Brighter AB (publ): Interim report October-December 2018.

08:00 / 27 February 2019 Brighter Press release


The full Interim report is available on Brighter's website The Interim report is also attached as a pdf file to this press release.

October - December 2018.
  • Capitalized expenditure for development work reached SEK 11,075 thousand (12,390)
  • Operating income amounted to SEK 11,292 thousand (13,827)
  • Operating result amounted to SEK -10,843 thousand (-8,175)
  • Result before tax amounted to SEK -13,141 thousand (-9,514).
  • Earnings per share, before dilution amounted to SEK -0.17 (-0.13).
  • Earnings per share after dilution SEK -0.17 (SEK -0.13).
January - December 2018.
  • Capitalized expenditure for development work reached SEK 25,021 thousand (29,754)
  • Operating income amounted to SEK 26,073 thousand (32,825)
  • Operating result amounted to SEK -48,605 thousand (-24,395)
  • Result before tax amounted to SEK -53,80 thousand (-27,292).
  • Earnings per share, before dilution amounted to SEK -0.74 (-0.40).
  • Earnings per share after dilution SEK -0.74 (-0.40).

Financial overview.

|KSEK |Oct-Dec |Oct-Dec 2017|Jan-Dec 2018|Jan-Dec 2017|Jan-Dec 2016|
| |2018 | | | | |
|Operating |-10,843 |-8,175  |-48,605 |-24,395  |-14,445  |
|result(See | | | | | |
|note 1) | | | | | |
|Net financial|-2,298  |-1,339  |-4,475  |-2,897  |-238  |
|items  | | | | | |
|Result before|-13,141 |-9,514  |-53,080  |-27,292  |-14,683  |
|tax  | | | | | |
|Total assets |170,616 |111,354  |170,616  |111,354  |68,734  |
|Equity per |1.44  |1.37  |1.55  |1.54  |1.01  |
|share (SEK)  | | | | | |
|Capital |63%  |78%  |63% |78% |76% |
|adequacy (%) | | | | | |

For definitions, see note 24 in Brighter's 2017 Annual Report.

Significant events during the period.
  • Brighter appoints Deputy Managing Director of the company's UAE subsidiary.
  • Brighter receives SEK 0.8 million through exercise of warrants of series TO3.
  • Brighter draws the eighth tranche under the financing agreement with L1 Capital and issues additional free warrants to its shareholders.
  • Brighter's nomination committee for the Annual General Meeting 2019 is established.
  • Brighter recruits Global Product Manager - Diabetes.
  • Brighter recruits Medical Supervisor in United Arab Emirates.
  • The number of shares and votes in Brighter AB has increased. The total number of shares and votes, including decided but not yet registered conversions, increased from 68,942,747 to 74,444,844.
Significant events after the end of the period.
  • Brighter organizes seminar on The Future of Diabetes Care in connection with Arab Health in Dubai.
  • Brighter receives the ninth and final tranche under the financing agreement with L1 Capital and issues additional free warrants to its shareholders.
  • Brighter and UAE Ministry of Health and Prevention showcased Actiste at Arab Health 2019.
  • Brighter has been included in the Stockholm-Uppsala Life Science Investment Hotlist.
  • The number of shares in Brighter AB has increased. The total number of shares and votes increased from 74,444,844 to 74,574,714.

CEO statement - Progressing towards CE approval and further strengthening UAE presence at Arab health.

In many respects, 2018 was a breakthrough year for Brighter. We received a huge amount of external recognition, we opened our first international subsidiary, and we welcomed many more highly-qualified people into the team. I feel extremely proud of everything we achieved during the year and how we kept our spirits high through the challenges we faced along the way.

Early in the year, our flagship solution Actiste won the prestigious Red Dot Award for design and quality. Brighter was also nominated as a "Rising Star" by Swecare Foundation, which works to help Swedish companies in the healthcare sector to expand internationally, and we were nominated as a finalist in the Serendipity Challenge entrepreneurship competition. Independent recognition like this not only helps to build our brand, it's also very encouraging for our employees.

In September we could finally announce the CE certification of the applications and digital infrastructure behind Actiste. This followed extensive user testing on both iOS and Android, with the solution achieving a score equivalent to 92% of the maximum - a great achievement! Now we are patiently waiting on our notified body to send us news on the final CE approval for the Actiste device itself. Meanwhile - the team is moving forward with the market introduction and commercialization of our service in UAE.

The high point of the year was undoubtedly the opening of Brighter's new joint-venture subsidiary in the United Arab Emirates, together with the AFAQ Group. Privately established in 2015 by Sheikha Latifa Mohammed bin Mujirin Al Murrar, the AFAQ Group works on ways to improve the lives of people in the GCC region. With the region facing a rapid rise in diabetes prevalence, effective treatment for the condition is high on AFAQ's agenda.

Building our new team in Dubai was a priority towards the end of 2018, starting with the appointment of Hamza Moftah as Deputy Managing Director of the subsidiary. Hamza is an experienced business developer with extensive knowledge of the med-tech, digital health and pharmaceutical industries in the United Arab Emirates and the broader region.

Back home in Stockholm, we recruited Thor Sundsvik as Global Product Manager for diabetes solutions. Thor has extensive experience in sales and business development in the med-tech and healthcare industries, particularly within digital solutions for the treatment of chronic diseases. He is now driving the commercialization of both Actiste and the new diabetes-related solutions we have under development.

The fourth quarter was very much about preparing for the Arab Health event in Dubai in January 2019. Arab Health is one of the largest healthcare exhibitions in the world and Brighter was honored to showcase Actiste as one of few selected companies at the UAE Ministry of Health and Prevention's stand. It was a great few days and we saw a lot of interest in Actiste from countries in the Gulf region and beyond.

Finally, I want to thank our shareholders for the support they continued to show us in 2018. It's thanks to you that we're able to push ahead on our mission to improve the lives of the millions of people around the world living with diabetes and other chronic conditions. I look forward to bringing you more good news in 2019.

Best wishes,
Truls Sjöstedt, founder and CEO of Brighter AB.

Financial calendar.
Annual Report 2018: 27/3/2019
Annual General Meeting: 9/5/2019
Interim Report Jan-Mar 2019: 22/5/2019
Interim Report Apr-Jun 2019: 28/8/2019
Interim Report Jul-Sept 2019: 11/20/2019

For further information, please contact:

Truls Sjöstedt, CEO
Phone: +46 709 73 46 00

Ann Zetterberg, CFO
Phone: +46 708 37 21 23

About Brighter AB (publ)
Brighter is a Swedish-based company that, from a unique IP portfolio, creates smart solutions for one of healthcare's biggest challenges: changing patient behavior. Chronic diseases such as diabetes are rapidly increasing, and account for an increasing share of healthcare costs globally. Brighter's Business Model and Multi-Sided Market Platform - The Benefit Loop®- is based on the fact that many special interests create value for each other. By increasing access to valid health data, Brighter creates value for all stakeholders in the care chain: patients and their close associates, healthcare providers, research institutes, the pharmaceutical industry, and society as a whole.

The Company's shares are listed on NASDAQOMX First North/BRIG ( Brighter's Certified Adviser on Nasdaq OMX First North is Eminova Fondkommission AB, +46 (0)8 - 684 211 00,,

This information is such information as Brighter AB is required to disclose under the EU Market Abuse Regulation and the Securities Market Act. The information was provided by the above contact persons for publication on February 27, 2019 at 08:00 CET.

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