Press release: Stockholm, 28 May 2024. PMD Device Solutions AB’s (PMDS) interim report for January – March 2024 is now available on the company's website, www.pmd-solutions.com.
Financial information January – March 2024 (figures in brackets relate to the same period in Q1 2023)
- Consolidated net sales are in line with expectations at kSEK 11,059 (12,037). The difference from Q1 2023 is due to the timing of sensor deliveries between Q4 2022 and Q1 2023 and FX movement. Revenues are higher than the previous quarter by 9% due to growing Hospital-at-Home sales and billing of annual licence fees.
- Recurring sales kSEK 9,288 (9,415) with the difference relating to FX movement.
- The gross margin was 79% (77%).
- EBITDA was kSEK -1,589 (-2,281).
- Loss after financial items was kSEK -6, 357 (-6,322).
- Basic earnings per-share were SEK -0.31 (-0.34).
- Cash and cash equivalents as of March 31, 2024, were kSEK 2,856 (4,310).
Highlights Q1
- PMDS raised kSEK 1,993 in January 2024, following the completion of the RTO in December 2024.
- Notice of RespiraSense selected by a multinational Ventilation company for use in clinical studies
- The share exchange between Promore Pharma AB and PMD Device Solutions AB was completed in February 2024.
- Promore Pharma AB (PROMO) was renamed to PMD Device Solutions AB (PMDS).
- Completed reverse share split with a ratio 1:128.
Notable events since Q1
- PMDS commenced its first German pilot for RespiraSense in acute care.
- PMDS completed the acquisition of Coala Life Inc (USA) in April 2024, alongside the acquisition of Coala Life AB patents and licences and other assets for the purchase price of MSEK 3,6.
- In May 2024, PMDS licenced the European sales of Coala Life devices to Red Line Microconsult AB for MSEK 2 plus royalty fees on future sales at 5%.
The link to the Year-end report: https://investors.pmd-solutions.com/en/investors/reports-and-presentations/
CEO COMMENTS
Beyond Ireland and trending towards profitability
PMDS is trending towards profitability, significantly improving EBITDA from kSEK -9,001 in Q4 2023 to kSEK -1,561 in Q1 2024. Due to positive developments after Q1, we are revising our financial target of MSEK 100 annual recurring revenue by the end of 2026 and will provide an update in the Q2 2024 interim report.
We continue to advance the UK as a growth market alongside our accelerated US market access following the acquisition of Coala Life Inc, which is operating as Qorum Partners. Our revenues were in line with expectations, and the revenue from the US operation will be reflected in the Q2 interim report following the acquisition's completion on April 11th. The UK and US markets are expected to be the primary drivers of growth in 2024, bolstered by securing our first German pilot site.
Stockholm, May 28th 2024
Myles Murray, Founder and CEO