IVISYS AB announces year-end report for January-December 2016

IVISYS AB announces year-end report for January-December 2016

Press release
IVISYS AB
Ticker: IVISYS
556998-4981
24 February 2017

Today, 24 February 2017, IVISYS AB (‘IVISYS’) announces its year-end report for the period from January to December 2016. The report is available on the company website (www.ivisys.com). Below is a summary of the report.

Summary year-end report

12 months (2016-01-01 – 2016-12-31)

– Revenue for the period was 400 (1 150) kSEK
– Operating income was -10 680 (-7 148) kSEK
– Earnings per share were -1,25 (-0.86) SEK
– The equity ratio was 85 % (94) %

Q4 2016 (2016-01-01 – 2016-12-31)

– Revenue for the period was 183 (575) kSEK
– Operating income was -3 213 (-1 913) kSEK
– Earnings per share were -0,41 (-0.24) SEK

Definitions
– Earnings per share: Earnings of the period divided by 7 836 535 shares as of 31 December 2016.
– Equity ratio: Equity divided by total assets.

Important events during 2016

– During the period from 13-27 April 2016, the time window for exercising the warrants of series TO 1 was open. Through exercise of the warrants, the Company raised approximately 0.9 million SEK before issuance costs. As a consequence, the company’s total number of shares increased by 96 535 shares. CEO and board member Jakob Kesje exercised 50,000 warrants of series TO 1

– On May 12 2016, IVISYS’ Annual General Meeting was convened. A report on the Annual General Meeting is available on the Company’s website, ivisys.com.

– In the end of May, IVISYS announced that the Company would deliver an inspection system to a Swedish manufacturer specialized in machined parts. Furthermore, the customer placed an additional follow-up order.

– At the end of May, the company also announced that it has developed a new version of the company’s vision system software IVISYS Pro and made it commercially available. The new software version – IVISYS Pro III – includes a new GUI (Graphical User Interface), micro-level precision, automated camera calibration, barcode reader and many other features, which make it possible for IVISYS’ systems to execute even more complex inspections.

– In June, IVISYS announced that the company has opened an office and established a partnership in Poland. The presence in Poland is organized in collaboration with Marcoll S.C. The office is based in the Greater Krakow area—an area which is home to many suppliers to the European automotive industry.

– On June 15, IVISYS announced that the company has expanded its product range with an additional inspection station. The new ’IVISYS Fastener Inspection Station’ is capable of inspecting complex fasteners and ensuring that no defective parts enter the assembly process.

– In late June, IVISYS announced that the Company has been listed by the trade magazine ’Manufacturing Tech Insight’ as one of the ten leading vision system suppliers. IVISYS was selected alongside companies from the US and Switzerland.

– In July, IVISYS announced that the company had established a partnership with Slovak FMach S.R.O. (‘FMach’) regarding the distribution of its products. FMach will promote IVISYS’s vision solutions, which will also become a permanent part of FMach’s product offering.

– In August, IVISYS received a test order from a global manufacturer of metal components. The order concerned a solution regarding an inspection station for the precise measurement of components in serial production.

– On the 12 August, IVISYS received official approval from the Japanese Patent Office for the company’s patent for its ‘Method and Device for Finding Nearest Neighbor’. The patent relates to the sorting, searching and matching of multi-dimensional data, such as vectors, to find the nearest neighbor.

– IVISYS welcomed a new CFO and strengthened the engineering team with two new engineers in August.

– In September, IVISYS received an order from a Nordic distributor of healthcare and food products. The order covered an optimised solution for the verification of proper fastening of, for example, spray heads and screw caps on plastic containers.

– In late September, IVISYS called an extraordinary general meeting for 14 October, 2016.

– On 14 October, IVISYS published a communique of the Extraordinary General Meeting held on 14 October. For information regarding the decisions made, a summary of the resolutions passed is available on the company’s website (www.ivisys.com).

– On 21 October, IVISYS published a status report.

– On 24 October, the Company announced that they decided to conduct a rights issuance of units. Upon full subscription, the issuance the proceeds would be approximately SEK 6.5 million before issuance costs.

– In late November, IVISYS announced that the rights issuance was oversubscribed at a subscription rate of 225 percent.

– IVISYS is officially granted a patent in China for the method ‘Method and Device for Finding Nearest Neighbor’.

– IVISYS announces that the issuance the Company conducted in November 2016 has been registered with Bolagsverket.

– IVISYS receives an order of a feasibility studies for IKEA in China. The order relates to two feasibility studies; one concerning identification of defects on metal tubes, another concerning and another regarding identifying scratches on the surface of furniture parts.

Important events after the end of the period

– IVISYS appoints Larry Lind as the company’s COO (Chief Operating Officer). The new position has been created to strengthen IVISYS’ sales and organizational development.

– IVISYS receives a feasibility study order from Atlas Copco in Belgium.

– IVISYS announces that its subsidiary IVISYS ApS achieved its first profitable month during January 2017.

– IVISYS publishes a status report regarding the Company’s project pipeline.

For a full interim report (only in Swedish), please see: http://www.ivisys.com/investor/financial-reports/

Investor events 2017

In 2017 IVISYS will be present at several investor events in both Sweden and Denmark:

– 15 March in Lund hosted by Aktiespararna

– 21 March in Copenhagen hosted by DAF

– 23 March in Hvidovre hosted by IVISYS

– 19 April in Jönköping hosted by Aktiespararna

– 23 May in Malmo hosted by Aktiespararna

– 13 June in Aarhus hosted by DAF

– 19 September in Copenhagen hosted by DAF

Certified Adviser

Sedermera Fondkommission is Certified Adviser to IVISYS.

For more information, please contact:

Jakob Kesje, CEO IVISYS AB
Phone: +45 20 22 60 10
E-mail: jk@ivisys.com

This information is information that IVISYS AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above on 24 February 2017.

About IVISYS

IVISYS provides vision-based, quality inspection solutions for the industry, which can replace both manual and mechanical quality control. IVISYS’ unique, patented solutions make it possible to perform complex quality control while keeping the existing production flow unaffected. Unlike existing solutions, IVISYS provides solutions that make it possible to perform complex surface controls, control measurements on the micron level, and control multiple components in one instant process. The solutions are based on IVISYS’s patented image data processing, which differs fundamentally from the conventional processes used within vision systems today. IVISYS is capable of utilising high-resolution cameras in the company’s image processing, while at the same time processing image information faster than the company’s competitors. The solutions offered, have an average payback period of approximately six months for customers currently relying on mechanical or manual control.