27 November 2017
IVISYS AB (‘IVISYS’) has today published its interim report for the period January to September 2017. Below is a summary of the report.
Nine months (1 January 2017 to 30 September 2017)
– Revenue for the period was 2 317 KSEK (217).
– Operating income was -4 787 KSEK (-7 467).
– Earnings per share were -0.36 SEK (-0.84).
– The equity ratio was 55.4 % (57.3 %).
Third quarter (1 July 2017 to 30 September 2017)
– Revenue for the period was 746 KSEK (50).
– Operating income was -1 363 KSEK (-2 799).
– Earnings per share were -0.14 SEK (-0.32).
Earnings per share: Earnings for the period divided by 7 850 791 shares for nine months and 7 888 427 shares for for Q3 2017. Please note that after the end of the period IVISYS has completed a new share issue. After registration with the Swedish Companies Registration Office (Bolagsverket), the number of shares will be 9 860 533 shares.
Equity ratio: Equity divided by total assets.
Figures in parentheses are numbers for the corresponding quarter the previous year.
IVISYS CEO JAKOB KESJE COMMENTS
‘The third quarter has now ended and with several important events in mind it is a pleasure to summarize the recently passed quarter for IVISYS.
First of all, I’d like to highlight that the overall development is positive: Our cash burn rate is now steadily decreasing and our finances show a positive upward trend, which points to the possibility of reaching break even in 2018. We have been investing in building up our sales team and activities and it is pleasing to be able to present figures that display an ascending trend in our finances. Of course, this is only possible because of our growing pipeline of ongoing and potential projects.
One of these projects is an order placed by Atlas Copco in Belgium, as announced in our interim report in early August. The order, which concerns a complete quality control system for their Belgian factory, was a direct result of the success of a preliminary feasibility study order we received at the beginning of the year.
We are very pleased with this order, as Atlas Copco’s decision was based on a very thorough and in-depth evaluation of the IVISYS Pro system. As a market leader, Atlas Copco is highly focused on quality and we see the order as a quality stamp for our system. This order from Atlas Copco may become a future reference order for IVISYS because it shows that our technology is of outstanding quality and meets the highest standards.
In order to strengthen the positive development we are currently experiencing, the board decided, at the beginning of October (authorized by the Extraordinary General Meeting) to carry out a new issue of shares corresponding to approximately SEK 9.9 million. The new issue, which was subscribed to at a level of approximately 127 percent, was in order to enable the company to hire additional staff and add resources for increased market investments.
The new issue also aimed to secure enough capital to handle a possible rapid increase in confirmed orders. The new liquidity will thus enable IVISYS to build on the positive development and further finance its market expansion, which is currently taking place. IVISYS currently has customers including Atlas Copco, IKEA, GKN and Schaeffler Group, and therefore it is gratifying that the share issue allows us to continue to pursue further market penetration.
More generally, we are continuously working to strengthen our intellectual property and in October 2017 we filed a patent application with the Swedish Patent and Registration Office for a ’System and Method for Optical Inspection of an Object’.
The patent application relates to an optical inspection system, which provides homogeneous illumination of objects, enhancing the overall accuracy of optical inspections.
Our new patent application covers a new way of mounting light sources, which ensures a more homogeneous illumination of objects than is otherwise possible. Our patent portfolio is steadily growing and, with this new application, we go beyond having only software-related patents, as this patent application concerns the construction of pure hardware. After possible approval in Sweden, we intend to submit the application in more countries.
Right after the end of the quarter, the well-known market intelligence company Frost & Sullivan announced that IVISYS had won their ‘Entrepreneurial Company of the Year Award’ in the European market for its Machine Vision platform. Frost & Sullivan’s report identified IVISYS as outstanding with regards to the company’s ability to create a foothold as an innovative supplier of vision solutions to the manufacturing industry, at a time when companies still struggle to utilize the opportunities created by the Industrial Internet of Things (IIoT) in their processes.
Getting this kind of attention is encouraging and important. As the report points out, our products fit well in the development of the IIOT and we look forward to continuing to grow as a supplier in this space.’
Jakob Kesje, CEO IVISYS AB
IMPORTANT EVENTS DURING THE THIRD QUARTER OF 2017
On 5 July 2017, IVISYS announced that the Danish equity research company Aktieinfo ApS had released its first analysis of IVISYS. The full analysis report is available on IVISYS’ website.
On 7 August 2017, IVISYS announced that the company had received a follow-up order from Atlas Copco in Belgium, a market-leading supplier of highly efficient industrial compressors, gas and process compressors and expanders. The order value was above EUR 70,000 and contributes to IVISYS Q3 results.
IVISYS announced that the company has promoted Regional Sales Manager David Joelsen to the role of Chief Operations Officer (COO). David has been with IVISYS since the beginning of 2015, he has management experience from previous jobs, and has previously been responsible for selling IVISYS solutions.
IMPORTANT EVENTS AFTER THE END OF THE PERIOD
On October 2, 2017, an extraordinary general meeting was convened for IVISYS AB. The EGM agreed to authorize the board to decide on issuance of new shares and/or warrants in the period until the next Annual General Meeting. The board was entitled to decide on an issuance on one or more occasions and with or without deviation from giving existing shareholders preferential rights.
IVISYS announced that the board, with the approval of the Extraordinary General Meeting on October 2, 2017, decided to carry out a new share issue with preferential rights for existing shareholders. If fully subscribed, the new share issue would provide the company with approximately SEK 9.9 million, before issuance costs.
On October 27, 2017, IVISYS filed a patent application to the Swedish Patent and Registration Office.
On October 4, the market intelligence provider Frost & Sullivan announced that IVISYS AB (‘IVISYS’) has won Frost & Sullivan’s 2017 ‘Entrepreneurial Company of the Year Award’ in the European market, for IVISYS’ machine vision inspection platform.
On 31 October 2017, the subscription period of IVISYS’s new issue ended. The new issuance was subscribed to a level of approximately 12.5 MSEK, corresponding to a subscription ratio of approximately 127 percent. Through the rights issue, IVISYS gained approximately SEK 9.9 million before the issue costs.
For a full interim report (only in Swedish), please see: https://www.ivisys.com/investor/financial-reports/
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: email@example.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 27 November 2017.
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 utilizing 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.