First quarter 2023
- Net sales increased to SEK 11.6 M (1.0).
- EBITDA amounted to SEK -32.2 M (-30.5).
- Operating income totaled SEK -33.9 M (-31.6).
- Profit after tax was SEK -35.1 M (-31.4).
- Earnings per share (weighted) was SEK -0.3 (-0.9).
- Cash flow from operating activities was SEK -31.3 M (-35.4).
Events in 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 January 28, the company announced an agreement relating to an expanded service offering in RPM, covering just over 40% of connected patients. On March 24, the company announced that the number of connected patients had increased to over 90%.
- On January 26, the company held an Extraordinary General Meeting which was called for on December 23, 2022. At the General Meeting, a decision was made about a rights issue and the election of Per Lindeberg as a board member.
Extract from comments from the CEO, Dan Pitulia
During the quarter we successfully transferred all connected patients in the US, who are now monitored using the expanded service. This also means that our income per patient continues to increase.
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. Coala Life offers patients and healthcare services solutions for non-invasive and patient-centered predictive decision support, using algorithms to predict heart and lung disease and thereby contributing to avoiding certain conditions developing. Our strategic goal is to dramatically improve quality of life and clinical outcomes for the millions of patients affected by chronic or acute cardiovascular and other diseases.
We focus on Managed RPM in the US, where we offer a complete service for remote monitoring of chronically ill patients in the home. In December, we announced the launch of our expanded service, which provides clinics with robust decision support in the form of patient data. The past quarter was characterized by the work associated with signing new agreements with clinics, transferring patients, and implementing the expanded service. This work was successful and the model has now been fully implemented so that all connected patients in the US are monitored using the expanded service. This also means that our income per patient continues to increase.
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. At that time, we reported 2,600 patients and USD 2.7 M for September 2022. For March 2023, the corresponding figures were 3,700 patients and USD 4.8 M. Calculated from September 2022 to March 2023 we have reached a cumulative (CAGR) revenue growth of 10% a month and counting from March 2022, the monthly CAGR is 23%.
Comments from our CEO can be read in full in the interim report.
The interim report is available on the company´s website: