Danderyd, 2012-11-30 08:00 CET (GLOBE NEWSWIRE) --
XCounter AB (publ) (Nasdaq OMX First North: XCT), a technology leader in direct conversion and photon counting digital X–ray imaging for dental, medical and industrial markets, is pleased to announce its interim results for January – September 2012.
Highlights for July – September
Financial
- Net sales increased 23.8% to SEK 16.7m (EUR 2.0m) (2011: SEK 13.5m (EUR 1.6m))
- Net cash used in operating activities SEK -2,9m (EUR -0.3m) (2011: SEK -2.5m (EUR -0.3m))
- Operating loss reduced 74.3% to SEK -1.5m (EUR -0.2m) (2011: SEK -5.8m (EUR -0.7m))
- Group loss reduced 73.6% to SEK -2.0m (EUR -0.2m) (2011: SEK -7.6m (EUR -0.9m))
- Loss per share before dilution were SEK -0.49 (EUR -0.06) (2011: SEK -1.94 (EUR -0.22))
Highlights for January – September
Financial
- Net sales increased 38.8% to SEK 54.6m (EUR 6.3m) (2011: SEK 39.3m (EUR 4.5m))
- Net cash from operating activities SEK 4.2m (EUR 0.5m) (2011: SEK -12.1m (EUR -1.4m))
- Operating loss reduced 69.9% to SEK -3.9m (EUR -0.4m) (2011: SEK -13.0m (EUR -1.5m))
- Group loss reduced 59.4% to SEK -6.2m (EUR -0.7m) (2011: SEK -15.3m (EUR -1.7m))
- Loss per share before dilution were SEK -1.54 (EUR -0.18) (2011: SEK -4.48 (EUR -0.50))
- On 15 August a share issue was registered, the cash contribution was SEK 2.4m
Subsequent to the period-end 30 September 2012, the following event of importance has taken place:
- On 6 November XCounter held an extraordinary general meeting which resolved the following resolutions; Mr. Charles Spicer was elected as new Board director, annual fee to the Board of Directors, share issue of maximum 670,000 shares, board stock option plan 2012/2016 and the issuance of warrants, employee stock option plan 2012/2017 and issuance of warrants.
- On 7 November XCounter announced the share issue to be completed with 457,174 new shares raising SEK 7.8m before transaction costs. On 20th November XCounter announced the registration of the new shares and a net cash contribution of SEK 7.7m.
- In the announcement in June last year regarding the General agreement being signed, a Warrant over 12.5% of the shares subject to shareholder approval was included. The parties have recently agreed not to present this Warrant for shareholder approval. As a consequence, the Company will receive SEK 3.4m (EUR 0.4m) less in exclusivity payments during 2013.
Fredrik Henckel, CEO of XCounter said:
“Our first nine months in 2012 show a significant growth despite much lower sales in Europe, but much higher in Asia and Americas. We improved the result which is fully in line with our defined strategy and overall targets. We see increasing interest from customers for our technology. In order to capitalize on the expected growth for our base technology we have decided to accelerate our R&D programs in order to get us to the market sooner with attractive products. In order to fund the R&D programs we raised additional capital of net SEK 7.7m in November 2012.
We welcome the appointment of Mr. Charles Spicer as director. His medical experience brings additional medical expertise to the group.”
CEO STATEMENT
Continued high growth & acceleration of certain R&D projects
XCounter technologies target three independent business segments, where our existing and future sensor platforms can efficiently be used: the dental, medical and industrial markets. We work closely with our OEM partners to continue to strengthen our position in all of these segments and to maximize our internal technology synergies.
In the period we have seen a significant increase in dental sensor sales to our OEM’s which grew sales by 39% for the period January – September compared to same period 2011. We ramped up our production capacity last year to meet current and future growth and demands, which now make us well prepared for continued growth next year if the markets keep demanding our products.
The “R&D” projects that we are accelerating to get to market sooner with attractive new products cover our three areas; dental, medical and industrial. We continue our development of a 3D dental sensor and will start developing an intra-oral dental sensor as well as an ultra-fast industrial sensor. Funds to be used include external costs and the hiring of more employees.
The collaboration with CT Imaging GmbH (“CT Imaging”) (name changed from Artemis to CT)
The ongoing collaboration with CT Imaging for the development of a high-end 3D sensor for a low-dose, high-resolution breast CT scanner continues to progress but has experienced some delays due to late deliveries from a sub-supplier. In the first quarter 2013 we plan to deliver our first prototype sensor. In 2013 we estimate to sell 5 sensors to CT Imaging for their tests, validation and certification. We estimate that their system with our sensor inside will reach the market 2014 at the earliest.
The cooperation with the Leading Healthcare Imaging Company
On 16 February 2012 the Company announced that an “R&D” Agreement had been signed with the Leading Healthcare Imaging Company. The Company received payments with a total of SEK 13.1m (EUR 1.45m) during the period January – June 2012 as a result of the “R&D” Agreement being signed and milestones achieved. Further payments will be received during 2013 once milestones are met. The Company will develop and supply a high-speed 3D photon counting sensor to the customer. We will deliver the first functional prototype sensor in the first quarter 2013.
In the announcement in June last year regarding the General agreement being signed, a Warrant over 12.5% of the shares subject to shareholder approval was included. The parties have recently agreed not to present this Warrant for shareholder approval. As a consequence, the Company will receive SEK 3.4m (EUR 0.4m) less in exclusivity payments during 2013.
Financial overview
July - September
- During the period XCounter recorded revenue of SEK 16.7m (EUR 2.0m) (2011: SEK 13.5m (EUR 1.6m))
- Loss for the period was SEK -2.0m (EUR -0.2m) compared to SEK -7.6m (EUR -0.9m) for the same period 2011. This is in line with management’s expectations for the period
January - September
- During the period XCounter recorded revenue of SEK 54.6m (EUR 6.3m) (2011: SEK 39.3m (EUR 4.5m))
- Loss for the period was SEK -6.2m (EUR -0.7m) compared to SEK -15.3m (EUR -1.7m) for the same period 2011. This is in line with management’s expectations for the period
- Net cash position at the end of the period was SEK 10.3m (EUR 1.2m) compared to SEK 18.1m (EUR 2.1m) at the end of the same period 2011
The Directors believe that the current business plan enables the Group to reach sustainable profitability.
Outlook and going concern
XCounter’s progress over the year has been substantial and in line with our strategy. We have been able to grow in the period January - September despite lower revenues in Europe as a result of higher revenues from our OEM’s in the other geographical areas.
We continue to focus our strategy on the following areas:
- creating further OEM partnerships
- establishing further “R&D” projects in the medical field
- expanding business in both existing markets and new segments in the industrial area
- evaluating suitable value-enhancing acquisition opportunities as and where appropriate
This report has been prepared under the assumption of going concern.
Danderyd 29 November 2012
Fredrik Henckel CEO, XCounter AB
For further information
Fredrik Henckel, CEO, +46 8 622 23 17
Jean-Philippe Flament, Chairman
XCounter AB in summary
XCounter AB is a technology leader in direct conversion and photon counting digital X–ray imaging for medical, dental and industrial markets targeting to be the leading provider of high-end X-ray sensors. The Company’s share is traded at the stock exchange Nasdaq OMX First North. Mangold Fondkommission AB, telephone +46 8 503 015 50, is the Company’s Certified Adviser and Liquidity Provider. Further information about XCounter AB can be found at www.xcounter.se.
