Lifecare (LIFE) Q3 2022 earnings summary

Executive summary

• YTD revenue through Sep 2022 reached NOK 15.4m; operating result was NOK -7.0m, with early clinical readings supporting continued sensor development.

• Early LFC-SEN-001 readings showed glucose tracking sensitivity in line with widely used continuous glucose monitoring systems; the pilot study continued with adjustments.

Financial highlights

• YTD revenue was NOK 15.4m vs NOK 0 in 2021; operating result was NOK -7.0m vs NOK -9.7m.

• YTD salaries and personnel costs were NOK -6.5m vs NOK -0.6m; other operating costs were NOK -15.9m vs NOK -9.1m.

• YTD ordinary result was NOK -7.5m; equity was NOK 19.1m and total assets were NOK 33.5m at Sep 30, 2022.

Outlook and guidance

• Target to complete LFC-SEN-001 in Q1 2023 and prepare LFC-SEN-002; aim to complete LFC-SEN-002 and initiate LFC-SEN-003 by end-2023.

• ISO 9001 audit expected by end-2022 or early 2023; ISO 13485 audit planned for Q3 2023 to support MDR compliance.