Brighter AB (publ) Year-end report 2020
The full Interim report is available on Brighter's website https://brighter.se. The report is also attached as a pdf file to this press release.
October – December 2020.
- Net sales amounted to SEK 5,977 thousand (2,398).
- Operating result amounted to SEK -101,604 thousand (-35,029).
- Earnings before tax amounted to SEK -112,595 thousand (-34,527).
- Earnings per share, before and after dilution amounted to SEK -0.53 (-0.20).
Operating result for the period amounted to SEK -101,604 thousand (-35,029). Brighter contributed SEK -81,472 thousand to the operating result and the rest refers to Camanio and Pink Nectarine Health which were acquired in Q4 2019 and Q1 2020. Among the reasons for the higher loss were additions of to the Group of Camanio and Pink Nectarine Health and also initiated amortization of capitalized development and depreciation on equipment and installations now ready for use in production. Depreciation and amortization in total were SEK 47,697 thousand (-5,058) of which SEK 37,380 thousand refers to Brighter and the rest refers to Camanio and Pink Nectarine Health.
Average head count during the quarter (Full Time Equivalents – FTE) reached123. The number of FTE being 84 (47) employees and 40 consultants.
|SEK thousands||Oct-Dec 2020||Oct-Dec 2019||Jan-Dec 2020||Jan-Dec 2019||Jan-Dec 2018||Jan-Dec 2017|
|Net financial items||-10,991||502||-13,575||-9,875||-4,475||-2,897|
|Earning before tax||-112,595||-34,527||-240,565||-89,685||-53,080||-27,292|
|Equity per share (SEK)||1.16||1.49||1.25||1.67||2.19||1.54|
|Equity ratio to total assets||75%||81%||75%||81%||63%||78%|
For definitions, see note 11.
Significant events during the period.
Brighter's subsidiary Camanio won a nationwide framework agreement with The Swedish Association of Local Authorities and Regions (SALAR/Sveriges Kommuner och Regioner) for stationary and mobile care security alarm & response systems.
Patents for monitoring medical devices have been approved in Singapore, Mexico and Japan.
Brighter’s pioneering diabetes management solutions Actiste® and Actiste® Mini, received market approval from the Saudi Food and Drug Authority (SFDA) in the Kingdom of Saudi Arabia.
On 3rd of November Camanio had record sales of almost SEK 1 million from sales of Camanio's digital therapy animals and BikeAround in Sweden and Canada.
Brighter’s pioneering diabetes management solution Actiste® received market approval in the United Arab Emirates.
Brighter AB held an Extraordinary General Meeting on 20th of November. Christer Trägårdh was elected Chairman of Brighter’s Board of Directors – Truls Sjöstedt stepped down from the Board.
Brighter’s Nomination Committee for the Annual Shareholders’ Meeting 2021was announced, consisting of the Chairman of the Board of Brighter AB, Carl-Adam Drakenberg, Nino Armoni and Truls Sjöstedt.
Brighters CEO was notified of criminal suspicion by The Swedish Economic Crime Authority and took a voluntary time-out as CEO. Christer Trägårdh stepped in as Acting CEO and Emilie Erhardt Winiarski then remained as chairman of the board.
Brighter signed a 5-year agreement that will mean an initial order for Actiste® worth EUR 2.3 Million in Nigeria once registrations are in place.
Brighter signed a 5-year agreement that will mean an initial order for Actiste® worth EUR 1.2 Million in Ghana once registrations are in place.
Brighter carried out a directed share issue in December of c. SEK 33 million. The number of shares and votes in Brighter AB increased from 217,291,255 to 229,005,540.
Significant events after the end of the period.
Brighter’s diabetes management devices Actiste® and Actiste® Mini received market approval in Thailand.
Brighter held EGM to change the limits of the share capital in the Articles of Association.
Brighter received a remaining approval for consumables related to Actiste Service in the Kingdom of Saudi Arabia.
Brighter terminated its financing arrangement with Unwrap Finance and announced the intentions to streamline operations, thus finding other investors in Camanio and Pink Nectarine Health moving forward.
The board decided to dismiss Henrik Norström as CEO and to start the search for a new CEO immediately. Christer Trägårdh remains Acting CEO until the search is concluded.
Brighter signed 5-year distribution agreement for Actiste® and Actiste® Mini in Qatar.
Brighter carried out a unit issue which was subscribed to 121% and contributed SEK 142 million to the company. Brighter’s share capital will increase by SEK 5,916,137.50 and the number of shares will increase by 118,322,750 shares, to 347,328,290 shares.
The final quarter of the year was characterized by the achievement of several important commercial milestones carrying Brighter forward. We received the market approvals in Saudi Arabia and the United Arab Emirates for Actiste, initiated partnerships with two health centers in Sweden, won a nationwide framework agreement with The Swedish Association of Local Authorities and Regions (SKR) with our subsidiary Camanio, and lastly, signed two distribution agreements for Ghana and Nigeria regarding the Actiste® product portfolio. There was also a change in management, which led to me taking on the role as Acting CEO instead of the Chairmanship of the Board for the time being.
Moreover, Brighter won the Health tech Unicorn Battle Europe for its Actiste service, while our subsidiary Pink Nectarine Health won the “People’s choice award” at Techarenan Challenge 2020. Overall, it was a very eventful quarter, launching us into 2021 with a jump start. In the first week of January, we were glad to receive the market approval for the Actiste portfolio in Thailand.
Now, after taking on the role as Acting CEO on Jan 1st 2021, and looking towards the future – with the primary focus being on continued commercial progress, go-to-market activities, new partnerships and further expansion – I believe there are exciting times ahead. The recently received market approvals in several of Brighter’s key markets, the initiated Actiste user programs in Sweden, additional market approval processes underway and further expected commercial developments speaks for an eventful 2021.
At the end of January, Brighter announced a unit issue to secure additional growth capital, which will enable us to continue our commercialization efforts in key markets and strengthen our position even further. It is important not to lose momentum now, and with this capital acquisition Brighter can continue to build upon and execute on the commercial preparations made in recent years.
I look forward to being a part of the continued journey, most imminently as Acting CEO and then as we find a long-term replacement for the CEO position, I will go back to fully focus on the Board work as Chairman.
Acting CEO of Brighter AB (publ) and board member
For further information, please contact:
Ann Zetterberg, CFO
+46 708 37 21 23
Christer Trägårdh, Acting CEO
About Brighter AB (publ)
Brighter is a health-tech company from Sweden with a vision of a world where managing chronic diseases is no longer a struggle. We believe a data-centric approach is key to provide smarter care for chronic conditions. Our daily-care solutions are designed with a vision to facilitate the flow of real-life treatment data between chronic-disease patients, their loved ones and their care providers – aiming to improve quality of life, easing the burden on healthcare systems, and opening new opportunities for data-driven research. Brighter is certified under ISO 13485. In 2019 the company won the Swecare Rising Stars Award. The Company's shares are listed on Nasdaq First North Growth Market/BRIG.
This information is such information, as Brighter AB is required to disclose under the EU Market Abuse Regulation and the Securities Market Act. The information was provided by the above contact persons for publication on February 26, 2021 at 16:15 CET.
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