Interim Report Q2, 2020

CEO statement

It is a privilege for me today to present my first quarter and FRISQ’s second quarterly results for 2020. 

The ongoing pandemic has presented great challenges for a healthcare sector that, by necessity, has been forced to prioritize emergency care – repeatedly straining old-fashioned tools and methods to, and beyond, the limit – over improvements and digitalization. However, that also makes FRISQ that more relevant. Covid-19 has accelerated and accentuated the need as well as opportunities to grow FRISQ internationally. Remote cooperation and access has gone from “nice to have” to must have. 

The financial report presented today reflects those near-term challenges. During the winter FRISQ lined up at the starting blocks to scale up and roll out across Sweden, the Nordics, a few select bridgeheads in the US, and on into other markets that have shown interest. What we have in place is a relevant and great product, and a customer base that really needs and wants FRISQ. The pandemic will not pass quickly, and we have to align to the new reality to secure commercially viable revenue streams.

We are currently assessing the changes in the market and are carrying out a strategic review of the company to align the go-to-market strategy, the product and the team, in order to realize the full potential of FRISQ.
I look forward to telling you about FRISQ’s progress over the coming months and years.

George Thaw, CEO FRISQ

Financial summary

April – June 2020
Reported net revenue was 0.3 MSEK (0.6)
Other revenue amounted to 0 MSEK (0.1)
Earnings per share amounted to -0.8 SEK (-0.7)
Cash-flow amounted to -18.8 MSEK (43.8)
Cash at the end of the period, was 53.1 MSEK (65.3) 

January – June 2020
Reported net revenue was 0.8 MSEK (1.2)
Other revenue amounted to 0 MSEK (0.5)
Earnings per share amounted to -1.6 SEK (-1.5)
Cash-flow amounted to 26.4 MSEK (23.6)

Events during the period

  • Contact signed with University of Lund; support for research project on Mental Health
  • A Swedish Government report identified FRISQ as the only digital solution, to date, that meets the requirements of the “patient contract”.

Previous period:

  • Letter of intent signed with Dartmouth-Hitchcock Medical Center i USA
  • A right issue representing a value of ca 74.6 MSEK before associated costs was conducted
  • The AGM adopted a warrant based incentive plan and an associated new rights issue (maximum 320 000 shares).

After the period:

  • Contract signed with Region Skåne; to assess work done with forward looking care plans
  • Contract signed with VGR; development, maintenance and support agreement
  • George Thaw was appointed Interim CEO
  • The US launch remain but have been postponed by the severe Covid-19 situation on the US East Coast. Our work will resume as soon as the market so permits
  • The company stands by the previously communicated guidance, but the effects of Covid-19 on society in general and the healthcare sector in particular, could have implications driving a revision of these goals when plans for the healthcare sector become more visible during the fall.

Upcoming financial reports

Publication dates for interim and full year reports for 2020:

Third quarter report to be published on November 12, 2020
Full year report to be published on February 25, 2021