Tuesday, August 25, 2015

News: Episurf Medical AB (publ) publishes Interim Report the first 6 months 2015

Stockholm, 2015-08-21 08:00 CEST (GLOBE NEWSWIRE) --  

Second quarter, 1 April – 30 June 2015 Group compared to 2014
» Group net sales amounted to SEK 263,909 (22,157).
» Other operating income amounted to SEK 1,110,025 (95,636).
» Income after financial items amounted to SEK -11,384,072 (-9.320,493).
» Episurf Medical’s quality management system was granted certification according to ISO 13485:12 and Annex II.
» Rosemary Cunningham Thomas took over as the Company’s CEO.
» The Episealer® condyle Solo implant was included in the Belgian reimbursement system.
» The first compilation of monitoring data from the Company’s ongoing controlled product launch showed improvements on all points under the two measurement methods, VAS and KOOS.
» The AGM resolved to introduce a combined bonus and incentive program for all employees of the Company.
» Direct sales was started in Germany and the UK.
» Episurf Medical received another US patent relating to the Company’s surgical kit that consists of the patient specific guide, Epiguide®, and related surgical tools, Epikit.

6 months, 1 January - 30 June 2015 - Group compared to 2014
» Group net sales amounted to SEK 490,920 (40,250).
» Other operating income amounted to SEK 2,566,400 (530,443).
» Income after financial items amounted to SEK -18,917,297 (-17,556,975).

Significant events after the reporting period
» The Board of Episurf Medical called for an Extraordinary General Meeting on August 21, 2015.
» The Board of Episurf Medical decided on a rights issue of up to approximately SEK 120 million with preferential rights for the Company’s shareholders and proposed a private placement to Episurf Medical’s new CFO, both conditioned by the Extraordinary General Meeting’s subsequent approval.
» Paul Ryfors was hired as the Company’s new CFO.

Key ratios per share
» Earnings per share (weighted average) amounted to SEK -2.37 (-2.21).
» Equity per share amounted to SEK 2.58 (6.81).
» Number of shares at end of period was 7,973,456 (7,956,579).
» Average number of shares was 7,971,323 (7,956,251).

Group net sales and operating profit/loss
Group net sales amounted to SEK 490,920 (40,250). In 2013 the Company was awarded a grant from Vinnova on SEK 4.2 million, of which SEK 883,390 (530,443) has been recognized as revenue which corresponds to accrued costs during the first quarter 2015 (2014). The increased costs compared to the corresponding period of the previous year are mainly a result of increased number of employees.

Financial position
Group cash and cash equivalents at end of period amounted to SEK 14,512,946 (51,289,654). The equity ratio was 79.1% (89.7). Cash flow from operating activities amounted to SEK -17,905,027 (-16,733,033). Group investments in intangible assets amounted to SEK 2,488,310 (1,582,466), of which SEK 1,649,538 (0) are related to capitalized development costs and SEK 838,772 (1,582,466) to patents. Investments in tangible assets amounted to SEK 0 (22,425).

Extract from CEO Rosemary Cunningham Thomas CEO statement:
”The Q2 2015 business trend has progressed in a positive direction following on from Q1 2015. Episurf continues to add new accounts to the uiFidelity platform whilst improving account productivity in established sales regions. This trend underlies the company’s direct sales strategy in key European geographies whilst addressing the market need to produce product evaluation data at a faster rate. The company approximates it will make continued progress towards the 2015 target of 100 connected accounts.”

”Through 30 June 2015, 49 Episealers have been surgically implanted across eight European geographies with the breakdown as follows – 28 in the CPL study, 11 in non CPL patients and 10 in the Swedish study. We now have 7 patients who’ve reached 1 year post surgery with 3 more patients converting to +1 year shortly.” 

”During June 2015 and in accordance with our ISO 13458:2012 and Annex II certification, the Episealer Twin (condyle and trochlea positions) and the Twin Tooling Kit are ready for CE marking. The company is anticipating certification from its notified body, Dekra, imminently.”

The complete Interim Report is attached to this press release and is available on the company's website.

The information in this Interim Report is such that Episurf Medical AB is required to disclose in accordance with the Securities Markets Act and/or the Financial Instruments Trading Act.

About Episurf Medical
Episurf Medical is endeavoring to bring people with painful joint injuries a more active, healthier life through the availability of minimally invasive and personalized treatment alternatives. Episurf Medical’s Episealer® personalized implants and Epiguide® surgical drill guides are in development for treating localized cartilage injury in joints. Episurf Medical’s μiFidelity® system will enable implants to be cost-efficiently tailored to each individual’s unique injury for the optimal fit and minimal intervention.

Episurf Medical’s head office is in Stockholm, Sweden. Its share (EPIS B) is listed on Nasdaq Stockholm. For more information, go to the company’s website: www.episurf.com.

         For more information, please contact:
         Rosemary Cunningham Thomas, CEO Episurf Medical AB
         Phone 1: +46 (0) 70 765 5892
         Phone 2: +44 (0) 7803 753 603
         E-mail: rosemary@episurf.com
Published at Nasdaq GlobeNewswire

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