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Financial overview for the first quarter January 1st to March 31st, 2021

  • Net sales amounted to SEK 0 (0) thousand
  • Profit after tax amounted to SEK -6,825 (-2,795) thousand.
  • Earnings per share before and after dilution amounted to SEK -0.08 (-0.04).
  • Cash flow from operating activities after changes in working capital amounted to SEK -4,337 (-2,953) thousand.
  • Cash and cash equivalents on the balance sheet date amounted to SEK 29,617 (17,675) thousand.


The company’s development during the period

Sales and earnings, first quarter

Net sales for the first quarter of 2021 amounted to SEK 0 (0) thousand.

Operating expenses for the first quarter amounted to SEK 12,449 (12,903) thousand. A lower share of costs was activated in the quarter compared with the corresponding period last year, only 5,486 (9,918). Increase in personnel and external costs is mainly related to continued investment in research and development as well as building a future organization with more employees.

Operating profit for the first quarter amounted to SEK -6,825 (-2,794) thousand and profit after tax amounted to SEK -6,825 (-2,795) thousand.


Cash flow

Cash flow from operating activities during the first quarter amounted to SEK -6,804 thousand (-2,795). After changes in working capital, cash flow during the period was SEK -4,337 (-2,953) thousand.

Cash flow for the period amounted to SEK -10,364 thousand (-12,871).



The average number of employees during the period was 9 (4), of which 5 (2) were women.


Investments, liquidity and financial position 

On March 31st, 2021, the cumulative book value of capitalized expenses for development amounted to SEK 59,709 (43,289) thousand. The sum refers to continued development work related to the company’s products. Activation during the year has been in accordance with principles related to development, mainly discontinued consulting costs.

Booked investments in the patent portfolio amounted to SEK 2,591 (1,782) thousand, most of which relate to investments in patents and patent applications related to the company’s products.

Cash and cash equivalents on the balance sheet date amounted to SEK 29,617 (17,675) thousand.


Equity amounted to SEK 87,209 (58,920) thousand.


The equity / assets ratio was 93 (91) percent.


Significant events during the first quarter of 2021

  • Lumito’s advisors in the field of pathology have had the opportunity to review the company’s UCNP immunostaining of invasive breast cancer with an antibody against HER2 (the target molecule) at a high image resolution. “The signals are uniquely sharp and clear, which gives the impression of staining almost on the level of individual target molecules; in this sense, it is superior to any method currently in regular use in pathology laboratories,” says one of Lumito’s advisors, Björn L. Isfoss.
  • An account was given of the events that unfolded prior to the publicity that impacted the company and stirred up concern among the company’s shareholders.
  • The shareholders were informed that the company’s development and adjustment efforts relating to images in Sectra’s Pacs On Demand system continue.
  • A process for listing the company’s shares and warrants on Nasdaq First North Growth Market was initiated and subsequently terminated. The company formally withdrew its application for a delisting from NGM Nordic SME. This took place against the background of the issues brought up in the media concerning the company’s disclosure. “The effort we have spent on the planned change of listing has not been in vain, but considering the discussion in the media about interpretation of information and the events preceding it, the process is postponed,” said Urban Widén, acting CEO of Lumito, in a comment.
  • Mattias Lundin took position as CEO in March and shared his first impressions in an Investor Letter. He works on a long-term approach to build a strong and attractive company. The overarching aim is to shape the Company’s strategy for the commercial phase. Mattias Lundin clarified that the company currently is in the process of verification and pre-validation. The company will continue the manual production of stained breast tissue imaging, and as a consequence, the company’s pre-validation process will continue into Q2 2021. This is due to the capacity shortage that occurred during Q4 2020 in the laboratories that were intended to produce larger volumes of stained tissue samples for the company. The capacity of the laboratories is  reserved for the analysis of COVID-19 tests.