The period in summary
First quarter, January-March 2021
Bridge financing was secured in January, amounting to approx. KSEK 1,800.
The company signed a new CEO.
A new share issue was closed in March, raising a total of approx. KSEK 13,000 (before issue costs).
Polymer Factory Sweden AB was listed on Spotlight Stock Market during Q1 2021, which has largely impacted the result.
The loss for the period amounted to KSEK -677, of which KSEK 675 can be derived from IPO related activities.
(KSEK) Jan-Mar 2021 Jan-Mar 2020
Net sales 783 413
Operating profit -493 -93
Operating margin % -62,9 -22,5
Profit (loss) for the period -677 -94
Basic earnings per share (SEK) -0,099 -0,094
Comments from CEO Elin Mignérus and previous CEO Michael Malkoch
Q1 2021 was mainly focusing on preparations for the IPO and listing, being our last quarter as a private company. Polymer Factory Sweden AB now moves into the next phase of the company’s scale-up journey - and we welcome all new owners on board.
The first quarter of 2021 has been an intense period for Polymer Factory, where a big focus has been on the preparations for the IPO – a huge milestone in the company’s history. However, while a lot of the effort has been invested into this process, Polymer Factory maintained a good level of commercial activities, and increased the net sales for the period with almost 90% compared to first quarter 2020, landing at KSEK 783 (413). Loss amounted to KSEK -677 (-94) for the first quarter, where activities related to the IPO carries much of the cost; KSEK 675 derives from posts directly related to IPO and bridge financing.
The road to IPO has permeated the quarter and is also reflected in the period’s financials. The new share issue was registered at Bolagsverket March 29, 2021 but the cash amount was not transferred until April 6, 2021. Due to this the cash amount is recorded as a current asset, more information on this can be found in the Financials section of this report.
We are proud of and grateful for the huge interest shown in the company by the market; after closing the successful share issue in March, which was subscribed to a total of 687 percent, the company now has the fuel to accelerate and up-scale R&D, business and commercial activities. Q1 has been all about hard work and endurance, and we are closing this quarter with very exciting times ahead.
During the period, there have been one major organizational change, as the company signed Elin Mignérus on as a new CEO, starting April 1, 2021. We are continuing efforts to expand the team and strengthen our position in all segments.
Since the closing of the quarter, the first month as a public company has been full of activity, transferring into new routines while maintaining and expanding ongoing business. A lot of our focus is put into engaging existing customers and new leads to further spread the use of our dendritic technologies. Meanwhile, Polymer Factory’s products have been mentioned in research papers, where they have been used primarily as calibrants for MALDI MS – a technology that itself has seen some recent exciting developments. As a company with deep roots in science, we are proud to continue to be a part in cutting-edge research.
We are optimistic about the future for Polymer Factory and the contributions our technologies can bring to the life science field.
Find the Interim report HERE
About Polymer Factory
Polymer Factory was founded in 2006 at KTH Royal Institute of Technology and its Board of Directors have been essential in driving dendritic nanotechnology research to commercialization for almost 15 years – expertise that has been transferred to the Company’s products. Emerging from many years of cutting-edge research within the field, Polymer Factory today has, in the Company’s assessment, the world’s largest product portfolio of dendritic materials with customers ranging from Big Pharma, MedTech and BioTech companies, to research-intensive institutes and academic research groups. Polymer Factory has also used the Company’s vast knowledge and expertise to develop a patented calibration technology, named SpheriCal®, designed for Mass Spectrometry instruments.
For more information, please contact:
Elin Mignérus, CEO
Phone: +46 (0) 79 300 27 76
This disclosure contains information that Polymer Factory is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 25 May 2021.
Find the full press release here: