Lifecare Q4 2023 Report – Steady course

Bergen, Norway, February 27th, 2024: Today, Lifecare AS (LIFE) (the “Company”), a clinical stage medical sensor company developing the next generation Continuous Glucose Monitor (CGM), publishes Q4 financial report and operational update.

Lifecare holds steady a course towards the upcoming automated pilot production. The first three quarters of 2023, Lifecare reported on huge achievements both clinically and in the laboratory. In the third quartal of 2023 the manufacturing preparations and Quality Management gained additional speed, and throughout Q4 Lifecare has been able to manifest the company’s direction and goals.

The Group’s costs were slightly increased compared to previous quartals due to increased development activities, while Lifecare conclude a revenue in Q4 of 5,1 MNOK, including 3,4 MNOK calculated refund from “Skattefunn”. The Q4 revenue represented an increase from 2,6 MNOK in Q1 and Q3 2023, and 1,2 MNOK in Q2 2023. Due to strategic priorities the third-party service capacity has been reduced to be able to allocate the Groups recourses to our main and internal development projects. Consequently, the revenue decreased compared to Q4 2022 (6,71 MNOK, included 1,6 MNOK from “Skattefunn”).

Lifecare converted the accounting principles to IFRS in 2023 and on this basis the valuation of the Group employee share option plan had a large impact on the Q4 2023 numbers adding additional 3,7 MNOK to the Salaries and personnel costs, compared to 0,9 MNOK for 2022. However, this cost does not have effect on the company’s liquidity or total equity.

The Group’s cash position and equity Q4 2023 was strengthened compared to Q4 2022.

Photo: CEO Joacim Holter at Lifecare

– The Lifecare organization is focused and dedicated to meet the goals to enable sensor pilot production in Q1 2024 and automated production in Q2 2024. Furthermore, the commercial goal of 2024 is to launch our CGM in the veterinary market. We expect to progress on the commercial preparations in the first half of 2024, says CEO Joacim Holter at Lifecare.

Preparing the organization for continued progress on the corporate and financial side, we have established two important new positions in the Group. March 1st, 2024, Torsten Ernst will start as Lifecare’s Production Manager in Mainz, Germany. May 1st, 2024, Renete Kaarvik will start as Lifecare’s Chief Financial Officer. In addition to these important appointments, the Board of Directors recently decided to initiate the process to prepare Lifecare for an uplisting to the main market at Oslo Stock Exchange. – If all goes as planned, Lifecare hope to uplist to the main market for trading in October 2024, says Holter.

Read Lifecare Q4 report 2023 here