Peptonic Medical AB (publ) org nr 556776-3064.
(www.spotlightstockmarket.com, ticker: PMED)
2022 third quarter (Jul-Sep)
- Net sales of products KSEK 12 180 (7 234)
- Gross profit KSEK 7 137 (4 492), Gross margin 59% (62%)
- Operating loss KSEK -7 786 (-9 856)
- Adjusted operation loss excl. non-recurrent charge KSEK -7 286 (-9 856)
- Loss per share SEK -0,04 (-0,05)
2022 first nine months (Jan-Sep)
- Net sales of products KSEK 33 442 (25 948)
- Gross profit KSEK 19 002 (16 061), Gross margin 57% (62%)
- Operating loss KSEK -26 807 (-28 780)
- Adjusted operation loss excl. non-recurrent charge KSEK -26 307 (-28 780)
- Loss per share SEK -0,12 (-0,15)
From the CEO
Second consecutive quarter with improved result
For the second quarter in a row, results are improved. Key underlying reasons are continued positive sales development of the company’s vaginal self-tests to partners in the US and Europe, as well as the work to focus Lunette efforts in fewer markets.
Sales compared to previous quarter are largely unchanged (ca -1.5%) where quarter two also contained a batch order to Orion.
The third quarter result is negatively affected by a reservation of 0.5 MSEK related to a potential penalty the Swedish Ecocrime Authority has announced due to a financing solution in 2019. The penalty aside the bottom line improves 10% compared to previous quarter.
Business Unit Medical Consumer – New products are well received
During the pandemic Peptonic has observed a growing trend where people want to take a greater responsibility for their own health. This by using self-care products. In parallel also reduce pressure on health care systems. An important aspect is then that these self-care products have to be clinically proven.
As a result Peptonic has formed the Business Unit Medical Consumer. The purpose with the unit is to establish a portfolio the enables women to diagnose, treat and prevent vaginal medical conditions with clinically self-care solutions. The acquisition of Israeli CommonSense was an important step to start forming the business unit.
During the quarter Peptonic has presented its patented self-test to detect amniotic lakage during pregnancy at the Swedish Association of Gynecologists annual meeting SFOG. The product was well received as a correlating option does not exist in health care today. During the fall, winter and spring mid wives and gynecologists will be educated concerning the benefits and clinical plat form related to the product. The self-test to detect amniotic leakage, VagiVital AL, has during the quarter been listed for sales in Swedish digital pharmacies.
The interest from international partners concerning VagiVital AL is significant. New distributor agreements have during the quarter been signed with German Medical Supplies for UAE and InVivo Pharma for Georgia. A renewed distributor agreement with Primalabs concerning Italy, France, Poland, Hungary and Romania has also been signed during the quarter.
Peptonics vaginal self-tests as a whole attract many inquiries from potential international distributors.
The development work to broaden the portfolio in line with the newly set strategy is on going. The clinical study with an adapted version of VagiVital AktivGel for the treatment of vaginal yeast infections is still ongoing at the Karolinska University Hospital. The study is expected to be finalized during 2023. We have also informed the market that the submitted patent application for the adapted gel in this indication has passed international assessment. The same applies to the original gel for the treatment of vestibulitis. The company is currently assessing how this shall be taken to the market in the best way.
Business unit Medical Consumer sales in the quarter equaled 6.9 MSEK. The majority of this sales was from sales of the vaginal self-tests.
Business Unit Lifestyle Consumer – Improved Focus gives improved direction
The company’s wholly owned subsidiary Lune Group with its sustainable period products as core business, constitutes Peptonics other more life style oriented business unit.
During the spring a renewed strategy was set where Lune reduces its cost mass and focuses on fewer markets. The objective with the revised strategy is to increase competitiveness in selected markets thereby improving results. Amongst focus markets are Finland, Sweden and Australia. The increased focus has started to pay off and the negative result has started to significantly improve in the quarter.
The improved focus is multi-dimensional. Most of Lune business arises from sustainable period products. The renewed focus also means renewed focus and efforts around these core products. During the quarter Lune’s new reusable period panties has been picked up for sales a by a major Finnish retail chain as well as a global Swedish retail chain.
Business unit Lifestyle Consumer sales during the quarter correlates to 5.3 MEK.
The new strategy and focus – a foundation for continuous positive development
Concerning vaginal medical conditions one can, a bit simplified, say that there are prescription products and self-care products. Peptonics objective is to create a new category with clinically proven intimate self-care products. The aim is to become a leading player in this category by offering innovative complete solutions that enable diagnose, treatment and prevention of the medical conditions that occur.
With the distinct profile, the attractiveness of the vaginal self-tests as door openers and new innovative products in line with the strategy, Peptonic expects continuously increased distribution in Swedish pharmacies as well with international distributor partners.
With the above as platform the company shall continue broadening the portfolio through a combination of own development, in licensing and acquisitions.
November 10, 2022
- Revenue – Sales of goods during the third quarter amounted to SEK 12 180 (7 234) thousand. Other operating income for the quarter was SEK 187 (-52) thousand. During the first nine months of the year, sales of goods amounted to SEK 33 442 (25 948) thousand. Other operating income for the first nine months of the year was SEK 1 037 (-43) thousand.
- Costs – Costs for the third quarter amounted to SEK -20 154 (-17 038) thousand. Costs for the first nine months of the year amounted to SEK -61 286 (-54 685) thousand. Costs of goods for the third quarter amounted to SEK -5 043 (-2 742) thousand. Costs of goods for the first nine months of the year amounted to SEK -14 440 (-9 855) thousand. During the third quarter, a reservation regarding corporate fines of KSEK 500 from EBM charged other costs.
- Profit – The company’s profit after net financial items for the third quarter amounted to SEK -8 524 (-9 853) thousand. For the first nine months of the corresponding amount is SEK -28 825 (-28 936) thousand.
- Financial position and liquidity – Cash and bank amounted to SEK 3 015 (10 009) thousand as of September 30th, 2022. After the end of the quarter, Peptonic Medical AB has used the Covid loan facility at the Swedish Tax Agency, where KSEK 3 600 has been borrowed with a very favorable interest rate. Work on long-term financing has been initiated.
- Shareholders ’equity – The group’s shareholders’ equity as of September 30, 2022, amounted to SEK 56 919 (72 349) thousand, which gives an equity / assets ratio of 64 (87) percent.
- Liabilities – The group’s liabilities, as of September 30, 2022, amounted to SEK 32 747 (10 576) thousand.
- Organization – During the period, the average number of employees was 31 (18). At the end of the period, the number of employees was 33 (17).
- Share – The total number of shares as of September 30, 2022 was 242,743,544 (191,639,642).
For key figures, income statement, balance sheet, statement of cash flow and changes in equity, download complete year end report as PDF:
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.
- Year-end report, 2022 2023-02-24
Stockholm 10 nov, 2022
Jan Bardell, Chairmen of the Board
Susanne Axelsson, Board member
Lena Munkhammar, Board member Anders Norling, Board member
Erik Sundquist, CEO
For more information please contact:
Erik Sundquist, CEO PEPTONIC medical AB.
Phone: +46 722 499 043
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.
Download report as PDF document
About Peptonic Medical AB
Peptonic Medical AB (publ) is an innovative medtech start up company, dedicated to researching and developing ground breaking products in the women’s health space and improving access to these products on a global scale.
Founded in 2009, the company now produces its own range of intimate health and wellness products under the Vagivital brand and is also the parent company of Lune Group Oy Ltd and Peptonic Medical Israel Ltd. The group is home to a holistic range of products that are trusted by experts and loved by customers. Peptonic Medical share has been traded on Spotlight (www.spotlightstockmarket.com) in Stockholm since 2014.