Press release
IVISYS AB
Ticker: IVISYS
556998-4981
15 February 2016

IVISYS today publishes its 2015 year-end report and updates guidance.

Guidance update

– The company revises its guidance, the company expects Q4 2016 to be the first profitable quarter and expects to achieve a revenue of 100 million SEK in 2018, which is also expected to be the year when the company passes the 200 installations mark.

Summary year-end report

12 months (2015-01-01 – 2015-12-31)

– Revenue for the period was 1 150 kSEK
– Operating income was -7 148 kSEK
– Earnings per share were -0.86 SEK
– The equity ratio was 94 %

Q4 2015 (2015-01-01 – 2015-12-31)

– Revenue for the period was 575 kSEK
– Operating income was -1 913 kSEK
– Earnings per share were -0.24 SEK

IVISYS AB was formed on 16 December 2014, thus it is not possible to show figures from the previous year (2014) for comparison.

Definitions
– Earnings per share: Earnings of the period divided by 6 740 000 shares as of 30 September 2015.
– Equity ratio: Equity divided by total assets.

Important events during 2015

First quarter of 2015

– David S. Joelsen was hired as Regional Sales Manager

– The first system has been sold to Shiloh in Sweden

– The company completed an issuance prior to listing on Nasdaq First North in Stockholm. Through the issuance IVISYS got 435 new shareholders and approximately 12,2 million SEK before issuance costs. 1 740 000 shares and 870 000 warrants were issued in the issuance.

Second quarter of 2015

– On 13 April 2015, IVISYS was listed on Nasdaq First North in Stockholm.

– The company participated in the Hannover Fair, which is one of world’s largest industrial fairs. At the fair, IVISYS presented the company’s latest product – the IVISYS Advanced Conveyor Inspection Station (MAS600XUL).

– The US Patent and Trademark Office issued an official approval of the company’s patent for ultra-high-speed process regarding ‘object recognition and tracking’.

–  Anders Svensson and Elisabeth Carlund were hired as new Sales Managers.

Third quarter of 2015

– The company entered into a mutual referral partnership with Scape Technologies, a provider of bin-picking solutions. The partnership is a two-way agreement and initially covers Germany and Sweden.

– Holger Kämpfer was hired as Installation Manager, with responsibility for installing IVISYS’ systems for customers in Europe.

Fourth quarter of 2015

– Giulio de Muro was added as a sales manager to the company’s sales team. Giulio has extensive experience in international B2B sales.

– The US Patent Office issued an official approval of the company’s patent ‘Method and Device for Finding Nearest Neighbor’. The patent covers a unique and extremely fast way of searching in large image databases, which – of course – is valuable also in many other fields of image processing than the areas covered by IVISYS today.

– In November 2015, IVISYS participated at the Elmia fair in Jönköping – one of Northern Europe’s largest trade fairs for suppliers in the manufacturing industry and their customers.

– IVISYS received an order for a vision system for quality control from a Swedish customer in the automotive industry, which is expected to impact the company’s results for the fourth quarter of 2015 and the second quarter in 2016.

Important events after the end of the period

– The company revises its guidance on 15 February 2016, the company expects Q4 2016 to be the first profitable quarter and expects to achieve a revenue of 100 million SEK in 2018, which is also expected to be the year when the company passes the 200 installation mark.

– The company has published the date for its Annual General Meeting on the company website. The Annual General Meeting will be held on 16 May 2016.

CEO Jakob Kesje’s comments

2015 has indeed been an eventful year for IVISYS. The most significant event was our listing in mid-April, where our journey as a well-funded, public company started. Throughout the year it has been a pleasure to experience the great interest from potential customers, the investor community, and the wider society which our company has enjoyed—to a large degree as a result of our listing on Nasdaq First North in Stockholm.

Whereas, during the first months of the year we dedicated much attention to getting the company ready for the upcoming listing, throughout the rest of year we have been pursuing the objectives set out in IVISYS’s growth strategy.

As any company’s success is highly dependent on having the right staff for all positions in the company, it has been one of our main priorities to recruit new talent for our team. We have successfully managed to gradually build up our headcount in a prudent manner, building up a team of sales managers with relevant backgrounds and diverse capabilities, when it comes to approaching customers locally across Europe.

But our main focus has of course been on increasing the awareness of our solutions amongst potential customers. In line with our strategy, our primary focus has been to acquire customers in the European automotive industry and we work consistently on making sure that quality managers across the industry becomes aware of the solutions we offer. We have done this by meeting with sub suppliers to the automotive industry across Europe as well as participating in major industry trade fairs.

At one of these trade fairs, Elmia Subcontractor held in Jönköping, Sweden, we were able to present a new product, IVISYS Robo Inspect, an integrated bin-picker and quality inspection station, which we have developed in collaboration with Scape Technologies. Furthermore, the partnership with Scape Technologies not only covers the joint development of IVISYS Robo Inspect, it is also a mutual sales partnership. Developing a framework for such partnerships was a one of the milestones, we set out to achieve during 2015. We look forward to develop more such partnerships in the years to come.

During 2015, we also took a major step forward with regards to protecting our Intellectual Property Rights. We received the information that our second US patent was granted in November, covering some of the key assets in our proprietary image processing software. Now, with a total of two US patents, we are well positioned to continue securing our intellectual property rights internationally.

Looking at the 2015 financial results they are a natural reflection of the early stage of our company. Nevertheless, we were pleased to end the year with the announcement of an order from a new Swedish customer in the automotive industry. As stated during the year, we are currently in talks with a number of potential customers regarding a range of projects in various phases.

Based on our experience in 2015, we are very satisfied with the overall progress of the company. But we also know for a fact that the sales cycle for our systems is longer than initially anticipated, as it ranges from 6 to 18 months. When we look at 2016, we expect Q4 to be our first profitable quarter. Furthermore, we find it realistic to postpone our milestone revenue of 100 million SEK on a yearly basis until 2018, which will also be the year when we expect to pass the 200 installations mark.

With our unique technology and a healthy balance sheet, we expect 2016 to be another eventful year on our journey towards putting our company on the map as a well renowned company amongst European manufacturers.

Jakob Kesje
CEO, IVISYS AB

Complete year-end report

IVISYS’s full year-end report for 2015 is available on the company’s website (only in Swedish):  ivisys.com/investor/financial-reports

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

About IVISYS

IVISYS AB was formed on 16 December 2014. The company provides independent vision system solutions for quality control and offers “plug-and-play” solutions with an easy installation process. IVISYS delivers complete solutions with cameras, lighting, hardware and software. The solutions perform quality inspections at high speed and allow multiple control points in a single inspection. IVISYS’ solutions are easily adapted to various products and variations and is invariant to product positioning. Settings can be adjusted by the customer’s own staff according to their demands.

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