PEPTONIC Medical AB: INTERIM REPORT Period from January - September 2022
10.11.2022 10.25 • Cision •
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Peptonic Medical AB (publ) org nr 556776-3064
(www.spotlightstockmarket.com, ticker: PMED)
2022 THIRD QUARTER (Jul-Sep)
Net sales of products KSEK 12 180 (7 234)
Gross profit KSEK 7 137 (4 492), Gross margin 59% (62%)
Operating loss KSEK -7 786 (-9 856)
Adjusted operation loss excl. non-recurrent charge KSEK -7 286 (-9 856)
Loss per share SEK -0,04 (-0,05)
2022 FIRST NINE MONTHS (Jan-Sep)
Net sales of products KSEK 33 442 (25 948)
Gross profit KSEK 19 002 (16 061), Gross margin 57% (62%)
Operating loss KSEK -26 807 (-28 780)
Adjusted operation loss excl. non-recurrent charge KSEK -26 307 (-28 780)
Loss per share SEK -0,12 (-0,15)
From the CEO
Second consecutive quarter with improved result
For the second quarter in a row, results are improved. Key underlying reasons are continued positive sales development of the company’s vaginal self-tests to partners in the US and Europe, as well as the work to focus Lunette efforts in fewer markets.
Sales compared to previous quarter are largely unchanged (ca -1.5%) where quarter two also contained a batch order to Orion.
The third quarter result is negatively affected by a reservation of 0.5 MSEK related to a potential penalty the Swedish Ecocrime Authority has announced due to a financing solution in 2019. The penalty aside the bottom line improves 10% compared to previous quarter.
Business Unit Medical Consumer - New products are well received
During the pandemic Peptonic has observed a growing trend where people want to take a greater responsibility for their own health. This by using self-care products. In parallel also reduce pressure on health care systems. An important aspect is then that these self-care products have to be clinically proven.
As a result Peptonic has formed the Business Unit Medical Consumer. The purpose with the unit is to establish a portfolio the enables women to diagnose, treat and prevent vaginal medical conditions with clinically self-care solutions. The acquisition of Israeli CommonSense was an important step to start forming the business unit.
During the quarter Peptonic has presented its patented self-test to detect amniotic lakage during pregnancy at the Swedish Association of Gynecologists annual meeting SFOG. The product was well received as a correlating option does not exist in health care today. During the fall, winter and spring mid wives and gynecologists will be educated concerning the benefits and clinical plat form related to the product. The self-test to detect amniotic leakage, VagiVital AL, has during the quarter been listed for sales in Swedish digital pharmacies.
The interest from international partners concerning VagiVital AL is significant. New distributor agreements have during the quarter been signed with German Medical Supplies for UAE and InVivo Pharma for Georgia. A renewed distributor agreement with Primalabs concerning Italy, France, Poland, Hungary and Romania has also been signed during the quarter.
Peptonics vaginal self-tests as a whole attract many inquiries from potential international distributors.
The development work to broaden the portfolio in line with the newly set strategy is on going. The clinical study with an adapted version of VagiVital AktivGel for the treatment of vaginal yeast infections is still ongoing at the Karolinska University Hospital. The study is expected to be finalized during 2023. We have also informed the market that the submitted patent application for the adapted gel in this indication has passed international assessment. The same applies to the original gel for the treatment of vestibulitis. The company is currently assessing how this shall be taken to the market in the best way.
Business unit Medical Consumer sales in the quarter equaled 6.9 MSEK. The majority of this sales was from sales of the vaginal self-tests.
Business Unit Lifestyle Consumer - Improved Focus gives improved direction
The company’s wholly owned subsidiary Lune Group with its sustainable period products as core business, constitutes Peptonics other more life style oriented business unit.
During the spring a renewed strategy was set where Lune reduces its cost mass and focuses on fewer markets. The objective with the revised strategy is to increase competitiveness in selected markets thereby improving results. Amongst focus markets are Finland, Sweden and Australia. The increased focus has started to pay off and the negative result has started to significantly improve in the quarter.
The improved focus is multi-dimensional. Most of Lune business arises from sustainable period products. The renewed focus also means renewed focus and efforts around these core products. During the quarter Lune’s new reusable period panties has been picked up for sales a by a major Finnish retail chain as well as a global Swedish retail chain.
Business unit Lifestyle Consumer sales during the quarter correlates to 5.3 MEK.
The new strategy and focus - a foundation for continuous positive development
Concerning vaginal medical conditions one can, a bit simplified, say that there are prescription products and self-care products. Peptonics objective is to create a new category with clinically proven intimate self-care products. The aim is to become a leading player in this category by offering innovative complete solutions that enable diagnose, treatment and prevention of the medical conditions that occur.
With the distinct profile, the attractiveness of the vaginal self-tests as door openers and new innovative products in line with the strategy, Peptonic expects continuously increased distribution in Swedish pharmacies as well with international distributor partners.
With the above as platform the company shall continue broadening the portfolio through a combination of own development, in licensing and acquisitions.
November 10, 2022
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