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Bioservo Technologies AB Interim Report January – September 2018 (regulatory information)

World’s first soft robotic muscle strengthening system. Developed in collaboration with leading Fortune 500 companies

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06 Nov, 2018  ·  Regulatory information

Bioservo Technologies AB Interim Report January – September 2018

Third quarter in figures 

  •  Net sales rose to SEK 1.0 M (0.5)
  •  EBITDA amounted to SEK -5.8 M (-3.9)
  •  EBIT totalled SEK -6.7 M (-4.5)
  •  Loss for the period was SEK -6.7 M (-4.6)
  •  Loss per share before and after dilution amounted to SEK -0.75 (-0.51)
  •  At 30 September, cash and cash equivalents were SEK 32.1 M (55.0).

 First nine months in figures 

  •  Net sales rose to SEK 4.0 M (2.1)
    •  EBITDA amounted to SEK -14.9 M (-11.2)
  •  EBIT totalled SEK -17.2 M (-12.6)
  •  Loss for the period was SEK -17.2 M (-13.5)
  •  Loss per share before and after dilution amounted to SEK -1.93 (-1.75)*
  •  At 30 September, cash and cash equivalents were SEK 32.1 M (55.0).

* Adjusted for 5:1 stock split in March 2017

Significant events during the period  

  •   Petter Bäckgren assumed the position of CEO on September 3.
  •   Bioservo secured a first order for Ironhand from an existing international customer in the automotive industry. 

Events after the end of the period 

  • It was resolved at an Extraordinary General Meeting to issue warrants for the establishment of an employee stock option programme.

CEO Petter Bäckgren comments on the third quarter of 2018    

It is tremendously inspiring to now hold the position of CEO of Bioservo and to take the next step on our journey together with all of our coworkers and stakeholders. The positive impression that I already had of Bioservo and the company’s technology has been reinforced. I foresee enormous potential for our technology in terms of risk assessment and of managing ergonomic problems and strain injuries in industry. At the end of the third quarter, we commenced work on strengthening our internal control, optimising our organisation and initiating the outsourcing of production to an external party, with the aim of securing the right capacity for increasing sales in 2019.

Kista, November 06, 2018

For further information please contact:

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

or

Maria Myräng
CFO
maria.myrang@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 November 06, 2018 at 08:30 (CET).

Bioservo Technologies in brief 

Bioservo Technologies (publ) is a technology and development company that combines medical science with modern robotics. The company holds a leading global position within soft exoskeleton technology – wearable non-invasive devices – for people in need of extra power to optimise the body’s endurance and performance, or for people with reduced muscle strength.

After many years of research and development, Bioservo Technologies is now focused on a commercialisation of the company’s products and patented technologies. The gloves are well-suited to medical rehabilitation, and to preventive use by healthcare professionals. The company has, for example, signed strategic partnership agreements with several multinational companies within the automotive and aerospace industry as well as companies active in construction/ infrastructure.

Bioservo Technologies was founded in 2006 through a collaboration between researchers at the Royal Institute of Technology and doctors at Karolinska University Hospital in Stockholm. Bioservo Technologies is a Swedish public limited company with its headquarters and operations based in Kista, north of Stockholm. FNCA Sweden AB is the company's Certified Adviser on Nasdaq First North.

For more information, please visit www.bioservo.se