2022 was a very good year for Lifecare as a company and we welcome 2023 expecting continued significant progress in our mission to make life easier for patients with diabetes.
Joacim Holter, CEO at Lifecare
Throughout 2022 Lifecare reached several milestone events:
- In June, Lifecare disclosed the by far most important development events of 2022. First: the successful, high quality and reproducible in-vitro test results with the grain-of-rice sized Sencell sensor for glucose measurement, confirming functionality of Lifecare’s proprietary technology after miniaturization. Second: the initiation of our first-in-human pilot study.
- In August, the European Commission’s Innovation Radar concluded that Lifecares sensor technology and test bench for glucose interference are considered market ready and among the top 14 % of innovations from EU funded R&D projects.
- In September, Lifecare disclosed that data points from early readouts in the pilot study (LFC-SEN-001) confirmed that our Sencell sensor follow glucose variations in humans with sensitivity in line with that of widely used Continuous Glucose Monitoring systems.
- In October, Lifecare was able to close a company record high capital raise of MNOK 45, despite challenging financial markets. Lifecare’s two largest shareholders, Teigland Eiendom AS and Lacal AS, participated with MNOK 10 each confirming their positions in Lifecare.
- In November, Lifecare presented Q3 financial highlights showing an all-time high consolidated group revenue of MNOK 15,4. We estimate that the annual revenue will end around MNOK 20, more than 12 times higher than the financial revenue of 2021.
- Throughout 2022, the Lifecare organization was developed from 4 employees in 2 locations, to 29 employees at 4 different locations at end of year.
- Looking back at 2022, we conclude that the trading price increased 6% and the market cap of Lifecare increased 27% throughout the year. Compared to the general market developments in 2022 these results are significantly better than index developments for Norwegian and Nordic medtech companies, as well as the stock market in general.
Lifecare is well positioned to continue this very positive development in 2023. While our pilot-study (LFC-SEN-001) has taken longer time than originally planned, we are looking forward to presenting data from the study in 2023 and to initiate and conclude the first sensor longevity study (LFC-SEN-002). This study will form the basis for our planned regulatory study (LFC-SEN-003) that will provide data to confirm a claim for CE-mark for the device. Provided a continued development according to the overall plan we hope to initiate LFC-SEN-003 by end of 2023.
Alongside the core product development Lifecare aims to achieve necessary certifications in 2023, first ISO 9001 certification in Q1 2023 and second ISO 13485 certification by end of year 2023. Another important task in 2023 will be to prepare the planned production facilities in Germany.
In addition to our main development within the field of glucose monitoring, primarily for patients with diabetes, Lifecare plans to initiate two additional development projects in 2023. The purpose of these development projects will be to sense and/or monitor analytes beyond glucose.
Lifecare is well positioned to continue the positive developments in 2023 in line with our ultimate goal to make life for patients with diabetes – and other patient groups – easier, better and more predictable.
Everyone at Lifecare wishes all our shareholders, partners, and other stakeholders a happy and prosperous new year.