A challenging quarter concludes on a positive note with restored delivery pace and several new contracts signed
Significant events for the period July – September 2023
- Ortivus is awarded a contract for the delivery of equipment to Region Sörmland’s ambulance services. The contract pertains to the delivery of Ortivus solutions, MobiMed Monitor for patient monitoring, and MobiMed Life, external defibrillators, to all of the region’s ambulance vehicles. The estimated order value is 10.0 MSEK.
- Ortivus signs a contract for the delivery of MobiMed enRoute to Region Jämtland Härjedalen. The estimated order value is 2.5 MSEK, and the contract duration is 8 years.
- Ortivus signs a contract for the delivery of MobiMed Life to Region Kronoberg. The estimated order value is 4.9 MSEK for the first two years.
- On November 28, 2022, Ortivus was awarded a contract for the delivery of MobiMed ePR and MobiMed enRoute to the ambulance services of Region Jönköpings län. The contract has now been signed by both parties. The contract duration is 5 years with a possible extension of an additional 5 years. The order value is 4.2 MSEK for the initial contract period and an additional 4.2 MSEK upon contract extension.
- Ortivus’ subcontractor, responsible for managing the server system connected to MobiMed ePR, the company’s electronic record system, is subjected to a cyber-attack. This results in the service becoming unavailable for a period of time for some of the company’s British customers.
- Ortivus enters into an agreement for a credit line of 8.0 MSEK with the company’s main shareholder, Ponderus Invest, in order to strengthen the company’s liquidity position.
Significant events after end of the period
- Ortivus’ President and CEO, Reidar Gårdebäck has decided to leave the company after nearly 5 years of service. The recruitment process has been initiated, and Gårdebäck will remain with the company until a replacement has been recruited, which is expected to occur in the spring of 2024.
- The Northern Ireland Ambulance Service chooses to upgrade its MobiMed system with new hardware. The order value is estimated to be 3.1 MSEK.
- Ortivus initiates a process for cost reimbursements regarding the cyber-attack.
- To strengthen the company’s liquidity position after the previous cyber-attack, Ortivus has entered into an agreement with Ponderus Invest regarding a bridge loan of 4.0 MSEK.
- MobiMed ePR, the company’s electronic patient records system, has been restored for all British customers after the previous cyber-attack on a subcontractor’s data center.
July – September 2023
- Net sales amounted to 16.6 (20.2) MSEK.
- The gross margin amounted to 29% (44%).
- EBITDA amounted to -10.9 (0.2) MSEK.
- Earnings after tax per share before and after dilution amounted to -0.25 (0.01) SEK.
- Operating cash flow before changes in working capital amounted to -9.2 (0.8) MSEK.
January – September 2023
- Net sales amounted to 65.3 (71.2) MSEK.
- The gross margin amounted to 40% (50%).
- EBITDA amounted to -15.5 (5.7) MSEK.
- Earnings after tax per share before and after dilution amounted to -0.35 (0.13) SEK.
- Operating cash flow before changes in working capital amounted to -12.0 (5.9) MSEK.
|Jul-Sep 2023||Jul-Sep 2022||Jan-Sep 2023||Jan-Sep 2022||Jan-Dec 2022|
|Net sales (MSEK)||16.6||20.2||65.3||71.2||104.5|
|Gross margin (%)||29%||44%||40%||50%||47%|
|Operating profit (MSEK)||-11.0||0.0||-15.2||5.5||5.8|
|Operating margin (%)||-67%||0%||-23%||8%||6%|
|Adjusted EBITDA, (MSEK)||-2.1||2.1||-4.1||9.1||10.2|