Coala-Life Group AB quarter two 2022

Second quarter 2022

  • Net sales increased to SEK 1.6 M (0.9).
  • EBITDA totaled SEK -40.7 M (-9.0).
  • Operating income totaled SEK -41.4 M (-9.8).
  • Profit after tax was SEK -38.5 M (-9.8).
  • Earnings per share was SEK -0.6 (-4.8).
  • Cash flow from operating activities was SEK -50.9 M (-10.2).

The period, January 1, 2022 – June 30, 2022

  • Net sales increased to SEK 2.4 M (2.2).
  • EBITDA totaled SEK -71.6 M (-22.0).
  • Operating income totaled SEK -73.4 M (-23.6).
  • Profit after tax was SEK -70.1 M (-23.7).
  • Earnings per share was SEK -1.3 (-11.8).
  • Cash flow from operating activities was SEK -86.4 M (-24.5).

Events in the quarter

  • On April 13, the company announced a resolution of a fully guaranteed rights issue of approximately SEK 150 M before transaction costs.
  • On April 15, the company announced that it received FDA 510k clearance for remote lung auscultation and enhanced ECG algorithm.
  • In April, the company reported that the Coala Heart Monitor had been recommended by the Medical Technology Product Council for introduction into clinical use in Sweden.
  • On May 30, the Annual General Meeting of Coala-Life Group AB was held, and Christian Jørgensen was elected as a board member.
  • On June 9, the company announced its intention to acquire Vitrics Management, a USA company engaged in patient monitoring.

Events after the end of the quarter

  • On July 4, the company launched a new website.
  • On July 29, the company announced that the estimated completion date of the acquisition of Vitrics Management was moved back to August 14.
  • On August 15, the company announced that the acquisition of Vitrics Management was completed for a purchase price of USD 3.5 M.

Extract from comments from the CEO, Dan Pitulia

During the spring and summer we have continued to work towards a profitable business in the US market. Our venture into Managed RPM, under the name Qorum Partners, has strengthened its position and business is picking up momentum, largely due to an investment in clinical staff. Coala Heart Monitor received an additional FDA 510k clearance in the US, for remote lung auscultation and new ECG analysis algorithm, and, in Sweden, the Medical Technology Product Council (MTP Council) recommended the use of Coala Heart Monitor in Swedish healthcare for patients with symptoms of atrial fibrillation. Shortly before the release of this report, we were also able to complete the acquisition of Vitrics in the US.