SciBase: Interim report

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SciBase

May 10, 2023, 02:53 ET

STOCKHOLM, May 10, 2023 /PRNewswire/ --

January 1 - March 31, 2023

The first quarter in figures

Net sales were TSEK 5,149 (4,260), +21%.
The loss after tax was TSEK 10,906 (9,736).
The loss per share was SEK 0.15 (0.14).
The cash flow from current operations was negative in the amount of TSEK 3,751 (10,512).
The gross margin was 68.7% (62.8%).
Electrode sales volume increased by 16% and were 11,614 (9,982) units. Repeat sales of electrodes to existing customers increased by 11%.

Important events during the quarter

Overall sales increased by 21% (+13%, before currency effects). Sales in the US skin cancer market were 54% lower than Q1 2022 as Q1-22 included initial Nevisense system sales to US partners. Sales in Germany increased by 35% (26% in local currency). Sales within the skin barrier segment increased by 196%.
After the end of the year the board of directors of SciBase Holding AB (publ), by virtue of the authorization from the annual general meeting on 18 May 2022, resolved to carry out a fully guaranteed issue of new shares with preferential rights for existing shareholders of approximately SEK 79.6 million before transaction costs. The board of directors assesses that, based on the current strategic plan, the capital injection is sufficient for at least the next 12-month period. The subscription price is SEK 1.55 per new share. The share capital increased by SEK 2,567,816.5 through the issue of 51,356,330 new shares. SciBase received the issue proceeds after the end of the quarter and after issue costs SciBase received approximately SEK 70 million.
SciBase has entered into a collaboration agreement with Schweiger Dermatology group (SDG) to pilot Nevisense in two New Jersey practices. Schweiger Dermatology Group is the largest dermatology practice group in the Northeastern US, with over 90 offices and more than 300 healthcare providers throughout New York, New Jersey, Pennsylvania and Connecticut.

Important events after the end of the period

Two Medicare Administrative Contractors (MACs): First Coast Service Options (First Coast) and Novitas Solutions (Novitas) released updated fee schedules for SciBase's early detection test for melanoma (0658T). First Coast covers the state of Florida and Novitas covers the central and mid-Atlantic US and together they cover about one-third of the US Medicare population. The updated fee schedules, which now have been increased to levels seen as more appropriate by clinicians, are valid retroactively from January 1^st.
The summons for the AGM 2023 was published.
The annual report for 2022 was published.

Financial overview

			Apr 1, 2022 -
	Jan 1 - Mar 31		Mar 31, 2023	Jan 1 - Dec 31
THE GROUP	2023	2022	Rolling-12	2022
Net sales, SEK ths	5 149	4 260	18 778	17 890
Gross margin, %	68,7 %	62,8 %	64,4 %	62,8 %
Equity/Asset ratio, %	77,9 %	79,3 %	78,4 %	50,6 %
Net indebtness, multiple	0,28	0,26	0,27	0,98
Cash equivalents, SEK ths	14 394	54 621	14 394	18 832
Cashflow from operating activities, SEK ths	-3 751	-10 512	-37 705	-44 466
Earnings per share (before and after dilution), SEK	-0,15	-0,14	-0,64	-0,63
Shareholder's equity per share, SEK	1,19	0,88	1,05	0,37
Average number of shares, 000'	72 426	68 475	69 463	68 475
Number of shares at closing of period, 000'*	119 831	68 475	119 831	68 475
Share price at end of period, SEK	1,80	4,70	1,80	3,82
Number of sold electrodes, pieces	11 614	9 982	43 344	41 712
Average number of employees	21	18	20	20
*Including BTA from ongoing new share issue

This information is information that SciBase Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on May 10, 2023.

This year-end report has not been subject to review by the Company's auditors

Contact person:

Michael Colérus, CFO, +46 70 341 34 72

For more information, please contact:
Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [email protected]

Certified Advisor (CA):.

Vator Securities

Tel: +46 8 580 065 99

Email: [email protected]

About SciBase and Nevisense
SciBase is a global medical technology company headquartered in Stockholm, Sweden, that has developed a unique point of care platform for the non-invasive detection of skin cancer and other skin conditions. SciBase is a pioneer within augmented intelligence, combining artificial intelligence with Electrical Impedance Spectroscopy (EIS) to provide objective information that assists dermatologists and others in clinical decision-making. SciBase's products include Nevisense and Nevisense Go and to date the platform addresses the areas of melanoma detection, non-melanoma skin cancer detection and skin barrier assessment. Nevisense is the only FDA-approved device for the detection of melanoma and the only MDR-approved technology for skin cancer detection in Europe. SciBase's technology is based on more than 20 years of academic research at the Karolinska Institute in Stockholm, Sweden. For more information please visit www.scibase.com. All press-releases and financial reports can be found here : http://investors.scibase.se/en/pressreleases

The following files are available for download:

https://mb.cision.com/Main/12371/3766934/2046507.pdf

Interim report Q1 - final