Fourth quarter 2022
- Net sales increased to SEK 9.3 M (1.0).
- EBITDA amounted to SEK -42.9 M (-118.0).
- Operating income totaled SEK -46.1 M (-120.5).
- Profit after tax was SEK -53.4 M (-111.0).
- Earnings per share (weighted) was SEK -0.8 (-6.3).
- Cash flow from operating activities was SEK -32.0 M (-24.7).
The period, January 1, 2022 – December 31, 2022
- Net sales increased to SEK 16,8 M (4.1).
- EBITDA amounted SEK -133.6 M (-155.2).
- Operating income totaled SEK -139.1 M (-160.1).
- Profit after tax was SEK -141.9 M (-150.7).
- Earnings per share (weighted) was SEK -2.1 (-25.4).
- Cash flow from operating activities was SEK -127.8 M (-60.7).
Events in the quarter
- On October 25, the company announced that it will start reporting key
ratios on a monthly basis for the company’s main market, the US.
- On November 15, the company announced .that it had entered into a convertible
loan facility of SEK 25 M with existing shareholders.
- On December 23, the company communicated its intention to complete a preferential
rights issue of units, 75% guaranteed, totaling some SEK 101 M.
Events after the end of the quarter
- On February 23, the company announced the outcome of the preferential rights
issue, raising SEK 84.1 M before deductions of issue expenses and debt offset.
- On February 8, the company announced that it was expanding the guarantee consortium
for the new issue to some 83%.
- On February 6, the company published the prospectus related to the preferential rights issue.
- On January 28, the company announced an agreement relating to an expanded service
offering in RPM, covering just over 40% of connected patients.
- On January 26, the company held an Extraordinary General Meeting which approved the new
issue and elected Per Lindeberg to the Board.
Extract from comments from the CEO, Dan Pitulia
We can conclude that we have successfully developed our business on the US market. We are now
also increasing income per patient.
Coala Life’s main focus is the US market, with over 120 million Americans affected by chronic cardiovascular
diseases. To qualify for Remote Patient Monitoring (RPM), a patient must have an acute or chronic medical
condition, which applies to almost half of the US population.
In February 2022, we launched our initiative aimed at Managed RPM in the US as a complete service
offering for remote monitoring of chronically ill patients in the home. During the year, we established our
own organization under the name Qorum Partners as well as acquiring US company Vitrics in August, which
is also active in Managed RPM. These initiatives produced clear results during the fall. In December, we
announced the launch of our expanded service which provides clinics with robust patient data, a model that
has been fully introduced at the time of writing. All connected patients in the US are currently monitored with
the expanded service which also increases our income per patient significantly.
We have high expectations for our future progress. In October, we started to present monthly reports on
the numbers of connected patients as well as income, measured as annual revenue. In February 2023, these
figures were 3,700 patients and USD 4.6 M (USD 3.7 M in January 2023). This means that the increased
patient income resulting from the expanded service is very good. Even considering that we have strengthened
the organization in order to develop the expanded service, the key ratios published in this report are in line with
our financial target of sales of SEK 250 million by 2024 with a positive operating profit and a maintained gross
margin of over 80%.
Comments from our CEO can be read in full in the Interim Report January -December 2022.
The Interim Report January -December 2022 is available on the company´s website: