Press release from Companies
Publicerat: 2022-11-22 08:30:00
(Stockholm, Sweden, 22 November 2022) Inhalation Sciences AB announces that its interim report for the third quarter 2022 is now available on the company’s website. To read the whole report (in Swedish), visit: http://inhalation.se/investors/finansiella-rapporter/
Summary of interim Q3 report Commercial: through carefully qualified sales work, we are seeing a steady increase in enquiries and continue to work on converting these into assignments as quickly as possible. In the third quarter, order intake increased by 370% compared to the same period last year. Revenue also increased by 56% over the same period. The quarter ended with 6.8 MSEK in backlog, an increase of 260% compared to the same period last year. The focus remains on converting what we can before the end of the year, while continuing to process new sales of our unique technology. Regulatory: collaboration with the FDA for the planned In vitro study of ISAB's DissolvIt module is now in the start-up phase. The project will continue for two years and we are very much looking forward to this collaboration. Financial: the company has not lifted the previously announced credit line due to the new orders received in the third quarter. The credit facility is also not considered to be eligible for lifting during the remainder of 2022 and in consultation with the lenders, the term of the agreement has been extended from June 2023 to December 2023 and the maximum loan amount has been lowered to SEK 4 million. July – Sept’ 2022 Net sales kSEK 1,782 (1,137) Operating profit kSEK -3,486 (-4,446) Earnings per share before dilution SEK -0.31 (-0.40) Earnings per share after dilution SEK -0.31 (-0.39) Order intake during the period kSEK 4,778 (1,010) Order backlog at the end of the period kSEK 6,862 (1,883) Jan’ – Sept’ 2022 Net sales kSEK 8,083 (5,216) Operating profit kSEK -10,900 (-13,516) Earnings per share before dilution SEK -0.96 (-1.20) Earnings per share after dilution SEK -0.96 (-1.19) Order intake received during the period kSEK 8,347 (2,208) Order backlog at the end of the period kSEK 6,862 (1,883) Order intake is the value of products and services sold during the current period, i.e. sales, and not to be confused with net turnover. Order backlog is signed customer contracts for both products and services that have not yet been invoiced to customers, where work is still in progress and delivery has not yet been made to the customer. Selected financial data in summary Significant events during the second quarter (April-Sept’) 2022 Significant events during the reporting period (Jan’-Sept’) 2022 Significant events after the reporting period Company events On September 5, 2022, an Extraordinary General Meeting was held and, in accordance with the Nomination Committee's proposal, Jan Hellqvist was elected as a new member of the Board of Directors of the Company. The decision means that the Company's Board of Directors will consist of Daniel Spasic, Per Gerde, Sonja Gerde, Mårten Winge and Jan Hellqvist. As previously communicated, Klaus Gottwald has at his own request chosen to resign as a member of the Board of Directors of the Company. CEO statement We are growing and continue to strengthen our position in the market. Having realigned our strategy earlier this year with an increased focus on Inhalation Research Services (IRS), we are seeing increasing interest from the market in the form of both new and existing customers. Confirming this, our order intake totaled SEK 4.7 million in the third quarter, the majority of which came from our IRS services. - Commercial: Through carefully qualified sales efforts, we are seeing a steady increase in enquiries and continue to work on converting these into assignments as quickly as possible. In the third quarter of 2022, order intake increased by 370% compared to the same period last year. Revenue also increased by 56% over the same period. The quarter ended with 6.8 MSEK in backlog, an increase of 260% compared to the same period last year. The focus remains on converting what we can before the end of the year, while continuing to process new sales of our unique technology. - Regulatory: collaboration with the FDA for the planned in vitro study of ISAB's DissolvIt module is now in the start-up phase. The project will continue for two years and we are very much looking forward to this collaboration. - Financial: The company has not lifted the previously announced credit line due to the new orders received in the third quarter. The credit facility is also not considered to be eligible for lifting during the remainder of 2022 and in consultation with the lenders, the term of the agreement has been extended from June 2023 to December 2023 and the maximum loan amount has been lowered to SEK 4 million. The upcoming 4th quarter will see an increase in tempo for the organisation. We are working towards both delivering the contracts we have already signed and finalising the ongoing negotiations of future contracts. At the same time, we are working on selected strategic partnerships to prepare our service portfolio and offer our customers, an even more complete solution in inhalation services. Huddinge, 22 November 2022 Manoush Masarrat CEO To read full report (in Swedish) go HERE.
2022July-Sept
2021July-Sept
2022Jan-Sept
2021Jan-Sept
2021Jan-Dec
Net sales kSEK
1,782
1,137
8,083
5,216
9,422
Operating profit kSEK
-3,486
-4,446
-10,900
-13,516
-16,571
Proft after tax kSEK
-3,509
-4,488
-10,975
-13,525
-16,609
Balance sheet total kSEK
15,967
28,548
15,967
28,548
26,112
Cash flow for period, kSEK
-1,576
-1,672
-10,981
10,422
6,348
Cash flow for period, per share (SEK)
-0.14
-0.15
-0.97
0.92
0.63
Cash and cash equivalents kSEK
3,414
18,469
3,414
18,469
14,395
Earnings per share before dilution kSEK
-0.31
-0.40
-0.96
-1.20
-1.46
Earnings per share after dilution kSEK
-0.31
-0.39
-0.96
-1.19
-1.46
Equity kSEK
8,703
22,762
8,703
22,762
19,678
Equity per share (SEK)
0.77
2.00
0.77
2.00
1.73
Equity ratio, %
54.51%
79.73%
54.51%
79.73%
75.36%
R&D costs / operating costs
40.99%
48.77%
32.64%
45.63%
45.59%
Number of shares
11 375 734
11 375 734
11 375 734
11 375 734
11 375 734
Multi-year overview
Tkr
2021
2020
2019
2018
2017
2016
2015
Net sales
9,422
10,137
8,949
5,441
8,022
7,216
8,086
Profit after net financial items
-16,609
9,875
-4,345
-11,883
-6,358
-5,365
-2,854
Balance sheet total
26,112
18,488
23,198
19,653
23,313
10,427
9,191
Equity ratio, %,
75
57
22
55
68
40
26
Average no. of employees
9
8
7
6
5
5
5