Inhalation Sciences Sweden AB (publ) Year-End Report 2018
CEO Lena Heffler: “During the past year ISAB has passed several significant milestones. All these are clear signals that our vision – that PreciseInhale will become the standard tool for Inhalation Research and Development worldwide – is within reach”.
Year-end report in brief
- A credit facility was secured during the fourth quarter amounting in total to SEK 12.5m of which SEK 3.0m was drawn in December
- The subsidiary Ziccum completed a listing process on Spotlight Stock Market during the fourth quarter and is thereafter an associated company of Inhalation Sciences Sweden AB, with ownership on the closing date amounting to 36,5%
- Orders for PreciseInhale-systems and CRO-assignments amounted in excess to SEK 5m during the third quarter, which was a record during an isolated quarter
- Earlier during the year Lena Heffler succeeded Fredrik Sjövall as new CEO
- The European Patent Organization EPO granted acceptance during the year of one of Inhalation Sciences most significant patents
Significant events after the reporting period
- At the end of January, 2019, the closing share price of Ziccum’s shares amounted to SEK 12 which represents an increase of 100% since the closing date. The market value of ISAB’s shareholding in Ziccum on January 31, 2019, amounted to approximately SEK 26.3m
|Selected financial data|
|Net sales||3 888||2 947||5 441||8 022|
|Operating profit/loss||-1 413||-2 002||-11 781||-6 229|
|Result after tax, SEK||-1 489||-1 998||-11 883||-6 358|
|Total assets||19 653||23 313||19 653||23 313|
|Cash flow for the period (SEK)||-2 321||-2 973||-8 216||9 037|
|Cash||2 281||10 497||2 281||10 497|
|Earnings per share before dilution (SEK)||-0.17||-0.23||-1.38||-1.09|
|Earnings per share after dilution (SEK)||-0.17||-0.23||-1.38||-1.09|
|Equity per share (SEK)||1.25||1.85||1.25||1.85|
|Equity ratio (%)||55.0%||68.3%||55.3%||68.3%|
|Shareholders equity||10 806||15 914||10 806||15 914|
|No. shares (adjusted for split 2017)||8 618 930||8 618 930||8 618 930||8 618 930|
During the past year ISAB has passed several significant milestones: Strong scientific publications have confirmed the company's technology as leading. New markets have opened up, with our first steps into the Chinese market, and we have strengthened our capital base through the listing of our subsidiary Ziccum AB on Spotlight Stock Market.
We’re delighted at how more and more customers are now seeing the benefits of being able to producing high-quality data from exceptionally small amounts of test substance. December saw a new order for a PreciseInhale including the in-vitro module DissolvIt, a new order for a large CRO assignment, and the installation of a PreciseInhale including the in-vitro module XposeALI. Our clients are leaders in their respective fields, drug development, environmental research and toxicology. The publications they produce from these purchases and projects establish new benchmarks for data in their respective research areas, and attract ever more attention from the market.
All these are clear signals that our vision – that PreciseInhale will become the standard tool for Inhalation Research and Development worldwide – is within reach, opening new opportunities for more business, higher revenues and more revenue streams in coming quarters.
We continue to be active out in the market too. In December we were exhibitors at the Drug Delivery to the Lungs 2018 conference in Edinburgh, Scotland, arranged by The Aerosol Society. This is one of the most influential and well-attended events in our field, and we held many productive, exciting meetings with existing and potential customers onsite.
In October the listing of our subsidiary company Ziccum AB (publ) was received positively by the market. The share price had a positive start on Spotlight despite an uncertain market situation. ISAB retained a significant holding of the Ziccum share after the listing, amounting to a market value of approximately SEK 26 million at the end of January 2019. Inhalation Sciences and Ziccum have a number of business and science factors in common and the companies cooperate closely in projects that concern Inhalation.
We’ve previously communicated our goal of achieving a positive full-year cash flow result in 2020. To finance more development projects, increase investment in production and to ensure good liquidity during increased order intake over the coming years, we have entered into an agreement on a guaranteed credit facility that will allow us to continuously supply the company with liquidity through the raising of loans. In combination with our ownership in Ziccum this gives us a strong financial foundation to build on.
After completing my first fiscal year at Inhalation Sciences I’m pleased to see the company more than living up to its name. I’m convinced more than ever that the benefits our technology enables, together with the unique knowledge of our experts within inhalation, means that PreciseInhale really will become the standard R&D tool for all inhalation research, worldwide.
Huddinge, 21 February 2019
NB: This is a partial translation of the Swedish interim report. If any discrepancies exist, the Swedish version shall prevail.
To read the Full PDF of the Report (in Swedish) please go HERE.
For more information on Inhalation Sciences, please contact: Lena Heffler, CEO E-mail: email@example.com Telephone: +46 (0)70 205 9620Press release in PDF formatPress release in PDF format