Key figures

First quarter Q1 2022 Corporate Group,
(formed 1 March 2022)

Net sales amounted to 0.

Other operating income amounted to TSEK 1,298.

Profit after tax amounted to SEK -3 674 thousand.

Earnings per share: -0.02 SEK.

Cash flow from operating activities was TSEK 3,225.

Cash and cash equivalents amounted to TSEK 39,827 as at 31 March 2022.

Financial overview first quarter Q1 parent company
1 January to 31 March 2022 

Net sales amounted to 0 (0).

Other operating income amounted to TSEK 144 (1).

Profit after tax amounted to TSEK -2 554 (-1 459).

Earnings per share: SEK -0.02 (-0.01).

Cash flow from operating activities was SEK -2 382 (- 1 250) thousand.

Cash and cash equivalents amounted to TSEK 33,560 (49,876) at 31 March 2022. 

Significant events during the quarter

Prolight Diagnostics signed an agreement to acquire the UK company Psyros Diagnostics Ltd for a value of SEK 65 million (approximately £5.25M). Psyros Diagnostics has developed a POC technology for digital immunoassay where individual molecules can be counted digitally from a drop of blood. This patent-pending technology, which also has multiplex capability, enables the measurement of biomarkers with extremely low detection levels (femtomolar 10-15) in 10 minutes or less.

Prolight Diagnostics decided on a rights issue of units of approximately SEK 77 million subject to approval by an extraordinary general meeting. The issue was underwritten up to approximately 80 percent by a syndicate of underwriters syndicated by G&W Fondkommission.

The Company convened an Extraordinary General Meeting on Thursday 24 February 2022 at the Company's premises at Gasverksgatan 3 A in Lund.

Prolight Diagnostics acquired the shares in Psyros Diagnostics Ltd. on 1 March 2022 through a contribution in kind.

Prolight Diagnostics carried out a rights issue which was subscribed at the level of the guarantee of approximately 80 percent. The company thus received approximately SEK 62 million before issue costs.

Significant events after the end of the quarter

Prolight Diagnostics' subsidiary, Psyros Diagnostics, filed an additional patent application relating to the company's unique POC technology for digitally counting individual molecules. The patent application involves a refined measurement of single molecules and was filed with the Intellectual Property Office in the UK.

Tobias Volker assumed the role of acting subsidiary manager for Psyros

Henrik Ljung assumed the role of CFO for the Prolight Diagnostics group. Both will be part of the executive management team and report directly to CEO Ulf Bladin.

The integration between Psyros Diagnostics and Prolight Diagnostics is in full swing. Psyros' four founders, and the acting subsidiary CEO had a kickoff together with the board at Prolight's office in Lund (see picture left).

The Annual General Meeting on 20 May 2022 will be conducted via advance voting.

At this stage, it is our preliminary assessment that the Company will not be significantly impacted, directly or indirectly, by the war in Ukraine, however we are monitoring developments on an ongoing basis.

Group performance for the period 1 March - 31 March 2022

A Group was formed on 1 March 2022 when Prolight Diagnostics AB acquired the previously acquired English subsidiary Psyros Diagnostics Ltd. The Group's income statement, balance sheet and cash flow relate only to the period 1-31 March 2022.

Revenue

During the period of product development, the Prolight Group lacks sales and net revenue. Other income for the period amounted to SEK 1,298,211 and consisted mainly of consultancy income in Psyros Diagnostics and foreign exchange gains.

Costs and results

The Prolight Group's total operating expenses for the period amounted to SEK 4,972,941 and consisted mainly of external costs and personnel costs related to the development of the Group's products.

Financing and cash flow

The Prolight Group's cash flow from investing activities amounted to SEK -3,966,015 and consisted in the period of acquisition of activities of SEK -2,329,901 related to the English company Psyros Diagnostics Ltd and its POC technology and of capitalized development expenses of SEK -1,354,706 related to the company's product development.

The total cash flow for the period was -837 056.

Cash and cash equivalents of the Group as at 31 March 2022 were SEK 39,827,357.

Equity and liabilities

Equity of the Group as at 31 March 2022 amounted to SEK 160 860 913.

Current receivables amounted to SEK 5 030 809 and current liabilities amounted to SEK 14 140 759.

Total assets at 31 March 2022 amounted to SEK 175 001 672 and consist mainly of acquired intangible assets of SEK 23 125 140 and intangible assets of SEK 106 793 650 at the end of the period.

The equity ratio was 91%.

* Figures in brackets refer to the comparison period of the previous year. 

Parent company performance for the period 1 March - 31 March 2022

Revenue

During the period of product development, Prolight lacks sales and net revenue, this was also the case in the comparison period. Other income for the period amounted to 143,642 (838) and consisted mainly of foreign exchange gains and distribution income from NGM.

Costs and results

Prolight's total operating expenses for the period amounted to SEK 2,698,095 (1,460,435) and consisted mainly of external costs related to the development of the company's products.

Net financial income was SEK 0 (0).

Profit for the quarter amounted to SEK -2 554 452 (-1 459 597).

Financing and cash flow

Cash flow from operating activities amounted to SEK -2 382 353 (-1 250 445).

Prolight's cash flow from investing activities amounted to SEK -27 194 368 (0) and consists in the period of the acquisition of the English company Psyros Diagnostics Ltd. for SEK 19 500 000, acquisition costs of SEK 3 817 882 and capitalised development expenses of SEK 3 876 486 related to the company's product development.

Neither during the period nor during the comparison period were any loans taken out or repaid.

A new share issue of SEK 19 500 000 before issue costs was carried out during the period.

Total cash flow for the quarter was SEK -10 325 544 (-1 250 445).

Cash and cash equivalents at 31 March 2022 were SEK 33 560 422 (49 876 235).

Equity and liabilities

Shareholders' equity at 31 March 2022 amounted to SEK 163 006 187 (151 705 013).

Current liabilities amounted to SEK 4 922 040 (1 205 575) and the company has no long-term liabilities.

Total assets at 31 March 2022 amounted to SEK 167 928 228 (152 910 588) and consist mainly of intangible assets which at the end of the period amounted to SEK 106 755 204

(102 833 221). And share in group companies SEK 23 317 882.

The equity ratio was 97% (99).

* Figures in brackets refer to the comparison period of the previous year.