The cash flow from current operations was negative in the amount of TSEK 13,054 (9,643).
The gross margin was 65.3% (70.6%).
Electrode sales volume increased by 19% and was 11,330 (9,550) units. Repeat sales of electrodes to existing customers increased by 23%.
The half year in figures
Net sales were TSEK 10,234 (7,987), +28%.
The loss after tax was TSEK 22,258 (18,948).
The loss per share was SEK 0.31 (0.28).
The cash flow from current operations was negative in the amount of TSEK 16,805 (20,155).
The gross margin was 67.0% (66.4%).
Electrode sales volume increased by 17% and was 22,944 (19,580) units. Repeat sales of electrodes to existing customers increased by 1%.
Important events during the quarter
Overall sales increased by 36% (+24, before currency effects). Sales in Germany increased by 62% (48% in local currency). Sales in the US skin cancer market were 74% lower than Q2 2022. Sales within the skin barrier segment decreased by 18%.
Two Medicare Administrative Contractors (MACs): First Coast Service Options (First Coast) and Novitas Solutions (Novitas) released updated fee schedules for SciBase’s early detection test for melanoma. First Coast covers the state of Florida and Novitas covers the central and mid-Atlantic US and together they cover about one-third of the US Medicare population. The fee schedules have been increased to levels seen as more appropriate by clinicians.
The current CEO Simon Grant announced he will leave his position as CEO for personal reasons.
The AGM 2023 was held on May 17th.
The annual report for 2022 was published.
Important events after the end of the period
No events of significant nature have occurred after the end of the period.
Financial overview
July 1, 2022 -
Apr 1 - June 30
Jan 1 - June 30
June 30, 2023
Jan 1 - Dec 31
THE GROUP
2023
2022
2023
2022
Rolling-12
2022
Net sales, SEK ths
5 085
3 726
10 234
7 987
20 137
17 890
Gross margin, %
65,3%
70,6%
67,0%
66,4%
63,5%
62,8%
Equity/Asset ratio, %
73,7%
76,6%
73,7%
76,6%
74,9%
50,6%
Net indebtness, multiple
0,36
0,30
0,36
0,30
0,34
0,98
Cash equivalents, SEK ths
70 874
44 577
70 874
44 577
70 874
18 832
Cashflow from operating activities, SEK ths
-13 054
-9 643
-16 805
-20 155
-41 116
-44 466
Earnings per share (before and after dilution), SEK
-0,16
-0,13
-0,31
-0,28
-0,67
-0,63
Shareholder's equity per share, SEK
0,60
0,72
0,75
0,72
0,74
0,37
Average number of shares, 000'
119 831
68 475
96 129
68 475
82 302
68 475
Number of shares at closing of period, 000'*
119 831
68 475
119 831
68 475
119 831
68 475
Share price at end of period, SEK
1,19
3,41
1,19
3,41
1,19
3,82
Number of sold electrodes, pieces
11 330
9 550
22 944
19 580
45 076
41 712
Average number of employees
22
19
21
19
21
20
This information is information that SciBase Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was originally submitted for publication, through the agency of the contact person set out below, at 08.00 CET on August 18, 2023.
This interim report report has not been subject to review by the Company’s auditors
Contact person:
Michael Colérus, CFO, +46 70 341 34 72
For more information, please contact:
Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [email protected]
About SciBase and Nevisense SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase’s products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase’s technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here : http://investors.scibase.se/en/pressreleases
Midsummer approaches and, as you know, Simon resigned a few weeks ago so we would like to give you a quick update on the recent progress at SciBase.
SciBase has, under Simons leadership, built a foundation for growth by developing two dermatology products with great potential. Many important advancements have been made within the research, development, quality, regulatory, initial sales, and the reimbursement sides of the business. I believe we now have a solid foundation to stand on and, as Simon will remain with the company until October, it will give a smooth transition to the next phase of the company's future.
The foremost priorities for SciBase are to focus on further improving US reimbursement of our products, to cover a larger population and geographical part of the US, improving sales and usage of the sold products in both the US and in Germany, as well as continue lowering the production cost in our products to enable future sales outside of these territories.
We clearly have a chance to become the standard of care in dermatology. To achieve this, we will have to focus heavily on sales! The new CEO we recruit must have an excellent history and experience level with sales, understand how reimbursement works in the US, and be able to grow the company faster from where we now stand. The work to recruit a new CEO is ongoing even though we are approaching summer.
We have achieved a lot lately and by far the most important event this year has been the decision by two Medicare Administrative Contractors (MACs) to grant an increased fee schedule amount for the Nevisense test in the US.
This is a major step for the company for several reasons:
Firstly, it means that the Nevisense test can now be reimbursed for Medicare patients in Florida, Texas, Colorado, Louisiana, Arkansas, Mississippi, New Mexico, Oklahoma, New Jersey, District of Columbia, Delaware, Pennsylvania, Maryland, and parts of Virginia. In total that means approximately 11M seniors out of 37M in the whole US in all areas will have access to the test, paid by Medicare.
We see this as a very important, positive decision for SciBase. Of course, it is also important for patients, given that seniors are the patient demographic with the highest rates of skin cancer.
Secondly, this decision will help us in our efforts to secure coverage in other Medicare regions and with private insurers. Establishing a Medicare fee schedule in the western US is our next focus region. Additionally, we have been working for about a year with four large national private payers to secure coverage and payment. The Medicare decision will help us with those and other, expanded coverage efforts.
Finally, the decision means that it now makes sense for SciBase to increase efforts to sale more aggressively in the US. We are in the process of employing further field staff to cover existing and new areas.
US sales are the clear focus for SciBase in the coming quarters, though it may take a quarter or two to see a significant impact on sales as the new employees come on-line. If everything works out well, we can expect exponential, rather than linear sales growth i.e., lower growth in the beginning and exponentially better as reimbursement coverage improves.
As you might know our strategy is to cooperate with large practice groups, and we recently announced the third large group to implement Nevisense - The Schweiger Dermatology Group, based in the North-East US. Schweiger has started by installing systems with two clinics in New Jersey. There are advanced discussions underway with an additional group. As we secure broader insurance coverage, it will become easier to get these practice groups up and running. Now more than 10% of the target population have paid access to our test, and we expect real sales growth as we approach 50%.
Germany
Germany is now our proof of business and goes from strength to strength. We continue to see very good levels of organic growth in electrode usage rates, new system sales and sales overall. We are selling about twice as many new systems compared to last year, which in turn will drive future electrode sales. We are approaching 400 systems installed and are there are nearly 1,000 Nevisense tests performed each week. A reasonable reimbursement level and our expanded indication (Non-Melanoma Skin Cancer) are key drivers for the growth. This again illustrates the importance of reimbursement in driving sales, and we know from our experience in Germany that as we secure coverage in the US, sales will come.
Skin Barrier Function
We will get back to you on this after the summer, but it is developing swiftly and in the right direction.
So, I would like to end by saying that we now have 1. Proof of Principle, i.e., the product/ technology works. We also have 2. Proof of Business, i.e., customers like the product, re-order and Germany is now profitable and cash positive.
Next step is to show we have 3. Proof of Scalability i.e., we can grow sales rapidly with lower cost of goods with a particular focus on the US.
Happy summer
Tord Lendau
Chairman SciBase
For further information visit www.SciBase.com or contact:
About SciBase and Nevisense SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase's products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase's technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.SciBase.com. All press-releases and financial reports can be found here : http://investors.SciBase.se/en/pressreleases
STOCKHOLM, SWEDEN, - August 29, 2023 - SciBase Holding AB ("SciBase") [STO:SCIB], a leading developer of augmented intelligence-based solutions for skin disorders announced today that the Board has appointed Pia Renaudin as the Company's Chief Executive Officer (CEO).
Pia will join SciBase as CEO on October 1st, 2023. As previously announced on May 15th, Simon Grant resigned from his position as CEO for personal reasons and will remain with the Company until the end of October to fully support the transition.
Pia is an exceptionally well-suited candidate to implement SciBase's strategy in order to reach the company's full potential. The board is convinced that she will help in creating shareholder value.
Tord Lendau, Chairman of the Board at SciBase commented:" I am very pleased to welcome Pia Renaudin as our new CEO. She has an extensive track record of developing and growing businesses and a broad international experience. She has built up businesses from scratch to multi-million SEK sales in the United States, a key component of our growth strategy. We believe that Pia is the right CEO to execute our strategy and to bring SciBase to the next level." Furthermore, he added: "I would also like to take the opportunity and thank Simon Grant for his long-term dedication and for an excellent job done in positioning SciBase with the products and indications that will now take the company to the next phase. On behalf of the Board, we wish him personally all the best for his future endeavors."
Pia Renaudin comments her appointment, "I am thrilled to be joining SciBase at this transformative stage, following the positive reimbursement news. I am looking forward to lead and expand SciBase to become a successful commercial entity for the benefit of patients and all other stakeholders in my new role as CEO. I am convinced we have a very exciting future with great growth potential ahead of us".
Pia Renaudin has extensive experience in the global Life Science and MedTech industries. She has spend over 20 year in leading positions in companies such as Senzime AB, Gilead Sciences, Stryker and AstraZeneca. Pia joins SciBase from Senzime AB, a Swedish MedTech Company listed on Nasdaq Stockholm main market, where she held the position of CEO from 2019 to 2023. During her tenure she significantly grew the sales, for instance in Q1-23 sales in Senzime grew by 161% with the US constituting the majority of the sales and growing by 215%.
SciBase has made significant progress both in the US and EU (MDR) by navigating the challenging regulatory processes and market environments in these territories. In addition, it has reached profitability in Germany (proof-of-business) through growing sales mainly of test volumes. SciBase has also recently made significant progress with Medicare reimbursement and market penetration in the US and Nevisense remains the only point-of-care melanoma detection product available in the US. The foundation for further growth both in the US and globally has been laid.
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 16.30 CET on August 29, 2023.
For further information visit www.scibase.com or contact:
About SciBase and Nevisense SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase's products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase's technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here : http://investors.scibase.se/en/pressreleases
Today, the annual general meeting of 2023 was held in SciBase Holding AB (publ) (the "Company" or "SciBase"). Below follows a summary of the resolutions passed at the annual general meeting.
The annual general meeting resolved:
to adopt the profit and loss statement and the balance sheet and the group profit and loss statement and the group balance sheet for the financial year 2022;
that SEK 171,885,712 shall be carried forward in new account and that no dividend shall be paid;
to grant the board members and the CEO discharge from liability for the financial year 2022;
that the board of directors shall consist of five ordinary members without deputy members and that a registered accounting firm shall be elected as auditor;
that the fees payable to the board of directors for the period until the end of the next annual general meeting shall be SEK 200,000 for the chairman of the board and SEK 150,000 to each of the other ordinary board members (who are not employed by a larger shareholder in the Company) and that fees payable to the auditor is to be paid in accordance with approved invoices;
for the period until the end of the next annual general meeting, to re-elect Tord Lendau, Diana Ferro, Thomas Taapken, Matt Leavitt and Jvalini Dwarkasing as board members, to re-elect Tord Lendau as chairman of the board of directors and to re-elect the auditing firm PricewaterhouseCoopers AB (PwC) as auditor for the Company, with Magnus Lagerberg as auditor-in-charge;
to adopt principles for the appointment of a nomination committee (same principles as previous year);
to change the articles of association so that the wording of section 4 in the articles of association is revised from "The company's share capital shall be no less than SEK 1,500,000 and no more than SEK 6,000,000." to "The company's share capital shall be no less than SEK 5,990,000 and no more than SEK 23,960,000." and the wording of section 5 in the articles of association is revised from "The number of shares shall be no less than 30,000,000 and no more than 120,000,000." to "The number of shares shall be no less than 119,800,000 and no more than 479,200,000."; and
to authorize the board of directors to increase the share capital through issuance of new shares, warrants and/or convertible debentures. Through issuances resolved upon with support from the authorisation - with deviation from the shareholders' preferential rights - the number of shares issued, or number of shares created in connection with exercise of warrants or conversion of convertibles, shall correspond to not more than a 20 per cent dilution of the share capital and the number of shares and votes in the Company after such issue(s).
For more information, please contact: Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [email protected]
About SciBase and Nevisense SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase's products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase's technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here : http://investors.scibase.se/en/pressreleases
STOCKHOLM, SWEDEN, - May 15, 2023 - SciBase Holding AB ("SciBase") [STO:SCIB], a leading developer of augmented intelligence-based solutions for skin disorders hereby clarifies the May 15th announcement that Simon Grant will leave his position as CEO for personal reasons. Simon will transition out of his role over the next six months but will remain formally as CEO during this time. Simon Grant will also remain available to the Board in a consulting capacity after the end of the planned transition time.
The Board has initiated the process to recruit a new CEO and will provide an update in due course. Tord Lendau, chairman of the board of SciBase, will take over certain operational parts of the role of CEO during the transition period as Simon Grant will gradually reduce his involvement. As chairman of the board, Tord is responsible for driving the process of finding a new CEO and will work to ensure a smooth transition.
"We thank Simon for his efforts as Managing Director at SciBase. During his nine years as CEO, SciBase has transitioned from being a research-oriented company to a commercial stage company with products approved and marketed in the US, Europe and Australia. Obtaining the PMA for Nevisense in the US in 2017 and being able to subsequently secure Medicare reimbursement earlier this year, was the culmination of Simon's efforts to bring the company's technologies to the market and to the benefit of patients worldwide. We wish Simon all the best in his future endeavors and it is positive that he will remain available to assist the board even after ending his role as CEO. I will step into an operational role and support the CEO to manage the transition as smoothly as possible. While it is disappointing to see Simon leave, we can also see this as an opportunity to optimize the organization as we leverage our platform to further accelerate our growth, especially in the US", says Tord Lendau Chairman of the Board at SciBase.
The Company has made significant progress in navigating challenging regulatory processes and market environments and has reached profitability in Germany through growing sales of Nevisense and electrodes. SciBase has also recently made significant progress with Medicare reimbursement and market penetration in the US and Nevisense remains the only melanoma detection product available in the US. The foundation for further growth has been laid.
For further information visit www.scibase.com or contact:
About SciBase and Nevisense SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase's products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase's technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here : http://investors.scibase.se/en/pressreleases
STOCKHOLM, SWEDEN, - May 15, 2023 - SciBase Holding AB ("SciBase") [STO:SCIB], a leading developer of augmented intelligence-based solutions for skin disorders announced today that Simon Grant has resigned from his position as CEO for personal reasons and will be transitioning out of his role over the next six months. Simon Grant will remain available to the Board in a consulting capacity after the end of the planned transition time.
The Board has initiated the process to recruit a new CEO and will provide an update in due course. Tord Lendau, Chairman of the Board of Directors of SciBase, will assume the role of CEO in the interim to ensure a smooth transition.
"We thank Simon for his efforts as Managing Director at SciBase. During his nine years as CEO, SciBase has transitioned from being a research-oriented company to a commercial stage company with products approved and marketed in the US, Europe and Australia. Obtaining the PMA for Nevisense in the US in 2017 and being able to subsequently secure Medicare reimbursement earlier this year, was the culmination of Simon's efforts to bring the company's technologies to the market and to the benefit of patients worldwide. We wish Simon all the best in his future endeavors and it is positive that he will remain available to assist the board even after ending his role as CEO. I will be stepping in as interim CEO to manage the transition. While it is disappointing to see Simon leave, we can also see this as an opportunity to optimize the organization as we leverage our platform to further accelerate our growth, especially in the US", says Tord Lendau Chairman of the Board at SciBase.
The Company has made significant progress in navigating challenging regulatory processes and market environments and has reached profitability in Germany through growing sales of Nevisense and electrodes. SciBase has also recently made significant progress with Medicare reimbursement and market penetration in the US and Nevisense remains the only melanoma detection product available in the US. The foundation for further growth has been laid.
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 13.15 CET on May 15, 2023.
For further information visit www.scibase.com or contact:
About SciBase and Nevisense SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase's products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase's technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here : http://investors.scibase.se/en/pressreleases
Headline of previously published Interim report January - March 2023 corrected including the headline in the attached pdf-file
The first quarter in figures
Net sales were TSEK 5,149 (4,260), +21%.
The loss after tax was TSEK 10,906 (9,736).
The loss per share was SEK 0.15 (0.14).
The cash flow from current operations was negative in the amount of TSEK 3,751 (10,512).
The gross margin was 68.7% (62.8%).
Electrode sales volume increased by 16% and were 11,614 (9,982) units. Repeat sales of electrodes to existing customers increased by 11%.
Important events during the quarter
Overall sales increased by 21% (+13%, before currency effects). Sales in the US skin cancer market were 54% lower than Q1 2022 as Q1-22 included initial Nevisense system sales to US partners. Sales in Germany increased by 35% (26% in local currency). Sales within the skin barrier segment increased by 196%.
After the end of the year the board of directors of SciBase Holding AB (publ), by virtue of the authorization from the annual general meeting on 18 May 2022, resolved to carry out a fully guaranteed issue of new shares with preferential rights for existing shareholders of approximately SEK 79.6million before transaction costs. The board of directors assesses that, based on the current strategic plan, the capital injection is sufficient for at least the next 12-month period. The subscription price is SEK 1.55 per new share. The share capital increased by SEK 2,567,816.5 through the issue of 51,356,330 new shares. SciBase received the issue proceeds after the end of the quarter and after issue costs SciBase received approximately SEK 70 million.
SciBase has entered into a collaboration agreement with Schweiger Dermatology group (SDG) to pilot Nevisense in two New Jersey practices. Schweiger Dermatology Group is the largest dermatology practice group in the Northeastern US, with over 90 offices and more than 300 healthcare providers throughout New York, New Jersey, Pennsylvania and Connecticut.
Important events after the end of the period
Two Medicare Administrative Contractors (MACs): First Coast Service Options (First Coast) and Novitas Solutions (Novitas) released updated fee schedules for SciBase’s early detection test for melanoma (0658T). First Coast covers the state of Florida and Novitas covers the central and mid-Atlantic US and together they cover about one-third of the US Medicare population. The updated fee schedules, which now have been increased to levels seen as more appropriate by clinicians, are valid retroactively from January 1st.
The summons for the AGM 2023 was published.
The annual report for 2022 was published.
Financial overview
Apr 1, 2022 -
Jan 1 - Mar 31
Mar 31, 2023
Jan 1 - Dec 31
THE GROUP
2023
2022
Rolling-12
2022
Net sales, SEK ths
5 149
4 260
18 778
17 890
Gross margin, %
68,7%
62,8%
64,4%
62,8%
Equity/Asset ratio, %
77,9%
79,3%
78,4%
50,6%
Net indebtness, multiple
0,28
0,26
0,27
0,98
Cash equivalents, SEK ths
14 394
54 621
14 394
18 832
Cashflow from operating activities, SEK ths
-3 751
-10 512
-37 705
-44 466
Earnings per share (before and after dilution), SEK
-0,15
-0,14
-0,64
-0,63
Shareholder's equity per share, SEK
1,19
0,88
1,05
0,37
Average number of shares, 000'
72 426
68 475
69 463
68 475
Number of shares at closing of period, 000'*
119 831
68 475
119 831
68 475
Share price at end of period, SEK
1,80
4,70
1,80
3,82
Number of sold electrodes, pieces
11 614
9 982
43 344
41 712
Average number of employees
21
18
20
20
*Including BTA from ongoing new share issue
This information is information that SciBase Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was originally submitted for publication, through the agency of the contact person set out below, at 08.00 CET on May 10, 2023.
This year-end report has not been subject to review by the Company’s auditors
Contact person:
Michael Colérus, CFO, +46 70 341 34 72
For more information, please contact:
Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [email protected]
About SciBase and Nevisense SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase’s products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase’s technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here : http://investors.scibase.se/en/pressreleases
The information was submitted for publication, through the agency of the contact person set out above, at 10.00 CET on April 21, 2023.
About SciBase and Nevisense SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase's products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase's technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here : http://investors.scibase.se/en/pressreleases.
The cash flow from current operations was negative in the amount of TSEK 3,751 (10,512).
The gross margin was 68.7% (62.8%).
Electrode sales volume increased by 16% and were 11,614 (9,982) units. Repeat sales of electrodes to existing customers increased by 11%.
Important events during the quarter
Overall sales increased by 21% (+13%, before currency effects). Sales in the US skin cancer market were 54% lower than Q1 2022 as Q1-22 included initial Nevisense system sales to US partners. Sales in Germany increased by 35% (26% in local currency). Sales within the skin barrier segment increased by 196%.
After the end of the year the board of directors of SciBase Holding AB (publ), by virtue of the authorization from the annual general meeting on 18 May 2022, resolved to carry out a fully guaranteed issue of new shares with preferential rights for existing shareholders of approximately SEK 79.6million before transaction costs. The board of directors assesses that, based on the current strategic plan, the capital injection is sufficient for at least the next 12-month period. The subscription price is SEK 1.55 per new share. The share capital increased by SEK 2,567,816.5 through the issue of 51,356,330 new shares. SciBase received the issue proceeds after the end of the quarter and after issue costs SciBase received approximately SEK 70 million.
SciBase has entered into a collaboration agreement with Schweiger Dermatology group (SDG) to pilot Nevisense in two New Jersey practices. Schweiger Dermatology Group is the largest dermatology practice group in the Northeastern US, with over 90 offices and more than 300 healthcare providers throughout New York, New Jersey, Pennsylvania and Connecticut.
Important events after the end of the period
Two Medicare Administrative Contractors (MACs): First Coast Service Options (First Coast) and Novitas Solutions (Novitas) released updated fee schedules for SciBase’s early detection test for melanoma (0658T). First Coast covers the state of Florida and Novitas covers the central and mid-Atlantic US and together they cover about one-third of the US Medicare population. The updated fee schedules, which now have been increased to levels seen as more appropriate by clinicians, are valid retroactively from January 1st.
The summons for the AGM 2023 was published.
The annual report for 2022 was published.
Financial overview
Apr 1, 2022 -
Jan 1 - Mar 31
Mar 31, 2023
Jan 1 - Dec 31
THE GROUP
2023
2022
Rolling-12
2022
Net sales, SEK ths
5 149
4 260
18 778
17 890
Gross margin, %
68,7%
62,8%
64,4%
62,8%
Equity/Asset ratio, %
77,9%
79,3%
78,4%
50,6%
Net indebtness, multiple
0,28
0,26
0,27
0,98
Cash equivalents, SEK ths
14 394
54 621
14 394
18 832
Cashflow from operating activities, SEK ths
-3 751
-10 512
-37 705
-44 466
Earnings per share (before and after dilution), SEK
-0,15
-0,14
-0,64
-0,63
Shareholder's equity per share, SEK
1,19
0,88
1,05
0,37
Average number of shares, 000'
72 426
68 475
69 463
68 475
Number of shares at closing of period, 000'*
119 831
68 475
119 831
68 475
Share price at end of period, SEK
1,80
4,70
1,80
3,82
Number of sold electrodes, pieces
11 614
9 982
43 344
41 712
Average number of employees
21
18
20
20
*Including BTA from ongoing new share issue
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 10, 2023.
This year-end report has not been subject to review by the Company’s auditors
Contact person:
Michael Colérus, CFO, +46 70 341 34 72
For more information, please contact:
Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [email protected]
About SciBase and Nevisense SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase’s products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase’s technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here : http://investors.scibase.se/en/pressreleases
The shareholders in SciBase Holding AB (publ), reg. no. 556773-4768 (the "Company"), are hereby given notice to attend the annual general meeting at 17:00 p.m. on Wednesday 17 May 2023 at Setterwalls Advokatbyrå's offices at address Sturegatan 10 in Stockholm.Registration for the meeting commences at 16:30 p.m. The board of directors has decided, pursuant to Chapter 7, Section 4a of the Swedish Companies Act and the Company's articles of association, to apply the possibility of postal voting in conjunction with the general meeting (see "Postal voting" below for more information).
Notice
Shareholders wishing to participate at the meeting must:
(i) be entered in the shareholders' register, kept by Euroclear Sweden AB (the Swedish Central Securities Depository & Clearing Organisation), on the record day which is Tuesday 9 May 2023 and
(ii) notify the Company of their attendance and any assistant no later than Thursday 11 May 2023. Notification can be made in writing to Setterwalls Advokatbyrå AB, Attn: Johan Tönnesen, P.O. Box 1050, SE-101 39 Stockholm, Sweden or by e-mail to [email protected].
Notification shall include full name, personal identification number or corporate registration number, address, daytime telephone number and, if appropriate, information about representative, proxy, and assistants. The number of assistants may not be more than two. In order to facilitate entry to the meeting, notification should, where appropriate, be ac-companied by powers of attorney, registration certificates and other documents of authority.
Nominee registered shares
In order to be entitled to participate and vote at the meeting, shareholders who have their shares registered in the name of a nominee must have their shares registered in their own name, so that the shareholder will be included in the transcription of the share register as of Tuesday 9 May 2023. Such registration may be temporary (so-called voting rights registration) and is requested to the nominee in accordance with the nominee's routines at such time in advance as the nominee determines. Voting rights registrations made by the nominee no later than Thursday 11 May 2023 will be taken into account in the preparation of the share register.
Postal voting
The board of directors has decided, pursuant to Chapter 7, Section 4a of the Swedish Companies Act and the Company's articles of association, to apply the possibility of postal voting in conjunction with the general meeting. A special form shall be used for postal voting. The form will be available on the Company's website, http://investors.scibase.se/en/annual-general-meeting-2023.
The form may be submitted by post to Setterwalls Advokatbyrå AB, Attn: Johan Tönnesen, Box 1050, 101 39 Stockholm or via e-mail to [email protected]. The completed voting form must be received by Setterwalls Advokatbyrå AB no later than Tuesday 16 May 2023 provided the shareholder has given notice of attendance for the general meeting no later than Thursday 11 May 2023. However, a complete postal vote which reaches Setterwalls Advokatbyrå AB no later than Thursday 11 May 2023 shall also be considered the shareholder's notice of attendance at the meeting (by postal voting).
The shareholder may not provide special instructions or conditions in the voting form. If so, the vote (i.e. the postal vote in its entirety) is invalid. Further instructions and conditions are included in the form for postal voting.
Proxy voting
A shareholder represented by proxy shall issue a power of attorney which shall be dated and signed by the shareholder. If the shareholder postal votes by proxy, the power of attorney shall be enclosed to the form. If issued by a legal entity, the power of attorney shall also be accompanied by registration certificate or, if not applicable, equivalent documents of authority. Power of attorney forms will be available on the Company's website http://investors.scibase.se/en/annual-general-meeting-2023.
Processing of personal data
For information regarding how your personal data is processed in connection with the annual general meeting, please refer to the privacy policy on Euroclear Sweden AB's website, https://www.euroclear.com/dam/ESw/Legal/Privacy-notice-bolagsstammor-engelska.pdf.
Proposed agenda
Opening of the meeting and election of chairman of the meeting.
Preparation and approval of the voting list.
Approval of the agenda.
Election of one person who shall approve the minutes of the meeting.
Determination of whether the meeting has been duly convened.
Submission of the annual report and the auditor's report as well as of the consolidated financial statements and the auditor's report on the group.
Resolution in respect of:
adoption of the profit and loss statement and the balance sheet as well as of the consolidated profit and loss statement and the consolidated balance sheet;
allocation of the Company's results according to the adopted balance sheet; and
the members of the board of directors' and the CEO's discharge from liability.
Resolution regarding the number of members and, where applicable, deputies of the board of directors and number of auditors and, where applicable, deputy auditors.
Determination of the fees payable to the members of the board of directors and the auditors.
Election of members of the board of directors and auditor.
Resolution on principles for the appointment of a nomination committee.
Resolution regarding changes to the articles of association.
Resolution on an authorisation for the board of directors to resolve upon issues of shares, warrants and convertibles.
Closing of the meeting.
The nomination committee's proposed resolutions
The nomination committee is composed of the chairman of the board of directors of the Company (i.e. Tord Lendau), Dharminder Chahal (appointed by VanHerk Group), Peter Elmvik (appointed by Stockholms Elbolag) and Iraj Arastoupour. The nomination committee has presented the following proposed resolutions in relation to items 1 and 8-11 in the proposed agenda.
Item 1 - Election of chairman
Olof Reinholdsson (lawyer at Setterwalls Advokatbyrå) is proposed as chairman of the meeting, or if he is unable to attend the meeting, any other person proposed by the board of directors.
Items 8-10 - Election of and remuneration to the board of directors and auditors
The nomination committee proposes that the board of directors, until the end of the next annual general meeting, shall consist of five (5) ordinary members without deputy members. Furthermore, it is proposed that a registered accounting firm shall be elected as auditor.
The nomination committee furthermore proposes that the fees payable to the board of directors for the period until the end of the next annual general meeting shall be SEK 200,000 for the chairman of the board and SEK 150,000 to each of the other ordinary board members (who are not employed by a larger shareholder in the Company). It is proposed that the Company's auditor shall be paid in accordance with approved invoices.
The board of directors today consists of the following five (5) ordinary members without deputy members: Tord Lendau (chairman), Diana Ferro, Thomas Taapken, Matt Leavitt och Jvalini Dwarkasing.
The nomination committee proposes that all current board members are to be re-elected and proposes no election of new board members. Furthermore, Tord Lendau is proposed to be re-elected as chairman of the board of directors.
The registered accounting firm PricewaterhouseCoopers AB (PwC) is proposed to be re-elected as auditor. The accounting firm has informed that Magnus Lagerberg will remain as principally responsible auditor.
Additional information regarding the board members is available on the Company's website.
Item 11 - Resolution on principles for the appointment of a nomination committee
The nomination committee proposes the following decision for appointment of a nomination committee for the annual general meeting 2024 (same principles as the previous year). The nomination committee for the annual general meeting 2024, which shall comprise of four members, shall be appointed by way of that the chairman of the board of directors will consult with the three largest shareholders of the Company at the end of the third quarter of 2023. These shareholders will be requested to each appoint one member who, together with the chairman of the board of directors, will form the nomination committee. The composition of the nomination committee shall be publicly announced no later than six months prior to the annual general meeting. The nomination committee, whose mandate period applies until the time a new nomination committee has constituted itself, shall appoint a chairman among its members. The nomination committee shall prior to the annual general meeting 2024 prepare and submit proposals regarding the election of the chairman of the annual general meeting, the number of board members and, where applicable, deputy members, the number of auditors and, where applicable, deputy auditors, the election of board members, chairman and, where applicable, deputy members, auditor and, where applicable, deputy auditors, remuneration for the board of directors and the auditor, as well as guidelines for the appointment of the nomination committee for the following annual general meeting. The nomination committee's proposals shall be presented in the notice to a general meeting where election of board members and auditor shall take place and on the Company's website. Should a member of the nomination committee resign from its assignment, a replacement shall be sought from the shareholder that appointed the departing member. Should a shareholder that has appointed a member of the nomination committee substantially decrease its ownership in the Company, the next shareholder in size order shall, if the nomination committee so resolves, be requested to appoint a member to the nomination committee.
The board of directors' proposed resolutions
The board of directors of the Company has presented the following proposed resolutions in relation to items 7(ii), 12 and 13 in the proposed agenda.
Item 7 (ii) - Allocation of the Company's results according to the adopted balance sheet
The board of directors proposes that SEK 171,885,712 shall be carried forward in new account. Accordingly, no dividend is proposed.
Item 12 - Resolution regarding changes to the articles of association
The board of directors proposes that the annual general meeting resolves on changes to the articles of association so that the wording of section 4 in the articles of association is revised from "The Company's share capital shall be no less than SEK 1,500,000 and no more than SEK 6,000,000" to "The Company's share capital shall be no less than SEK 5,990,000 and no more than SEK 23,960,000" and that the wording of section 5 in the articles of association is revised from "The number of shares shall be no less than 30,000,000 and no more than 120,000,000" to "The number of shares shall be no less than 119,800,000and no more than 479,200,000". The chairman of the board of directors, the CEO or a person appointed by the board of directors shall be authorized to make any minor adjustments required to register the resolution with the Swedish Companies Registration Office.
Item 13 - Resolution regarding authorisation for the board of directors to resolve upon issues of shares, warrants and convertibles
The board of directors proposes that the annual general meeting resolves to authorize the board of directors to, until the next annual general meeting, on one or more occasions, decide upon issuances of new shares, issuance of warrants and/or convertibles. New issues of shares and issues of warrants and/or convertibles may occur with or without preferential rights for shareholders of the Company and may be made either in cash and/or by way of set-off or contribution in kind or otherwise be conditional. Through issuances resolved upon with support from the authorisation - with deviation from the shareholders' preferential rights - the number of shares issued, or number of shares created in connection with exercise of warrants or conversion of convertibles, shall correspond to not more than a 20 per cent dilution of the share capital and the number of shares and votes in the Company after such issue(s). The chairman of the board of directors, the CEO or a person appointed by the board of directors shall be authorized to make any minor adjustments required to register the resolution with the Swedish Companies Registration Office.
Majority requirements
Resolution in accordance with the board of director's proposal in accordance with item 12 and 13 on the agenda requires that the general meeting's resolution is supported by shareholders representing at least two thirds of the shares represented at the general meeting as well as of the votes cast.
Shareholders' right to request information
The board of directors and the CEO shall, if any shareholder so requests and the board of directors believe that it can be done without material damage to the Company, provide information regarding circumstances that may affect the assessment of an item on the agenda, of the Company's, or a subsidiary's economic situation and of the Company's relations with other group companies on the general meeting.
Documentation
The financial accounts and auditor's report will be kept available at the Company's office and on the Company's website www.scibase.com no later than 26 April 2023. Copies of such documents will be sent free of charge to shareholders who so request and state their postal address. The proposals of the board of directors and the nomination committee are set out in full in the notice.
Stockholm, April 2023
SciBase Holding AB (publ)
The board of directors
For more information, please contact: Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [email protected]
The information was submitted, through the agency of the contact person set out above, for publication at the time stated by Scibase's news distributor Cision upon publication of this press release.
About SciBase and Nevisense
SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase's products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase's technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here:http://investors.scibase.se/en/pressreleases
