iZafe Group’s Quarterly Report January-March 2024
STOCKHOLM, SWEDEN / ACCESSWIRE / April 26, 2024 / iZafe Group (STO:IZAFE-B.ST) iZafe Group AB (publ.) presents today, April 26th, its report for the first quarter.
Financial Summary
- The net revenue for the quarter amounted to 3,410 (228) TSEK, representing an organic growth approximately 15 times higher than the corresponding quarter of the previous year. The quarter’s revenue consists of income related to the sale of the digital medication robot Dosell as well as sales of the medical technical aid Pilloxa. The increase in revenue is mainly attributed to hardware sales to the Dutch customer IVE Ventures.
- Operating profit (EBIT) for the quarter amounted to -5,569 (-5,051) TSEK.
- Operating profit before depreciation (EBITDA) for the quarter amounted to -4,588 (-2,969) TSEK.
- Profit after financial items for the quarter amounted to -5,609 (-5,187) TSEK.
- The period’s cash flow from operating activities amounted to -4,109 (-4,203) TSEK.
- Earnings per share for the quarter before / after dilution amounted to -0.02 (-0.02) SEK.
- Equity per share at the end of the period amounted to 0.1 (0.2) SEK.
- The solidity at the end of the period amounted to 67.5 (84.1) percent.
Significant Events During the Quarter
- iZafe Group launched the latest version of Dosell on the market, version 3.0. In conjunction with this launch, iZafe Group has also initiated a strategic move of its production to Central Europe to be able to scale up production rates to larger volumes and shorten delivery times to existing partners. The first production series of 1,000 units of Dosell version 3.0 has been successfully completed and delivered for the Dutch market, marking the starting point for this new and improved version. With, among other things, a more powerful processor and expanded memory capacity, Dosell version 3.0 now enables a unified software platform regardless of geographical location or design of the medication pouch. This represents a significant improvement from previous versions that required extensive customization for each individual country and medication pouch type. Additionally, the new version of Dosell 3.0 introduces several advanced features, including voice and expanded connectivity options, further enhancing user experience and accessibility.
CEO Comment
Dear shareholders, customers, and employees,
Our journey towards innovation and digitization of healthcare continues to deliver tangible results. With pride, I can report that the net revenue for the quarter amounted to 3,410 TSEK, representing an organic growth nearly 15 times higher than the corresponding quarter of the previous year. Our business model, where our partners initially purchase the hardware which then generates recurring monthly revenues after distribution in the market, continues to demonstrate its value. These recurring revenues are the core of our business and are expected to create significant value over time.
Over the past two years, we have been engaged in developing a new, improved version of Dosell. This hardware is not only future-proofed but also designed to handle advanced features we plan to implement. Through partnerships with a prominent production partner, we have enabled scaling of production to meet ever-growing demand.
While switching production partners and developing new hardware, we also delivered 1,000 units to our partner in Holland, requiring extensive customization and rapid development. Despite these challenges, our small but dedicated team has managed to maintain a high level of production, reflecting our ability to act quickly and efficiently under pressure.
To date, we have completed over 150,000 successful dispensations, where the right medication has been delivered at the right time. The number of dispensations is expected to increase rapidly as we distribute more Dosell units.
We have also taken strategic steps to strengthen our market positions. After reassessing our partnerships, we terminated the exclusivity agreement with our partner in the UK and introduced stricter requirements for our existing and potential partners. These measures aim to ensure that we collaborate with the most committed and capable players, giving us the best possible conditions for success in the markets we enter. This raised standard for partnerships will strengthen our position and promote sustainable growth in both existing and new markets.
Our inventory capacity and access to components have significantly improved, thanks to capital injections from our major shareholders. This financial reinforcement is crucial to meet demand, accelerate deliveries, and strengthen our production team so that we can quickly adapt and develop Dosell for additional markets.
We have also commenced deliveries under the procurement we won with VGR, although the volumes are still small. We are actively working to increase awareness of Dosell and its prescription capabilities, supported by a new colleague dedicated to the VGR region.
The future looks bright with new partnerships and projects on the horizon. One of the most exciting initiatives is the launch of TI-medi’s Savioo concept in Spain, where Dosell becomes a central part. TI-medi has also expanded its operations by acquiring the French organization for JVM, which includes 1,400 pharmacies in Spain, Portugal, and France using their medication packaging machines.
In conclusion, I would like to thank all our employees, partners, and shareholders for your continued support and trust. Together, we continue our journey towards innovation and growth.
Thank you for being an active part of our journey.
Anders Segerström,
Chief Executive Officer, iZafe Group
Contacts
Anders Segerström, Chief Executive Officer
E-mail: anders.segerstrom@izafegroup.com
Phone number: +46 70-875 14 12
iZafe Group AB (publ.)
David Bagares gata 3
111 38 Stockholm
E-mail: ir@izafegroup.com
www.izafegroup.com
eucaps.com/izafe-group
About iZafe Group AB (publ.)
iZafe Group is a Life Science company that conducts research, development and marketing of digital medical solutions and services for safer medication management at home.
The company leads the development of digital drug dispensing through the drug robot Dosell as well as the SaaS solution Pilloxa with the smart pillbox. The company’s solutions reduce the risk of incorrect medication in the home, increase compliance, relieve public health care, increase the quality of life for patients and create a safer environment for relatives.
The customers consist of private individuals, pharmaceutical companies and public and private healthcare providers in Sweden, the Nordics and globally. iZafe Group primarily sells through well-established partners who already have long and deep customer relationships with the prioritized customer groups. The head office is in Stockholm.
iZafe Group AB has been listed on the Nasdaq First North Growth Market since 2018. Mangold Fondkommission AB is the company’s Certified Adviser. Further information is available at www.izafegroup.com
This information is information that iZafe Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-04-26 08:30 CEST.
Image Attachments
Attachments
Interim Report Q1 2024
Webcast Q1 2024
SOURCE: iZafe Group
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