million (-5.3)

•          Earnings per share: SEK -0.06 (-0.07)

Summary of the quarter

•          39% sales growth

•          Net income for the period improved by SEK 1.2 million

•          Organization strengthened with new Head of Sales

•          New distributor in South Africa

•          Strategy for sustainable growth developed and implemente

CEO words

Positive start to 2022

Glycorex had a positive start to 2022. Sales in the first quarter of the year increased by 39 percent to SEK 6.8 million (4.9). Our profitability improved by SEK 1.2 million in the quarter with an operating income of SEK -4.1 million (-5.3). The development is in line with our long-term ambitions to create sustainable sales growth and supports that we are cautiously optimistic about the continued development in 2022.

Market development

Many of our markets developed positively in the quarter. In Europe, we are seeing a clear increase in demand as the effects of the COVID-19 pandemic continue to subside. In the quarter, development was particularly positive in the Netherlands, Austria, and Singapore. India, which is one of our priority growth markets, continued its positive development.

As part of strengthening our sales capacity and sharpening our commercial focus, we have recruited Erik Melgaard Pedersen to the new position as Head of Sales. In addition we have also expanded our distribution network with new distributors in South Africa and in Chile.

Going for Growth (G4G) – Strategy for Sustainable Growth

During the first quarter of the year, we have worked intensely to iden- tify activities and areas that can establish sustainable growth for the company. Our ambition is for Glycorex to begin a long-term growth journey by taking advantage of the obvious opportunities that our unique technology offers. The areas we will prioritize are as follows:

G1. Growing globally. We want to grow globally by strengthening our presence in the markets where we already are active and by establishing ourselves in new and interesting markets.

G2. Growing within transplantations. Glycorex has a strong position in living donor kidney transplantations. Our ambition is to strengthen our position in a number of other areas of transplantations.

G3. Growing beyond transplantations. Our technology holds fantastic opportunities for expansion into new areas and we have several products approaching the market. Immediately available is expansion into transfusion, followed by rheumatoid arthritis.

G4. Growing through innovations. Glycorex has demonstrated the ability to develop new products based on the company’s unique technology. In addition to already served markets, there are several new areas of interest where Glycorex could play a crucial role in improving healthcare.

You can read more about our G4G strategy on pages 5-9 of the enclosed report.

The positive start to the year and our G4G ambitions as future targets make me look forward to 2022 with confidence.

Geert Nygaard,

CEO Glycorex Transplantation AB

For further information, please contact:
Geert Nygaard, CEO, Glycorex Transplantation AB.
E-mail: info@glycorex.com, phone: 046-286 52 30

Brief information about the company
Glycosorb® ABO is one of Glycorex Transplantation AB's self-developed proprietary medical devices that is used clinically in four continents to facilitate blood group-compatible transplants, especially in kidney transplants from related living donors, but the product is also used in liver, heart, lung and stem cell transplantation. The product has so far been used in more than 5,000 kidney transplants. The short-term and long-term results are excellent. The results have been presented in over 60 scientific articles in reputable medical journals. Each kidney transplant has been estimated to save up to SEK 5 million in dialysis costs alone. Each kidney transplant saves about 150 dialysis treatments per year, meaning that the over 5,000 kidney transplants performed after Glycosorb® treatments, can be estimated to save over 700,000 dialysis treatments per year. In addition to Europe, the product is used in India, Canada, Israel, Singapore, Thailand, Mexico and Australia, for example.

The company has also developed a CE-marked medical device for the development of universal blood plasma and are developing products for the specific reduction of autoantibodies in the treatment of autoimmune diseases, as well as products for specific reduction of galectins. The company also develops products for the simultaneous reduction of blood group A/B specific antibodies and HLA antibodies (tissue-specific antibodies). The company is collaborating with a leading European research institute to develop a product for the treatment of the autoimmune disease rheumatoid arthritis. There are approximately 5 million patients in the EU who have this disease.

Glycorex Transplantation AB (publ) is listed on NGM Main Regulated Equity (Nordic Growth Market) and is traded under the symbol GTAB B.