Qlife Holding AB, Interim Report January – March 2020
Expansion with molecular test on the Egoo system
FINANCIAL SUMMARY FIRST QUARTER 2020
- Revenue for the period amounted to kSEK 385 (0) and regards a collaboration project with a Danish hospital.
- EBITDA for the period amounted to kSEK -5,732 (-1,875), and net profit amounted to kSEK -8,704 (-1,893).
- Qlife issued 4,472,600 units (4,472,600 shares and 4,472,600 warrants series TO1) through a new share issue in February 2020. Equity capital increased with kSEK 48,950 after issuance costs of kSEK 6,063, and net cash flow from the IPO amounted to kSEK 44,450 after netting of loans of kSEK 4,500.
- Total cash flow in the first quarter 2020 amounted to kSEK +33,754 (-1,618).
- Shareholders equity as per 31 March 2020 amounted to kSEK 104,063 (3,042).
- Earnings per share for the first quarter amounted to SEK -1.01 (-32.90) calculated on weighted average number of shares in the period.
SIGNIFICANT EVENTS FIRST QUARTER 2020
- Qlife received CE-mark on the Egoo home system for professional use for its first biomarker capsule. The CE mark indicates that the device meets legal requirements and that the products quality, safety and performance are documented. The Egoo home system is registered as an in vitro diagnostic device with the Danish Medicines Agency and the CE-mark applies to monitoring Hb/CRP level from a blood sample in a professional use environment and will enable start of commercial sales of the product to health professionals.
- Qlife Holding AB listed its shares and warrants at Nasdaq First North Growth Market Stockholm, on March 2nd, 2020.
- Qlife announced their strategic decision to develop the Egoo system’s ability to perform both protein-based and molecular-based tests. With positive technology integration and significantly increased demand for virus testing, the company decided to prioritize and fund development of molecular (DNA/RNA) virus testing on the Egoo system immediately.
- Qlife entered a license and supply agreement with Aidian Oy focused on expanding the Egoo systems product portfolio with COVID-19 test. Qlife will incorporate the patented SIBA® Technology into the Egoo system, which will enable the Egoo device to test for viruses, first and foremost the SARS-CoV-2 virus to test for COVID-19. The test is an RNA test with precision on par with laboratory tests performed in hospital central laboratories. The response time is expected to be twenty minutes.
SIGNIFICANT EVENTS AFTER END OF FIRST QUARTER 2020
- Qlife entered an agreement with Nordsjællands Hospital to start validation of COVID-19 test. The validation of the Egoo test will happen real-time at the testing facility in an emergency setting and data will be compared continuously. Provided that the data continue to prove that the Egoo test is equal to laboratory PCR-based COVID-19 tests, the company expects that once enough data has been accumulated it will be possible to register the test for initial roll-out.
- Qlife Aps has in May 2020 applied for a tax credit of MDKK 2.8 under the Danish Tax credit scheme. The amount will increase the company’s result and equity capital and is expected to be paid out in cash to the company in June 2020.
- Qlife entered a first strategically important sales agreement for their COVID-19 test. Qlife and KMD entered a sales agreement with The Danish Football League (Divisionsforeningen) to test players and staff in the professional leagues (3F Superliga and Nordicbet) for COVID-19. Qlife will deliver the test capacity and KMD will deliver the data infrastructure to secure testing of all players and staff prior to game start on 29th May and continued testing once a week during the remaining game weeks.
Link to report: https://qlifeholding.com/en/investors/finansiella-rapporter
This information is insider information that Qlife Holding AB (publ) 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 above, at 08.15 CET on May 20, 2020.