- Good sales growth and improved gross margin
- New guidelines in the UK require neuromuscular quantitative monitoring
- Listing on NASDAQ Stockholm’s main list
Financial information for April – June 2021
- Net sales amounted to SEK 4,390 thousand (1,158)
- Gross margin before depreciation was 62.1 percent (34.9)
- Income after financial items was SEK -22,576 thousand (-12,500)
- Earnings per share amounted to SEK -0.35 (-0.22)
- Cash and cash equivalents amounted to SEK 118.2 million (84.0) on June 30
Financial information for January – June 2021
- Net sales amounted to SEK 5,827 thousand (3,747)
- Gross margin before depreciation was 56.7 percent (43.2)
- Income after financial items was SEK -40,218 thousand (-21,122)
- Earnings per share amounted to SEK -0.63 (-0.37)
Sales almost quadrupled compared to the second quarter of last year, and this was our best quarter ever, even though Covid-19 continues to affect our ability to start trials in hospitals. From January to June, we had a sales increase of 64 percent compared to the first half of 2020. We see continued strong growth on the sensor side, which is very positive. The increase in sales is also reflected in an improved gross margin.
More and more countries are introducing new guidelines on how patients should be monitored during anesthesia. In May, the UK introduced new requirements that quantitative monitoring must be available in all operating theatres and used on all patients receiving muscle-blocking drugs. The new guidelines have meant that we now have around 20 ongoing trials of TetraGraph® in UK hospitals.
One of the highlights of the past quarter was, of course, the listing for trading on Nasdaq Stockholm’s main list. It is an important step within our vision to eliminate anesthetic-related complications while building a world-leading company that creates long-term values for customers, shareholders and society at large. We also hope that it will broaden our investor base and contribute to increased visibility and exposure to the company.
Our strategy to focus on the key markets US and Germany continues. During the quarter, we trained the new salespeople from our distribution partner Mercury, which complements our own sales force in the US. In Germany, we have recruited the first sellers and have several ongoing trials, some of which have already been transferred to negotiations.
During the third quarter, we expect continued key recruitments and major progress in the establishment of our production in Uppsala. We look forward to a continued success in 2021 marked by an increasing number of hospital trials around the world and high business activity as a result.
Uppsala in August 2021
Pia Renaudin, CEO