Region:   International United States Sweden

Nov 7, 2023  ·  Regulatory information

Bioservo Technologies AB Interim Report January – September 2023

July-September in figures

  • Net sales of 4.2 MSEK (1.9)
  • EBITDA of -9.3 MSEK (-9.9)
  • EBIT of -9.8 MSEK (-10.7)
  • Earnings for the period amounted to -9.8 MSEK (-10.7)
  • Earnings per share before and after dilution amounted to SEK -0.12 (-0.56)
  • Cash flow from operating activities for the period amounted to – 15.2 MSEK (-15.0)

January-September in figures

  • Net sales of 10.0 MSEK (8.4)
  • EBITDA of -29.6 MSEK (-31.6)
  • EBIT of -31.0 MSEK (-34.6)
  • Earnings for the period amounted to -31.1 MSEK (-34.6)
  • Earnings per share before and after dilution amounted to SEK -0.66 (-1,83)
  • Cash flow from operating activities for the period amounted to – 37.5 MSEK (-37.2)

Significant events during the period

  • Bioservo announces that the company has contracted Michael Forss as new interim CFO and member of the management team. Michael succeeds Madeleine Börjesson as CFO and assumed the position on July 7, 2023.
  • Through a rights issue, registered on July 3, the company received SEK 32.1 million net. The share capital in the Company increased by SEK 11,374,790.40, to SEK 17,062,185.80, by issuing 56,873,952 shares. The number of shares thus increases to 85,310,929.
  • Participants in the Rights Issue are entitled to subscribe for newly issued shares with the support of the warrants during the period December 6 - December 20, 2023.
  • Bioservo receives an order for 25 Ironhand systems at an order value of SEK 1.2 million from Rhino Tool House for sale in the US market.
  • Bioservo signs a wholesale distribution agreement with Veterans Healthcare Supply Solutions for the sale of Carbonhand in the US. The initial intention of the agreement is to make Carbonhand available to Veterans Administration Facilities (VA) and Department of Defense Healthcare Facilities (DoD). The agreement can also be expanded to include other customer segments.
  • Bioservo signs a sales agent agreement with Trivet Medical LLC for the sale of Carbonhand within the Veterans Health Administration and the Department of Defense in the United States. Thus, the grip-strengthening aid Carbonhand is available to all American veterans with reduced hand function.
  • In the commercialization phase Bioservo is in, clinical evidence and issues related to market access in selected markets are becoming increasingly important. The company's management team is therefore strengthened with Annika Rydgård, responsible for clinical projects and Market Access.

Events after the end of the period

  • Bioservo announces that its Board of Directors is evaluating potential strategic options to accelerate commercialization and increase shareholder value. Sale of part or all of the company, capital infusion or other partnership opportunities, among other potential options are being evaluated. Bioservo engaged Ferghana Partners, an experienced financial advisor active in the life science sector, to assist in the process.
  • The company announces that sales of the strength-enhancing glove Carbonhand® have taken off, with the German market ordering four times as many Carbonhand systems, and Norway ordering twice as many Carbonhand systems, compared to the same period last year.

Download the full report

For further information please contact:

Petter Bäckgren, CEO
+46 8 21 17 10


Michael Forss, CFO
+46 8 21 17 10

This information is such that Bioservo Technologies AB (publ) is obliged to publish in accordance with EU Regulation on Market Abuse (MAR). The information was submitted for publication through the agency of above contact persons for publication on November 7, 2023 at 08:30 a.m. CET

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 is the company’s Certified Adviser on Nasdaq First North
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