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Ortivus AB (publ) interim report for the period April – June 2023

Expanding Ortivus’ product range with new applications.

Significant events for the period April – June 2023

  • Ortivus is awarded a contract for the delivery of equipment to the ambulance and hospital operations of Region Kronoberg. The contract pertains to the delivery of Ortivus’ solution MobiMed Life, semi-automatic and manual defibrillators. The order value is estimated to be 4.9 MSEK, and the contract duration is 2 years with a potential extension of 1+1 years.
  • Ortivus qualifies for the NHS framework agreement concerning MobiMed Life, creating new opportunities in the United Kingdom.
  • Ortivus’ product range is further expanded through an asset acquisition of the vehicle control system FleetCtrl, which, together with Ortivus’ other solutions, constitutes a competitive total solution for the future of healthcare.

Significant events after end of the period

  • Ortivus has entered into a contract to supply MobiMed ePR and MobiMed enRoute to support the ambulance operations of Region Jönköpings län. The contract duration is 5 years, with the possibility of an extension for another 5 years. The order value amounts to 4.2 MSEK during the initial contract period, and an additional 4.2 MSEK in the event of a contract extension.
  • A subcontractor responsible for the data operation of MobiMed ePR falls victim to a criminal cyberattack, affecting some of the company’s British clients. The system is isolated, and the application becomes unavailable for a period of time.
  • Ortivus enters into an agreement with the company’s main shareholder, Ponderus Invest, covering a credit line of 8.0 MSEK. The company’s liquidity is being strengthened to effectively manage prolonged procurement processes, delayed deliveries, and customer payments.

April – June 2023

  • Net sales amounted to 20.7 (26.4) MSEK.
  • The gross margin amounted to 37% (57%).
  • EBITDA amounted to -4.8 (3.5) MSEK.
  • Earnings after tax per share before and after dilution amounted to -0.11 (0.08) SEK.
  • Operating cash flow before changes in working capital amounted to -4.3 (8.9) MSEK.

January – June 2023

  • Net sales amounted to 48.7 (51.0) MSEK.
  • The gross margin amounted to 43% (53%).
  • EBITDA amounted to -4.6 (5.5) MSEK.
  • Earnings after tax per share before and after dilution amounted to -0.10 (0.12) SEK.
  • Operating cash flow before changes in working capital amounted to -2.8 (0.8) MSEK.
Apr-Jun 2023 Apr-Jun 2022 Jan-Jun 2023 Jan-Jun 2022 Jan-Dec 2022
Net sales (MSEK) 20.7 26.4 48.7 51.0 104.5
Gross margin (%) 37% 57% 43% 53% 47%
Operating profit (MSEK) -4.7 3.5 -4.2 5.5 5.8
Operating margin (%) -23% 13% -9% 11% 6%
EBITDA (MSEK) -3.5 4.4 -2.0 6.8 10.2