Reports
Publicerat: 2021-08-24 08:30:00
Second quarter, 1 April – 30 June 2021 The Redsense Group First half-year, 1 January – 30 June 2021 The Redsense Group Result and position The Group’s result for the second quarter of 2021 amounted to kSEK -4,358 before taxes, or SEK -0.31 per share. The number of shares outstanding was 14,040,810 as of 30 June 2021. Cash and cash equivalents at the end of the period amounted to kSEK 7,238. Significant events 1 April – 30 June 2021 Significant events after the period In August, Redsense Medical announced the conclusion of a new distributor agreement with CardioMed Supplies Inc. for Canada and Bermuda. Comments from our CEO First signs of the anticipated turn of the tide – customer activity begins to recover At MSEK 1.1, net sales for Q2 remain on par with the first quarter, and hence continue to disappoint. Nonetheless, we are finally seeing a break in the trend; order intake is increasing in Q3 after the first signs of a normalization appeared over the course of the second quarter. Many COVID-19 restrictions were eased and customers in healthcare regained some room for manoeuvre. We had in our previous assessments expected the downturn to last into the second half of the year, and that we thereafter once again would be able to gain some pace. This is also what is happening. Orders and customer interest in new sales are once again on the rise, albeit initially at a slow pace – but gauging from what we currently see in the market, with training resuming in various locations and more activity from counterparties, we expect the bounce back from the downturn to become clearly visible in the Q3 bottom line, and even more so when we close the books on Q4. While the now dominant delta variation remains a cause of concern, the high vaccination willingness and uptake among dialysis patients is reassuring; a recently published US survey found vaccine hesitancy in the group to be half that of the general population, and uptake is promoted by vaccinations offered at the dialysis facilities. Spin-off successfully brought to completion The distribution to shareholders of the company’s wound care operations, as contained in the subsidiary Odinwell, was successfully completed during the quarter. The newly spun-out company is now listed on Spotlight Stock Market as of 9 June. Thus, the remainder of Redsense Medical is now also free to move forward with a clear focus and a well-defined structure. Sustainability report At the end of the quarter, Redsense Medical announced the publication of its first sustainability report. It has been prepared on a voluntary basis in order to evaluate the company’s operations with regard to all aspects of sustainability, and gives an account of our efforts to improve our own impact and make a difference in our value chain. Our vision is to save lives, and dedicated, transparent and informed sustainability work is one of our means to achieve that. Important developments in new markets After the end of the quarter, a new distributor agreement was finalized for Canada and Bermuda, a region with close to 25,000 hemodialysis patients. In addition, Redsense’s blood loss alarm obtained market authorization in Australia and New Zealand through the Therapeutic Goods Administration’s regulatory approval during the quarter. As previously disclosed, Redsense signed an agreement with Regional Care Health Group in Australia in the first quarter, and the distributor will now be able to begin product demonstrations to introduce Redsense in clinics and provide safer treatment for the 12,000 hemodialysis patients in the region. Home treatment is already popular there, due to the vast distance to clinics in many locations, and we hope that access to a safety solution such as Redsense will further increase adoption of home hemodialysis. Redsense Clamp closer to market Alongside Toronto, Berlin and Sweden, Australia is therefore one of the locations where we plan to move the Redsense Clamp – our accessory that will equip the alarm with the ability to stop the dialysis machine’s blood pump automatically –into clinical validation. We also consider it a key strategic market for the future launch of the new product. Prior to the market standstill, we saw steady sales growth driven by good market penetration in the US market (where our customers include the top five providers) and our ability to offer a unique solution well suited to the macro trends in play, particularly the growth of home dialysis facilitated by political initiative. The goal for the fall is to pick up the strong growth journey where we left off a year ago when markets froze.Our focus remains on the US, and Europe, Asia and Oceania are also interesting markets moving forward. Where the pandemic-related restrictions recede, the benefits of hemodialysis treatment at home that have become apparent to many patients will still remain. All in all, we set forth into the third quarter with great confidence and a landscape of opportunities. Contact information For more information, please contact: About Redsense Medical Redsense Medical is obliged to make the information contained herein public pursuant to the EU market abuse regulation. The information was submitted for publication through the agency of the contact person above at CET 08:30 on Tuesday, August 24, 2021.
CEO Patrik Byhmer
Telephone: +4670-357 21 64
E-mail: patrik.byhmer@redsensemedical.com
Redsense Medical is a corporate group with operations mainly in Europe and the United States. The company has developed the Redsense System, an innovation used for monitoring and alarm in the case of blood leakage in connection with a hemodialysis treatment. Redsense Medical solves one of the most serious remaining safety problems within hemodialysis – to quickly detect Venous Needle Dislodgement and catheter leakage to minimizing blood leakage. The system consists of a patented fiber optic sensor, designed for either venous needle or central venous catheter, which is connected to an alarm unit. From the very start, the development of the company's technology has been based on the demands and safety requirements of healthcare providers in the dialysis sector.
