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Qlucore Interim Report Q1 2022 ENG Final
Kurs & Likviditet
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Hälsovård |
| Industri | Medicinteknik |
Qlucore reports increased sales - continues with investments in AI-based cancer diagnostics.
First quarter, 1 May - 31 July 2022
- Net sales amounted to 2,673 (1,659) kSEK.
- Operating result (EBIT) amounted to –4,872 (-4,049) kSEK.
- Net result for the period amounted to -4,832 (-4,078) kSEK.
- Earnings per share amounted to -1.20 (-1.55) SEK. Earnings per share after dilution amounted to -1.20 (-1.55) SEK.
- Cash flow from operations before investment activities amounted to -3,847 (-3,405) kSEK.
- We have announced a new collaboration with Lund University, in the field of precision diagnostics, to develop solutions for improved clinical diagnostics of more forms of blood cancer.
CEO’s statement
Positive development during the quarter
Qlucore continued to develop positively during the first quarter, and we are actively working to consolidate our position with those who work with research and expand solutions and sales within the cancer diagnostics segment, thus enabling faster and easier analysis of data linked to various forms of cancer.
Net sales during the first quarter increased by 67 percent to 2,763 kSEK compared to the corresponding period last year. Exchange rate effects accounted for 20 percentage points. The data analysis segment still accounts for most of the net sales, while our biggest investments are made in the growth area of cancer diagnostics. This is in line with our strategy and means higher costs, which negatively affects the results.
During the quarter we concluded two new customer agreements in the cancer diagnostics segment, while sales in the data analysis segment developed well. Hospital laboratories in Denmark and Italy licensed Qlucore Insights for the analysis of clinical data. Furthermore, we have signed a cooperation agreement with Lund University for the development of additional solutions for diagnostics of more forms of blood cancer.
Environmental factors
During the quarter we continued to experience some difficulties in reaching out to new customers. This inertia initially arose in connection with the outbreak of the pandemic when physical visits became difficult. However, we do not see any direct impact from the ongoing war in Ukraine, nor do we have customers or suppliers in Russia. During the quarter, we held a number of physical meetings with customers both in the Nordics and in Europe. The majority of the combined marketing and sales efforts are directed towards the data analysis segment, but the work towards potential customers within the cancer diagnostics segment is gradually increasing.
CE marking
CE marking for Qlucore Diagnostics is extensive work. The preparation of the application in accordance with the IVDR Regulation is ongoing. The work has turned out to be more thorough than expected, and as we previously communicated, there are uncertainties regarding the availability of the Notified Body. Our assessment is therefore that our application cannot be submitted as planned in 2022. We will return with an updated timetable when we receive feedback from a Notified Body. This, together with the fact that we continue to see a focus on covid among our customers in clinical diagnostics, means a shift regarding when we are expected to reach our financial goals.
Our assessment is therefore that the financial targets with a net turnover of 300 MSEK will be reached in the business year 2027. However, we do not currently assess that we have any need for new capital.
Development
The development work continues to focus on two areas, partly on new software versions for the data analysis segment, partly on adaptations of the Qlucore Diagnostics platform to match the regulatory requirements. Together with partners we continue to develop models for the diagnosis of lung cancer, breast cancer and bladder cancer, complementing our applications for leukemia (ALL and AML).