The period in summary
Second quarter, April-June 2022
The Company initiated a collaboration with the Universiy of Massachusetts
The Company continued development of DNGs and expansion of SpheriCal®
Implementation of a quality management system (QMS) has started, and first phases of implementation have been completed
Year to date, January-June 2022
The Company received a strategically important order in January 2022 from a global life science company
A new Product Manager joined Polymer Factory on February 1, 2022
An incentive program for key personnel was implemented and announced
(KSEK) Apr-Jun Apr-Jun Jan-Jun Jan-Jun 2022 2021 2022 2021
Net sales 217 643 668 1,427
Profit (loss) for the period -1,499 -922 -2,551 -1,599
Total assets 8,897 12,889 8,897 12,889
Equity/assets ratio (%) 90 96 90 96
Cash flow for the period -1,244 9,063 -2,659 9,725
Basic earnings per share (SEK) -0.22 -0.13 -0.37 -0.23
Comments from CEO Elin Mignérus
Q2 2022 has been about deepening the relationship to our customers while continuing to engage new leads; as the opportunity for travelling and meeting in person has opened up, we have seen new interest in our products as a result from this. As always, our focus is to deliver best in class products to our customers and partners, and we continue to not only work with the existing product platform, but also driving the development together with our customers.
Q2 2022 has been an uncommon time where there is no doubt that we have continued to see global events affecting people and business all around the world. Challenges we have experienced due to the ongoing situation are partly related to increasing costs, but even more related to delays and uncertainties in deliveries of goods. However, due to control over our processes and good planning, we have managed to run activities as planned while continuously, and with great carefulness, evaluating future need of goods to run our activities smoothly.
After years of Covid-19 pandemic and travel restrictions, the second quarter of 2022 has finally allowed us to again visit conferences and fairs. Meeting people in real life has always been of importance to the company, as it opens for new quality connections in a unique way. During the spring, representatives from Polymer Factory has visited American Society for Mass Spectrometry (ASMS) and Bruker's European Pharma Days conferences among others, which has led to interesting leads and good visibility and marketing for the company. Getting a spread and recognition of our products in the industry is an important step in the wider distribution of Polymer Factory’s products among key players.
We have continued our work with implementation of a quality management system (QMS) according to ISO 13485, which is in line with the plans for 2022, and during Q2 we have completed the first phases of implementation. Getting a certified QMS in place is one step in maturing the company and will enable us to ensure documented quality procedures in a new manner, which gives the company a stronger position towards the customers. Acting in a highly regulated and quality-oriented industry, we are always striving to deliver top quality products and services, and this is yet a way for us to prove this to our customers.
During this quarter, we have had many positive interactions with new and returning customers, one of which led to a follow-up order by a returning customer who is of strategic importance for Polymer Factory. We are very excited to collaborate with this global life science company on the project, which is in an evaluation phase of the product development. Considering the products we provide, we know that inflow of projects and orders can vary in timing over the year, but we are happy to see several returning customers who continue to take interest in our portfolio, potentially building more and more opportunities for us to deliver on.
On the product development side, we have made good progress in the development of our Dendritic Nanogel (DNG) technology, since welcoming our new Product Manager in February. Furthermore, we have also began the work to expand our SpheriCal® technology to cover additional analysis techniques, with paying customers testing the technology for size-exclusion chromatography (SEC) and electrospray ionization mass spectrometry (ESI-MS). This is a step towards reaching our goal of commercially offering SpheriCal® products for several MS techniques.
With an intense summer reaching its end, we look forward to a fall full of exciting activities at Polymer Factory – a journey that we welcome our shareholders to continue to share with us.
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 10 August 2022.
Find the full press release here: