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PMDS: Year-end Report April-December 2023

February 29, 2024 2:21 AM EST

STOCKHOLM, SWEDEN / ACCESSWIRE / February 29, 2024 / PMD Device Solutions (STO:PROMO)(FRA:8T0) Press release: Stockholm, 29 February 2024. PMD Device Solutions AB's (PMDS) Year-end report for April - December 2023 is now available on the company's website www.pmd-solutions.com.

Financial information October - December 2023 (figures in brackets relate to the same period in 2022)

  • Net sales amounted to kSEK 10,082 (1,817), a 5x increase over the same period of the previous year and are 100% derived from PMD's RespiraSense related products. Consumable RespiraSense sensors makes up 89% of total sales amounting to kSEK 9,042 (1,516). There are no Promore Pharma related sales in either period.
  • Sales from Hospital-At-Home were kSEK 555 (0).
  • The gross margin was 78% (79%).
  • EBITDA was kSEK -9,007 (-6,217).
  • Loss after financial items was kSEK -14,087 (-10,315).
  • Basic earnings per-share were SEK -0.006 (-0.562).
  • Cash and cash equivalents as of December 31, 2023, were kSEK 1,284 (8,253)
  • The reverse acquisition (RTO) of Promore Pharma was completed on 29 December 2023.

Financial information for the 9 months April - December 2023 (figures in brackets represents the 12 months to 31 March 2023)

  • Net sales amounted to kSEK 28,623 (18,407), a +58% increase over the previous 12 months period. Sales of consumable sensors made up 94% of net sales amounting to kSEK 27,100 (15,208), a +78% increase. All sales related to PMD's RespiraSense line.
  • Gross margin was 79% (78%).
  • EBITDA was kSEK -16,199 (-18,154).
  • Loss after financial items was kSEK -28,121 (-36,479).
  • Basic earnings per-share were SEK -0.013 (-1.988).
  • Share transfer from Promore Pharma to PMDS shareholders was registered on 8 Feb 2024.

Highlights Q4

  • Continued to supply RespiraSense across Ireland each quarter
  • Awarded a 2-year contract for managed service of a 20-bed Virtual Ward for COPD patients in Ireland. Recorded first revenues for the project in Q4 of kSEK 555.
  • Private placement of kSEK 26,533 completed prior to the RTO of Promore Pharma AB

Notable events since Q4

  • Payment received for Q1 2024 Irish sales order of ~kSEK 8,500
  • Direct share issue of kSEK 1,800
  • Renamed Promore Pharma AB (PROMO) to PMD Device Solutions Limited (PMDS). Former PMD Device Solutions AB renamed to PMD Device Solutions Sweden AB, now a 100% owned subsidiary of the Group
  • Completed reverse share split with a ratio 1:128.
  • Notice of RespiraSense selected by multinational Ventilation company for use in clinical studies

The link to the Year-end report: https://investors.pmd-solutions.com/en/investors/reports-and-presentations/

CEO COMMENTS:

A strong foundation and continued growth

PMDS listing on Nasdaq First North Growth Market coincides with our drive to accelerate growth beyond Ireland. The coming 12 months will see expansion across the UK market, while launching market access pilots in Germany and the US.

PMDS has demonstrated the ability to establish a solid commercial foundation, with RespiraSense as the standard of care in Ireland. We achieved this commercial success in parallel with new sales to multinational accounts, who have selected RespiraSense as their respiratory monitor of choice. Their selection is a testament to its robustness and accuracy.

Revenue generated from the 12 months of 2023 was kSEK 40,609. Acute Hospital sales of RespiraSense amounted to kSEK 39,200 across 25 hospitals in the UK and Ireland. Whereas kSEK 555 came from our first Hospital-At-Home managed service account. We see high growth opportunities from this new Hospital-at-Home service segment. The balance of sales kSEK 854 largely come from non-hospital accounts. Recurring revenue per account is significant for both Acute Hospital and Hospital-At-Home service sales, with an average sales per account of kSEK 1,500.

PMDS is focused on achieving profitability by the year end through increasing annual recurring revenue. We are focusing, in particular, on the UK market to fuel this growth with a small percentage coming from non-hospital accounts and from sales from the initial opening of the German market.

PMDS is the emerging market leader in respiratory monitoring wearables and with both FDA and European regulatory clearances, targeting the US and EU markets with a combined serviceable market of bnSEK 79 from opportunities across Acute Hospital device and Hospital-At-Home service sales.

Stockholm, February 29th 2024

Myles Murray, Founder and CEO

This information is information that PMD Device Solutions is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-02-29 08:00 CET.

For additional information, please contact

Myles Murray, CEO
Phone: +353 86 887 4994
E-mail: [email protected] & for general enquiries [email protected]
The Company's Certified Adviser is Redeye.

Information about PMDS

PMD Device Solutions AB develops and sells medical products for respiratory monitoring in both the hospital and homecare setting. Its primary product is RespiraSense, a solution used for monitoring respiratory rate to support the detection of patient deterioration early and to avoid preventable respiratory failure and adverse patient outcomes. RespiraSense is, to the Company's knowledge, the world's only continuous, motion-tolerant respiratory rate monitor delivering class-leading reliability in measuring respiratory rate. RespiraSense is a novel technology that is commercialised in Europe, the UK, and FDA cleared in the US. The company's shares are listed on Nasdaq First North Growth Market (STO: PMDS).

Attachments

PMD Device Solutions AB Year End Report Apr Dec 2023

SOURCE: PMD Device Solutions



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