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Qlucore Interim Report Q2 2022 ENG FINAL
Kurs & Likviditet
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Hälsovård |
| Industri | Medicinteknik |
Continued focus on development within AI-based cancer diagnostics and expansion to cardiovascular diseases
Second quarter, 1 August - 31 October 2022
- Net sales amounted to 3,022 (3,337) kSEK.
- Operating result (EBIT) amounted to –4,221 (-4,193) kSEK.
- Net result for the period amounted to -4,149 (-4,274) kSEK.
- Earnings per share amounted to -1.03 (-1.62) SEK. Earnings per share after dilution amounted to -1.03 (-1.62) SEK.
- Cash flow from operating activities amounted to -1,835 (-1,320) kSEK.
- The application for a quote was submitted to the Notified Body during October.
- During the period, we obtained a patent in Europe. The patent is for a method to create improved robustness when comparing different lists of biological information.
- After the reporting period: Research and development grants from Vinnova of approximately SEK 1.5 million have been received for the development of preventive precision medicine solutions regarding cardiovascular diseases.
First half year, 1 May - 31 October 2022
- Net sales increased to 5,785 (4,996) kSEK.
- Operating result (EBIT) amounted to –9,093 (-8,242) kSEK.
- Net result for the period amounted to -8,980 (-8,352) kSEK.
- Earnings per share amounted to -2.23 (-3.17) SEK. Earnings per share after dilution amounted to -2.23 (-3.17) SEK.
- Cash flow from operating activities amounted to -5,682 (-4,725) kSEK
CEO’s statement
Positive development during the quarter
Qlucore’s positive development continues during the second quarter. We are working purposefully to consolidate our position in the cancer diagnostics segment. Through our method for cancer diagnostics, a faster and simpler analysis of data linked to various forms of cancer is enabled. At the same time, we continue with development and sales in the data analysis segment. Among other things, at the beginning of November we launched an updated program version of the analysis software Qlucore Omics Explorer, which is used by more than 200 organizations, both in academia and in the pharmaceutical industry.
At the beginning of November, we received information about an approved development grant from Vinnova of approximately SEK 1.5 million for the development of preventive precision medicine solutions for cardiovascular diseases. The project runs for 3 years.
Net sales during the second quarter were 9% lower than the corresponding quarter last year. We will always have differences between quarters due to a combination of the results of new sales and renewal sales that are not evenly distributed between years.
Overall, sales increased in the first half of the year by 16 percent to 5,785 kSEK compared to 4,996 kSEK in the corresponding period last year and where exchange rate effects account for 12 percentage points. The data analysis segment still accounts for the majority of net sales. This is completely in line with our strategy and means higher costs, which negatively affects results.
Environmental factors
During the quarter, we held several physical meetings with customers in both the Nordics and Europe. It is gratifying that we are now returning to the situation before the pandemic in terms of the opportunity to meet our customers, which noticeably facilitates our relationships and our sales. In August, we expanded the sales force in the cancer diagnostics segment and the work to reach out is intensifying. As an example, at the beginning of November we participated in a fair with a focus on companion diagnostics (BioTechX in Basel). This is the first physical fair we have exhibited at since the pandemic.
We still see no direct impact from the ongoing war in Ukraine, nor do we have customers or suppliers in Russia.
Global economic trends, such as rising inflation and the risk of recession, have not affected operations during the period. Historically, our customers have not been sensitive to economic conditions, however we continue to monitor developments.
CE marking
CE marking for Qlucore Diagnostics is extensive work. The preparation of the application is in accordance with IVDR. The quotation request has now been submitted to a Notified Body and we await feedback and contract writing. We will return with an updated timetable when we have more information.
Development
The development work continues to focus on two areas, partly on new software versions for the data analysis segment, and 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).
During the period, we obtained a patent in Europe. The patent is for a method to create improved robustness when comparing different lists of biological information.