Lifecare announces all-time high revenue in their financial reporting for Q3 2022. – We are pleased to see a positive outcome of the investments we have made. Furthermore, this provides a base for Lifecare´s continued research and product development, says CEO Joacim Holter.
Joacim Holter, CEO at Lifecare
The consolidated group financials show a revenue of 15,4 MNOK for the first nine months of 2022 – compared to 0 MNOK in Q3 2021, and 1,6 MNOK at end of the year 2021. The revenue is primarily a result of the activities in Lifecare Laboratory GmbH, a company Lifecare AS acquired in 2021 with financial effect from February 2022. Lifecare Laboratory delivers solid results based on their position as a certified PCR laboratory in Germany leading to higher revenue than expected due to Covid-19 testing.
– In addition to the covid19 related revenue we see an increased activity of services, especially based on our proprietary In-vitro bench test for dynamic interference testing of glucose sensors. Finally, the EU funded project “FORGETDIABETES” has a positive effect in the group financials, states Holter.
In the quarterly report, the sensor company can also communicate an improved result despite increased costs.
In addition to these positive economic trends, Holter wants to highlight some important achievements over the past few months.
According to the CEO, the most important of them is that early readouts of data points in the ongoing Pilot Clinical Study show that Lifecare’s sensor follows glucose variations in humans with a sensitivity in line with that of widely used Continuous Glucose Monitoring systems.
– These early but encouraging results represent a major achievement in Lifecare’s development and ensure the necessary confirmation to continue the pilot study, says Holter.
Earlier this autumn, Lifecare’s technology in the EU funded project “FORGETDIABETES was reviewed as “market ready” by independent experts from the EU Commission’s Innovation Radar. – The review categorised two Lifecare innovations among the top 14 percent in EU funded R&D projects. One of them being the osmotic pressure-based sensor for glucose monitoring in the subcutaneous area and the other the In-vitro bench test for dynamic interference testing of glucose sensors, Holter explains.
The last and very important achievement came late in October. Lifecare concluded a private placement of in total 45 MNOK confirming a strong shareholder commitment in a very challenging capital market, ensuring financial capacity to continue the development of the company’s revolutionary technology.
– Throughout 2022 we have increased the pace in our mission to improve the life for people with diabetes. This is a result of building an organization with solid in-house R&D capacities. We look forward to continuing this journey in 2023, says CEO Joacim Holter.