Lune Group OY incl subsidiary is consolidated in the group from 2020-06-03
(www.aktietorget.se ticker: PMED)
Group, Lune Group OY incl subsidiary is included from 2020-06-03
2020 FOURTH QUARTER (Oct-Dec)
- Net sales of products KSEK 7,258 (394)
- Gross profit KSEK 3,866 (321), Gross margin 53% (81%)
- Operating loss KSEK -10,702 (-11,508)
- Loss per share
SEK -0.07 (-0.08)
FULL YEAR 2020 (Jan-Dec)
- Net sales of products KSEK 21,283 (4,408)
- Gross profit KSEK 13,089 (2,583), Gross margin 61% (59%)
- Operating loss KSEK 31,053 (-23,922)
- Loss per share
SEK -0.19 (-0.18)
From the CEO
For many years to come we will remember 2020 as a year when our view of life in general and of how we work and do business in particular was challenged and re-evaluated. This was forced upon us by the Covid-19 pandemic, which affected us to a much greater extent than we could have imagined a year ago.
We have all been affected by the Covid-19 pandemic. This applies both privately and in our working lives. Strong recommendations from the Public Health Authorities and politicians to stay at home, not travel more than absolutely necessary, avoid personal meetings, etc. has clearly reduced the number of visitors to pharmacies and other retail outlets. This, in turn, has led to reduced sales in the physical sales channels, which can be seen in the sales of our products. After reaching record sales levels in January and February, sales of VagiVital dropped quite sharply in pharmacy stores during the spring and summer. Some recovery could be seen in the autumn. However, online sales have increased during the year. For VagiVital, online sales in
The acquisition of
Through Lune, we have gained access to an international market organization in which we see great development potential. There is also great potential in improving distribution in e.g.
The two brands Lunetteâ and VagiVitalâ mean that the customer base is broadened to include women of all ages - from adolescence to post menopause. Under the Lunette brand, we will develop a product portfolio for 'menstruation, sex and fertility', while VagiVitalâ will include products for 'intimate self-care'. This provides great opportunities to increase sales of current and future products through smart product positioning, own product development and new collaborations. Peptonic will also be a much more interesting partner both for distributors in new markets, but also for companies that want to enter the Swedish and Nordic markets. Through the acquisition, Peptonic manifests its view on the importance of responsible use of medicines and self-care based on evidence and which contributes to increased sustainability.
Examples of this strategy are the in-house development of an intimate wash and the agreement on the distribution of a self-test for bacterial vaginosis, which was signed in December. Peptonic received exclusive rights to the self-test in
The work of integrating the two companies and finding and utilizing the synergies has been ongoing throughout the year and continues. Much focus has been and will be placed on the future digital business, which has been accentuated as a result of the COVID-19 pandemic.
During the year, we delivered over 100,000 tubes of VagiVital to
The process of registering VagiVital in
The study conducted with VagiVital on cancer patients treated with aromatase inhibitors (so-called anti-estrogen) after a cancer treatment was completed during the summer. The results were reported in September and showed a very good symptom relieving effect regarding the most troublesome symptoms. This is particularly gratifying, as this patient group often has more severe symptoms than the general population. The study primarily measured the change in the symptom of vaginal atrophy that each patient experienced as most troublesome in self-assessment tests. The symptoms associated with vaginal atrophy that were measured included dyspareunia (pain during sexual intercourse), vaginal dryness, vaginal irritation and itching, and dysuria (pain during urination). Secondly, the change in vaginal pH was measured as an objective parameter. Patients were treated with one dose of VagiVital® daily for 12 weeks. The results give us further arguments in the promotion of VagiVital to gynecologists and midwives.
In November, we received market approval for VagiVital in the
Sales in the VagiVital Business Unit during the year amounted to KSEK 6,511 - an increase of 48% from 2019. The loss for the VagiVital business area (including the entire parent company's costs) was KSEK 26,253. Sales in Business Unit Lunette amounted to KSEK 25,800 during the year, which is a decrease of 29% compared with 2019. The loss for the business area was KSEK 6,720 for the full year (Lune refers to the full year 2020 including time before we consolidated the company). For the consolidated group (Lune Group OY consolidated from 1/6 2020), sales were KSEK 21,283 and the loss was KSEK 31,053.
In 2021, we will focus on increasing sales of already launched products, as well as launching several new products under both our brands. We will invest in online sales and expand our sales channels by opening more online stores and signing new distribution agreements.
I would like to extend a big thank you to employees, board members, consultants and all support persons for invaluable efforts and continued confidence in our business concept.
Bromma,
CEO
12 mon | 12 mon | 12 mon | ||
jan-dec | jan-dec | jan-dec | ||
2020 | 2019 | 2018 | ||
Sales goods, KSEK | 21 283 | 4 408 | 383 | |
Gross profit sales goods, KSEK | 13 089 | 2 583 | 283 | |
Gross margin, % | 61% | 59% | 74% | |
Operating profit, KSEK | -31 053 | -23 922 | -14 381 | |
Return on equity,% | -31 | -35 | -26 | |
Equity ratio,% | 88 | 93 | 80 | |
Earnings per share, SEK | -0.19 | -0.18 | -0.17 | |
Liquidity per share, SEK | 0.24 | 0.26 | 0.13 | |
Equity per share, SEK | 0.72 | 0.62 | 0.64 | |
Share price per closing, SEK | 1.73 | 1.89 | 0.50 | |
Share price/Equity per share, SEK | 2.39 | 3.05 | 0.78 | |
Total shares | 162 911 613 | 138 128 306 | 86 028 600 |
FINANCIAL INFORMATION
The acquisition of Lune Group OY was completed on 2020-06-03, this report includes their results from and on 2020-06-03 in the consolidated accounts. The balance sheet is consolidated as of 2020-06-30. When the entire company was acquired in
Revenue - Sales of goods during the fourth quarter amounted to
Costs - Costs for the fourth quarter amounted to
Profit - The Group's profit after net financial items for the fourth quarter amounted to
Financial position and liquidity - Cash and bank as of
Shareholders 'equity - The Group's shareholders' equity as of
Liabilities - The company's liabilities, as of
Organization - During the full year, the average number of employees is estimated at 12 (2). At the end of the period, the number of employees was 19 (3). In addition to this, the parent company has four consultants hired on long-term agreements in the market and quality, and the accounts are outsourced to an accounting firm. Employees at Lune Group OY, including subsidiaries, refer to a total of 16 employees.
Share - The total number of shares as of
INCOME STATMENT | |||||
3 mon | 3 mon | 12 mon | 12 mon | ||
oct-dec | oct-dec | jan-dec | jan-dec | ||
KSEK | Note | 2020 | 2019 | 2020 | 2019 |
Operating income | |||||
Sales of products | 7 258 | 394 | 21 283 | 4 408 | |
Other operating income | 1 087 | 5 | 1 151 | 64 | |
Total operating income | 8 345 | 399 | 22 434 | 4 472 | |
Operating expenses | |||||
Cost of goods | -3 392 | -73 | -8 194 | -1 825 | |
Other external expenses | 1 | -10 373 | -5 802 | -29 515 | -17 041 |
Personnel costs | -4 363 | -2 979 | -12 350 | -6 475 | |
Depreciation | -909 | -2 855 | -3 285 | -2 855 | |
Other operating costs | -10 | -198 | -143 | -198 | |
Total operating expensses | -19 047 | -11 907 | -53 487 | -28 394 | |
Operating loss | -10 702 | -11 508 | -31 053 | -23 922 | |
Net financial income/expense | -289 | 46 | -280 | -587 | |
Loss before taxes | -10 991 | -11 462 | -31 333 | -24 509 | |
Taxes | 241 | 0 | 241 | 0 | |
Net loss for the period | -10 750 | -11 462 | -31 092 | -24 509 |
BALANCE SHEET | |||||||
31-dec | 31-dec | ||||||
KSEK | Note | 2020 | 2019 | ||||
Assets | |||||||
Non-Current assets | |||||||
Intangeble assets | 2 | 77 565 | 54 252 | ||||
Tangeble assets | 3 | 1 485 | 0 | ||||
Financial assets | 0 | 0 | |||||
Total non-current assets | 79 050 | 54 252 | |||||
Current assets | |||||||
Stock | 6 133 | 594 | |||||
On going fund raising | 2 752 | 0 | |||||
Other receivbles | 5 602 | 945 | |||||
Tax receivable | 0 | 0 | |||||
Prepaid expenses and accrued income | 1 589 | 176 | |||||
Liquid assets | 39 312 | 35 984 | |||||
Total current assets | 55 388 | 37 699 | |||||
Total assets | 134 438 | 91 951 | |||||
Equity and liabilites | |||||||
Equity | |||||||
Ristricted equity | |||||||
Share capital | 16 291 | 13 813 | |||||
Ongoing right issues | 2 327 | 0 | |||||
11 186 | 12 394 | ||||||
Non- restrictes equity | 0 | 0 | |||||
Share premiun reserv non-restricted | 242 708 | 182 006 | |||||
Profit or loss brought forward | -123 600 | -97 990 | |||||
Net loss for the period | -31 092 | -24 509 | |||||
Total equity | 117 820 | 85 714 | |||||
Current liabilites | |||||||
Liabilities interest bearing | 3 784 | 1 974 | |||||
Trade payables | 7 506 | 0 | |||||
Other payables | 628 | 495 | |||||
Prepaid income and accrued expenses | 4 700 | 3 768 | |||||
Total current liabilities | 16 618 | 6 237 | |||||
Total equity and liabilities | 4 | 134 438 | 91 951 |
STATMENT OF CASH FLOW | ||||
12 mon | 12 mon | |||
Jan-Dec | Jan-Dec | |||
KSEK | Note | 2020 | 2019 | |
CASH FLOW FROM OPERATIONS BEFORE CHANGES IN WORKING CAPITAL | ||||
Operating profit/loss | -31 333 | -24 509 | ||
Non-cash flow items | -3 285 | 2 855 | ||
Paid tax | 241 | - | ||
NET CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL | -34 377 | -21 654 | ||
Increase (-) decrease (+) inventory | -5 539 | 23 | ||
Increase (-) decrease (+) receivables | -8 822 | -338 | ||
Increase (-) decrease (+) liabilities | 2 881 | 2 827 | ||
NET CASH FLOW FROM OPERATING ACTIVITIES | -45 857 | -19 142 | ||
CASH FLOW FROM INVESTING ACTIVITIES | ||||
Investment in immaterial assets, net | -2 822 | -711 | ||
Investment in material assets, net | 0 | - | ||
Acquisition of subsidiaries, net cash impact | 12 932 | 0 | ||
Investment in financial assets, net | 0 | 0 | ||
Divestment / reduction of financial assets | - | - | ||
NET CASH FLOW FROM INVESTING ACTIVITIES | 10 110 | -711 | ||
CASH FLOW FROM FINANCING ACTIVITIES | ||||
Rights issue | 32 868 | 56 752 | ||
Issue expenses | -1 293 | -1 780 | ||
Bridgeloan | 7 500 | -10 500 | ||
NET CASH FLOW FROM FINANCING ACTIVITIES | 39 075 | 44 472 | ||
TOTAL CASH FLOW FOR THE YEAR | 3 328 | 24 619 | ||
Cash and cash equivalents at beginning of period | 35 984 | 11 365 | ||
CASH AND CASH EQUIVALENTS AT END OF THE YEAR | 39 312 | 35 984 |
CHANGES IN EQUITY | |||||||
KSEK | Share Capital | Develop-ment cost fund | Ongoing right issue | Share Premium reserve non-restricted | Accumul-ated losses | Total shareholders equity | |
Opening balance | 8 603 | 14 538 | 0 | 132 244 | -100 134 | 55 251 | |
Net loss for the year | -24 509 | -24 509 | |||||
Transfering fund | -2 144 | 2 144 | 0 | ||||
Right issue | 5 210 | 51 542 | 0 | 56 752 | |||
Issue expenses | -1 780 | -1 780 | |||||
Closing balance | 13 813 | 12 394 | 0 | 182 006 | -122 499 | 85 714 | |
Opening balance | 13 813 | 12 394 | 0 | 182 006 | -122 499 | 85 714 | |
Net loss for the year | -31 092 | -31 092 | |||||
Transfering fund | -1 208 | 1 208 | 0 | ||||
Right issue | 479 | 7 021 | 7 500 | ||||
Share issues against payment in kind, Lune OY | 1 999 | 30 725 | -1 101 | 31 623 | |||
On going right issues | 2 327 | 23 041 | 25 368 | ||||
Issue expenses | -1 293 | -1 293 | |||||
Closing balance | 16 291 | 11 186 | 2 327 | 242 708 | -154 692 | 117 820 |
This Year End Report has not been reviewed by the Company's auditors.
The Board of Directors and the CEO certifies that the interim report gives a fair overview of the business, position and profit or loss of the Company. The Board will not propose any dividend to the Annual General Meeting.
FINANCIAL CALENDER
Annual report 2020 April 15th 2021
Quarterly report, 1 May 12th 2021
Annual General Meeting June 9th 2021 (preliminary)
Quarterly report, 2 August 18th 2020
Quarterly report, 3 November 10th 2021
Year end report, 2021 February 25th 2022
Stockholm,
Hans von Celsing, Chairmen of the Board Anna Tenstam, Board member
Marianne Östlund, Board member Leni Ekendahl, Board member
Johan Inborr, CEO
Note: This document has been prepared in both Swedish and English. The Swedish version shall govern in case of differences between the two documents. The document contains certain statements about the Company's operating environment and future performance. These statements should only be regarded as reflective of prevailing interpretations. No guarantees can be made that these statements are free from errors.
Johan Inborr, CEO
Mobile: + 46 708 853 893
E-mail: johan.inborr@peptonicmedical.se
About
Since
https://news.cision.com/peptonic-medical-ab/r/year-end-report-period-from-january-2020-to-december-2020,c3296065
https://mb.cision.com/Main/11203/3296065/1379076.pdf
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