Lumito Arrow right Arrow right

Financial overview of the 1st quarter

January 1 – March  31, 2022

  • Net sales amounted to TSEK 0 (0).
  • Result after taxes amounted to TSEK -6 430 (-6 825).
  • Earnings per share before and after dilution amounted to SEK -0.04 (-0.08).
  • Cash flow from operating activities after changes in working capital amounted to TSEK -8 959 (-4 337).
  • Cash and cash equivalents on the balance sheet date amounted to TSEK 41 024 (29 617).

The development of the Company during the first quarter
Net sales and results, first quarter

  • Net sales for the first quarter of 2022 amounted to TSEK 0 (0).
  • Operating costs including capitalized costs for the first quarter amounted to TSEK 9 177 (12 449).
  • A lower proportion of costs were capitalized in the quarter compared to the corresponding period last year, 2 720 (5 486).
  • The increase in personnel costs is mainly related to continued investments in research and development, and building a future organization with more employees.
  • Operating income for the first quarter amounted to TSEK -6 430 (-6 825) and result after taxes amounted to TSEK -6 430 (-6 825).

Cash flow

  • Cash flow from operating activities during the first quarter amounted to TSEK -6 397 (-6 804).
  • After changes in working capital, cash flow for the period was TSEK -8 959 (-4 337).
  • Total cash flow for the period amounted to TSEK 5 585 (-10 364). During quarter 1, TSEK 17 265 was paid for a new issue of TSEK 44 960 after issue costs of TSEK 10 615, which was completed during the fourth quarter of 2021.


  • The average number of employees during the period was 14 (9) of which 3 (5) were women.

Investments, liquidity and financial position

  • At March 31, 2022, the cumulative book value of capitalized expenses for research and development amounted to TSEK 65 731 (59 709). The amount refers to continued development work related to the Company’s products. The capitalization during the year has been in accordance with principles based on development, primarily consultancy costs.
  • The book value of investments in the patent portfolio amounted to TSEK 3 302 (2 591), most of which was related to investments in patents and patent applications regarding the Company’s products.
  • The equity ratio was 94 (93) percent.
  • Cash and cash equivalents on the balance sheet date amounted to TSEK 41 024 (29 617).
  • Equity amounted to TSEK 106 190 (87 209).

Significant events during the quarter

  • Lumito carried out a directed issue of shares to guarantors in connection with the completed rights issue. The guarantors had the opportunity to choose to receive guarantee commission in the form of cash compensation or newly issued shares in the Company. The Board of Directors has, pursuant to the authorization granted by the Annual General Meeting on May 27, 2021, resolved on the remuneration issue, which comprises a total of 405 000 shares. Through the remuneration issue, the number of shares in Lumito increases by 405 000 shares to a total of 156 708 371 shares, and increases the share capital by a total of SEK 10 125.00 to approximately SEK 3 917 709.28. The issue amount after deduction of issue costs amounted to SEK 44 958 955.
  • The first day of trading with the warrants of series TO4 issued as part of the rights issue on NGM Nordic SME was January 17, 2022. The last day for trading with the warrants of series TO4 will be August 31, 2022.
  • The patent application for the second family of patents describing the use of light pulses to improve the efficiency of the technique and shorten imaging times, was approved in Canada. The patent has already been approved in Australia, China, UK, Germany, France, India, Japan, Korea, USA and South Africa.
  • ‘Lumito initiated a collaboration with researchers from Uppsala University (Department of Immunology, Genetics and Pathology) to explore the possibilities with Lumito’s UCNP (Up Converting Nano Particles), as part of a detection method in various research contexts, for a more reliable assessment. The research team has initially chosen to analyze the biomarker PD-L1, an important biomarker already used for predictive testing of patients who will receive immunotherapy. The research team hopes to find a more precise detection method with improved possibilities for quantifying the amount of PD-L1 on tumor cells. UCNP allows the pathologist to make more accurate assessments of whether the tumor can be treated with PD-L1 inhibitors or not – if the patient with, e.g., lung cancer is susceptible to immunotherapy targeting PD-L1.
  • A strategic milestone was achieved – certification according to ISO 13485. Lumito’s quality management system, for the design and development of in vitro diagnostic medical devices, software and reagents for imaging biomarkers for cancer detection, has been reviewed in the previous year and is now certified (according to the standard “Medical devices – Quality management systems – Requirements for regulatory purposes” (ISO 13485:2016) SS-EN ISO 13485:2016).
  • We deplore the horrible war in Ukraine and our thoughts are with the people of the country. It is our preliminary assessment, at this stage, that it will not have any significant impact on us, directly or indirectly, but we are monitoring developments on an ongoing basis.

Significant events after the end of the quarter

  • Lumito and Optronic Partner pr AB signed a cooperation agreement for the final design, industrialization and 0-series production of Lumito’s first Whole Slide Imaging (WSI) scanners. The collaboration is based on well-defined delivery points before the end of the year, such as the design phase, product verification phase and the 0-series production phase.