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Financial overview of the third quarter
July 1 to September 30, 2022

  • Net sales amounted to TSEK 0 (0).

  • Result after taxes amounted to TSEK -6 815 (-6 073).

  • Earnings per share before and after dilution amounted to SEK -0.04 (-0.07).

  • Cash flow from operating activities after changes in working capital amounted to TSEK -9 787 (-7 045).

Nine months, January 1 to September 30, 2022

  • Net sales amounted to TSEK 0 (0).

  • Result after taxes amounted to TSEK -20 425 (-19 517).

  • Earnings per share before and after dilution amounted to SEK -0.13 (-0.22).

  • Cash flow from operating activities after changes in working capital amounted to TSEK -24 423 (-19 927).

  • Cash and cash equivalents on the balance sheet date amounted to TSEK 64 689 (10 307).

Third quarter sales, earnings, cash flow, and personnel

  • Net sales for the first quarter of 2022 amounted to TSEK 0 (0).

  • Operating costs including capitalized costs for the third quarter amounted to TSEK 9 049 (6 754). A larger proportion of the costs were capitalized in the quarter compared to the corresponding period last year, TSEK 2 192 (638). The increase in personnel costs is mainly related to continued investment in product development and building a future organization with more employees.

  • Operating income for the third quarter amounted to TSEK -6 815 (-6 073) and result after taxes amounted to TSEK -6 815 (-6 073).

Third quarter cash flow

Cash flow from operating activities during the third quarter amounted to TSEK -6 782 (-6 039). After changes in working capital, cash flow for the period was TSEK -9 787 (-7 045). Total cash flow for the period amounted to TSEK 32 414 (-7 813).

During the quarter, a new issue was carried out through the exercise of TO4 warrants in August/September, resulting in TSEK 44 393 in capital injections after issue costs.

 

Net sales and results, nine months
January 1 to September 30

Net sales for nine months of 2022 amounted to TSEK 0 (0).

Operating costs for nine months including capitalized costs amounted to TSEK 28 652 (28 944). A slightly lower proportion of costs were capitalized during nine months compared to the corresponding period last year, TSEK 7 985 (9 021). The increase in personnel and external costs is mainly related to continued product development and building a future organization with more employees.

Operating income for nine months amounted to TSEK -20 424 (-19 517) and result after taxes amounted to TSEK -20 425 (-19 517).

 

Cash flow, nine months

Cash flow from operating activities during nine months amounted to TSEK -20 325 (-19 429). After changes in working capital, cash flow for the period was TSEK -24 423 (-19 927). Total cash flow for the period amounted to TSEK 29 250 (-29 674).

The cash flow for the year included a new issue of TSEK 17 265, which was completed in December 2021, but part of it was paid out in early 2022, and a new issue through the exercise of TO4 warrants in August/September, which resulted in TSEK 44 393 in capital injections after issue costs.

 

Personnel

The average number of employees during the nine-month period was 15 (13), of which 3 (5) were women.

 

Investments, liquidity, and financial position

On September 30, 2022, the accumulated recorded investments for capitalized research and development expenses amounted to TSEK 70 621 (62 888). 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.

Recorded investments in the patent portfolio amounted to TSEK 3 676 (3 132), most of which are investments in patents and patent applications related to the Company’s products.

Cash and cash equivalents on the balance sheet date amounted to TSEK 64 689 (10 307).

Equity amounted to TSEK 136 588 (74 517).

The equity ratio was 96 (96) percent.

 

Significant events after the 2nd quarter

July 6
For the first time ever, Lumito will have its own booth at a pathology congress. A booth has been reserved for the European Congress of Pathology, which will be held in Basel from September 3 to 7.

July 25
A preliminary study has been initiated in collaboration with Dr. Kishore Gopalakrishnan’s research group at University Hospitals Coventry and Warwickshire NHS Trust in the UK, to detect immune complexes and complement deposits in renal biopsies using Lumito’s technique.

August 19
Lumito’s application for membership in the PathLAKE consortium has been approved. The PathLAKE consortium comprises leading NHS Trusts and UK universities in collaboration with industrial partners at the forefront of innovation in digital pathology.

August 30
Director BG Svensson and the management team have exercised warrants of series TO4 for an amount corresponding to approximately TSEK 440.4. In addition to his original holding of 149 625 warrants of series TO4, CEO Mattias Lundin acquired and subscribed for an additional 72 875 warrants of series TO4, which meant that Mattias Lundin subscribed for shares of a corresponding value of approximately TSEK 206.9.

August 31
The Dalarna Research Laboratory, under the direction of Helena Hermelin, laboratory manager, has initiated a preliminary study together with Lumito to analyze whether Lumito’s UCNPs are compatible with standard analysis methods for breast cancer.

September 6
Warrants of series TO4 have a subscription rate of approximately 75.4 percent, and Lumito has raised approximately MSEK 46.2 before issue costs. A total of 49 729 117 warrants of series TO4 have been exercised, corresponding to approximately 75.4 percent of the outstanding warrants, for subscription of 49 729 117 shares at a subscription price of SEK 0.93 per share.

September 19
SCIZYS, Lumito’s first product aimed at the research laboratory, and new tissue images have been presented to the industry for the first time at the European Congress of Pathology (ECP) in Basel from September 3 to 7. There was great interest from pathologists, researchers, and potential partners.

 

Events after quarter end

October 11
Acri – the brand name for Lumito’s planned future product in clinical settings – is now also registered in the US. Acri® was registered in the EU in February 2021 and China between 2021 and 2022.

October 17
Director BG (Bengt Göran) Svensson has announced that he is resigning at his request and for medical reasons from Lumito’s Board, as well as from all other Boards where he serves.

October 18
Lumito’s research and development team has participated in commissioning the Company’s scanner with the final product design at the Swedish partner, Optronics Partner pr.

October 30
The Company has announced that the launch of a finished product, planned for late 2022, will be slightly delayed and is expected to take place in the first part of 2023.

November 1
The pre-launch phase of SCIZYS by Lumito continues unabated.