Vigmed Holding AB. Quarterly Report April 1 to June 30, August 21, 2013

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1 Vigmed Holding AB Quarterly Report April 1 to June 30, 2013 August 21, 2013

2 The quarter in brief The EU Council Directive 2010/32/EU (preventing medical sharps injuries) came into force on May 11, 2013, which means that the market now materializes for the unique products which Vigmed offers Vigmed was granted its first patent in Europe for protected I.V. catheters Through the partner MBH International A/S Vigmed received CE marking for its product family CLiP I.V. catheters The first semi-automatic assembly line for CLiP Ven products was delivered to Hindustan Syringes & Medical Devices Ltd. in India. The first products will be manufactured during the third quarter of 2013 A collaborative and contract manufacturing agreement for SWiNG, a unique protection mechanism for injection needles was signed with Swedish AB Euroform Negotiations commenced with potential contract manufacturers of a third product category scheduled to be launched in 2015 Financial highlights Consolidated sales for the Group for the second quarter of 2013 amounted to the budgeted MSEK 0.0 Operating profit for the Group amounted to MSEK -6.3 (MSEK -1.3) Net income per share was SEK (SEK ) Cash flow from operating activities during the second quarter amounted to MSEK -5.9 The Group's cash and cash equivalents at end of the period amounted to MSEK 32.2 Consolidated shareholders' equity at the end of the period amounted to MSEK

3 The company Vigmed is a Swedish medical technology company whose mission is to "eliminate needlestick injuries" in healthcare. Needlestick injuries are a major concern for doctors, nurses and other healthcare professionals, at risk of becoming infected with HIV, hepatitis or any other of the around 30 blood-borne diseases which can be transmitted by needlestick of contaminated needles. The problem is so large that the EU, from May 11 this year, has implemented a directive that requires all public purchases of needles and syringes to be of products equipped with a safety mechanism to prevent needle stick injuries. The directive, followed up by national laws in each EU member state, requires that the market in a short period of time must change to new types of products. It is based on this change that Vigmed, with its unique and patented solutions, builds its establishment in the market. The company's proprietary products are resource efficient and safe with excellent ease-of-use and quality. Vigmeds staff has years of experience in the product area as well as in the medical technology market. To Vigmed, innovative thinking, partnership and responsiveness to the needs of the user are key words to live by. Vigmed Holding AB was formally established on January 9, 2013, and at an Extraordinary General Meeting on February 1 it was resolved to carry through a non-cash acquisition of previously active Vigmed AB. Vigmed AB shareholders received through cash issue shares, which represented approximately 93 percent of the share capital of Vigmed Holding AB. Since the acquired business owners thereby obtained controlling influence of the new company, the transaction is accounted for under the rules of "reverse takeover" of the Annual Accounts Act. The consolidated financial statements are prepared in accordance with this. The acquired company Vigmed Holding AB is the legal parent company and the consolidated financial statements are published in the name of Vigmed Holding AB, but the accounting is de facto a continuation of the financial reporting of Vigmed AB. 3

4 Message from the CEO Vigmed follows its expected development plan and we can conclude that substantial progress has been achieved in a number of areas in the quarter gone by. During the first quarter of 2013, Vigmeds first manual production unit was put into operation in India. The aim of this small-scale product line was primarily to validate the product design of Vigmeds I.V. catheters. This has now been carried out with satisfactory results. During the second quarter the first semi-automatic production unit was delivered to India and preparation work, as well as further testing, has been carried out in order to start production in the third quarter of this year. The first fully automatic production lines will be delivered in the fourth quarter and is expected to start producing both CLiP Ven as well as CLiP Neo before the end of the year. For CLiP Ven a market launch is planned for the fourth quarter of this year; CLiP Neo is expected to launch early next year. On June 10, Vigmed signed its second contract manufacturing agreement (CMA), this time with AB Euroform, whereby the companies entered into a partnership for the production of SWiNG, a needle protection cap for syringes. A fully automatic production line will be installed at Euroforms factory in Motala with a planned market launch in Since our aim is to launch a new product category every year, there are now negotiations with possible future partners regarding contract manufacturing of a third product category. The goal is a market launch of the new product category in We expect to sign a manufacturing agreement before the end of the year. Due to Vigmeds expansion and in order to handle an increased number of projects and activities we have decided to strengthen our organization, in particular in the areas of QA (quality), R&D and project management. Thus Vigmed has, during the second quarter, hired staff with a solid experience in the industry. As a natural step in our expansion we have, during the past quarter, also moved into larger premises with associated laboratory facilities in Helsingborg. As a consequence of the increased level of activity Vigmeds costs have increased compared to previous years. However, the increase follows the established strategic plan. Since the EU Directive came into force on May 11, 2013, the European markets have started a conversion to safety products. Some countries have taken a proactive approach, while the penetration rate in other countries will gain momentum in the coming months and years. We are confident that Vigmed is well positioned to capture a significant share of our priority markets. Customer feedback of our products remains very positive and the interest within the market is strong and increasing. Through the CE approval, which our partner in Denmark MBH International A/S now has received, Vigmed has all the necessary approvals to begin selling their I.V. catheters in Europe. Our position was further strengthened by the fact that our first European patents were granted during the past quarter. 4

5 Overall, I am as CEO of Vigmed very pleased with the company's performance so far this year and I am looking forward to continued progress, not least the forthcoming market introduction of our first products in the fourth quarter of Finn Ketler CEO, Vigmed Holding AB 5

6 Financial information During the first half of 2013, the Group has had no revenue, which is according to plan. The Group s operating expenses for the second quarter is - as in the first quarter - distributed on manufacturing costs (design and construction of machines, test materials), administration and preparation for market introduction, as well as internal costs for research and development. Capital expenditures in the second quarter mainly consists of production molds (tools) and machinery to CLiP Ven (MSEK 2.3), external development costs (MSEK 0.5), patents (MSEK 0.2), as well as equipment for the Company's new facilities (MSEK 0.4). Internal costs of research and development has not been balanced; only the external costs of prototypes, tooling, materials testing etc. Depreciation amounted to MSEK 0.3 (MSEK 0.4); this related to depraciation of balanced expenses for R&D, patents and equipment. For further information see pages Cash and cash equivalents The Group's cash and cash equivalents at end of the period amounted to MSEK Equity For the Group, the shareholders' equity at end of period amounted to MSEK During the second quarter the Group s result changed the equity by MSEK Cash flow Cash flow from operating activities during the second quarter amounted to MSEK -5.9 (MSEK -1.1). During the period, investment in research and development, patents and production equipment amounted to MSEK -3.4 (MSEK-0.9). 6

7 Shares Change capital (SEK) Accumulated share capital (SEK) Change (number of shares) The number of shares at the end of the quarter (June 30, 2013) was 34,000,000. Accumulated number of shares Action Par Value Incorporation Split ,02 Issue in kind , , ,02 Parent company The parent company was created in preparation for listing on NASDAQ OMX First North. The newly formed company Vigmed Holding AB, without previous operations, acquired Vigmed AB through a share issue and became the parent company of the Group. Vigmed Holding AB only covers executive functions and governance, and the management of its wholly owned subsidiary Vigmed AB. The operating profit for the second quarter was SEK -416,000. Employees At the end of the quarter the number of employees amounted to 9 (2); 8 of them at Vigmed AB, and one at the parent company. Vigmed AB has hired four new employees who begin their employment in the third quarter of Significant events after the reporting period Vigmeds team has been strengthened by the recruitment of Ola Lindau as QA & Lab Manager, Robert Domonkos as IT manager (both starting August 19) as well as Magnus Hivert as Project Manager R&D and Charlotte Holm in Finance (both starting September 1). Furthermore, Mike Dooley has been promoted to Director of Marketing & Sales in Europe. 7

8 Ownership structure (Official share register and nominee list as well as information known to the company as of June 28, 2013) Shareholder Shares Percentage Per Knutsson ,5 Barbro Roos ,6 UBS AG Client accounts (CH) ,4 Finn Ketler (incl. Family & comp.) ,1 SI Technology Investments AB ,0 Maria Mossberg Ahlström ,6 JP Morgan Bank (UK) ,5 Lennart Holm (inkl. family & comp.) ,0 Dennis Gill ,8 Cecilia Karlsson ,8 Amanda Karlsson ,8 Others ,9 Total Accounting principles The financial statement has been prepared in accordance with the Annual Accounts Act and in accordance with Accounting Standards Board except BFNAR 2008:1 Årsredovisning I mindre aktiebolag (K2-rules). Future reports Quarterly report 9 months: November 29, 2013 Annual Report: February 2014 Annual General Meeting: May

9 For more information Finn Ketler, CEO Phone: Lennart Holm, Chairman Phone: lehdab.com Address: Vigmed Holding AB Garnisonsgatan Helsingborg Organization number: Vigmed Holding AB, Vigmed AB, The share: Ticker: VIG ISIN code: SE Certified advisor: Remium Nordic AB Kungsgatan Stockholm Phone: Web: info@remium.com 9

10 This report has not been audited by the auditor. Helsingborg, August 20, 2013 Vigmed Holding AB (publ) The Board of Directors 10

11 Income statement (Group) SEK Q Q halvår halvår 2012 Net Sales Manufacturing Administration & sales Research & development Total operating expenses Operating profit/loss Net financial income/expense Profit/loss after financial items Number of shares Profit/loss per share -0,18-228,74-0,32-443,77 Balance sheet (Group) SEK Fixed assets Intangible fixed assets Tangible fixed assets Financial assets Total fixed assets Current assets Short-term receivables Cash and bank balances Total current assets Total assets Equity capital Short-term liabilities Total equity capital & liabilities

12 Cash flow analysis (Group) SEK Q Q halvår halvår 2012 Net cash flow from operating activities before changes in working capital Changes in working capital Net cash flow from operating activities Net cash flow from investing activities Amortizations Shareholders' contribution Net cash flow from financing activities Cash flow for the period Cash & cash equivalents at the beginning of the period Cash & cash equivalents at the end of the period Equity capital (Group) SEK Equity capital at the start of the period Non-cash issue Vigmed AB Cost of non-cash issue Issue of new shares Current issue of new shares Unconditional shareholders contribution Profit/loss for the period Equity capital at the end of the period

13 Income statement (parent company) SEK Q Q halvår halvår 2012 Net Sales Administration & Management Total operating expenses Operating profit/loss Net financial income/expense Profit/loss after financial items Balance sheet (parent company) SEK Fixed assets Tangible fixed assets Financial assets Total fixed assets Current assets Short-term receivables Cash and bank balances Total current assets Total assets Equity capital Short-term liabilities Total equity capital & liabilities

14 Equity capital (parent company) SEK Equity capital at the start of the period Cash, new share issue Non-cash issue Vigmed AB Profit/loss for the period Equity capital at the end of the period

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