Interim / Quarterly Report • Aug 25, 2022
Interim / Quarterly Report
Open in ViewerOpens in native device viewer
April - June 2022
• Ortivus received an order covering updated hardware to the ambulance service in Northern Ireland, which has been the company's customer since 2019. The order value is estimated to 3.2 MSEK.
| Apr-Jun 2022 |
Apr-Jun 2021 |
Jan-Jun 2022 |
Jan-Jun 2021 |
Jan-Dec 2021 |
|
|---|---|---|---|---|---|
| Net sales (MSEK) | 26.4 | 23.6 | 51.0 | 47.1 | 94.3 |
| Gross margin (%) | 57% | 49% | 53% | 49% | 51% |
| Operating profit (MSEK) | 3.5 | 3.2 | 5.5 | 4.9 | 9.3 |
| Operating margin (%) | 13% | 13% | 11% | 10% | 10% |
| EBITDA (MSEK) | 4.4 | 3.5 | 6.8 | 5.5 | 12.7 |
For details regarding the figures, see "The Group's key figures".
Ortivus continues to expand at the same time as the need for digital remote solutions in healthcare increases. In April, the company's long-term growth target of a 15% annual growth with maintained profitability was communicated and the second quarter's results of 3.5 MSEK and a margin of 13% are well aligned with this target. Furthermore, the market development and new customer contracts also contribute to a business development in line with the set goal. The second quarter's net sales amounted to 26.4 (23.6) MSEK, which is an increase of 12% compared to the previous year. The half-year's turnover of 51.0 MSEK gives a growth of 8% compared to the corresponding period in 2021. The quarter's gross margin of 57% can be related to a product mix, consisting of a larger proportion of software licenses than in the first quarter. The half-year profit after tax of 5.5 (4.8) MSEK is an improvement of 15% compared to the corresponding period last year.
During the quarter, Region Värmland awarded the company a contract covering approximately 300 MobiMed Life defibrillators to all twelve municipalities, connected organisations and the region's Rescue Service Association. Region Värmland is a new customer for the company.
Region Västmanland also awarded Ortivus a contract for de delivery of semi-automatic and manual defibrillators to its ambulance and hospital operations. Region Västmanland already use MobiMed Monitor and MobiMed ePR in its daily operations and will thereby be the first customer to use Ortivus' complete product range. The value of the new contract is estimated to 6.9 MSEK and delivery is expected to take place in 2022.
After period end, Ortivus received an order for the delivery of updated hardware to an existing customer in Northern Ireland. The Northern Ireland Ambulance Service has, post the roll-out, experienced an increased
need for dedicated hand-held computing units that can withstand wet and tough conditions. Thus, it has been decided to equip some of its ambulances with the corresponding industrial computers that are already used by many of Ortivus' customers in Sweden and England.
In the wake of the pandemic, new challenges has appeared and many technology suppliers around the world experience component shortages. We have, in a few cases, received longer delivery times from our subcontractors, but the component shortage has not yet had any major impact on Ortivus' operations. However, as the situation is expected to continue for at least 2022 and as many customers demand fast deliveries, Ortivus see an increased need to spend resources on forecasts and planning. This to ensure access to required components and material so that deliveries can run according to plan.
The second quarter's result of 3.5 MSEK with a margin of 13%, is in line with the company's growth target.
An expanded product portfolio and a rising demand for our solutions have led to increased pressure on both delivery capacity and organisation. Jessica Nylander, who took office as OTR Manager earlier in August, will be responsible for our delivery organisation and a member of the company's management team. Smooth customer installations and training will be a key factor for continued expansion to new regions and customers.
During the quarter, Joanna Daffy was also appointed Marketing and Communications Manager and as a member of the Management team, and we continue to expand the company's marketing and sales organisation.
The future prospects are good, and we are getting more and more inquiries from both current and new markets. During the quarter, we received market approval for MobiMed in Australia, where we continue our business development together with our local partner
The fact that we have signed several new contracts over the past years has resulted in an increased interest from potential customers.
2 2 The fact that we have signed several new contracts over the past years has resulted in an increased interest from potential customers. This applies to both MobiMed ePR, MobiMed Monitor and MobiMed Life. We are also seeing a rapidly increasing interest in our public access defibrillators, so-called AEDs (Automatic External Defibrillators), which are placed in public places such as in shopping malls or in offices. These can be supplied by Ortivus but to meet the increased market demand, Ortivus collaborates with distributors in Denmark, Finland and Sweden. The distributor agreements are not exclusive as many distributors work within certain geographical areas, that gives Ortivus the opportunity to sign agreements with several distributors within the same country.
Ortivus expands and we always strive for innovation. We look forward to continue to deliver life-saving equipment to the world.
Reidar Gårdebäck Chief Excecutive Officer
Net sales amounted to 26.4 (23.6) MSEK.
| Apr-Jun | Nordics | Rest of Europe | RoW | Total | ||||
|---|---|---|---|---|---|---|---|---|
| Amount in MSEK | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| Prehospital care | 8 996 | 6 139 | 9 196 | 10 657 | 2 615 | 3 900 | 20 807 | 20 696 |
| Advanced monitoring and other | 5 544 | 1 062 | 0 | 1 843 | 0 | 0 | 5 544 | 2 905 |
| Total | 14 540 | 7 201 | 9 196 | 12 500 | 2 615 | 3 900 | 26 351 | 23 601 |
Intangible assets partly consist of previously capitalised development expenses for MobiMed ePR but also of expenses for further development of both MobiMed ePR and Monitor. See further under the section "Important estimates and assessments".
Investments in intangible fixed assets during the quarter amounted to 2.5 (0.2) MSEK. Amortisation of intangible fixed assets amounted to -0,9 (-0,2) MSEK during the quarter.
Investments in tangible fixed assets during the period, amounted to 0.0 (0.1) MSEK. Depreciation of property, plant and equipment amounted to -0.5 (-0.4) MSEK during the quarter.
The inventory value amounted to 10.9 (5.7) MSEK.
Accounts receivable amounted to 23.6 (20.1) MSEK.
As of June 30, 2022, the Group's cash and cash equivalents amounted to 18.3 (19.3) MSEK.
Equity for the Group amounted to 35.1 (24.9) MSEK.
As of June 30, 2022, the group's long-term liabilities amounted to 11.3 (1.7) MSEK and consist of long-term liabilities regarding right-of-use assets according to IFRS16 of 1.7 (1.7) MSEK and prepaid revenues for licenses and guarantees of 9.6 (0 .0) MSEK.
The group's short-term liabilities amounted to 33.8 (42.1) MSEK and consist, among other things, of accrued expenses prepaid income of 24.1 (7.6) MSEK, advances from customers of 1.6 (27.2) MSEK and debt regarding right-of-use assets according to IFRS 16 of 1.3 (1.3) MSEK.
The ongoing operations produced a cash flow of -8.9 (-7.0) MSEK. This is due, among other things, to reduced working capital from paid accounts receivable.
Before the change in working capital, the cash flow amounted to 10.9 (-7.4) MSEK.
The cash flow from investment activities amounted to -1.4 (-0.6) MSEK.
Cash flow from financing activities amounted to 0.9 (0.3) MSEK.
The group's total cash flow during the quarter amounted to -9.4 (-7.3) MSEK.
Depreciation of intangible fixed assets has been made at 0.0 (-0.3) MSEK for the period. Investments in intangible fixed assets during the period amounted to 0.0 (0.2) MSEK. Depreciation of tangible fixed assets has been made at 0.0 (0.1) MSEK for the period. Investments in tangible fixed assets during the period amounted to 0.0 (0.1) MSEK. As of June 30, 2022, the parent company's equity amounted to 78.6 (23.8) MSEK.
Net sales amounted to 51.0 (47.1) MSEK.
Revenues per country / region and segment are shown in the table below.
| Jan - Jun | Nordics | Rest of Europe | RoW | Total | ||||
|---|---|---|---|---|---|---|---|---|
| Amount in MSEK | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| Prehospital care | 13 457 | 11 273 | 23 917 | 24 907 | 4 424 | 4 587 | 41 798 | 40 767 |
| Advanced monitoring and other | 9 175 | 1 950 | 0 | 4 307 | 0 | 119 | 9 175 | 6 376 |
| Total | 22 632 | 13 223 | 23 917 | 29 214 | 4 424 | 4 706 | 50 973 | 47 143 |
Intangible assets consist partly of previously capitalised development costs for MobiMed ePR but also of costs for further development of both MobiMed ePR and Monitor. See further under the section "Important estimates and judgements".
Investments in intangible fixed assets during the quarter amounted to 2.6 (1.6) MSEK. Amortisation of intangible fixed assets amounted to 0,8 (0,3) MSEK during the quarter.
Investments in tangible fixed assets during the period amounted to 0.1 (1.2) MSEK. Amortisation of tangible fixed assets amounted to 0.2 (0.9) MSEK during the quarter.
The inventory value amounted to 10.9 (5.7) MSEK. The increase compared to the previous year is due to component insurance for upcoming deliveries as well as new sales, as a result to a global component shortage, which also affects the cash flow in the ongoing operations.
Accounts receivable amounted to 23.6 (20.1) MSEK.
Cash and cash equivalents amounted to 18.3 (19.3) MSEK.
Equity for the Group amounted to 35.1 (24.9) MSEK.
The group's long-term liabilities amounted to 11.3 (1.7) MSEK and consist of long-term liabilities regarding right-of-use assets according to IFRS16 of 1.7 (1.7) MSEK and prepaid revenues for licenses and guarantees of 9.6 (0.0) MSEK.
The group's short-term liabilities amounted to 33.8 (42.1) MSEK and consist, among other things, of accrued expenses prepaid income of 24.1 (7.6) MSEK, advances from customers of 1.6 (27.2) MSEK and debt regarding right-of-use assets according to IFRS 16 of 1.3 (1.3) MSEK.
Operating activities generated a cash flow of -0.8 (-1.6) MSEK.
Cash flow from investing activities amounted to -2.7 (-3.2) MSEK.
Cash flow from financing activities amounted to -0.3 (2.0) MSEK.
The Group's total cash flow during the quarter amounted to -3.8 (-2.9) MSEK.
Depreciation of intangible fixed assets was 0.0 (-0.3) MSEK for the period.
Investments in intangible fixed assets during the period amounted to 0.0 (1.6) MSEK.
Depreciation of tangible fixed assets has been made at 0.0 (-0.2) MSEK for the period.
Investments in intangible fixed assets during the period amounted to 0.0 (1.2) MSEK.
As of June 30, 2022, the parent company's equity amounted to 78.6 (23.8) MSEK.
This report has not been reviewed by the company's auditor.
The Board of Directors and the CEO ensure that the interim report provides a true and fair overview of the parent company's and the Group's operations, position, and earnings, and that it describes significant risks and uncertainties faced by the same.
Danderyd, 25th of August, 2022 Ortivus AB (publ)
Anders Paulsson Chairman of the Board
Peter Edvall Board member
Anna Klevby Dalgaard Board member
Ulf Järnberg Board member
Reidar Gårdebäck CEO
Ortivus publishes this information in accordance with the EU Market Abuse Regulation. The information was submitted for publication at 08:30 a.m. on August 25, 2022.
Financial Statement
| Amounts in 1000 SEK | Apr-Jun 2022 |
Apr-Jun 2021 |
Jan-Jun 2022 |
Jan-Jun 2022 |
Jan-Dec 2021 |
|---|---|---|---|---|---|
| Net sales | 26 351 | 23 601 | 50 974 | 47 143 | 94 272 |
| Cost of sales | -11 208 | -12 056 | -24 193 | -23 809 | -46 403 |
| Gross profit | 15 143 | 11 546 | 26 781 | 23 334 | 47 869 |
| Gross margin | 57% | 49% | 53% | 49% | 51% |
| Selling expenses | -7 793 | -5 558 | -13 936 | -9 739 | -19 491 |
| Administrative expenses | -2 236 | -3 486 | -4 855 | -5 996 | -12 521 |
| Research and development expenses | -792 | -367 | -1 730 | -1 027 | -3 290 |
| Other operating income and expanses | -824 | 1 035 | -763 | -1 668 | -3 221 |
| Operating profit (EBIT) | 3 498 | 3 170 | 5 497 | 4 904 | 9 346 |
| EBIT margin | 13% | 13% | 11% | 10% | 10% |
| Financial net | -3 | -30 | -37 | -63 | -135 |
| Profit before tax | 3 495 | 3 140 | 5 460 | 4 841 | 9 211 |
| Tax | 0 | 0 | 0 | 0 | 0 |
| Profit for the period | 3 495 | 3 140 | 5 460 | 4 841 | 9 211 |
| Comprehensive income for the period Items that may be subsequently reclassified to profit or loss Gains/losses arising on translation of the statements of foreign operations |
435 | -83 | 180 | 420 | 555 |
| Comprehensive income for the period | 3 930 | 3 057 | 5 640 | 5 261 | 9 766 |
| Profit for the period attributable to: Owners of the Parent Company |
3 495 | 3 140 | 5 460 | 4 841 | 9 211 |
| Comprehensive income for the period attribut able to: Owners of the Parent Company |
3 930 | 3 057 | 5 640 | 5 261 | 9 766 |
| Earnings per share: | |||||
| Earnings per share before and after dilution, SEK | 0.08 | 0.07 | 0.12 | 0.11 | 0.21 |
| Average number of shares | 44 307 | 44 307 | 44 307 | 44 307 | 44 307 |
| Amounts in 1000 SEK | 30 Jun 2022 | 30 Jun 2021 | 31 Dec 2021 |
|---|---|---|---|
| Fixed assets | |||
| Intangible assets | 13 565 | 9 178 | 11 635 |
| Tangible assets | 4 834 | 5 508 | 5 452 |
| Total fixed assets | 18 399 | 14 686 | 17 087 |
| Current assets | |||
| Inventory | 10 920 | 5 740 | 4 777 |
| Accounts receivables | 23 617 | 20 144 | 21 406 |
| Other receivables | 925 | 1 674 | 849 |
| Prepaid expenses and accrued income | 8 041 | 6 546 | 6 228 |
| Other short-term investment | 0 | 631 | 0 |
| Cash | 18 282 | 19 261 | 22 112 |
| Total current assets | 61 785 | 53 996 | 55 372 |
| Total assets | 80 184 | 68 682 | 72 459 |
| Shareholders equity | 35 084 | 24 888 | 29 444 |
| Prepaid income | 9 577 | 0 | 10 049 |
| Long term leasing liabilities | 1 749 | 1 719 | 2 041 |
| Total Long-term liabilities | 11 326 | 1 719 | 12 090 |
| Short-term liabilities | |||
| Advance payments from customers | 1 625 | 27 176 | 7 302 |
| Accounts payable | 4 931 | 3 991 | 2 860 |
| Other liabilities | 1 897 | 2 038 | 3 319 |
| Short-term leasing liabilities | 1 269 | 1 269 | 1 269 |
| Accrued expenses and prepaid income | 24 052 | 7 601 | 16 175 |
| Total short-term liabilities | 33 774 | 42 075 | 30 925 |
| Total liabilities and equity | 80 184 | 68 682 | 72 459 |
(*) Of which3 338 assets pertain to rights-of-use in accordance with IFRS16.
| Amounts in 1000 SEK | 30 Jun 2022 | 30 Jun 2021 | 31 Dec 2021 |
|---|---|---|---|
| Opening balance | 29 444 | 19 678 | 19 678 |
| Comprehensive income for the period | 5 641 | 5 211 | 9 766 |
| Closing balance | 35 084 | 24 888 | 29 444 |
| Amounts in 1000 SEK | Apr-Jun 2022 |
Apr-Jun 2021 |
Jan-Jun 2022 |
Jan-Jun 2022 |
Jan-Dec 2021 |
|---|---|---|---|---|---|
| Profit before tax | 3 495 | 3 140 | 5 460 | 4 841 | 9 211 |
| Adjustments for non-cash items | -1 514 | -2 757 | -279 | 646 | 5 446 |
| Cashflow from operating activities before changes in working capital |
1 981 | 383 | 5 181 | 5 487 | 14 657 |
| Cashflow from changes in working capital | -10 882 | -7 413 | -5 965 | -7 116 | -6 883 |
| Cashflow from operating activities | -8 901 | -7 030 | -784 | -1 629 | 7 774 |
| Cashflow from investing activities | -1 432 | -636 | -2 722 | -3 216 | -6 702 |
| Cashflow from financing activities | 916 | 327 | -324 | 1 979 | -1 240 |
| Cashflow for the period | -9 417 | -7 339 | -3 830 | -2 866 | -168 |
| Cash at the beginning of the period | 27 696 | 26 600 | 22 112 | 22 127 | 22 127 |
| Exchange difference in cash | 3 | 0 | 0 | 0 | 153 |
| Cash at the end of the period | 18 282 | 19 261 | 18 282 | 19 261 | 22 112 |
| Apr-Jun 2022 |
Apr-Jun 2021 |
Jan-Jun 2022 |
Jan-Jun 2021 |
Jan-Dec 2021 |
|
|---|---|---|---|---|---|
| Amount in KSEK | |||||
| Net sales | 0 | 33 625 | 2 249 | 33 625 | 77 289 |
| Cost of sales | 140 | -18 003 | 140 | -18 143 | -32 456 |
| Gross profit | 140 | 15 622 | 2 389 | 15 482 | 44 833 |
| Gross margin | 0% | 46% | 106% | 46% | 58% |
| Selling expenses | 0 | 0 | -2 159 | -9 813 | -20 524 |
| Administrative expenses | -2 453 | -2 453 | -2 453 | -5 565 | -11 939 |
| Research and development expenses | 0 | -327 | 0 | -327 | -3 739 |
| Other operating income | 0 | 0 | 0 | 2 049 | 53 205 |
| Other operating expenses | -177 | -3 539 | -376 | -3 716 | -6 425 |
| Operating profit (EBIT) | -2 490 | 9 303 | -2 599 | -1 890 | 55 411 |
| EBIT margin | 0% | 28% | -116% | -6% | 72% |
| Financial net | 0 | 0 | 0 | 0 | 25 |
| Profit before tax | -2 490 | 9 303 | -2 599 | -1 890 | 55 436 |
| Tax | - | - | - | - | - |
| Profit for the period | -2 490 | 9 303 | -2 599 | -1 890 | 55 436 |
The result for the period corresponds to the total result for the period.
| Amounts in 1000 SEK | 30 Jun 2022 | 30 Jun 2021 | 31 Dec 2021 |
|---|---|---|---|
| Fixed assets | |||
| Intangible assets | 0 | 9 178 | 0 |
| Tangible assets | 0 | 613 | 0 |
| Participation in Group companies | 60 316 | 9 574 | 60 316 |
| Total Fixed assets | 60 316 | 19 365 | 60 316 |
| Current assets | |||
| Inventory | 0 | 5 494 | 0 |
| Accounts receivable | 5 767 | 6 685 | 3 380 |
| Receivables from group companies | 25 551 | 293 | 3 790 |
| Other receivables | 26 | 1 376 | 2 874 |
| Prepaid expenses and accrued income | 410 | 1 633 | 0 |
| Other short-term investment | 0 | 631 | 0 |
| Cash | 10 876 | 15 626 | 17 988 |
| Total Current assets | 42 630 | 31 738 | 28 032 |
| Total assets | 102 946 | 51 103 | 88 348 |
| Shareholders equity | 78 559 | 23 832 | 81 158 |
| Current liabilities | |||
| Advance payments from customers | - | 2 142 | 0 |
| Accounts payable | 26 | 3 375 | 2 317 |
| Liabilities to group company | 17 413 | 14 218 | 919 |
| Other liabilities | -496 | 449 | 635 |
| Accrued expenses and prepaid income | 7 444 | 7 086 | 3 319 |
| Total short-term liabilities | 24 387 | 27 270 | 7 190 |
| Total liabilities and equity | 102 946 | 51 102 | 88 348 |
| Amounts in 1000 SEK | 30 Jun 2022 | 30 Jun 2021 | 31 Dec 2021 |
|---|---|---|---|
| Opening balance | 81 158 | 25 722 | 25 722 |
| Profit of the year | -2 599 | -1 890 | 55 436 |
| Outgoing balance | 78 559 | 23 832 | 81 158 |
Gross profit as a percentage of net sales. The Company believes that the key figure provides an in-depth understanding of the Company's profitability.
| Amounts in 1000 SEK | Apr-Jun 2022 |
Apr-Jun 2021 |
Jan-Jun 2022 |
Jan-Jun 2022 |
Jan-Dec 2021 |
|---|---|---|---|---|---|
| Gross profit | 15 143 | 11 546 | 26 781 | 23 334 | 47 869 |
| Net sales | 26 351 | 23 601 | 50 974 | 47 143 | 94 272 |
| Gross margin | 57% | 49% | 53% | 49% | 51% |
Operating profit, adjusted for non-recurring costs, as a percentage of net sales. The Company believes that the key figure provides an in-depth understanding of the Company's profitability.
| Amounts in 1000 SEK | Apr-Jun 2022 |
Apr-Jun 2021 |
Jan-Jun 2022 |
Jan-Jun 2022 |
Jan-Dec 2021 |
|---|---|---|---|---|---|
| Operating profit | 3 498 | 3 170 | 5 497 | 4 904 | 9 346 |
| Net sales | 26 351 | 23 601 | 50 974 | 47 143 | 94 272 |
| Operating margin, excluding non-recurring costs | 13% | 13% | 11% | 10% | 10% |
Operating profit before net interest income, tax, depreciation of tangible fixed assets and amortisation of intangible fixed assets. The Company believes that the key figure provides an in-depth understanding of the Company's profitability.
| Amounts in 1000 SEK | Apr-Jun 2022 |
Apr-Jun 2021 |
Jan-Jun 2022 |
Jan-Jun 2022 |
Jan-Dec 2021 |
|---|---|---|---|---|---|
| Profit before tax | 3 495 | 3 140 | 5 460 | 4 841 | 9 211 |
| Net financial | 3 | 30 | 37 | 63 | 135 |
| Depreciation | 897 | 271 | 1 328 | 3 338 | 2 504 |
| EBITDA | 4 396 | 3 441 | 6 825 | 8 242 | 11 850 |
Profit after tax divided by the average number of shares for the period. Recalculation has been done by the historically average number of shares with regards to the bonus element. The company believes that the key figure gives investors a better understanding of the historical dividend per share.
| Apr-Jun 2022 |
Apr-Jun 2021 |
Jan-Jun 2022 |
Jan-Jun 2022 |
Jan-Dec 2021 |
|
|---|---|---|---|---|---|
| Profit after tax (1000 SEK) | 3 495 | 3 140 | 5 460 | 4 841 | 9 211 |
| Average number of shares for the period (Thousands) | 44 307 | 44 307 | 44 307 | 44 307 | 44 307 |
| Earnings per share (SEK) | 0.08 | 0.07 | 0.12 | 0.11 | 0.21 |
Equity at the end of the period divided by the number of shares at the end of the period. The company believes that the key figure provides a deeper understanding of the company's profitability.
| Amount in KSEK | 30 Jun 2022 | 30 Jun 2021 |
|---|---|---|
| Equity at the end of the period | 35 084 | 29 444 |
| Number of shares at the end of the period | 44 307 | 44 307 |
| Equity per share | 0.79 | 0.66 |
| Currency code | 30 Jun 2022 | 30 Jun 2021 | 31 Dec 2021 |
|---|---|---|---|
| GBP | |||
| Year-end rate | 12.17 | 12.00 | 12.18 |
| Average rate | 12.53 | 11.59 | 11.80 |
| SGD | |||
| Year-end rate | 6.85 | 6.48 | 6.68 |
| Average rate | 6.91 | 6.30 | 6.38 |
| EUR | |||
| Year-end rate | 10.68 | 10.13 | 10.23 |
| Average rate | 10.60 | 10.12 | 10.14 |
| USD | |||
| Year-end rate | 10.03 | 8.40 | 9.04 |
| Average rate | 10.22 | 8.51 | 8.58 |
Ortivus is a MedTech company founded in 1985 and a leading provider of mobile digital solutions for prehospital care providers worldwide. Ortivus' solutions save lives and reduces suffering. Ortivus' MobiMed is currently used by more than 12,000 paramedics in over 2,700 emergency vehicles and handles over 200,000 patient cases every month. Ortivus headquarters is located in Danderyd outside Stockholm and the company has a wholly owned subsidiary in Southampton, UK.
Ortivus' modular platform MobiMed is created based on in-depth clinical knowledge in cardiology and is continuously developed in close collaboration with its users. MobiMed can be divided into three different product groups that can be seamlessly integrated and adapted as needed. MobiMed Monitor offers real-time monitoring of patients' vital signs.
MobiMed ePR is a clinical decision support and electronic patient record system. MobiMed Life consist of a range of stand-alone defibrillators. Together, these constitute a competitive and innovative total solution for a remote and digital future healthcare.
MobiMed has a total weight of 3.5 kg and is created to function in a demanding environment and out in the field. The two-way communication supports telemedicine consulting with clinical experts while patient data is seamlessly integrated into the medical records at the hospitals and primary care centers.
MobiMed saves time and helps healthcare professionals make the right decisions in critical situations MobiMed also contributes to improved quality of care and saved resources.
Used by over 12 000 paramedics Installed in over 2700 emergency vehicles Handles over 200 000
patients each month
The interim report for the Group has been prepared in accordance with the IFRS regulations in application of IAS 34 Interim Financial Reporting and applicable provisions in the Annual Accounts Act.
The interim report for the Parent Company has been prepared in accordance with Chapter 9 of the Annual Accounts Act, Interim Report.
The same accounting principles and calculation bases as in the most recent annual report have been applied.
Other new or amended IFRSs, including statements, are not expected to have any effect on the Group's accounts.
The number of employees in the Group amounted at the end of the period to 38 (31) people.
The company has no transactions with related parties during the period, other than remuneration to management and the board.
Through its operations, Ortivus is exposed to many types of risks. Risk management is a part of the leadership team's responsibility. The company has a policy for risk management that primarily focuses on four types of risks: financial, operational, legal/regulatory, and national risks. As an example, the company has forward contracts for significant currencies. The Board's work with risk management is further stated in the Corporate Governance Report that is a part of the company's annual report for 2021. A detailed description of the financial risks are given in Note 25.
Ortivus' A and B shares are listed on the NASDAQ Stockholm Small Cap list. There is a total of 44.3 M shares divided into 1.7M A-shares and 42.6 M B-shares. The company's market value at the end of the period amounted to 305.7 (242.1) MSEK.
The group consists of the parent company Ortivus AB (publ), org. no. 556259–1205, and the subsidiaries: Ortivus UK Ltd, org.nr. 03558696, Ortivus MobiMed AB, org.nr. 556593–0707, Elementalalys Analytica AB (dormant), org nr. 556265–4771 and Biohome AB (dormant), org.nr. 556364-0464. All subsidiaries are wholly owned.
The Parent Company, Ortivus AB operates on a global market with sales and service activities. The parent company's operations include group overall functions.
Ortivus MobiMed AB operates on the Nordic market in functions such as development, finance, quality assurance, sales, and service.
Ortivus UK Ltd. operates on the UK market within functions such as sales, and service.
Ortivus applies the European Securities and Markets Authority's (ESMA) guidelines for so-called alternative performance measures (APM).
An APM is a financial measure of historical or future results development, financial position or cash flow that is not defined or specified by IFRS. The company reports a number of alternative key figures in the report, these are defined in the section "The Group's key figures".
Ortivus assesses that there are no estimates in the current financial statement that are associated with significant risk of notable changes in the reported amounts.
The following text describes important estimates that are associated with risk of changes in the reported values, but where the risk is not significant or where the possible adjustment is not notable or where it is not expected to affect reported values in the coming year.
The risk that balanced development expenses would not be recovered is dependent on future market potential for the developed products as well as prices and manufacturing costs that form the basis for estimates and calculations made before each development project is initiated.
Alterations in these conditions could have a significant impact on the carrying amount of the project, presented in the consolidated balance sheet.
All forward-looking statements in this report are based on the company's best assessment at the publication time. Such statements comprise, like all future assessments, risks, and uncertainties, which may mean that the actual outcome will be different. In addition to what is required according to current legislation, forward-looking statements only apply the day they were made and Ortivus does not undertake to update any of them in case of future events or if new information is obtained.
Please visit www.ortivus.com
Reidar Gårdebäck, CEO, telephone 08-446 45 00 or email: [email protected] Viveka Hiort af Ornäs, CFO, telephone 08-446 45 00 or email: [email protected]
Besök gärna www.ortivus.se
Ortivus AB Box 713 Svärdvägen 19 182 33 Danderyd Sweden
Telephone: + 46 8 446 45 00 Fax: + 46 8 446 45 19 Email: [email protected] www.ortivus.se
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.