Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||
Amounts in thousands of U.S. Dollars unless otherwise stated | Note | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenue | 4 | 44,152 | 31,772 | 101,045 | 81,963 | ||||||||||||
Cost of goods sold | (13,265) | (10,785) | (35,253) | (30,589) | |||||||||||||
Gross profit | 30,887 | 20,987 | 65,792 | 51,374 | |||||||||||||
Selling expenses | (14,283) | (11,240) | (38,886) | (31,293) | |||||||||||||
Administrative expenses | (15,716) | (11,998) | (47,887) | (40,391) | |||||||||||||
Research and development expenses | (8,260) | (6,443) | (22,701) | (19,761) | |||||||||||||
Other operating income/(expense) | (275) | 725 | (265) | 1,292 | |||||||||||||
Operating loss | (7,647) | (7,969) | (43,947) | (38,779) | |||||||||||||
Interest income | 4,531 | 29 | 5,137 | 40 | |||||||||||||
Interest expense | (303) | (141) | (539) | (407) | |||||||||||||
Foreign exchange, net | 1,171 | 6,427 | 8,590 | 16,906 | |||||||||||||
Other finance income | — | — | 578 | — | |||||||||||||
Loss before tax | (2,248) | (1,654) | (30,181) | (22,240) | |||||||||||||
Income tax benefit | 5 | 429 | 366 | 6,130 | 3,960 | ||||||||||||
Net loss for the period (Attributable to shareholders of the Parent) | (1,819) | (1,288) | (24,051) | (18,280) | |||||||||||||
Other comprehensive loss: | |||||||||||||||||
Items that may be reclassified to profit or loss: | |||||||||||||||||
Exchange differences from translation of foreign operations | 563 | (31,989) | (18,275) | (84,378) | |||||||||||||
Other comprehensive loss for the period, net of tax | 563 | (31,989) | (18,275) | (84,378) | |||||||||||||
Total comprehensive loss for the period, net of tax | (1,256) | (33,277) | (42,326) | (102,658) | |||||||||||||
Total comprehensive loss for the period (Attributable to shareholders of the Parent) | (1,256) | (33,277) | (42,326) | (102,658) | |||||||||||||
Basic and diluted loss per share | 9 | (0.01) | (0.01) | (0.19) | (0.15) | ||||||||||||
Amounts in thousands of U.S. Dollars | Note | September 30, 2023 | December 31, 2022 | ||||||||
ASSETS | |||||||||||
Non-current assets | |||||||||||
Intangible assets | 241,535 | 257,480 | |||||||||
Property, plant and equipment | 22,626 | 15,056 | |||||||||
Right-of-use asset | 25,896 | 9,891 | |||||||||
Deferred tax assets | 5 | 16,978 | 10,846 | ||||||||
Other long-term receivables | 407 | 571 | |||||||||
Total non-current assets | 307,442 | 293,844 | |||||||||
Current assets | |||||||||||
Inventories | 53,372 | 44,246 | |||||||||
Trade receivables | 46,908 | 52,743 | |||||||||
Other receivables | 2,465 | 2,562 | |||||||||
Prepaid expenses and accrued income | 12,361 | 7,786 | |||||||||
Cash at bank and in hand | 130,277 | 75,109 | |||||||||
Total current assets | 245,383 | 182,446 | |||||||||
TOTAL ASSETS | 552,825 | 476,290 | |||||||||
EQUITY | |||||||||||
Share capital | 6 | 32,221 | 30,988 | ||||||||
Other contributed capital | 6 | 616,646 | 514,133 | ||||||||
Reserves/(Deficit) | (76,863) | (58,588) | |||||||||
Accumulated Deficit | (99,899) | (75,848) | |||||||||
Total equity attributable to shareholders of the Parent | 472,105 | 410,685 | |||||||||
LIABILITIES | |||||||||||
Non-current liabilities | |||||||||||
Lease liabilities | 7 | 21,751 | 7,322 | ||||||||
Deferred tax liabilities | 5 | 20,273 | 22,196 | ||||||||
Total non-current liabilities | 42,024 | 29,518 | |||||||||
Current liabilities | |||||||||||
Interest-bearing loans and borrowings | 7 | 3,739 | 2,113 | ||||||||
Accounts payable | 8,590 | 6,885 | |||||||||
Current tax liabilities | 1,320 | 1,389 | |||||||||
Other current liabilities | 10 | 25,048 | 25,700 | ||||||||
Total current liabilities | 38,697 | 36,086 | |||||||||
Total liabilities | 80,720 | 65,605 | |||||||||
TOTAL EQUITY AND LIABILITIES | 552,825 | 476,290 |
Nine months ended September 30 | |||||||||||
Amounts in thousands of U.S. Dollars | Note | 2023 | 2022 | ||||||||
Operating activities | |||||||||||
Loss before tax | (30,181) | (22,240) | |||||||||
Adjustments reconciling loss before tax to operating cash flows: | |||||||||||
Depreciation and amortization | 13,872 | 13,034 | |||||||||
Net finance income | (13,767) | (16,425) | |||||||||
Loss on sale of assets | 138 | 401 | |||||||||
Share-based compensation expense | 6 | 8,141 | 5,826 | ||||||||
Other | (72) | (94) | |||||||||
Changes in working capital: | |||||||||||
Increase in inventories | (11,117) | (13,194) | |||||||||
Decrease in accounts receivable | 6,012 | 7,738 | |||||||||
Decrease in other current receivables | (5,557) | (6,435) | |||||||||
Increase in trade payables | 1,734 | 3,281 | |||||||||
Decrease in other current liabilities | (103) | (555) | |||||||||
Interest received | 5,032 | 40 | |||||||||
Interest paid | (539) | (407) | |||||||||
Other finance income | 578 | — | |||||||||
Tax paid | (1,258) | (937) | |||||||||
Cash flow used in operating activities | (27,087) | (29,967) | |||||||||
Investing activities | |||||||||||
Purchase of intangible assets | (1,449) | (1,060) | |||||||||
Purchase of property, plant and equipment | (11,618) | (5,115) | |||||||||
Proceeds from sale of property, plant and equipment | 10 | — | |||||||||
Increase in other non-current financial assets | 159 | 56 | |||||||||
Cash flow used in investing activities | (12,898) | (6,119) | |||||||||
Financing activities | |||||||||||
Proceeds from issue of share capital | 6 | 100,205 | 24 | ||||||||
Share issue costs | 6 | (5,026) | — | ||||||||
Payment of principal portion of lease liability | (1,929) | (2,144) | |||||||||
Cash flow from/(used in) financing activities | 93,250 | (2,120) | |||||||||
Net cash flow during the period | 53,265 | (38,206) | |||||||||
Cash at bank and in hand at the beginning of the period | 75,109 | 118,096 | |||||||||
Net foreign exchange difference | 1,903 | (2,764) | |||||||||
Cash at bank and in hand at the end of the period | 130,277 | 77,126 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||
Amounts in thousands of U.S. Dollars unless otherwise stated | 2023 | 2022 | 2023 | 2022 | ||||||||||
Kit | ||||||||||||||
Revenue | 23,797 | 13,395 | 47,841 | 24,535 | ||||||||||
Cost of goods sold | (3,955) | (1,696) | (8,688) | (3,120) | ||||||||||
Gross profit | 19,842 | 11,699 | 39,153 | 21,415 | ||||||||||
Gross profit margin | 83.4 | % | 87.3 | % | 81.8 | % | 87.3 | % | ||||||
Less: | ||||||||||||||
Depreciation charges | 269 | 142 | 605 | 410 | ||||||||||
Share-based compensation expenses | 82 | 42 | 194 | 122 | ||||||||||
Adjusted Gross Profit | 20,193 | 11,883 | 39,952 | 21,947 | ||||||||||
Adjusted Gross Profit % | 84.9 | % | 88.7 | % | 83.5 | % | 89.5 | % | ||||||
Service | ||||||||||||||
Revenue | 16,904 | 15,132 | 42,842 | 49,623 | ||||||||||
Cost of goods sold | (6,722) | (7,444) | (18,732) | (23,369) | ||||||||||
Gross profit | 10,182 | 7,688 | 24,110 | 26,254 | ||||||||||
Gross profit margin | 60.2 | % | 50.8 | % | 56.3 | % | 52.9 | % | ||||||
Less: | ||||||||||||||
Depreciation charges | 622 | 605 | 1,722 | 1,888 | ||||||||||
Share-based compensation expenses | 108 | 23 | 263 | 112 | ||||||||||
Adjusted Gross Profit | 10,912 | 8,316 | 26,095 | 28,254 | ||||||||||
Adjusted Gross Profit % | 64.6 | % | 55.0 | % | 60.9 | % | 56.9 | % | ||||||
Corporate / Unallocated | ||||||||||||||
Revenue | 3,450 | 3,245 | 10,361 | 7,805 | ||||||||||
Cost of goods sold | (2,588) | (1,645) | (7,833) | (4,100) | ||||||||||
Gross profit | 862 | 1,600 | 2,528 | 3,705 | ||||||||||
Gross profit margin | 25.0 | % | 49.3 | % | 24.4 | % | 47.5 | % | ||||||
Less: | ||||||||||||||
Depreciation charges | — | — | — | — | ||||||||||
Share-based compensation expenses | — | — | — | — | ||||||||||
Adjusted Gross Profit | 862 | 1,600 | 2,528 | 3,705 | ||||||||||
Adjusted Gross Profit % | 25.0 | % | 49.3 | % | 24.4 | % | 47.5 | % |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||
Amounts in thousands of U.S. Dollars, unless otherwise stated | 2023 | 2022 | 2023 | 2022 | ||||||||||
Revenue | 44,152 | 31,772 | 101,045 | 81,963 | ||||||||||
Revenue growth (IFRS) | 39.0 | % | 56 | % | 23 | % | ||||||||
Foreign exchange impact | 1.4 | % | (9 | %) | (1 | %) | ||||||||
Constant currency revenue growth | 37.6 | % | 68 | % | 24 | % |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||
Amounts in thousands of U.S. Dollars, unless otherwise stated | 2023 | 2022 | 2023 | 2022 | ||||||||||
Revenue | 44,152 | 31,772 | 101,045 | 81,963 | ||||||||||
Cost of goods sold | (13,265) | (10,785) | (35,253) | (30,589) | ||||||||||
Gross Profit | 30,887 | 20,987 | 65,792 | 51,374 | ||||||||||
Gross Profit % | 70.0 | % | 66.1 | % | 65.1 | % | 62.7 | % | ||||||
Less: | ||||||||||||||
Depreciation charges | 891 | 748 | 2,326 | 2,298 | ||||||||||
Share-based compensation expenses | 189 | 65 | 456 | 234 | ||||||||||
Adjusted Gross Profit | 31,967 | 21,800 | 68,574 | 53,906 | ||||||||||
Adjusted Gross Profit % | 72.4 | % | 68.6 | % | 67.9 | % | 65.8 | % |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||
Amounts in thousands of U.S. Dollars | 2023 | 2022 | 2023 | 2022 | ||||||||||
Operating income/(loss) | (7,647) | (7,969) | (43,947) | (38,779) | ||||||||||
Add: | ||||||||||||||
Amortization | 2,748 | 2,708 | 8,245 | 8,530 | ||||||||||
Depreciation | 2,364 | 1,532 | 5,627 | 4,504 | ||||||||||
EBITDA | (2,535) | (3,729) | (30,075) | (25,745) | ||||||||||
Management Adjustments | 1,369 | 189 | 2,874 | 990 | ||||||||||
Share-based compensation expenses | 3,124 | 1,808 | 8,141 | 5,962 | ||||||||||
Adjusted EBITDA | 1,958 | (1,732) | (19,060) | (18,793) |
Three months ended September 30, |
Nine months ended September 30, |
||||||||||||||||
Amounts in thousands of U.S. Dollars | Note |
2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenue | 4 | $ | 44,152 | $ | 31,772 | $ | 101,045 | $ | 81,963 | ||||||||
Cost of goods sold | (13,265) | (10,785) | (35,253) | (30,589) | |||||||||||||
Gross profit | 30,887 | 20,987 | 65,792 | 51,374 | |||||||||||||
Selling expenses | (14,283) | (11,240) | (38,886) | (31,293) | |||||||||||||
Administrative expenses | (15,716) | (11,998) | (47,887) | (40,391) | |||||||||||||
Research and development expenses | (8,260) | (6,443) | (22,701) | (19,761) | |||||||||||||
Other operating income/(expense) | (275) | 725 | (265) | 1,292 | |||||||||||||
Operating loss | (7,647) | (7,969) | (43,947) | (38,779) | |||||||||||||
Interest income | 4,531 | 29 | 5,137 | 40 | |||||||||||||
Interest expense | (303) | (141) | (539) | (407) | |||||||||||||
Foreign exchange, net | 1,171 | 6,427 | 8,590 | 16,906 | |||||||||||||
Other finance income | — | — | 578 | — | |||||||||||||
Loss before tax | (2,248) | (1,654) | (30,181) | (22,240) | |||||||||||||
Income tax benefit | 5 | 429 | 366 | 6,130 | 3,960 | ||||||||||||
Net loss for the period (Attributable to shareholders of the Parent) | $ | (1,819) | $ | (1,288) | $ | (24,051) | $ | (18,280) | |||||||||
Other comprehensive loss: | |||||||||||||||||
Items that may be reclassified to profit or loss: | |||||||||||||||||
Exchange differences from translation of foreign operations | 563 | (31,989) | (18,275) | (84,378) | |||||||||||||
Other comprehensive loss for the period, net of tax | 563 | (31,989) | (18,275) | (84,378) | |||||||||||||
Total comprehensive loss for the period, net of tax | (1,256) | (33,277) | (42,326) | (102,658) | |||||||||||||
Total comprehensive loss for the period (Attributable to shareholders of the Parent) | $ | (1,256) | $ | (33,277) | $ | (42,326) | $ | (102,658) | |||||||||
Basic and diluted loss per share | 9 | $ | (0.01) | $ | (0.01) | $ | (0.19) | $ | (0.15) |
Amounts in thousands of U.S. Dollars | Note | As of September 30, 2023 (Unaudited) |
As of December 31, 2022 (Audited) |
||||||||
ASSETS | |||||||||||
Non-current assets | |||||||||||
Intangible assets | 241,535 | 257,480 | |||||||||
Property, plant and equipment | 22,626 | 15,056 | |||||||||
Right-of-use asset | 25,896 | 9,891 | |||||||||
Deferred tax assets | 5 | 16,978 | 10,846 | ||||||||
Other long-term receivables | 407 | 571 | |||||||||
Total non-current assets | 307,442 | $ | 293,844 | ||||||||
Current assets | |||||||||||
Inventories | 53,372 | 44,246 | |||||||||
Trade receivables | 46,908 | 52,743 | |||||||||
Other receivables | 2,465 | 2,562 | |||||||||
Prepaid expenses and accrued income | 12,361 | 7,786 | |||||||||
Cash at bank and in hand | 130,277 | 75,109 | |||||||||
Total current assets | 245,383 | 182,446 | |||||||||
TOTAL ASSETS | 552,825 | $ | 476,290 | ||||||||
EQUITY | |||||||||||
Share capital | 6 | 32,221 | 30,988 | ||||||||
Other contributed capital | 6 | 616,646 | 514,133 | ||||||||
Reserves/(Deficit) | (76,863) | (58,588) | |||||||||
Accumulated Deficit | (99,899) | (75,848) | |||||||||
Total equity attributable to shareholders of the Parent | 472,105 | $ | 410,685 | ||||||||
LIABILITIES | |||||||||||
Non-current liabilities | |||||||||||
Lease liabilities | 7 | 21,751 | 7,322 | ||||||||
Deferred tax liabilities | 5 | 20,273 | 22,196 | ||||||||
Total non-current liabilities | 42,024 | $ | 29,518 | ||||||||
Current liabilities | |||||||||||
Lease liabilities | 7 | 3,739 | 2,113 | ||||||||
Accounts payable | 8,590 | 6,885 | |||||||||
Current tax liabilities | 1,320 | 1,389 | |||||||||
Other current liabilities | 10 | 25,048 | 25,700 | ||||||||
Total current liabilities | 38,697 | 36,086 | |||||||||
Total liabilities | 80,720 | $ | 65,605 | ||||||||
TOTAL EQUITY AND LIABILITIES | 552,825 | $ | 476,290 |
Amounts in thousands of U.S. Dollars | Notes | Share Capital | Other Contributed Capital | Reserves |
Accumulated Loss |
Total
Equity
|
||||||||||||||
As of December 31, 2022 |
$ | 30,988 | $ | 514,133 | $ | (58,588) | $ | (75,848) | $ | 410,685 | ||||||||||
Net loss for the period | — | — | — | (24,051) | (24,051) | |||||||||||||||
Other comprehensive loss for the period | — | — | (18,275) | (18,275) | ||||||||||||||||
Total comprehensive loss for the period | — | — | (18,275) | (24,051) | (42,325) | |||||||||||||||
New share issue, net | 6 | 1,233 | 94,993 | — | — | 96,226 | ||||||||||||||
Share-based compensation | 6 | — | 7,520 | — | — | 7,520 | ||||||||||||||
As of September 30, 2023 |
$ | 32,221 | $ | 616,646 | $ | (76,863) | $ | (99,899) | $ | 472,105 | ||||||||||
Amounts in thousands of U.S. Dollars | Notes | Share Capital | Other Contributed Capital | Reserves |
Accumulated Loss |
Total Equity | ||||||||||||||
As of December 31, 2021 |
$ | 30,964 | $ | 506,008 | $ | 1,701 | $ | (62,997) | $ | 475,676 | ||||||||||
Net loss for the period | — | — | — | (18,280) | (18,280) | |||||||||||||||
Other comprehensive loss for the period | — | — | (84,378) | — | (84,378) | |||||||||||||||
Total comprehensive loss for the period | — | — | (84,378) | (18,280) | (102,658) | |||||||||||||||
New share issue, net | 24 | 24 | ||||||||||||||||||
Share-based compensation | 5,859 | — | — | 5,859 | ||||||||||||||||
As of September 30, 2022 |
$ | 30,988 | $ | 511,867 | $ | (82,677) | $ | (81,277) | $ | 378,901 | ||||||||||
Nine months ended September 30, |
||||||||||||||
Amounts in thousands of U.S. Dollars | Note |
2023 | 2022 | |||||||||||
Operating activities | ||||||||||||||
Loss before tax | $ | (30,181) | $ | (22,240) | ||||||||||
Adjustments reconciling loss before tax to operating cash flows: | ||||||||||||||
Depreciation and amortization | 13,872 | 13,034 | ||||||||||||
Net finance income | (13,767) | (16,425) | ||||||||||||
Loss on sale of assets | 138 | 401 | ||||||||||||
Share-based compensation expense | 6 | 8,141 | 5,826 | |||||||||||
Other | (72) | (94) | ||||||||||||
Changes in working capital: | ||||||||||||||
Increase in inventories | (11,117) | (13,194) | ||||||||||||
Decrease in accounts receivable | 6,012 | 7,738 | ||||||||||||
Increase in other current receivables |
(5,557) | (6,435) | ||||||||||||
Increase in trade payables | 1,734 | 3,281 | ||||||||||||
Decrease in other current liabilities | (103) | (555) | ||||||||||||
Interest received | 5,032 | 40 | ||||||||||||
Interest paid | (539) | (407) | ||||||||||||
Other finance income | 578 | — | ||||||||||||
Tax paid | (1,258) | (937) | ||||||||||||
Cash flow used in operating activities | $ | (27,087) | $ | (29,967) | ||||||||||
Investing activities | ||||||||||||||
Purchase of intangible assets | (1,449) | (1,060) | ||||||||||||
Purchase of property, plant and equipment | (11,618) | (5,115) | ||||||||||||
Proceeds from sale of property, plant and equipment | 10 | — | ||||||||||||
Increase in other non-current financial assets | 159 | 56 | ||||||||||||
Cash flow used in investing activities | $ | (12,898) | $ | (6,119) | ||||||||||
Financing activities | ||||||||||||||
Proceeds from issue of share capital | 6 | 100,205 | 24 | |||||||||||
Share issue costs | 6 | (5,026) | — | |||||||||||
Payment of principal portion of lease liability | (1,929) | (2,144) | ||||||||||||
Cash flow from/(used in) financing activities | $ | 93,250 | $ | (2,120) | ||||||||||
Net cash flow during the period | 53,265 | (38,206) | ||||||||||||
Cash at bank and in hand at the beginning of the period | 75,109 | 118,096 | ||||||||||||
Net foreign exchange difference | 1,903 | (2,764) | ||||||||||||
Cash at bank and in hand at the end of the period | $ | 130,277 | $ | 77,126 | ||||||||||
Three months ended September 30, 2023 | ||||||||||||||
(In thousands) | Kit | Service | Corporate/Unallocated | Total | ||||||||||
Revenue from external customers | $ | 23,797 | $ | 16,904 | $ | 3,450 | $ | 44,152 | ||||||
Cost of goods sold | $ | (3,955) | $ | (6,722) | $ | (2,588) | $ | (13,265) | ||||||
Gross profit | $ | 19,842 | $ | 10,182 | $ | 862 | $ | 30,887 |
Three months ended September 30, 2022 | ||||||||||||||
(In thousands) | Kit | Service | Corporate/Unallocated | Total | ||||||||||
Revenue from external customers | $ | 13,395 | $ | 15,132 | $ | 3,245 | $ | 31,772 | ||||||
Cost of goods sold | $ | (1,696) | $ | (7,444) | $ | (1,645) | $ | (10,785) | ||||||
Gross profit | $ | 11,699 | $ | 7,688 | $ | 1,600 | $ | 20,987 |
Nine months ended September 30, 2023 | ||||||||||||||
(In thousands) | Kit | Service | Corporate/Unallocated | Total | ||||||||||
Revenue from external customers | $ | 47,841 | $ | 42,842 | $ | 10,361 | $ | 101,045 | ||||||
Cost of goods sold | $ | (8,688) | $ | (18,732) | $ | (7,833) | $ | (35,253) | ||||||
Gross profit | $ | 39,153 | $ | 24,110 | $ | 2,528 | $ | 65,792 |
Nine months ended September 30, 2022 | ||||||||||||||
(In thousands) | Kit | Service | Corporate/Unallocated | Total | ||||||||||
Revenue from external customers | $ | 24,535 | $ | 49,623 | $ | 7,805 | $ | 81,963 | ||||||
Cost of goods sold | $ | (3,120) | $ | (23,369) | $ | (4,100) | $ | (30,589) | ||||||
Gross profit | $ | 21,415 | $ | 26,254 | $ | 3,705 | $ | 51,374 |
Corporate / | ||||||||||||||
For the three months ended September 30, 2023 |
Kit |
Service | Unallocated | Total |
||||||||||
Sweden | 2,598 | 3,642 | 113 | 6,353 | ||||||||||
Americas | 8,259 | 8,087 | 1,512 | 17,858 | ||||||||||
EMEA (excluding Sweden) | 8,618 | 4,867 | 1,020 | 14,505 | ||||||||||
China | 1,361 | — | 483 | 1,844 | ||||||||||
Japan | 1,701 | 212 | 64 | 1,977 | ||||||||||
Rest of world | 1,260 | 97 | 258 | 1,615 | ||||||||||
Total | $ | 23,797 | $ | 16,905 | $ | 3,450 | $ | 44,152 | ||||||
Corporate / | ||||||||||||||
For the three months ended September 30, 2022 |
Kit |
Service | Unallocated | Total |
||||||||||
Sweden | 186 | 115 | 83 | 384 | ||||||||||
Americas | 5,337 | 5,225 | 1,842 | 12,404 | ||||||||||
EMEA (excluding Sweden) | 4,818 | 9,127 | 680 | 14,625 | ||||||||||
China | 1,133 | — | 423 | 1,556 | ||||||||||
Japan | 727 | 562 | 40 | 1,329 | ||||||||||
Rest of world | 1,194 | 103 | 177 | 1,474 | ||||||||||
Total | $ | 13,395 | $ | 15,132 | $ | 3,245 | $ | 31,772 | ||||||
Corporate / | ||||||||||||||
For the nine months ended September 30, 2023 |
Kit |
Service | Unallocated | Total |
||||||||||
Sweden | 4,499 | 4,961 | 309 | 9,769 | ||||||||||
Americas | 20,260 | 21,237 | 3,933 | 45,430 | ||||||||||
EMEA (excluding Sweden) | 14,217 | 14,492 | 3,081 | 31,789 | ||||||||||
China | 4,503 | 69 | 2,084 | 6,656 | ||||||||||
Japan | 2,147 | 1,474 | 211 | 3,832 | ||||||||||
Rest of world | 2,215 | 610 | 744 | 3,569 | ||||||||||
Total | $ | 47,841 | $ | 42,843 | $ | 10,362 | $ | 101,045 | ||||||
Corporate / | ||||||||||||||
For the nine months ended September 30, 2022 |
Kit |
Service | Unallocated | Total |
||||||||||
Sweden | 608 | 1,226 | 412 | 2,246 | ||||||||||
Americas | 9,640 | 21,241 | 3,759 | 34,640 | ||||||||||
EMEA (excluding Sweden) | 9,618 | 23,836 | 2,008 | 35,462 | ||||||||||
China | 2,054 | 29 | 1,086 | 3,169 | ||||||||||
Japan | 857 | 2,190 | 104 | 3,151 | ||||||||||
Rest of world | 1,758 | 1,101 | 436 | 3,295 | ||||||||||
Total | $ | 24,535 | $ | 49,623 | $ | 7,805 | $ | 81,963 | ||||||
Three months ended | Nine months ended | |||||||||||||
September 30, |
September 30, |
|||||||||||||
Amounts in thousands of U.S. Dollars | 2023 | 2022 | 2023 | 2022 | ||||||||||
Current tax benefit/(expense) | (641) | (695) | (1,211) | (1,474) | ||||||||||
Deferred tax benefit | 1,070 | 1,061 | 7,341 | 5,434 | ||||||||||
Income tax benefit | 429 | 366 | 6,130 | 3,960 | ||||||||||
Effective tax rate | 19% | 22% | 20% | 18% |
Outstanding Stock Options | Weighted Average Exercise Price (USD) | |||||||
Balance as of January 1, 2023 |
549,863 | 23.52 | ||||||
Granted | 99,480 | 22.79 | ||||||
Forfeited | (26,271) | 25.00 | ||||||
Balance as of September 30, 2023 |
623,072 | $ | 23.34 | |||||
Vested and exercisable as of September 30, 2023 |
239,415 |
Outstanding Restricted Stock Units | Weighted Average Grant Date Fair Value (USD) | |||||||
Balance as of January 1, 2023 |
847,143 | 19.38 | ||||||
Granted | 754,115 | 22.76 | ||||||
Forfeited | (57,364) | 19.89 | ||||||
Vested | (233,461) | 19.84 | ||||||
Balance as of September 30, 2023 |
1,310,433 | $ | 21.07 | |||||
Three months ended |
Nine months ended |
|||||||||||||
September 30, |
September 30, |
|||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Net loss for the period (thousands) |
(1,819) | (1,288) | (24,051) | (18,280) | ||||||||||
Total | (1,819) | (1,288) | (24,051) | (18,280) | ||||||||||
Weighted average number of shares (thousands) | 124,343 | 119,098 | 123,885 | 119,069 | ||||||||||
Basic and diluted loss per share | (0.01) | (0.01) | (0.19) | $ | (0.15) | |||||||||
Amounts in thousands of U.S. Dollars | As of September 30, 2023 |
As of December 31, 2022 |
||||||
Salaries and wages | 10,655 | 13,274 | ||||||
Advance invoiced customers |
3,589 | 1,694 | ||||||
Royalties |
2,943 | 2,321 | ||||||
Other current liabilities |
7,861 | 8,411 | ||||||
Total | $ | 25,048 | $ | 25,700 |
Three months ended September 30, |
Nine months ended September 30, |
||||||||||||||||
Amounts in thousands of U.S. Dollars | Note |
2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenue | 4 | $ | 44,152 | $ | 31,772 | $ | 101,045 | $ | 81,963 | ||||||||
Cost of goods sold | (13,265) | (10,785) | (35,253) | (30,589) | |||||||||||||
Gross profit | 30,887 | 20,987 | 65,792 | 51,374 | |||||||||||||
Selling expenses | (14,283) | (11,240) | (38,886) | (31,293) | |||||||||||||
Administrative expenses | (15,716) | (11,998) | (47,887) | (40,391) | |||||||||||||
Research and development expenses | (8,260) | (6,443) | (22,701) | (19,761) | |||||||||||||
Other operating income/(expense) | (275) | 725 | (265) | 1,292 | |||||||||||||
Operating loss | (7,647) | (7,969) | (43,947) | (38,779) | |||||||||||||
Interest income | 4,531 | 29 | 5,137 | 40 | |||||||||||||
Interest expense | (303) | (141) | (539) | (407) | |||||||||||||
Foreign exchange, net | 1,171 | 6,427 | 8,590 | 16,906 | |||||||||||||
Other finance income | — | — | 578 | — | |||||||||||||
Loss before tax | (2,248) | (1,654) | (30,181) | (22,240) | |||||||||||||
Income tax benefit | 5 | 429 | 366 | 6,130 | 3,960 | ||||||||||||
Net loss for the period (Attributable to shareholders of the Parent) | $ | (1,819) | $ | (1,288) | $ | (24,051) | $ | (18,280) | |||||||||
Other comprehensive loss: | |||||||||||||||||
Items that may be reclassified to profit or loss: | |||||||||||||||||
Exchange differences from translation of foreign operations | 563 | (31,989) | (18,275) | (84,378) | |||||||||||||
Other comprehensive loss for the period, net of tax | 563 | (31,989) | (18,275) | (84,378) | |||||||||||||
Total comprehensive loss for the period, net of tax | (1,256) | (33,277) | (42,326) | (102,658) | |||||||||||||
Total comprehensive loss for the period (Attributable to shareholders of the Parent) | $ | (1,256) | $ | (33,277) | $ | (42,326) | $ | (102,658) | |||||||||
Basic and diluted loss per share | 9 | $ | (0.01) | $ | (0.01) | $ | (0.19) | $ | (0.15) |
Three months ended | Nine months ended | |||||||||||||
September 30, | September 30, | |||||||||||||
Amounts in thousands of U.S. Dollars | 2023 | 2022 | 2023 | 2022 | ||||||||||
Operating loss | (7,647) | (7,969) | (43,947) | (38,779) | ||||||||||
Add: | ||||||||||||||
Amortization | 2,748 | 2,708 | 8,245 | 8,530 | ||||||||||
Depreciation | 2,364 | 1,532 | 5,627 | 4,504 | ||||||||||
EBITDA | (2,535) | (3,729) | (30,075) | (25,745) | ||||||||||
Management Adjustments | 1,369 | 189 | 2,874 | 990 | ||||||||||
Share-based compensation expenses | 3,124 | 1,808 | 8,141 | 5,962 | ||||||||||
Adjusted EBITDA | 1,958 | (1,732) | (19,060) | (18,793) | ||||||||||
Three months ended | Nine months ended |
|||||||||||||
September 30, | September 30, | |||||||||||||
Amounts in thousands of U.S. Dollars, unless otherwise stated | 2023 | 2022 | 2023 | 2022 | ||||||||||
Revenue | 44,152 | 31,772 | 101,045 | 81,963 | ||||||||||
Cost of goods sold | (13,265) | (10,785) | (35,253) | (30,589) | ||||||||||
Gross Profit | 30,887 | 20,987 | 65,792 | 51,374 | ||||||||||
Gross Profit % | 70.0 | % | 66.1 | % | 65.1 | % | 62.7 | % | ||||||
Less: | ||||||||||||||
Depreciation charges | 891 | 748 | 2,326 | 2,298 | ||||||||||
Share-based compensation expenses | 189 | 65 | 456 | 234 | ||||||||||
Adjusted Gross Profit | 31,967 | 21,800 | 68,574 | 53,906 | ||||||||||
Adjusted Gross Profit % | 72.4 | % | 68.6 | % | 67.9 | % | 65.8 | % |
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||
Amounts in thousands of U.S. Dollars unless otherwise stated | 2023 | 2022 | 2023 | 2022 | ||||||||||
Kit | ||||||||||||||
Revenue | 23,797 | 13,395 | 47,841 | 24,535 | ||||||||||
Cost of goods sold | (3,955) | (1,696) | (8,688) | (3,120) | ||||||||||
Gross profit | 19,842 | 11,699 | 39,153 | 21,415 | ||||||||||
Gross profit margin | 83.4% | 87.3% | 81.8% | 87.3% | ||||||||||
Less: | ||||||||||||||
Depreciation charges | 269 | 142 | 605 | 410 | ||||||||||
Share-based compensation expenses | 82 | 42 | 194 | 122 | ||||||||||
Adjusted Gross Profit | 20,193 | 11,883 | 39,952 | 21,947 | ||||||||||
Adjusted Gross Profit % | 84.9% | 88.7% | 83.5% | 89.5% | ||||||||||
Service | ||||||||||||||
Revenue | 16,904 | 15,132 | 42,842 | 49,623 | ||||||||||
Cost of goods sold | (6,722) | (7,444) | (18,732) | (23,369) | ||||||||||
Gross profit | 10,182 | 7,688 | 24,110 | 26,254 | ||||||||||
Gross profit margin | 60.2% | 50.8% | 56.3% | 52.9% | ||||||||||
Less: | ||||||||||||||
Depreciation charges | 622 | 605 | 1,722 | 1,888 | ||||||||||
Share-based compensation expenses | 108 | 23 | 263 | 112 | ||||||||||
Adjusted Gross Profit | 10,912 | 8,316 | 26,095 | 28,254 | ||||||||||
Adjusted Gross Profit % | 64.6% | 55.0% | 60.9% | 56.9% | ||||||||||
Corporate / Unallocated | ||||||||||||||
Revenue | 3,450 | 3,245 | 10,361 | 7,805 | ||||||||||
Cost of goods sold | (2,588) | (1,645) | (7,833) | (4,100) | ||||||||||
Gross profit | 862 | 1,600 | 2,528 | 3,705 | ||||||||||
Gross profit margin | 25.0% | 49.3% | 24.4% | 47.5% | ||||||||||
Less: | ||||||||||||||
Depreciation charges | — | — | — | — | ||||||||||
Share-based compensation expenses | — | — | — | — | ||||||||||
Adjusted Gross Profit | 862 | 1,600 | 2,528 | 3,705 | ||||||||||
Adjusted Gross Profit % | 25.0% | 49.3% | 24.4% | 47.5% |