Year end report January to December 2020

Lune Group OY incl subsidiary is consolidated in the group from 2020-06-03. Peptonic Medical AB (publ) org nr 556776-3064 ( 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 Sweden increased by 66% and for Lunette, online sales increased by 50% in Finland and by 22% in the USA. Sales via the online stores in Norway and Denmark also developed well during the year. This is a positive development that we will try to accelerate as this is a growing trend in all industries.

The acquisition of Lune Group Oy Ltd marks the single most significant event in Peptonic during the year. It is an important step in building Peptonic of the future. Lune adds both products (menstrual cups and intimate hygiene products) and a global distribution network, which will help Peptonic grow into a company that offers products for both treatments of medical conditions and to increase the quality of life for women.

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 United States and we are now adding more resources in further developing this. Lune has a well defined and clear brand identity that we will be able to build on. In Business Unit Lunette, we will be able to have more consumer-oriented products (non-medical technology products), which means that the portfolio can be expanded faster under the existing brand. Something that is now also happening. Based on a skilled and passionate work to engage consumers online, organic traffic is generated to Lune’s online stores. This is something we will continue to develop and also transfer to Business Unit VagiVital in the future.

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 Sweden, Norway and Denmark, as well as non-exclusive rights in another 25 countries.

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 China and an additional 53,000 tubes will be delivered during the first quarter of this year. The product (VagiVital Daily Care) is a modified version of the medical device that is to be registered. The difference lies in the packaging texts, which for VagiVital Daily Care lack certain medical claims. The product is used in a large study in China (Real World User Experience Study) to collect effect data (including most troublesome symptoms) and user experiences, which will then be used to complete the registration application for the medical device. Recruitment for the study takes place through local hospital gynecologists and the participants pay for the product themselves. The price the participants pay for the product is heavily discounted compared to the price offered online via VagiVital’s online store in China ( This is to reward those who want to participate in the study. To date, hospitals in about 15 provinces have joined the study and additional hospitals in other provinces will be involved.

The process of registering VagiVital in China is ongoing. One step in the process is a chemical analysis of the product in a state laboratory. This is to ensure that the product does not contain harmful substances. Due to the Covid panemic, the laboratory has an unusually long queue of products to be analyzed, which means a delay compared to an original plan. Our partner in China, Yuanjia Bio, estimates that the analysis results will not be available until the autumn. Meanwhile, the recruitment of patients for the study and thus the sale of VagiVital Daily Care continues.

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 USA. This paves the way for a launch in this large, but at the same time, tough market. In parallel with the registration process, we have evaluated various alternative distribution channels in the USA. We have strengthened our organization in the USA by hiring Mikael Svensson as General Manager USA. He will develop and lead the business for both of our brands in the US market.

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, February 26th, 2021
CEO Johan Inborr

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 July 2020, no provision has been made for a minority interest.

Revenue – Sales of goods during the fourth quarter amounted to SEK 7,258 (394) thousand. Other operating income for the quarter was SEK 1,087 (5) thousand. In the full year, sales of goods amounted to SEK 21,283 (4,408) thousand. Other operating income for the period was SEK 1,151 (64) thousand. Other income included general Corona support for the Finnish subsidiary Lune of approximately SEK 1 million during the fourth quarter.

Costs – Costs for the fourth quarter amounted to SEK -19,047 (-11,907) thousand. The costs for the full year were -53,487 (-28,394). During the full year, costs for products were SEK 8,194 (1,825) thousand and market costs were approximately SEK 24.2 million (including salaries).

Profit – The Group’s profit after net financial items for the fourth quarter amounted to SEK -10,991 (-11,462) thousand. For the full year, the corresponding result is SEK -31,333 (-24,509) thousand.

Financial position and liquidity – Cash and bank as of December 31, 2020, amounted to SEK 39,312 (35,984) thousand. During the fourth quarter, the company received a net 24,590 through a rights issue that was carried out in December 2020. External acquisition costs for Lune Group have during the year a net burden on liquidity of SEK 4,090 thousand.

Shareholders ‘equity – The Group’s shareholders’ equity as of December 31, 2020 amounted to SEK 117,820 (85,714) thousand, which gives an equity / assets ratio of 88 (93) percent.

Liabilities – The company’s liabilities, as of December 31, 2020, amounted to SEK 16,618 (6,237) thousand.

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 December 31, 2020 was 162,911,613 (138,128,306). After registration of the completed new share issue, the number of shares will increase by 23,273,087 shares to 186,184,700 shares. These were registered with the Swedish Companies Registration Office 2021-02-09.

For key figures, income statement, balance sheet, statement of cash flow and changes in equity, download complete year end report as PDF:

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Review and certification

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 calendar

  • 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, February 26th, 2021
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

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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 (, 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