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07 May, 2020  ·  Regulatory information

Bioservo Technologies AB Interim Report January - March 2020

First quarter in figures

  • Net sales of SEK 3.0 M (1.7)
  • EBITDA of SEK -6.6 M (-4.4)
  • EBIT of SEK -7.5 M (-5.4)
  • Earnings for the period amounted to SEK -7.5 M (-5.4)
  • Earnings per share before and after dilution amounted to SEK -0.53 (-0.60)
  • Cash flow from operating activities for the period amounted to SEK -6.2 M (-8.3)
  • At 31 March, cash and cash equivalents were SEK 50.3 M (17.3)

Significant events during the period

Launch of a new version of Ironhand®, the latest active soft exoskeleton from Bioservo Technologies that further optimizes the user experience. The new Ironhand® version 1.6 allows the operator to configure the glove to fit the work situation at hand, it comes with a new glove for improved comfort and alternative carrying solution for improved ergonomics.

Loxam placed orders for the first 82 out of their 100 agreed Ironhand®-systems, at an order value of 5.6 MSEK. The systems will be available for rental in 15 cities across France, fulfilling the demand for increased safety of workers across the country. At the end of the period approximately 25% of the order value has been shipped and the remaining systems are to be delivered as soon as Loxam reopens its rental offices again.

Long-term testing of Ironhand® with the goal of evaluating the system's durability over time has been initiated at General Motors in Detroit.

Published an article in the scientific journal “Journal of NeuroEngineering and Rehabilitation“ (https://doi.org/10.1186/s12984-020-00660-y) that shows that home-rehabilitation using Bioservo Technologies wearable soft-robotic glove leads to improvement in hand function in people with spinal cord injury.

The ongoing clinical trial studying the rehabilitation effects of Carbonhand on patients with an impaired hand function is temporary paused as Roessingh Research and Development’s facilities in the Netherlands currently are used for nursing COVID-19 patients.

Towards the end of the period, Bioservo began to be affected by COVID-19. The management at Bioservo therefore initiated savings measures to protect Bioservo's assets, partly through the various available government subsidies such as shortening of working hours and reduced employers' fees, as well as the termination of hourly-based employees, consultants and implemented stops in new recruitments.


Events after the end of the period

No significant events have occurred after the end of the period.


CEO Petter Bäckgren comments First Quarter of 2020

The year began with the launch of a new version (1.6) of Ironhand® with a focus on providing the user with an even better experience
through increased comfort, more ergonomic carrying solutions and a downloadable app that enables easy adjustment of the glove's settings
for optimal operator support. The new version of Ironhand® has been well received and Bioservo has received orders for more than 90
Ironhand® systems during the first quarter, compared with 58 systems throughout 2019.

Based on the strong order intake at the beginning of the year, production capacity was significantly increased during February, both through hourly staff and through increased volumes from established suppliers. The rapid increase in production showed that Bioservo is well prepared to increase production capacity at short notice to handle larger volumes. At the launch, we also introduced a digital training portal for distributors, customers and users, which we now find very useful at a time when physical meetings are not possible.


For further information please contact:

Petter Bäckgren
CEO
petter.backgren@bioservo.com
+46 8 21 17 10

or

Jacob Michlewicz
CFO
jacob.michlewicz@bioservo.com
+46 8 21 17 10

Note This information is such as is required by Bioservo Technologies AB under the EU Market Abuse Regulation and the Securities Market Act. The information was submitted, through the care of the above person, for publication on 7 May 2020 at. 08:40.


About Bioservo Technologies

Bioservo Technologies AB (publ) is a world leading company in wearable muscle strengthening systems for people in need of extra strength and endurance. All our innovative products and systems are designed to keep people strong, healthy and efficient.

 

The company has a unique global position within soft exoskeleton technology for the hand, both for industrial applications to improve the health for workers and to improve quality of life for people with reduced muscle strength.

Bioservo Technologies was founded in 2006 in collaboration between researchers at the Royal Institute of Technology and a doctor at Karolinska University Hospital. Bioservo Technologies is a Swedish public limited company with headquarters in Stockholm.

FNCA Sweden AB, +46(0)8-52800399, info@fnca.se is the company’s Certified Adviser on Nasdaq First North

For more information, please visit www.bioservo.com