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Beskrivning

LandSverige
ListaNordic SME Sweden
SektorHälsovård
IndustriMedicinteknik
Lumito specialiserar sig på medicinsk teknik för digital patologi. Bolaget strävar efter att förbättra vävnadsdiagnostiken med sin patenterade teknologi baserad på uppkonverterade nanopartiklar. Bolaget planerar att initialt lansera sin första produkt för forskningslaboratorier. Bolaget bildades under 2010 som en spinoff från en forskargrupp vid Lunds universitets avdelning för atomfysik och lasercentrum. Lumito har sitt huvudkontor i Lund.
2023-10-31 08:45:00

Financial overview of the third quarter
July 1 to September 30, 3023

  • Net sales amounted to TSEK 0 (0).
  • Result after taxes amounted to TSEK -5 358 (-6 815).
  • Earnings per share before and after dilution amounted to SEK -0,03 (-0,04).
  • Cash flow from operating activities after changes in working capital amounted to TSEK -6 101 (-9 787).

Nine months, January 1 to September 30, 3023

  • Net sales amounted to TSEK 0 (0).
  • Result after taxes amounted to TSEK -20 027 (-20 425).
  • Earnings per share before and after dilution amounted to SEK -0,10 (-0,13).
  • Cash flow from operating activities after changes in working capital amounted to TSEK -19 835 (-24 423).
  • Cash and cash equivalents on the balance sheet date amounted to TSEK 22 121 (64 689).

Third-quarter sales, earnings, cash flow and personnel

Net sales for the third quarter of 2023 amounted to TSEK 0 (0).

Operating costs, including capitalised costs for the third quarter, amounted to TSEK 6 422 (9 049). A smaller share of the costs has been capitalised in the quarter compared to the corresponding period last year, TSEK 976 (2 192).

Operating income for the third quarter amounted to TSEK -5 358 (-6 815), and the result after taxes amounted to TSEK -5 358 (-6 815).

Third-quarter cash flow

Cash flow from operating activities during the third quarter amounted to TSEK -5 327 (-6 782). After changes in working capital, cash flow for the period was TSEK -6 101 (-9 787). Total cash flow for the period amounted to TSEK -7 077 (32 414). The previous year’s figures included a new issue of TSEK 44 393 in the quarter.

Net sales and results, nine months, January 1 to September 30

Net sales for nine months of 2023 amounted to TSEK 0 (0).

Operating costs for nine months, including capitalised costs, amounted to TSEK 31 023 (28 652). A more significant proportion of the costs have been capitalised during the nine months compared to the corresponding period last year, TSEK 10 758 (7 985). The cost increase is primarily related to continued investment in research and development and building up the future organisation.

Operating income for nine months amounted to TSEK -20 025 (-20 424), and result after taxes amounted to TSEK -20 027 (-20 425).

Cash flow, nine months

Cash flow from operating activities during nine months amounted to TSEK -19 933 (-20 325). After changes in working capital, cash flow for the period was TSEK -19 835 (-24 423). Total cash flow for the period amounted to TSEK -30 594 (29 250). The previous year’s figures included a new issue of TSEK 61 658.

Personnel

The average number of employees during the nine months was 15 (15), of which 5 (3) were women.

Investments, liquidity, and financial position

On September 30, 2022, the accumulated recorded investments for capitalised research and development expenses amounted to TSEK 86 930 (70 621). The amount refers to continued development work related to the Company’s products. The capitalisation during the year has been by principles based on development, primarily consultancy costs.

Recorded investments in the patent portfolio amounted to TSEK 4 455 (3 676), most of which are investments in patents and patent applications related to the Company’s products.

Cash and cash equivalents on the balance sheet date amounted to TSEK till 22 121 (64 689).

Equity amounted to TSEK 109 950 (136 589).

The equity ratio was 95 (96) percent.

Significant events during the third quarter

  • The promising result from Lumito's first international pilot study was presented at Liverpool Pathology 2023. The result demonstrated that using Lumito's technology, it is possible to detect the deposition of immunoglobulin and complement in renal tissue.
  • Lumito signs an agreement with Uniogen Oy. The agreement is a collaboration agreement to produce Lumito's immunohistochemical reagent kit, SCIZYS Erbium Kit. The reagent kit is part of Lumito's product offering and is based on upconverted nanoparticles.
  • Lumito participated with a booth at the European Congress of Pathology in Dublin on 10–12 September. The congress gathered 4,448 people, and the interest in Lumito's booth was excellent. An increased interest was also shown from repeat visitors and potential distributors.
  • Dr. Gopalakrishnan and Lumito's poster was awarded third place at the R&D Summit: Institutes for Excellence Launch at UHCW NHS Trust.

Significant events after the end of the period

  • CE marking and launch of SCIZYS is taking slightly longer than expected. Due to some parts of the project taking longer than expected, the plan does not hold, and a launch in 2023 is, therefore, no longer considered possible. The assessment is now, if everything goes according to the updated schedule, that it is possible to complete and CE mark SCIZYS in the first months of 2024.
  • First factory-produced SCIZYS reagent kit is now ready. The first batch of Lumito's reagent liquid intended for sale to the end customer is now produced by Lumito's production partner, Uniogen Oy.

CEO comments

During the third quarter, Lumito's organisation has worked intensively on marketing our upcoming product, as well as continuing to work intensively on the feedback received from the compliance testing of the company's SCIZYS scanner, which is currently underway at an external party, Nemko, in Germany. We have come a long way but have nevertheless been forced to extend our schedule by a few months. The fact that we receive this feedback is precious and contributes to the fact that we will launch an even better product for our customers.

Lumito has reached a significant milestone by securing an agreement with our production partner, Uniogen Oy, to manufacture our reagent kits. The first batch of factory-produced reagent kits was ordered at the beginning of the quarter and is now fully produced, an essential piece of the puzzle for the upcoming launch.

Product development of a completely new innovative technology takes time. Our goal is to build a long-term strong and attractive company.

In September, we participated for the second time at one of the internationally leading congresses in pathology, which this year took place in Dublin. This is the same congress that we attended last year in Basel. Our presence led to several important meetings, and the repeated participation this year was noticeable in the form of increased knowledge and in-depth discussions with potential end customers and partners. Undoubtedly, digital pathology is the big trend and the future.

We are very proud of the poster presented by Dr. Kishore Gopalakrishnan in Liverpool this summer after the international pilot study done in collaboration with Dr. Gopalakrishnan's research group, which recently won third prize at the R&D Summit: Institutes for Excellence Launch at UHCW NHS Trust in Coventry. This exposure is of such a type that’s crucial to increase the awareness of our product within our target group.

All employees and partners do their utmost to ensure approval and CE marking of SCIZYS as soon as possible. With continued focus and determination, we continue this dedicated work. Our commitment is to offer our future customers the best possible product solution. Any improvement achieved through the compliance testing or other dialogue with external parties will strengthen our product and, thus, our competitiveness as a new player in the industry.

We want to thank you for your continued support and commitment to Lumito's journey. Thanks to you, we have the opportunity to continue our work and soon start selling our unique product offering.

Lund, October 2023

Mattias Lundin
CEO at Lumito AB (publ)