Interim Report Q1 2020

Report

Press release

Interim report

January 1 - March 31, 2020

The first quarter in figures

  • Net sales amounted to TSEK 2,496 (2,368).
  • The loss after tax amounted to TSEK 8,936 (8,906).
  • The loss per share amounted to SEK 0.54 (0.54).
  • The cash flow from current operations was negative in the amount of TSEK 7,893 (8,950).
  • The gross margin reached 54.0% (52.6%).
  • Electrode sales volume increased by 8% and reached 6,562 (6,080) units. Repeat sales of electrodes to existing customers increased by 6%.

Important events during the quarter

  • During Q1 2020 the Covid-19 pandemic broke out and the consequences of the outbreak started to affect SciBase from mid-March. Sales in the company's key market Germany were affected and decreased by 10% in the quarter, though overall sales rose by 5%. There is a high risk that Covid-19 could lead to a significant financial impact on the Group. At this point, the effects are however very difficult to predict, and the situation is changing constantly.
  • The Board of Directors is constantly monitoring and assessing the situation around the Covid-19 pandemic and its impact on the company's business and decided on a fully guaranteed rights issue of units consisting of shares and warrants, to provide funds to increase US market penetration and develop new applications. The proposal was approved by an extraordinary general shareholders meeting on April 29th. The subscription price per unit is SEK 1.25 resulting in net proceeds of the raise of approximately MSEK 19.5 after issue costs.
  • A summons to an extraordinary general shareholders' meeting was published on March 26th. The EGM was held on April 29th.

Important events after the end of the     period

  • At the EGM on April 29th the Board's proposal for a rights issue of units was approved.
  • SciBase received FDA approval for Nevisense 3.0.
  • SciBase entered into a partnership agreement with the Advanced Dermatology and Cosmetic Surgery group (ADCS), the single largest dermatology network in the US with over 150 practices.
  • The annual report for 2019 was published on April 5th.
Apr 1 2019 - 
Jan 1 - Mar 31 Mar 31 2020 Jan 1 - Dec 31
THE GROUP 2020 2019 Rolling-12 2019
Net sales, SEK ths 2 496 2 368 9 404 9 276
Gross margin, % 54,0% 52,6% 54,9% 54,5%
Equity/Asset ratio, % 64,8% 79,0% 74,6% 69,4%
Net indebtness, multiple 0,54 0,27 0,34 0,44
Cash equivalents, SEK ths 17 970 58 057 17 970 26 456
Cashflow from operating activities, SEK ths -7 893 -8 950 -36 898 -37 956
Earnings per share (before and after dilution), SEK -0,54 -0,54 -2,38 -2,38
Shareholder's equity per share, SEK 1,40 3,78 2,59 1,93
Average number of shares, 000' 16 618 16 618 16 618 16 618
Number of shares at closing of period, 000' 16 618 16 618 16 618 16 618
Share price at end of period, SEK 1,84 4,14 1,84 4,36
Number of sold electrodes, pieces 6 562 6 080 24 206 23 724
Average number of employees 16 19 18 18

This information is information that SciBase Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on May 5, 2020.

Contact person: Michael Colérus, CFO. +46 70 341 34 72

For more information, please contact: 
Simon Grant, CEO SciBase 
Phone: +46 72 887 43 99 
Email: [email protected]

Certified Advisor: 
Avanza AB 
Phone: +46 8 409 421 20 
Email: [email protected]

About SciBase and Nevisense
SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.