Bergen, Norway, May 5th, 2024: Today, Lifecare AS (LIFE) (the "Company"), a
clinical stage medical sensor company developing the next generation
Continuous Glucose Monitor (CGM), publishes Q1 financial report and
operational update.
Lifecare has been delivering milestones on a continuous basis over a long
period. The company has gone from preparation phase and production by hand to
pilot production with machines. This will pave the way for the automated
production by end of Q2 as scheduled.
- It has been a formidable year in terms of successful results from studies of
the Sencell sensor and skillful preparations towards production. We have made
wise investments in high-quality equipment that is particularly suitable for
the company's production purpose. We are proud that we have now entered a new
paradigm shift in Lifecare history and completed a successful pilot
production, says CEO Joacim Holter at Lifecare.
The Group's costs were stabile compared to previous quartals, while we
conclude a revenue in Q1 of 0,4 MNOK. Due to strategic priorities the
third-party service capacity has been reduced to be able to allocate the
Groups recourses to our main and internal development projects. Consequently,
the revenue decreased compared to Q1 2023.
Some of last year's consultancy cost are this year booked as salary and
personal cost. Key personal that previously has worked as a consultant for the
Group are now hired as full-time employees. This and more people in strategic
new position in different part of the Groups companies cause an increase in
salary end personal cost compared to last year.
The Group's cash position and equity Q1 2024 was at same level compared to Q1
2023.
- The development and process adjustments from pilot production to automated
processes are complex, as all development steps towards the manufacturing are.
In addition to necessary adjustments and debugging of processes, we are
depending on the deliveries of final manufacturing equipment and cleanroom.
The latter is expected to be delayed due to the political unrest in the Middle
East, and subsequent disruption of supply routes.
- Based on the progress of the pilot production, we are confident about the
future roadmap and expect that the efficiency and quality of production will
increase. Furthermore, the commercial goal of 2024 is to launch our CGM in the
veterinary market. We expect to progress on the commercial preparations in Q3
2024, says Holter.
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Lifecare AS will present Q1 2024 financial and operational status in a webcast
Wednesday 8 May. The webcast will be for all shareholders and interested
parties at 11:00 -- 11:45 CET.
The webcast will be available here:
Join the Microsoft TEAMS meeting
(https://teams.microsoft.com/l/meetup-join/19%3ameeting_MmI5OWI3ZjQtMDJkZS00NzIxLTg3NjctYTJhODhiNWM2Y2I5%40thread.v2/0?context=%7b%22Tid%22%3a%22c5fbb1c6-4eb0-45db-9f3c-6e20ebcd710e%22%2c%22Oid%22%3a%2271082610-7009-40ed-92e6-70ae6bc35450%22%7d)
https://teams.microsoft.com/l/meetup-join/19%3ameeting_MmI5OWI3ZjQtMDJkZS00NzIxLTg3NjctYTJhODhiNWM2Y2I5%40thread.v2/0?context=%7b%22Tid%22%3a%22c5fbb1c6-4eb0-45db-9f3c-6e20ebcd710e%22%2c%22Oid%22%3a%2271082610-7009-40ed-92e6-70ae6bc35450%22%7d
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About us
Lifecare AS is a clinical stage medical sensor company developing technology
for sensing and monitoring of various body analytes. Lifecare's main focus is
to bring the next generation of Continuous Glucose Monitoring ("CGM") systems
to market. Lifecare enables osmotic pressure as sensing principle, combined
with the ability to manipulate Nano-granular Tunnelling Resistive sensors
("NTR") on the sensor body for read-out of pressure variations. Lifecare's
sensor technology is referred to as "Sencell" and is suitable for identifying
and monitoring the occurrence of a wide range of analytes and molecules in the
human body and in pets.
Contacts
For further information, please contact:
Joacim Holter, CEO, Lifecare AS, joacim.holter@lifecare.no, +47 40 05 90 40
Asle Wingsternes, Head of Communications & Public Affairs,
asle.wingsternes@lifecare.no, +47 41 61 42 52
This information has been submitted pursuant to the Securities Trading Act ยง
5-12 and MAR Article 19 no. 3. The information was submitted for publication
at 2024-05-08 08:00 CEST.