Net sales: KSEK 8 444 (2 765)
Profit for the period: KSEK -1 986 (-5 299)
Earnings per share
Earnings per average number of shares:
Net sales: KSEK 10 498 (14 224)
Profit for the period: KSEK -8 594 (-2 270)
Earnings per share
Earnings per average number of shares:
During the second quarter the activity among our customers was almost at a pre-pandemic level in
For almost two years, we have focused on developing the important US market and in May, we received the first major order. The order of 7.8 MSEK was delivered in June and we expect payment by mid-August. We now have a first customer reference in this important market, which will further support our fast progress. We estimate that the US market constitutes somewhere between a third and half of the total world market and we see significant opportunities there, despite it being the home market for most of our competitors.
Based on the many tenders currently open for bids and our historical hit-rate, we expect to get some additional large orders over the next 12 months. Due to the payment terms in most tenders, we will however need to pay for production costs (COGS) before we get paid from our partners, which has created a need for a cash buffer. In June, we secured a loan and an increased overdraft credit to be used to temporarily cover the production costs for the expected orders.
For the last 18 months our production partner has been working on securing components for our instruments and the work has been rather successful. Some components are however permanently out of stock, which has required us to do some product redesigns to enable production. We expect to continue to spend most of our R&D resources on such adaptations for the rest of the year. We have also seen a 10-15% increase in production cost, especially driven by increased component prices. Despite the component shortage, we expect to be able to produce enough instruments to meet the demand in 2022.
The two-year absence of new sales opportunities in our industry is coming to an end and we expect 2022 to get us back to growth. Many tenders were published in the first half of the year, and we expect several of these to come to completion in the second half.
For further information, please contact:
CEO, Serstech AB Phone: +46 739 606067
Email: ss@serstech.com
or
Thomas Pileby,
Chairman of the Board, Serstech AB Phone: +46 702 072643
Email: tp@serstech.com
or visit: www.serstech.com
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Serstech Q2 2022 report
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