First quarter 2022
- Net sales increased to SEK 1.8 M (1.3).
- EBITDA totaled SEK -26.9 M (-13.0).
- Operating income totaled SEK -28.0 M (-13.8).
- Profit after tax was SEK -27.8 M (-13.9).
- Earnings per share was SEK -0.8 (-6.8).
- Cash flow from operating activities was SEK -35.4 M (-14.3).
Events in the period
- On February 9, the company announced that a review of the health economics of the Coala Heart Monitor Pro, carried out by the Swedish Dental and Pharmaceutical Benefits Agency, had demonstrated that the device was cost effective.
- On February 23, the company announced its intention to carry out a fully guaranteed rights issue of approximately SEK 150 M.
- In March, Johan Eckerdal started the position as VP R&D.
- On March 14, the company gave an update of the business progress in the US and that it had signed contracts with 10 new clinics during the first quarter.
- On March 14, the Extraordinary General Meeting resolved to authorize the Board to increase the share capital to carry out a new share issue and to introduce an incentive program in the form of options
- On March 15, the company published its Annual Report for 2021.
- On March 17, the board of directors resolved to proceed with a fully guaranteed rights issue of approximately SEK 150 M.
- On March 24, the company published the prospectus related to a fully guaranteed rights issue
Events after the end of the period
- On April 13, the company announced a resolution of a fully guaranteed rights issue of approximately SEK 150 M.
- 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 April 26, the company gave notice to attend the Annual General Meeting on May 30.
Comments from the CEO
After an eventful quarter, we have progressed further in building what will become a profitable business in the US market. Great interest has been shown in Coala Life’s Managed RPM and 10 new clinics connected in the quarter. After the end of the period, the Coala Heart Monitor received an additional FDA 510k clearance for remote lung auscultation and enhanced ECG algorithm. It also gained important recognition from The Swedish Medical Technology Product Council (MTP) which recommended the use of the Coala Heart Monitor in all Swedish regional councils for assessment and diagnostics of patients with suspected atrial fibrillation. During the quarter, we developed our product platform further, intensified the sales focus in the US and prepared the rights issue which was completed after the end of the period and which raised approximately SEK 150 million for Coala Life, before deduction of transaction related costs.