Lifecare ASA

Earnings Release • Feb 27, 2024

Lifecare Q4 2023 Report Steady course

Lifecare Q4 2023 Report Steady course

Bergen, Norway, February 27th, 2024: Today, Lifecare AS (LIFE) (the

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

generation Continuous Glucose Monitor (CGM), publishes Q4 financial report and

operational update.

Lifecare holds steady a course towards the upcoming automated pilot

production. The first three quarters of 2023, Lifecare reported on huge

achievements both clinically and in the laboratory. In the third quartal of

2023 the manufacturing preparations and Quality Management gained additional

speed, and throughout Q4 Lifecare has been able to manifest the company's

direction and goals.

The Group's costs were slightly increased compared to previous quartals due to

increased development activities, while Lifecare conclude a revenue in Q4 of

5,1 MNOK, including 3,4 MNOK calculated refund from "Skattefunn". The Q4

revenue represented an increase from 2,6 MNOK in Q1 and Q3 2023, and 1,2 MNOK

in Q2 2023. Due to strategic priorities the third-party service capacity has

been reduced to be able to allocate the Groups recourses to our main and

internal development projects. Consequently, the revenue decreased compared to

Q4 2022 (6,71 MNOK, included 1,6 MNOK from "Skattefunn").

Lifecare converted the accounting principles to IFRS in 2023 and on this basis

the valuation of the Group employee share option plan had a large impact on

the Q4 2023 numbers adding additional 3,7MNOK to the Salaries and personnel

costs, compared to 0,9 MNOK for 2022. However, this cost does not have effect

on the company's liquidity or total equity.

The Group's cash position and equity Q4 2023 was strengthened compared to Q4

- The Lifecare organization is focused and dedicated to meet the goals to

enable sensor pilot production in Q1 2024 and automated production in Q2 2024.

Furthermore, the commercial goal of 2024 is to launch our CGM in the

veterinary market. We expect to progress on the commercial preparations in the

first half of 2024, says CEO Joacim Holter at Lifecare.

Preparing the organization for continued progress on the corporate and

financial side, we have established two important new positions in the Group.

March 1st, 2024, Torsten Ernst will start as Lifecare's Production Manager in

Mainz, Germany. May 1st, 2024, Renete Kaarvik will start as Lifecare's Chief

Financial Officer. In addition to these important appointments, the Board of

Directors recently decided to initiate the process to prepare Lifecare for an

uplisting to the main market at Oslo Stock Exchange. - If all goes as planned,

Lifecare hope to uplist to the main market for trading in October 2024, says

Holter.

A live webast of the Q4 2023 report will be presented by Lifecare's CEO Joacim

Holter at 12:00 -- 12:45 CET.

Join the webcast on Microsoft TEAMS meeting

(https://teams.microsoft.com/l/meetup-join/19%3ameeting_MzU4Zjk1NTMtMGNlMS00ODMwLTk1N2QtYmRhMzAyNDVhNjFj%40thread.v2/0?context=%7B%22Tid%22%3a%22c5fbb1c6-4eb0-45db-9f3c-6e20ebcd710e%22%2c%22Oid%22%3a%2271082610-7009-40ed-92e6-70ae6bc35450%22%7D)

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 2024-02-27 08:00 CET.