Lifecare ASA — Earnings Release 2023

Nov 14, 2023

LIFE: Lifecare Q3 2023 Report

LIFE: Lifecare Q3 2023 Report

Bergen, Norway, November 14th, 2023: Today, Lifecare AS (LIFE) (the

"Company"), a clinical stage medical sensor company developing the next

generation Continuous Glucose Monitor (CGM), publishes Q3 financial report and

operational update.

Lifecare completed Q3 with many important technology and operational

achievements. The Company is shifting focus from conducting research and

development to focusing on production preparations, industrialization and

finally commercialization of the Company's sensor technology.

The main strategic goal for the Company is to initiate automated production

and product-launch in 2024. Achieving these goals requires focused investments

in production preparations, including production equipment. On this basis the

Lifecare Group priorities have reduce the capacity to provide third-party

services from the Group entities in Germany, and the Group revenues YTD Q3

2023 ended at 6,41 MNOK, in comparison to 15,43 MNOK YTD Q3 2022.

At the same time the Group R&D operations with preparations for production

drive the salary and personal costs, while other operating costs are in line

with forecast and expectations. Lifecare's result per Q3 2023 was --21 MNOK.

- As we approach the initial production phase it is needed for us to invest in

production preparations and production set up. This trend will continue as

planned, until our first automated production line is ready by the end of Q2

2024 - paving the way for commercial production, says Joacim Holter, Lifecare

CEO.

Despite reduced revenues, the Group's equity and cash position is strengthened

compared to the end of Q3 2022, not taking the recent capital increase taken

into account. The capital increase completed in October further strengthens

the Equity and Cash Position.

On the operational level Lifecare has met several objectives in Q3, in

accordance with the roadmap presented in previous investor communication. The

most important achievements include the approval from the regulatory

authorities to start the next study and placing order for software for

automated production.

Furthermore, the Company confirmed that prototype sensors reached an

operational lifetime of more than 24 weeks (172 days), including a sensor

chemistry shelf life of almost 27 weeks (187 days). These results from a

longevity in-vitro experiment confirms that Lifecare's technology has a

superior operational longevity compared to existing needle based CGM sensors,

as well as an encouraging stability of the chemistry used in the sensor.

- We are very satisfied with the development throughout Q3 2023, both

technical and operational. We are especially excited about the longevity

experiment. The results validate the potential of Sencell to provide long-term

and accurate glucose monitoring for people with diabetes, while reducing the

need for frequent sensor replacements, says CEO Joacim Holter.

Lifecare's CEO Joacim Holter presents the company's Q3 report Tuesday 14th

November 10:30 CET.

The webcast and will be available

here: https://channel.royalcast.com/landingpage/hegnarmedia/20231114_6/

(https://eur04.safelinks.protection.outlook.com/?url=https%3A%2F%2Fchannel.royalcast.com%2Flandingpage%2Fhegnarmedia%2F20231114_6%2F&data=05|01|asle.wingsternes%40lifecare.no|1bf9f68b16d74f73cba608dbe060beec|c5fbb1c64eb045db9f3c6e20ebcd710e|0|0|638350478374136708|Unknown|TWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D|3000|||&sdata=Sp93gLtpTI%2FhzFygvB%2FD3oID5bYAA1p9woB4o7UjDGo%3D&reserved=0)

About us

Lifecare AS is a clinical stage medical sensor company developing technology

for sensing and monitoring of various body analytes. Lifecare's main focus is

to bring the next generation of Continuous Glucose Monitoring ("CGM") systems

to market. Lifecare enables osmotic pressure as sensing principle, combined

with the ability to manipulate Nano-granular Tunnelling Resistive sensors

("NTR") on the sensor body for read-out of pressure variations. Lifecare's

sensor technology is referred to as "Sencell" and is suitable for identifying

and monitoring the occurrence of a wide range of analytes and molecules in the

human body.

Contacts

For further information, please contact:

Joacim Holter, CEO, Lifecare AS, joacim.holter@lifecare.no, +47 40 05 90 40

Asle Wingsternes, Head of Communications & Public Affairs,

asle.wingsternes@lifecare.no, +47 41 61 42 52

This information has been submitted pursuant to the Securities Trading Act §

5-12 and MAR Article 19 no. 3. The information was submitted for publication

at 2023-11-14 08:00 CET.