Third quarter 2022
- Net sales increased to SEK 5.0 M (0.9).
- EBITDA amounted to SEK -27.8 M (-16.0).
- Operating income totaled SEK -28.2 M (-16.9).
- Profit after tax was SEK -18.5 M (-16.0).
- Earnings per share (weighted) was SEK -0.3 (-7.8).
- Cash flow from operating activities was SEK -36.0 M (-13.7).
The period, January 1, 2022 – September 30, 2022
- Net sales increased to SEK 7,5 M (3.1).
- EBITDA amounted SEK -99.4 M (-38.2).
- Operating income totaled SEK -101.7 M (-40.7).
- Profit after tax was SEK -88.6 M (-39.8).
- Earnings per share (weighted) was SEK -1.4 (-19.6).
- Cash flow from operating activities was SEK -122.5 M (-38.2).
Events in the quarter
- The company launched a new website on July 4.
- 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.
Events after the end of 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. The ratios to be reported are the number of patients that
the company monitors remotely at the end of each month, and estimated recurring sales
in USD based on the latest month’s sales, measured at an annual rate.
- On November 15, the company announced that the company had entered into a loan agreement of SEK 25 million
with a group of existing owners to secure the company’s short-term working capital needs.
Extract from comments from the CEO, Dan Pitulia
Our efforts to build a profitable business in the US market increased further during the period, and we can now show that we are on the right track.
Coala Life’s main focus is the US market, where over 120 million Americans are 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.
It is almost a year since we launched our venture into Managed RPM in the US as a full service under the name Qorum Partners, for remote monitoring of chronically ill patients in the home. In the middle of the previous quarter, we completed the acquisition of the US company Vitrics, which is also engaged in Managed RPM. Both these ventures began showing clear results during the quarter. The key ratios published in this report are in line with our financial target: to achieve sales of SEK 250 million by 2024 with a positive operating result and a maintained gross margin of over 80%.
Comments from our CEO can be read in full in the interim report.
The interim report is available on the company´s website: