Interim report period from January 2021 to March 2021

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Peptonic Medical AB (publ) org nr 556776-3064 (www.aktietorget.se ticker: PMED).

Lune Group OY incl subsidiary is consolidated in the group from 2020-06-03.

2021 first quarter (Jan-Mar)

  • Net sales of products KSEK 11 381 (1 781)
  • Gross profit KSEK 6 568 (985), Gross margin 58% (55%)
  • Operating loss KSEK -6 424 (-5 807)  
  • Loss per share SEK -0.03 (-0.04) 

From the CEO

The first quarter of 2021 was marked by a number of events in order to continue to grow the company rapidly.

End February Mikael Svensson was hired as General Manager in the US. Preparations for the US launch of VagiVital during the autumn are now in full swing. In parallel, intensive efforts are being made to turn around the sales of Lunette in US, signs of this happening have been observed in the period.

The new VagiVital Moisturizing V Cleanser was launched March 31st. The cleanser is a first step in the important work to broaden the product portfolio under the VagiVital brand.

As a result of the pandemic, the company has increased its focus on digital sales further. During Q1 2021 sales in VagiVital’s own online stores increased with 93% compared to corresponding period 2020. This from fairly small numbers. For Lunette the corresponding number is +50%. The successful development in our own digital channels has outweighed the challenges in physical outlets during the pandemic. A new website for VagiVital was launched March 31. This as a part of an overall strategy to increase cost effective organic traffic and increased conversion rates. Lessons are drawn from the long-term successful work Lunette has done and continues to do in this area.

Significant efforts have been put in to streamlining and optimizing synergies between the business units VagiVital and Lunette during the quarter. The respective teams have been trained on the portfolio as a whole in order to better utilize sales capacity. An upgraded communication of the portfolio as a whole has been established in order to improve the attractiveness of the company offer to potential distributor partners. This is a project that will continue throughout 2021 and it will and include an improvement how the company as a whole shall be communicated.

The work to turn Lunette business around accelerating it again continues. During the quarter the campaign “menstrubation” was done in cooperation with Womaniser. In a comprehensive study with 486 participants a key finding was that 93% of the responders experienced reduced menstrual pain during masturbation. The campaign is in line with Lunette’s vision to break taboos and ease up women’s quality of life around periods. The campaign drew web site traffic and has had a positive effect on sales during the quarter. 

Sales of VagiVital during the quarter amounted to KSEK 3 714. The numbers include one shipment to China and a shipment to Orion in Finland. As mentioned above the sales in own digital web shops is growing rapidly at +93% from relatively small numbers. Currently we have own VagiVital on-line shops in Sweden, Norway, Denmark, Germany and UK. As a result of the increased international digital sales our marketing spend in the Swedish market has been reduced. Despite this, sales in Sweden continues to develop positively both digitally and in the physical pharmacy outlets. The result for the VagiVital business area (which include all the parent company costs) for the quarter was KSEK -5 610, which includes depreciation of KSEK -695.

Sales of menstrual cups and related items amounted to KSEK 7 667. Sales in US shows a positive development again after a tough 2020. The result for the quarter was KSEK -814 (including a depreciation of KSEK -182), which was slightly better than expected. The strong development in own digital web shops continues with a growth of 50% vs same period last year. Lunette has over the last years built a strong engagement from consumers in somed and other digital forums. This engagement and effective SEO work has generated and continues to drive sizeable traffic to Lunette digital channels. This is a great business development potential for the company. A menstrual cup life cycle is long, as a result the repeat business frequency is not especially frequent. To increase repeat business and make better use of the sizeable traffic generated new consumable products will be added. A high priority going forward.

Compared to previous quarter (Q4 2020) the overall Peptonic company group has increased sales with 4 123 KSEK (+57%), at the same time the costs have been reduced with 2 673 KSEK (-17%).

Going forward Peptonic will continue its focus on developing sales in digital channels. In order to do so, amongst other things, a high inflow of new products is important. This will be given high priority. The optimization how these will be communicated and marketed will continue. These important actions are also intended to enable the company to attract more and strong distribution partners world-wide.

For the sake of order, the company would like to inform that the preliminary investigation initiated by the EBM (Swedish agency for financial crimes) regarding potential serious insider crime is still ongoing. The company and its representatives continue to cooperate with the authority in the matter.

Bromma, May 12, 2021

Erik Sundquist, CEO


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. 

Revenue – Sales of goods during the first quarter amounted to SEK 11,381 (1,781) thousand. Other operating income for the quarter was SEK -10 (11) thousand. 

Costs – Costs for the first quarter amounted to SEK -17,795 (-7,599) thousand. During the first quarter, costs for products have been SEK 4,813 (796) thousand and market costs have been approximately SEK 7.8 million (including salaries).

Profit – The company’s profit after net financial items for the first quarter amounted to SEK -6,491 (-5,807) thousand.

Financial position and liquidity – Cash and bank amounted to SEK 33,520 (28,267) thousand as of March  31, 2021. During the quarter, the group received a net of SEK 7,500 thousand that were converted to shares through a directed set-off issue to Vidar Foundation.

Shareholders ‘equity – The group’s shareholders’ equity as of March 31, 2021 amounted to SEK 118,945 (79,907) thousand, which gives an equity / assets ratio of 91 (93) percent. Equity increased net by SEK 7,500 thousand through the conversion to shares through a directed set-off issue to Vidar Foundation.

Liabilities – The group’s liabilities, as of March 31, 2021, amounted to SEK 11,974 (6,109) thousand.

Organization – During the period, the average number of employees was 19 (3). At the end of the period, the number of employees was 19 (3). In addition to this the group had 4 people on the market organization and a quality manager hired as consultants, and the accounts are outsourced to an accounting firm. Employees at Lune Group OY, including subsidiaries, refer to a total of 13 employees.

Share – The total number of shares as of March 31, 2021 was 191,639,642 (138,128,306).

For more detailed information, including Key figures, Income statement and Balance sheet, please refer to the PDF version.

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Review and certification

This interim 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.

Financial calendar

  • Annual General Meeting: May 27th 2021
  • Quarterly report, 2: August 18th 2021
  • Quarterly report, 3: November 10th 2021
  • Year end report, 2021: February 25th 2022


Stockholm, May 12th, 2021
Hans von Celsing, Chairmen of the Board
Anna Tenstam, Board member
Marianne Östlund, Board member
Leni Ekendahl, Board member
Erik Sundquist, CEO

For more information please contact:
Erik Sundquist
CEO PEPTONIC medical AB
Phone: +46 722 499 043
Email: erik.sundquist@peptonicmedical.se

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.


About Peptonic Medical AB

Peptonic Medical AB (publ) is an innovative biomedical company that conducts research on and development of drugs and medical devices in the field of women’s health. Our vision is to offer safe and effective treatments for women-specific diseases and medical conditions. Peptonic Medical launched VagiVital® in July 2018. This is a hormone-free product for the treatment of vaginal atrophy and vaginal dryness. The company’s development program also includes Vagitocin® – a product that contains oxytocin for the treatment of vaginal atrophy. The development of Vagitocin® has been put on hold pending new information regarding the mechanism of action of oxytocin in this indication. The company was founded in 2009 and the share has been traded since 2014 on Spotlight (www.spotlightstockmarket.com, short code: PMED) in Stockholm.

Since August 2020, Lune Group Oy Ltd. is a wholly owned subsidiary of the Peptonic Medical. Lune Group Oy Ltd. is a company founded by Heli Kurjanen in 2005. The company’s business concept is to lead a menstrual revolution in a positive spirit. By focusing on sustainable development, environmental issues and the promotion of sexual health, the company has developed to take the lead for the menopausal companies. Lunette® menstrual cups are an alternative to disposable menstrual protection and last for several years. The company has resellers in 50 countries and sells Lunette products to over 100 countries via its web shop. Lune Group has in the USA the subsidiary Lune North America Inc. Lunette® menstrual cups are designed, manufactured and packaged in Finland. For more information about Lunette®, visit www.lunette.com.

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