Lumito AB publishes Quarterly Report 1, 2024

Financial overview of the first quarter

January 1 to March 31, 2024

  • Net sales amounted to TSEK 0 (0).
  • Result after taxes amounted to TSEK -7 113 (-7 245).
  • Earnings per share before and after dilution amounted to SEK -0,03 (-0,04).
  • Cash flow from operating activities after changes in working capital amounted to TSEK -7 180 (-6 684) TSEK.
  • Cash and cash equivalents on the balance sheet date amounted to TSEK 13 465 (42 113).

The development of the Company during the first quarter

Net sales and results, first quarter

Net sales for the first quarter of 2024 amounted to TSEK 17 (0).

Operating costs, including capitalised costs for the first quarter, amounted to TSEK 8 087 (11 058). A smaller share of the costs has been capitalised in the quarter compared to the corresponding period last year, TSEK 1 741 (3 744).

The operating profit for the first quarter amounted to TSEK -6 239 (-7 246), and the profit after tax amounted to TSEK -7 113 (-7 245).

Cash flow in the first quarter

Cash flow from operating activities during the first quarter amounted to TSEK -7 081 (-7 214). After changes in working capital, the cash flow during the period was TSEK -7 180 (-6 684). The period's total cash flow amounted to TSEK -8 990 (-10 602).


The average number of employees during the first quarter amounted to 14 (15), of which 3 (4) were women.

Investments, liquidity and financial position

On March 31, 2024, the cumulative book value of capitalized expenses for research and development amounted to TSEK 91 144 (80 405). The amount refers to continued development work related to the company's products. The capitalisation during the year has been in accordance with principles that are based on development, primarily consultancy costs.

The book value of investments in the patent portfolio amounted to TSEK 5 156 (4 139), of which the majority refers to investments in patents and patent applications regarding the company's products.

Cash and cash equivalents on the balance sheet date amounted to TSEK 13 465
(42 113). It is the board's opinion that it is likely that the outstanding TO5 and TO6 programs will be utilised and subscribed to shares to such an extent that the board assesses that the company's financing is secured until at least the end of 2024.

Equity amounted to TSEK 95 978 (122 732).

The equity ratio was 85 (94) percent.

Significant events during the quarter

  • A research group at the Tyndall National Institute has had an article published on the use of upconversion nanoparticles. The research study uses Lumito's technology with upconversion nanoparticles (UCNPs).
  • Mattias Lundin leaves the CEO position at Lumito AB but intends to be proposed as a new board member at the ordinary annual general meeting. During the notice period, Mattias will continue in his current role, focus on launching SCIZYS, and leave his role by August 19, 2024.
  • Lumito has received its first order for SCIZYS reagent kits. The initial order is worth 1 560 Euros and is a result of the company's expanded customer offer, scanning as a service. The customer is an academic research unit within the EU that wishes to experiment with Lumito's technology.

Significant events after the end of the quarter

  • Lumito held a successful product event in Stockholm. The event generated valuable feedback and interest from industry experts and potential customers.

CEO comment

In the first quarter of 2024, Lumito has continued to make significant progress. We are happy and proud to have received our first order of SCIZYS reagent kit, which shows the interest in our digital pathology technology. Additionally, our work to CE mark the SCIZYS scanner has made significant progress, and we are nearing our goal.

An important confirmation during the quarter was the publication of a research paper at the Tyndall National Institute using Lumito's technology with upconversion nanoparticles (UCNPs). This recognition in the research community marks an important milestone for our technology in digital pathology.

During the quarter, we focused on communicating and marketing Lumito's exclusive product event, which was held in Stockholm in April. The event was a success, and we continued to make important contacts and partners for us who are of great importance for the upcoming launch. We are happy to now also be able to demonstrate our concept to potential customers and partners outside our own premises.

We were also recently invited to present at Redeye's Medtech event in April, which gave us another great opportunity to share Lumito's potential as a commercial company with investors and stakeholders in their network.

In February, I announced my resignation as CEO to accept another very attractive job offer. I will remain until August to ensure a smooth transition to a new CEO. I am very happy to be nominated by the nomination committee as a new board member in Lumito and am convinced that Lumito has an exciting future ahead of it.

We look forward to continuing our growth journey and are grateful for the continued support.

Lund in May 2024

Mattias Lundin
CEO, Lumito