Second quarter,
1 April -
- Net sales amounted to kSEK 1,059 (5,292), an 80 percent decrease compared with the corresponding period in 2020.
- Profit or loss before tax amounted to kSEK -3,833 (93).
First half-year,
1 January -
- Net sales amounted to kSEK 2,205 (10,202), a 78 percent decrease compared with the corresponding period in 2020.
- Profit or loss before tax amounted to kSEK -4,358 (371).
- Total equity amounted to kSEK 41,146 at the end of the period.
- Cash and cash equivalents amounted to kSEK 7,238 at the end of the period.
Result and position
The Group's result for the second quarter of 2021 amounted to kSEK -4,358 before taxes, or
Significant events 1 April -
- An extraordinary general meeting on
19 April 2021 resolved, in accordance with the Board´s proposal, to distribute the wholly-owned subsidiaryOdinwell AB to the shareholders of the company. -
Redsense became aware that one of the Company's shareholders,
Discover Capital GmbH -
(registered in the Company's share register as
Axxion S.A ), had acquired 250,000 shares in Redsense and thus reached above the level of 5 percent of the total number of registered shares and votes in the Company. -
The Board changed the record date for distribution of the subsidiary
Odinwell AB , as authorized by the general meeting, to10 May 2021 . -
Annual General Meeting was held on
12 May 2021 and resolved, inter alia, to electAnnette Colin as a new member of the board. Redsense Medical's former subsidiaryOdinwell was admitted for trading onSpotlight Stock Market .-
Redsense received TGA approval and market authorization for
Australia and New Zealand . - Redsense published a Sustainability Report for 2020 , marking the Company's first such initiative.
Significant events after the period
In August,
Comments from our CEO
First signs of the anticipated turn of the tide - customer activity begins to recover
At MSEK 1.1, net sales for Q2 remain on par with the first quarter, and hence continue to disappoint. Nonetheless, we are finally seeing a break in the trend; order intake is increasing in Q3 after the first signs of a normalization appeared over the course of the second quarter. Many COVID-19 restrictions were eased and customers in healthcare regained some room for manoeuvre.
We had in our previous assessments expected the downturn to last into the second half of the year, and that we thereafter once again would be able to gain some pace. This is also what is happening. Orders and customer interest in new sales are once again on the rise, albeit initially at a slow pace - but gauging from what we currently see in the market, with training resuming in various locations and more activity from counterparties, we expect the bounce back from the downturn to become clearly visible in the Q3 bottom line, and even more so when we close the books on Q4.
While the now dominant delta variation remains a cause of concern, the high vaccination willingness and uptake among dialysis patients is reassuring; a recently published US survey found vaccine hesitancy in the group to be half that of the general population, and uptake is promoted by vaccinations offered at the dialysis facilities.
Spin-off successfully brought to completion
The distribution to shareholders of the company's wound care operations, as contained in the subsidiary
Sustainability report
At the end of the quarter,
Important developments in new markets
After the end of the quarter, a new distributor agreement was finalized for
In addition, Redsense's blood loss alarm obtained market authorization in
Redsense Clamp closer to market
Alongside
Prior to the market standstill, we saw steady sales growth driven by good market penetration in the US market (where our customers include the top five providers) and our ability to offer a unique solution well suited to the macro trends in play, particularly the growth of home dialysis facilitated by political initiative. The goal for the fall is to pick up the strong growth journey where we left off a year ago when markets froze.Our focus remains on the US, and
Contact information
For more information, please contact:
CEO
Telephone: +4670-357 21 64
E-mail: patrik.byhmer@redsensemedical.com
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