PHI - Delårsrapport 3

PHASE HOLOGRAPHIC

Interim Report 3 2023/24 (Cision)

2024-03-27 08:20

NOVEMBER 2023 – January 2024

Net sales	4 873 (3 264) KSEK
Operating result before depreciation (EBITDA)	-3 179 (-3 453) KSEK
Net result	-5 152 (-4 412) KSEK
Earnings per share	-0.21 (-0.22) SEK
Gross margin	72 (60) %

MAY 2023 – JANUARY 2024

Net sales	8 824 (8 031) KSEK
Operating result before depreciation (EBITDA)	-9 568 (-12 626) KSEK
Net result	-14 826 (-15 468) KSEK
Earnings per share	-0.61 (-0.76) SEK
Gross margin	73 (56) %

In Short

• PHI reached a proud financial milestone with net sales amounting to a total of 4.9 MSEK, marking the highest ever in company history.
• PHI and its partner Altium have entered into a distribution agreement that grants Altium the right to market and sell PHI’s products in order to actively leverage its extensive distributor network and global sales contacts and to significantly influence PHI’s product sales in its designated territories.
• PHI has been granted a patent on synthetic antibodies from the European Patent Office, complementing its portfolio with corresponding patents in the US and Japan.
• PHI positions itself as a thought leader by actively engaging in the regenerative medicine community. In the recently published opinion piece titled “Shaping the Future of Regenerative Medicine – PHI’s Vision for QPI in Cell Therapy Manufacturing”, PHI details the versatility and potential for QPI technology in regenerative medicine and the technology’s capability to enhance cell quality control throughout the whole cell manufacturing cycle – from bedside to bedside.

CEO Commentary

We are pleased with the performance of this quarter, which has been marked by outstanding success. This period set new records for PHI, achieving our highest-ever sales and advancing our strategic initiatives significantly. The strengthening of our partnership with Altium and the expanding reach of our Quantitative Phase Imaging (QPI) technology highlights our leading position in the field. This quarter truly shows our continuous progress toward our core mission: making cell-based therapies accessible, affordable, and safe for all. 

A historic milestone in sales performance

In the third quarter, PHI reached a financial milestone with net sales amounting to a total of 4.9 MSEK, marking the highest ever in company history. This notable increase in sales was sparked by initial orders from five Altium subsidiaries for HoloMonitor systems, strategically intended to support Altium’s sales efforts. These systems are used in Altium’s sales processes, such as product demonstrations at customer sites, with the aim of generating future sales opportunities. We have great confidence in Altium’s capacity to leverage their extensive distributor network and global sales expertise, and we are particularly encouraged by their rapid contributions to our growth. Their efforts are expected to not only increase our geographic footprint but also have a positive impact on our sales and cash flow moving forward. 

While we celebrate this quarter’s sales achievement, we remain aware of the market’s sales unpredictability. The pre-clinical research market is characterized by complex and often lengthy sales cycles as researchers and academics seek funding for new research equipment investments. We are mindful of this situation, yet we are optimistic that our productive collaboration with Altium will maintain a positive sales trajectory. 

Building on the momentum of our record-setting quarter, we were excited to announce the appointment of Daniel Soors as PHI’s dedicated distributor partner manager at Altium. This strategic role is expected to expand the global reach and sales performance of PHI’s HoloMonitor technology. With Daniel’s leadership, we are set to unlock new markets, establish new distributor partnerships, and leverage an advanced sales and marketing toolkit to refine our operations. This initiative is perfectly aligned with our ambition to extend HoloMonitor’s global presence and deepen our engagement within the scientific community.

The emerging market of regenerative medicine

In line with our unwavering commitment to regenerative medicine, a recent highlight has shown the field’s growing significance and our strategic position within it. The Wake Forest Institute for Regenerative Medicine (WFIRM), a key collaborator of PHI, has been awarded a USD 160 million grant from the US National Science Foundation over ten years. This recognition positions Winston-Salem, and by extension PHI through our partnership, at the forefront of global regenerative medicine innovation. 

This grant not only cements the area’s reputation as a pivotal hub for regenerative medicine but also reflects positively on our joint efforts. While the direct benefits to PHI from this grant are still unfolding, the increased visibility and acknowledgment it brings can undoubtedly lead to enhanced business opportunities and further collaborations.

Envisioning the future

Back in November, PHI strengthened our intellectual property as the European Patent Office granted us a patent for synthetic antibodies in the EU, an important accomplishment in relation to our GlycoImaging project. This achievement complements PHI’s corresponding patents in the US and Japan, which were granted in 2020 and 2022, respectively. Recognizing the potential of this innovation for early cancer detection, we are prepared to engage with interested parties who see value in this advanced diagnostic approach. As such, we are open to strategic opportunities that may arise while keeping our primary focus on our core business, innovation, and product development related to HoloMonitor and QPI.  

Looking ahead, we are strategically focusing on positioning ourselves in the emerging regenerative medicine market, establishing QPI technology as a gold standard for cell quality control. Our strategic alignment with Altium and our collaborative efforts with pioneering research institutions are clear examples of initiatives that are motivated to allow us to advance into the field of regenerative therapies.  

As we navigate through this transformative era, our focus remains steadfast on empowering labs worldwide with our non-invasive, cell-friendly technologies, striving toward ensuring the safe, affordable, and accessible future of healthcare. 

In closing, I extend my gratitude to our team, partners, and stakeholders for their support and belief in our vision. Together, we are not just witnessing the evolution of regenerative medicine; we are actively shaping it.

Warmest springtime wishes and happy Easter!

Patrik Eschricht, CEO

Min kommentar
Jag väljer ut några stycken ur denna rapport.

• PHI nådde en stolt finansiell milstolpe med en nettoomsättning på totalt 4,9 MSEK, vilket är den högsta någonsin i företagets historia.

Här kanske vi hade förhoppning om än bättre försäljning,men som VD-Patrik kommenterar är detta den högsta försäljningen för ett kvartal i företagets historia. Och det får vi faktiskt vara nöjda med. Altium kommer än mer bidra till högre försäljningssiffror när de blir tillräckligt varma i kläderna. Sen att Altium har utsett en dedikerad kraft att fokusera på HoloMonitorsäljeri, Daniel Soor, styrker detta.

• I november stärkte PHI våra immateriella rättigheter när det europeiska patentverket beviljade oss ett patent för syntetiska antikroppar i EU, en viktig prestation i förhållande till vårt GlycoImaging-projekt. Denna prestation kompletterar PHI:s motsvarande patent i USA och Japan, som beviljades 2020 respektive 2022. Vi är medvetna om potentialen i denna innovation för tidig upptäckt av cancer och är beredda att samarbeta med intressenter som ser värde i denna avancerade diagnostiska metod. Som sådan är vi öppna för strategiska möjligheter som kan uppstå samtidigt som vi behåller vårt primära fokus på vår kärnverksamhet, innovation och produktutveckling relaterad till HoloMonitor och QPI.

"Vi är medvetna om potentialen..." Här får vi Bolagets syn på GlycoImaging.Sen att sätta ett värde på Glyco är svårt i nuläget,men att det rör sig om stora pengar kan vi nog utgå ifrån.Bra mycket mer än nuvarande börsvärde vill jag påstå. Man berättar att man är öppna för "strategiska möjligheter"..osv..svårtydbart men indikerar att det kan bli mer än kanske licens eller ren försäljning. Tids nog kommer vi få reda på det. Men att Bolaget sitter på en värdefull tillgång är ganska uppenbart.

• När vi blickar framåt fokuserar vi strategiskt på att positionera oss på den framväxande marknaden för regenerativ medicin och etablera QPI-teknologin som en gyllene standard för cellkvalitetskontroll. Vår strategiska inriktning med Altium och vårt samarbete med banbrytande forskningsinstitutioner är tydliga exempel på initiativ som är motiverade för att vi ska kunna avancera inom området regenerativa terapier.

Arbetet för att få QPI som en Golden Standard fortsätter och är naturligtvis en av de större händelserna för Bolaget när/om det sker. Bloggen har berört hur QPI alltmer vinner mark så vi kan absolut ha förhoppningar att man når målet.

I övrigt säger inte rapporten så mycket mer än att fokuset på Reg Med är starkt vilket är självklart. ReMDO och Joshua Hunsberger har högt tempo i att närma sig kommersialiseringsfasen så där har PHI ovärderlig draghjälp. Som jag skrev igår har Joshua sjösatt ett större projekt i att få ReMDO som den ledande aktören inom Reg Med området. Vi kommer få mer info under resans gång,det kan vi vara säkra på.

Idel positiv syn från min sida alltså. Men som vanligt, det tar tid att få alla bitar på plats. Uthållighet kommer löna sig,både för Bolagets strävan men även för oss aktieägare.

                                            Mvh the99