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Interim report Q2 2022

Financial overview

Second quarter, Q2 2022, Group (formed on 1 March 2022)

  • Net sales amounted to 0.
  • Other operating income amounted to TSEK 2,311.
  • The result after tax amounted to TSEK -7,054.
  • Basic and diluted earnings per share amounted to: SEK -0.03.
  • Cash flow from operating activities was TSEK -10,210.
  • Cash and cash equivalents amounted to TSEK 75,530 as of 30 June 2022.

Second quarter, Q2 2022, Parent Company 

  • Net sales amounted to 0 (0).
  • Other operating income amounted to TSEK 56 (48).
  • The result after tax amounted to TSEK -4,679 (-2,132).
  • Basic and diluted earnings per share amounted to: SEK -0.02 (-0.01).
  • Cash flow from operating activities was TSEK -6,560 (-1,631).
  • Cash and cash equivalents amounted to TSEK 73,124 (48,224) as of 30 June 2022.

The Group

The Group's development during the second quarter, 1 April to 30 June 2022
A group was established on 1 March 2022 when Prolight Diagnostics AB completed the acquisition of the UK subsidiary Psyros Diagnostics Ltd.

Income
During the product development period, the Prolight Group has no sales or net revenue. Other income for the period amounted to SEK 2,311,155 and consisted mainly of consulting revenue in Psyros and exchange rate gains.

Costs and results
The Prolight Group's total operating expenses during the period amounted to SEK 9,365,314 and consisted mainly of external costs and personnel expenses related to the development of the Group's products.

Financing and cash flow 

  • Cash flow from operating activities amounted to SEK -10,209,923.
  • Cash flow from investing activities for the Prolight Group amounted to SEK -4,349,296 and during the period mainly comprised capitalized development costs of SEK 4,046,087 relating to the company's product development.
  • A new issue of SEK 65,689,995 after issuance costs of -15,520,104, net 50,169,891, was carried out during the period.
  • Total cash flow for the period was SEK 35,610,672.
  • Cash and cash equivalents for the Group was SEK 75,529,681 as of 30 June 2022.

Equity and liabilities 

  • The Group's equity amounted to SEK 204,001,534 as of 30 June 2022.
  • Short-term receivables amounted to SEK 2,075,365, and short-term liabilities amounted to SEK 8,073,507.
  • Total assets as of 30 June 2022 amounted to SEK 212,075,041 and consist mainly of acquired intangible fixed assets of SEK 23,125,450 and intangible fixed assets, which, at the end of the period, amounted to SEK 110,838,889.
  • The equity/assets ratio was 96 percent.

The Parent Company
The Parent Company's development during the period 1 April - 30 June 2022

Income
During the product development period, Prolight has no sales or net revenue, and this was also the case during the comparison period. Other income for the period amounted to SEK 55,673 (47,827) and consisted mainly of exchange rate gains and distribution income from NGM.

Costs and results 

  • Prolight's total operating expenses during the period amounted to SEK 4,734,162 (2,179,660) and mainly consisted of external expenses relating to the development of the company's products.
  • Net financial items amounted to SEK -1,006 (0).
  • Profit/loss for the period amounted to SEK -4,679,495 (-2,131,833).

Financing and cash flow

  • Cash flow from operating activities amounted to MSEK -6,560,387 (-1,630,777).
  • Prolight's cash flow from investing activities amounted to SEK -4,046,087 (0) and consists of capitalized development expenses relating to the company's product development.
  • A new issue of SEK 65,689,995 after issuance costs of 15,520,104, net 50,169,891, was carried out during the period.
  • Total cash flow for the quarter was SEK 39,563,417 (-1,652,301).
  • Cash and cash equivalents was SEK 73,123,839 (48,223,934) as of 30 June 2022.

Equity and liabilities

  • Equity as of 30 June 2022 amounted to SEK 208,496,582 (149,573,180).
  • Short-term receivables amounted to SEK 4,146,305 and short-term liabilities to SEK 2,892,734 (1,680,437).
  • Total assets as of 30 June 2022 amounted to SEK 211,389,316 (151,253,617) and consist mainly of intangible fixed assets, which, at the end of the period, amounted to SEK 134,119,173 (102,854,745).
  • The equity/assets ratio was 99 percent (99).

* Information in brackets refers to the comparison period last year.

Significant events during the quarter 

  • Prolight Diagnostics' subsidiary, Psyros Diagnostics, submitted an additional patent application regarding the company's unique POC technology for digital counting of individual molecules. The patent application relates to a refined measurement of individual molecules and was submitted to the Intellectual Property Office in the United Kingdom.
  • Tobias Volker took position as Acting Managing Director of the subsidiary Psyros Diagnostics. Henrik Ljung took office as CFO for the Prolight Diagnostics Group. They will both be part of the management team, reporting directly to CEO Ulf Bladin.
  • Prolight Diagnostics' Annual General Meeting was held on 20 May 2022. Masoud Khayyami, Maria Holmlund, and Ulf Bladin were re-elected as board members.
  • Steve Ross, Aileen McGettrick, and Tobias Volker were elected as new board members. Masoud Khayyami was elected as the new Chairman of the Board.

Significant events after the end of the quarter

  • Prolight Diagnostics' extraordinary general meeting was held on 4 August 2022 and resolved to implement long-term incentive schemes for senior executives and the board member Maria Holmlund as well as employee options. 

CEO Comments
During the quarter, we ensured the practical integration with our newly acquired subsidiary Psyros Diagnostics (Psyros). To all intents and purposes, the cooperation within the new group hit the ground running, and we are now working with focus and determination on the development of both our platforms, PLD MicroFlex and Psyros' POC system for digital immunoassay. In parallel with these development efforts, our dialogues with potential industrial partners continue.

Psyros' unique POC technology, where individual molecules can be counted digitally from as little as one drop of blood, has attracted a great deal of attention. The technology also enables multiplex and measurement of biomarkers with extremely low limits of detection. This represents an opportunity to introduce many new clinical tests in a POC format, including for dementia, traumatic brain injury (neuropathology), sepsis, or autoimmune diseases (immune system dysfunction), which could entail a paradigm shift in healthcare.

In April, the third patent application for Psyros' breakthrough POC technology was submitted to the Intellectual Property Office in the United Kingdom. The filed patent application covers a refined measurement of individual molecules, which helps to speed up the conduct of the test and at the same time simplifies the detection system. In turn, this allows for lower costs of the instrument. Our assessment is that the value of our product increases significantly with this innovation.

Driven by many factors, not least the lessons learned from the COVID-19 pandemic, several industry players have expressed a strong interest in offering their existing tests, which are currently only available in central laboratories, to smaller labs and clinics with POC instruments - an area known as distributed testing.

The development work for PLD MicroFlex in distributed testing is carried out in tandem with our technology and development partner The Technology Partnership (TTP). Work commenced in January and will continue throughout 2022. In our and TTP's assessment, the project will strengthen the dialogue between Prolight Diagnostics and a number of potential industrial partners about their possible involvement and co-investment in future development stages.

Our POC system was showcased in the TTP booth at the American Association for Clinical Chemistry (AACC) international medtech congress in Chicago, where it attracted good attention and considerable interest. When tangible results from the ongoing study become available, the door will open for more concrete discussions with potential partners.

The global COVID-19 pandemic has significantly increased the interest in near-patient testing, as demonstrated not least by the fact that the overall POC market amounted to USD 34.6 billion in 2021 (from USD 29.1 billion in 2020), with an expected annual growth of 7.9 percent and a projected value of USD 70.9 billion in 2030.

Tobias Volker was appointed acting CEO of Psyros in April and is part of the Group's management team. Since the Annual General Meeting on 20 May, he is also a member of the board of Prolight Diagnostics. The new Board of Directors consists of Masoud Khayyami (Chairman), Maria Holmlund, Tobias Volker and Ulf Bladin together with Steve Ross and Aileen McGettrick, both co-founders of Psyros.

Henrik Ljung is the Group's new CFO and part of Prolight Diagnostics' management team since April, together with Tobias Volker. At the end of June, we also announced four business-critical new recruitments. They are Mark Swayne, Senior Scientist; Sam Fincham, System Engineer; Daniel Hollands, Mechanical Engineer; and Andrew Goodenugh, Head of Quality and Regulatory Affairs, who will lead the important implementation of our safety and quality management system and the regulatory work.

In a short period of time, we have successfully integrated Psyros into our new group and become even stronger. We have an extremely motivated and experienced team in place and a Board of Directors with solid industry experience. We have two technologically advanced product platforms. Together, we will make every effort to deliver the leading POC systems to healthcare providers and patients in the rapidly growing Point-of-Care testing market.

Lund, August
Ulf Bladin, CEO of Prolight Diagnostics AB (publ)

This information is information that Prolight Diagnostics AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out in this press release, at 8:30 am on 29 August 2022.

For further information, please contact:

Prolight Diagnostics AB (publ)
E-mail: ub@prolightdiagnostics.se
Telephone: +46 73 582 39 87
Website: www.prolightdiagnostics.se 

Prolight Diagnostics, together with the subsidiary Psyros Diagnostics and technology partners, develops innovative and flexible near-patient testing systems, Point-of-Care Testing (POCT), which is IT based on patented technology. POC tests are performed outside the traditional hospital laboratory with small mobile instruments in health centres, nursing homes, emergency departments, intensive care units, and other settings, enabling testing close to the patient and with rapid test results. With this technology, health care providers will be able to sort out patients in need of rapid treatment from patients that, for example, are not having a heart attack. The sales value in the POCT area amounted to USD 34.6 billion in 2021 and is growing strongly.

The company's share is traded on the NGM Nordic SME marketplace, under the ticker PRLD.

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