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2024-10-18 15-10 2024-Q3
2024-08-16 Kvartalsrapport 2024-Q2
2024-05-06 Ordinarie utdelning MODU 0.00 EUR
2024-04-26 15-10 2024-Q1
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2022-05-02 Årsstämma 2022

Beskrivning

LandFinland
ListaFirst North Finland
SektorHälsovård
IndustriMedicinteknik
Modulight är verksamt inom teknikbranschen. Bolaget designar, marknadsför och producerar biomedicinska laserprodukter som används inom onkologi, genetik och oftalmologi. Kunderna består primärt av sjukhus och företagskunder verksamma inom medicinteknik. Utöver huvudverksamheten erbjuds även diverse mervärdestjänster. Störst verksamhet återfinns inom Europa.
2022-04-28 06:58:00

Modulight Corporation, Company Release, 28 April 2022 AT 8.00 A.M. Finnish Time

This release is a summary of Modulight’s business review for January–March 2022. The complete report is attached to this release.

January–March 2022 highlights

  • Modulight continued to execute the growth strategy and invest in increasing its production capacity and improving other capabilities to realize the company’s long-term potential.
  • Two new projects were initiated during the quarter, bringing the total number of projects to 26 (16) - brain diagnostics and bladder cancer projects are examples of good progress within existing projects.
  • Overall, good progress continued to be made with the project pipeline, despite prolonged delays, which continued to impact revenues. Especially therapy-related projects and onsite support services continue to be affected by COVID-19 related organization-specific policies limiting Modulight’s as well as some of its customers’ ability to conduct visits to necessary facilities.
  • Profitability was impacted by lower revenue and higher level of operational costs driven by the implementation of the growth strategy.
  • Revenues were EUR 1,601 (2,204) thousand
  • EBITDA was EUR -418 (1,379) thousand
  • Operating result (EBIT) was EUR -869 (1,128) thousand
  • Operating result margin (EBIT) was -54 (51) % of revenue

(The figures in brackets refer to the corresponding period of the previous year. This business review is unaudited.)

Seppo Orsila, CEO
Modulight’s first quarter in 2022 was twofold in terms of our performance. We continued to implement our investment program, made clear progress with existing projects and expanded our project portfolio by two to 26 significant projects. We received orders from new large enterprises, including two Fortune 500 companies, one of which is among the largest pharmaceutical companies in the world and another is a large company developing quantum computers. Both of these wins highlight the recognition of Modulight’s expertise and the broadening potential of the company’s technology platforms. They also support our future sales by providing new tier-1 customer references. As emphasized previously, the evolution of our product development pipeline is Modulight’s most important strategic performance indicator.

The number of new indications and applications our technology can be applied to has increased faster than we anticipated. This creates a solid foundation for the coming years. On the other hand, the USD 3.9 million purchase order we announced after the period-end in April is a great demonstration of progress within our existing projects.

That said, our quarterly revenue and profitability were lower than during the previous year. Revenue was EUR 1,601 (2,204) thousand and EBITDA was EUR -418 (1,379) thousand. Profitability reflected the lower level of revenue as well as Modulight’s primarily fixed cost base. Our costs are now at a significantly higher level compared to the previous year, as we have continued to accelerate the execution of our growth strategy. In addition to business and cost-related drivers, the first quarter’s revenue and profitability were also affected by the Board’s earlier (March 15, 2022) decision to write off certain receivables, which directly impacted also 1Q22 figures (for more information, see “Write-off related to trade receivables”).

As previously emphasized, significant variation in quarterly revenue is to be expected in the short term. In our line of business, sales cycles are typically very long, ranging often from six months to two years. Also, both positive and negative changes in the operating environment – for example Covid-19 related changes in restrictions, corporate policies, geopolitical risks or individual behavior – can take several months to be reflected in our business performance.

After the emergence of the omicron variant, COVID-19 related restrictions on on-site visits have become increasingly unpredictable. This has affected especially the support we can provide for clinical trials and thus their progress. Rules may differ within the same project and between hospitals and companies, or often vary from one week to the next. This has led to a number of research projects being repeatedly delayed. These same limitations affect authorities, whose role is critical in medical projects. The limitations frustrate also our customers, who typically are keen to continue working on our projects. On the other hand, we see that in less regulated projects related to e.g. diagnostics we have been able to progress better and these now account for a larger share of the revenue. Many customers have also grown accustomed to Zoom meetings and are not limited in their traveling. 

We continue making solid progress on many fronts. We remain committed to increasing both our production capacity as well as other capabilities through our investment program. Our investments are on track and within the budget. In fact, we have been able to take advantage of the temporarily lowered demand for certain specialized equipment caused by recent global turmoil, and negotiate better prices. These investments will bear fruit for 20 years. We have expectedly continued to successfully attract new talent, especially for analytics and software engineering. This should help us to continue tapping into the significant opportunities in the market. We continue to target a high rate of revenue growth, and given our high gross margins, growth should also enable us to retain our historically high degree of profitability.

Key figures

(EUR 1,000) 1-3/2022 1-3/2021 Change 1-12/2021
Revenue 1,601 2,204 -27.4 % 9,071 
EBITDA -418 1,379 -130.3 % 461 
EBITDA-% -26.1% 62.6 % -77.0 % 5.1 % 
Operating result (EBIT) -869 1,128 -177.0 % - 753 
Operating result (EBIT), % of revenue -54.3 % 51.2 % -93.8 % -8.3 % 
Earnings from the period -1,224 877 -239.6 % -5,061 
Earnings per share (EUR) -0.03 0.03 -200.7 % -0.15 
Acquisition & scrapping of fixed and intangible assets -3,628  -815 345.3 % 9,617 
Free cash flow from operating activities -4,046 564 -817.1 % -9,156 
Cash & cash equivalents (at the end of the period) 58,185 1,615 3,502.0 % 62,978 
Net debt -48,968 4,749 -1,131.2% -53,415 
Gearing ratio -65.4 % 44.7 % -109.9 % -70.1 % 
Equity ratio 86.6 % 50.0 % 36.7 % 87.0 % 
Staff at the end of period average (FTE) 55 44 25.0 % 52 

 

Events after the reporting period
Proposals of the Shareholders’ Nomination Board:
On 4 April 2022, the Shareholders' Nomination Board of Modulight submitted its proposal on the composition and remuneration of the Board of Directors to the Annual General Meeting 2022 to be held on May 2, 2022. 

Notice to the Annual General Meeting:
On 11 April 2022, Modulight published the Notice to the Annual General Meeting to be held on Monday, 2 May 2022, at 2:00 p.m. at Hermiankatu 22, 33720 Tampere. The company’s shareholders and their proxy representatives may participate in the meeting and exercise their shareholder rights only by voting in advance and by submitting counterproposals and questions in advance. Shareholders may not attend the meeting in person. More information is available on the company website at https://www.modulight.com/agm2022/

Modulight receives a 3.9 million US dollar purchase order:
On 20 April 2022, Modulight announced the company had received a purchase order from an existing neurology customer. The customer’s application is in the field of diagnostics, while Modulight has already other customers using the same technology for the treatment of brain cancer. The customer is a private US company. The total value of the order is 3.9 million US dollars (approx. EUR 3.6 million). Monthly deliveries are planned for the period 3Q22 – 2Q23 and the order is recognized as revenue based on the deliveries during this period. 

Financial reporting in 2022
During the year 2022, Modulight will publish the financial information as follows: 

  • 1H22 Half-year Financial Report (1–6/2022): 19 August 2022 
  • 3Q22 Business review (1–9/2022): 20 October 2022


Webcast
Modulight's CEO Seppo Orsila will present the result in an English-language webcast, which will be held on April 28, 2022 at 10:30 am. The broadcast can be followed at https://modulight.videosync.fi/2022-q1-results. Questions are requested to be submitted in writing on the webcast portal. CFO Anca Guina is also present to answer questions.

Presentation materials will be available before the start of the event on the company’s website at www.modulight.com/reports-presentations/.

Annual General Meeting 2022
The Annual General Meeting will be held on 2 May 2022. More information is available on the company website at https://www.modulight.com/agm2022/.
 
Tampere, 28 April 2022
Board of Directors
Modulight Corporation