For us who work in the healthcare sector, the fourth quarter of 2020 was characterized as much by the global pandemic as previous quarters; In fact, almost more so since we have unfortunately been hit by a second corona wave before commencing large-scale vaccinations. It is a worrying situation for the world’s governments and what is often called ”challenging” for its health care sectors that are naturally not able to prioritize normal priorities including the necessary digitalization of health care for long term improvements in care performance and patient satisfaction.
Despite this, I would say that we have made progress during the last quarter of the year. We continue to develop and improve our product FRISQ Care. On the customer side, I am glad to announce a stronger cooperation with Capio, one of the leading players in Europe when it comes to health care. After having successfully cooperated with Capio Elderly and Mobile Care for the past year, we signed an agreement with Capio Orthopedics in November. Capio Orthopedics is a highly specialized orthopedic clinic that will have perfect use of our solutions in the care and rehabilitation processes.
I am optimistic for the coming year. Successful global vaccination programs should gradually tame the pandemic and allow our industry to focus on other issues, such as the advantages of implementing our solution. I look forward to working with this!
George Thaw, CEO, FRISQ
Fourth Quarter 2020
• Reported net revenue amounted to 0.3 mSEK (0.03)
• Other revenue amounted to 0.3 mSEK (0.6)
• Earnings per share amounted to -0.9 SEK (-0.9)
• Cash-flow amounted to 53.7 mSEK (-21.0)
• Cash at the end of the period amounted to 87.8 mSEK (26.7)
• Comprehensive income amounted to -28.2 mSEK (-22.1)
January – December 2020
• Reported net revenue amounted to 1.4 mSEK (1.9)
• Other revenue amounted to 0.4 mSEK (1.2)
• Earnings per share amounted to -7.3 SEK (-3.2)
• Cash-flow amounted to 61,1 mSEK (-15,0)
• Comprehensive income amounted to -229.1 mSEK (-73.8), of which 125.4 (0) relates to the write down of goodwill and the reversal of tax assets
Events during the quarter
• Contract signed with Capio Orthopedics.
• The EGM held November 4th, approved a direct share issue, with deviation from the share-holders’ preferential rights, of 15,750,000 shares at SEK 5.0 per share. The share issue will provide the company with mSEK 78.7 before deduction of related costs.
• Anna Frick and Åke Hallman resigned from the Board.
During previous quarters
• Contract signed with
‐ Lund University; support for research project on Mental Health
‐ Region Skåne; assessment of forward-looking care plans
‐ VGR; development, maintenance and support
‐ KI and VGR; research grant focusing on care plans for chronic complex illnesses. • Letter of Intent signed with Dartmouth-Hitchcock Medical Center.
• A Swedish Government report identified FRISQ as the only digital solution, to date, that meets the requirements of the “patient contract”.
• George Thaw appointed Interim CEO.
• The EGM held on January 30th, approved a fully guaranteed rights issue of 7,175,460 shares at SEK 9,0 per share. The rights issue was subscribed at approximately 120%. In addition, the Board chose to exercise the over-subscription option of 1,111,111 shares – in total representing an issue volume of approximately 74.6 mSEK before deduction of related costs.
• The AGM approved a warrant program and an associated rights issue of maximum 320,000 shares.
• A rightsizing and competence enhancement program was conducted.
• The company removed all precious guidance and will provide continuous updates going forward.
• The US launch plans will resume as soon as the Covid-19 situation so permits.
After the period
• No new events to report.
- Annual Report 2020 January 29, 2021
- Q1 – April 29, 2021
- Q2 – July 15, 2021
- Q3 – October 28, 2021
- Q4 – January 27, 2022
- AGM to be announced