Continued sales growth despite Covid-19 shutdowns in the UK and Germany
FIRST HALF OF THE YEAR (January-June)
· The company’s sales amounted to 873 (218) KSEK.
· Operating costs amounted to 8,300 (6,333) KSEK.
· Result before and after tax amounted to -7,545 (-6,116) KSEK.
· Result per share amounted to -0.57 (-0.59) SEK.
· Cash and cash equivalents at the end of the period amounted to 19,677(6,572 ) KSEK.
SECOND QUARTER (April-June 2020)
· The company’s sales amounted to 471 (101) KSEK
· Operating costs amounted to 4,266 (3,243) KSEK.
· Result before and after tax amounted to -3,846 (-3,143) KSEK.
· Result per share amounted to -0.26 (-0.30) SEK.
CEO Karin Bryder summarizes the quarter
During the second quarter of the year, Invent Medic’s business operations were substantially affected by the Covid-19 pandemic. Among other things, we clearly noticed the impact from the shutdowns in the UK and Germany, and we had to adjust to only being able to conduct digital meetings with distributors and partners. Due to the effects of the pandemic, the expected sales growth in the UK based on the agreement with the national healthcare organization NHS England did not materialize, but we were still able to increase the total sales figure somewhat in comparison with Q1, which is a positive sign for the future. In Sweden, our application for a design change of Efemia that makes the product more attractive for users was approved, and we also signed an agreement for inclusion in the large pharmaceutical chain Apotea’s assortment. Our discussions regarding expansion to additional countries in Europe had to be put on hold due to the pandemic, but they have now been resumed.
We were however able to continue according to plan with our preparations for a possible launch of Efemia in the United States and other possible markets outside of Europe. Additionally, we are still aiming to present at
least one new product candidate for our product pipeline
before the end of the year.