Bergen, Norway 6.12.2022
Today Lifecare announces all-time high revenue in their financial reporting forQ3 2022. - We are pleased to see a positive outcome of the investments we havemade. Furthermore, this provides a base for LifecareŽs continued research andproduct development, says CEO Joacim Holter.
The consolidated group financials show a revenue of 15,4 MNOK for the first ninemonths of 2022 - compared to 0 MNOK in Q3 2021, and 1,6 MNOK at end of the year2021. The revenue is primarily a result of the activities in Lifecare LaboratoryGmbH, a company Lifecare AS acquired in 2021 with financial effect from February2022. Lifecare Laboratory delivers solid results based on their position as acertified PCR laboratory in Germany leading to higher revenue than expected dueto Covid-19 testing.
- In addition to the covid19 related revenue we see an increased activity ofservices, especially based on our proprietary In-vitro bench test for dynamicinterference testing of glucose sensors. Finally, the EU funded project"FORGETDIABETES" has a positive effect in the group financials, states Holter.
In the quarterly report, the sensor company can also communicate an improvedresult despite increased costs.
Important achievements In addition to these positive economic trends, Holter wants to highlight someimportant achievements over the past few months.
According to the CEO, the most important of them is that early readouts of datapoints in the ongoing Pilot Clinical Study show that Lifecare's sensor followsglucose variations in humans with a sensitivity in line with that of widely usedContinuous Glucose Monitoring systems. - These early but encouraging results represent a major achievement inLifecare's development and ensure the necessary confirmation to continue thepilot study, says Holter.
Earlier this autumn, Lifecare's technology in the EU funded project"FORGETDIABETES was reviewed as "market ready" by independent experts from theEU Commission's Innovation Radar. - The review categorised two Lifecareinnovations among the top 14 percent in EU funded R&D projects. One of thembeing the osmotic pressure-based sensor for glucose monitoring in thesubcutaneous area and the other the In-vitro bench test for dynamic interferencetesting of glucose sensors, Holter explains.
The last and very important achievement came late in October. Lifecare concludeda private placement of in total 45 MNOK confirming a strong shareholdercommitment in a very challenging capital market, ensuring financial capacity tocontinue the development of the company's revolutionary technology.
- Throughout 2022 we have increased the pace in our mission to improve the lifefor people with diabetes. This is a result of building an organization withsolid in-house R&D capacities. We look forward to continuing this journey in2023, says CEO Joacim Holter.
This is Lifecare: Lifecare is a Bergen-based technology company developing a miniaturizedimplantable long-term sensor for correct and continuous monitoring of bloodsugar in people with diabetes. The Company's patented technology also has thepotential for use in various biomarkers. Lifecare AS is listed on EuronextGrowth (LIFE).
Further information Joacim Holter, CEO, Lifecare AS, joacim.holter@lifecare.attme.dev,+47 40 05 90 40
This stock exchange announcement was published by Joacim Holter, CEO at LifecareAS, on 6.12.22 at 12:48 CET.