Qlife Holding AB, Interim report Q3 2022
Rights issue and targeted focus on CRP-assay readiness
Financial summary – third quarter 2022
- Revenue in the period amounted to kSEK 1,967 (5,871). Revenue includes sales ofEgoo.Health devices and capsules for the device. Continued decline in test activity following the end of Covid travel restrictions has led to a decline in revenue in line with our expectations.
- EBITDA for the period amounted to kSEK -14,850 (-12,146), and net loss kSEK -20,678 (-12,268).
- The total cash flow in the third quarter amounted to kSEK -21,766 (-25,580).
- Earnings per share before/after dilution for the second quarter amounted to SEK -1.34 (-0.79), calculated on weighted average number of shares in the period.
Financial summary – January - September 2022
- Revenue in the period amounted to kSEK 16,897 (27,529). Revenue includes sales of Egoo.Health devices and capsules for the device. Q1 showed strong revenue, while continued decline in test activity in Q2 & Q3 led to a decline in revenue in line with expectations.
- EBITDA for the period amounted to kSEK -51,768 (-23,286), and net loss kSEK -56,097 (-24,844).
- The total cash flow in the first three quarters of 2022 amounted to kSEK -61,479 (-61,907).
- Earnings per share before/after dilution for the first three quarters of 2022 amounted to SEK -3.62 (-1.86), calculated on weighted average number of shares in the period.
Significant events – 3rd quarter 2022
- On September 30th Qlife annunced reductions in operational costs through workforce reductions and restructuring. The estimated effect of the changes are annual savings of 34 MSEK, with anticipated effect from Q1, 2023.
- On 24 August 2022, the board of directors resolved to carry out a rights issue of units, consisting of shares and warrants series TO2022. The rights issue was approved by the extraordinary general meeting on 27 September 2022.
- Qlife has signed an outsourcing agreement with Finnish group Scanfil to take over the continued production of the company’s Egoo device. Scanfil is a world leader in manufacturing and a system supplier to the global electronics industry with a vast network of factories, including a factory in Åtvidaberg, Sweden, that will support Qlife.
Significant events after the end of 3rd quarter 2022
- On 20 October 2022, Qlife announced outcome in rights issue. The Rights Issue has been subscribed for to a total of approximately 70.0 percent. The Company will thus receive total proceeds of approximately SEK 53.1 million before transaction costs, and upon full exercise of all warrants, Qlife will receive additional proceeds of a maximum SEK 75.9 million in June 2023 before transaction costs.
- Following the rights issue, QLife has amortized loans of SEK 20 M.
- Nomination commitee for annual general meeting 2023 has been appointed.