Yearend – iZafe Group

iZafe Group Q4 Interim Report, October-December 2024 and new forecast

iZafe Group AB (publ.) presents today, February 14, its report for the fourth quarter.

Financial Performance in Summary

Total revenue for the quarter amounted to 2,751 (1,052) TSEK, more than doubling compared to the same period last year. The increase is primarily driven by hardware sales to the Netherlands, which is expected to generate recurring revenue in 2025 as the market establishes itself and implementation progresses.
Operating result (EBIT) for the quarter amounted to -5,697 (-20,475) TSEK
Operating result before depreciation and amortization (EBITDA) for the quarter amounted to -4,714 (-3,386) TSEK.
Result after financial items for the quarter amounted to -5,908 (-20,389) TSEK.
Cash flow from operating activities for the quarter amounted to -178 (-1,946) TSEK.
Earnings per share for the quarter before/after dilution amounted to -0.02 (-0.06) SEK.
Equity per share at the end of the period amounted to 0.04 (0.09) SEK.
The solidity at the end of the period amounted to 40.1 (73.2) percent.

Significant events during the quarter

iZafe Group AB launched Dosell in Spain in collaboration with Ti Medi. At an event in Granada, Dosell was presented to Ti Medi’s network of 1,400 pharmacies. The launch marks a significant milestone, making Dosell commercially available in Spain, with the first units expected to be in use soon. The partnership aims to improve medication management and patient adherence.
iZafe Group received an order for 1,000 Dosell units from its Dutch distributor TCCN, valued at approximately 3,000 TSEK. Deliveries will take place in two phases during 2024 and 2025, with expected recurring revenue of up to 400 TSEK per month. The order strengthens iZafe’s revenue model and reinforces Dosell’s position in the Dutch market.
iZafe Group has certified Dosell for integration with Enovation UMO, a leading healthcare platform in 18 countries. The certification enhances Dosell’s market position, facilitates easier implementation in the Netherlands, and opens opportunities for expansion into additional markets.

Significant events after the end of the quarter

iZafe Group has conducted a directed share issue of approximately 9.2 MSEK through the issuance of 46.15 million B-shares at a subscription price of 0.20 SEK per share. The capital will be used to strengthen working capital, accelerate growth, and support the expansion of Dosell and Pilloxa into new markets.
iZafe Group has started 2025 strong, with a 25% increase in billable Dosell units, approaching 1,000 active devices. Growth is driven by rising demand in Sweden, Norway, and the Netherlands, while the launch in Spain is planned for February. Product improvements and the recently completed 9.2 MSEK share issue further strengthen the company’s growth and goal of achieving cash flow positivity.

Forecast
In this report, we present a forecast graph illustrating our expected growth in both ARR and active Dosell units over the coming years. The forecast is based on our current markets and key performance indicators, outlining a clear path toward an exponential increase in recurring revenue as more units become activated. By the end of 2024, our ARR reached approximately 1.7 MSEK, reflecting a 326% increase compared to the previous year.

In 2025, this growth is expected to accelerate further, with ARR projected to reach 10 MSEK by year-end, a 352% increase. Beyond that, ARR is expected to continue growing rapidly, more than eightfold by 2029, when we anticipate exceeding 85 MSEK. We will track this forecast on a quarterly basis to provide our shareholders with a clear view of our actual progress and how we are advancing toward our financial goals.

	2023	2024	2025	2026	2027	2028	2029
ARR (MSEK)	0.3	1.7	10	22.5	42.3	63.9	85.5
Growth of Dosells	0%	467%	488%	125%	88%	51%	34%

Comments from the CEO
2024 has been a pivotal year for iZafe Group. We have transitioned from developing our product and establishing market conditions to now generating tangible financial results. With a 437% increase in revenue compared to 2023, we see a clear growth trend driven by rising demand for our solutions. Our business model is beginning to demonstrate its strength through recurring revenue, and we have surpassed 2 million SEK in ARR. Our goal for the year is to reach our milestone of 10 million SEK in ARR.

Throughout the year, we have sold 2,500 Dosell units, with growth primarily driven by hardware sales to the Netherlands. Although hardware margins are low, this provides a strategic foundation for future profitability. The true value-creation phase occurs when the units are activated and start generating high-margin recurring license revenue, directly boosting our ARR. We are now approaching an important milestone of 1,000 active dispensing units, which strengthens the stability of our product and business model while contributing to an increasing stream of recurring revenue.

In this report, we present a forecast graph illustrating our expected growth in both ARR and the number of active Dosell units over the coming years. The forecast is based on our current markets and key performance indicators, outlining a clear path toward an exponential increase in recurring revenue as more units become activated. By the end of 2024, our ARR reached approximately 1.7 MSEK, reflecting a 326% increase compared to the previous year.

In 2025, this growth is expected to accelerate further, with ARR projected to reach 10 MSEK by year-end, a 352% increase. Beyond that, ARR is expected to continue growing rapidly, more than eightfold by 2029, when we anticipate exceeding 85 MSEK. We will track this forecast on a quarterly basis to provide our shareholders with a clear view of our actual progress and how we are advancing toward our financial goals.

However, it is important to understand that there is a time lag between ordering hardware and when the units start generating recurring revenue. The production and delivery process must be managed, partners need to be trained, and they must ensure full control over the implementation process. Additionally, customer satisfaction is crucial for achieving stable, long-term growth.

This is particularly relevant when entering new markets and establishing new partnerships. We have already passed this phase in the Netherlands and Sweden, while Spain and Norway are expected to do so during the spring. Spain is set for a launch in February, with Norway expected to follow shortly after. These markets represent a significant opportunity to further increase our ARR and strengthen our position in digital medication management. Beyond this, we aim to expand into additional new markets to continue our growth journey.

Market Potential for Dosell
Dosell operates within an existing and growing market—individuals who receive their medication pre-packaged in dose pouches. For Dosell to be implemented in a new market, an established dose pouch infrastructure is required, where Dosell integrates at the final stage of the process to digitize healthcare and enhance medication safety. The markets we currently operate in have a stable and expanding dose pouch market, and forecasts indicate that this trend will continue as more countries recognize the benefits of this distribution method.

The global trend is clear—the dose pouch market is steadily growing across Europe and the U.S., becoming increasingly standardized as a safe and efficient way to distribute medication. By adapting Dosell to different types of dose pouches, particularly in the Netherlands, we have developed a unique, flexible, and scalable solution that enables faster entry into new markets while significantly lowering the barriers to expansion.

With a significantly reduced time-to-market, we can now implement Dosell much faster, having eliminated technical barriers. Adaptations to new markets now primarily focus on optimizing customer journeys and meeting local regulatory requirements.

To illustrate our market potential, we present an estimate of the number of patients currently receiving their medication in dose pouches across our focus markets:

Sweden: 300,000 patients
Norway: 150,000 patients
Netherlands: 600,000 patients
Spain: 200,000 patients at Ti Medi, with an annual growth rate of 10%

With an established presence in these markets and proven demand, we see significant opportunities to continue scaling Dosell internationally and strengthening our position as a leading player in digitalized medication management.

Enhanced Investor Relations and Shareholder Communication
We have intensified our investor relations communication to provide shareholders and investors with a more transparent and continuous insight into our growth journey. Through our monthly newsletter, we regularly share updates on our progress, strategic initiatives, and market expansion, fostering a closer dialogue with our stakeholders.

The directed share issue of 9.2 MSEK provides the foundation to accelerate growth by increasing the activation of Dosell units and expanding into new markets. At the same time, we continue to focus on strict cost control and operational efficiency, aiming to achieve cash flow positivity and build a long-term profitable business.

Future Prospects
We have built a robust and sustainable business model, where our products, partnerships, and market strategies work together to drive long-term profitable growth. In 2025, our focus is to:

Increase ARR by boosting the activation rate of already sold units and accelerating implementation on existing markets.
Establish and expand strategic partnerships in both new and existing markets to drive growth.
Maximize recurring revenue by optimizing our business model and adding value-enhancing services for existing Dosell units.
Strengthen collaborations with municipalities and healthcare providers to reinforce our market position and ensure stable, predictable growth.

We see a clear path forward, where the expansion and scaling of our license model will continue to fuel our growth. With an increasing ARR and a more stable revenue structure, we anticipate strong momentum in healthcare digitalization through automated medication management. We firmly believe that Dosell has the potential to capture a significant share of this market and establish itself as a leading solution in digital medication management.

The foundation is in place, and we are now entering a growth phase, where our focus is on scalability and operational efficiency.

I would like to conclude by expressing my gratitude to our amazing employees, partners, and shareholders for your dedication and support. It is because of you that we can continue to revolutionize medication management on a global scale.

Thank you for being part of our journey.

Anders Segerström
Chief Executive Officer, iZafe Group

About iZafe Group AB (publ.)

iZafe Group is a Life Science company that conducts research, development and marketing of digital medical solutions and services for safer medication management at home.

The company leads the development of digital drug dispensing through the drug robot Dosell as well as the SaaS solution Pilloxa with the smart pillbox. The company's solutions reduce the risk of incorrect medication in the home, increase compliance, relieve public health care, increase the quality of life for patients and create a safer environment for relatives.

The customers consist of private individuals, pharmaceutical companies and public and private healthcare providers in Sweden, the Nordics and globally. iZafe Group primarily sells through well-established partners who already have long and deep customer relationships with the prioritized customer groups. The head office is in Stockholm.

iZafe Group AB has been listed on the Nasdaq First North Growth Market since 2018. Mangold Fondkommission AB is the company's Certified Adviser. Further information is available at www.izafegroup.com

Interim Report Q4 2024

CEO interview

Q4 Rapport Omslag

iZafe Group’s year-end report, October-December 2023

iZafe Group AB (publ.) presents today, February 9, its report for the fourth quarter.

Financial summary:

Net sales for the quarter amounted to 679 (194) TSEK, a growth of 250% compared to the same quarter the previous year. The increase in sales is attributed to both organic growth and growth through acquisitions, as Pilloxa was acquired in 2022. The quarter's sales consist of revenues related to the sale of the digital medication robot Dosell as well as sales of the medical device Pilloxa. Pilloxa AB was acquired on November 28, 2022, and therefore only partially included in the quarter's sales for the previous year.
Operating profit (EBIT) for the quarter amounted to -20,475 (-5,556) TSEK. A one-time impairment of 15,234 TSEK related to excess values and goodwill arising from the acquisition of Pilloxa affects the result. The impairment is not cash flow-affecting. The impairment was made because the company decided to prioritize its resources for a limited period to scale up the distribution of the Dosell product in more markets.
Operating profit before depreciation (EBITDA) for the quarter amounted to -3,386 (-4,318) TSEK.
Result after financial items for the quarter amounted to -20,389 (-5,570) TSEK.
Cash flow from operating activities for the quarter amounted to -1,946 (-5,972) TSEK.
Earnings per share for the quarter before / after dilution amounted to -0.07 (-0.02) SEK.
Equity per share at the end of the period amounted to 0.1 (0.3) SEK.
The solvency ratio at the end of the period amounted to 73.2 (76.8) percent.

Significant events during the quarter:

iZafe entered into an agreement with Atea Sverige AB after winning a procurement with the Västra Götaland Region for the provision of Dosell. The procurement covers between 1,800 and 2,250 units with an estimated value of 42–52 MSEK. The contract period is two years with the possibility of an additional two-year extension.
iZafe received an official order for 1,000 units of Dosell from IVE Ventures ("IVE") in accordance with the agreement announced on February 27, 2023. These units are produced as soon as possible and are expected to be delivered to IVE in February 2024.

CEO’s Comment:
It is with great pleasure and pride that I summarize another successful quarter and the eventful year 2023 for iZafe Group. Our journey from start-up to scale-up phase has been inspiring, and the result of our dedicated work and strategic direction.

During the year, we have successfully negotiated deals totaling an impressive amount of 106-124.7 MSEK over the next 4-6 years from 2024 onwards. The projected recurring revenue of 37 MSEK annually from the fourth year, with an impressive 90% margin, underscores the strength of our business model and provides a clear indication of the stability and profitability we are now achieving. Increasing our net sales by 150% compared to the previous year in the full year 2023 is a clear signal that business is starting to gain momentum.

One of the highlights of the year was our successful procurement win with the Västra Götaland Region together with ATEA. The win means that Dosell will, for the first time, become a prescribed medical device, allowing 46 municipalities to incorporate Dosell into their operations. This success will enable everyday life, security, and quality of life to be enhanced for as many as 1,800–2,200 users, as the procurement includes the same number of Dosell units. Additionally, all relatives who feel reassured in ensuring the right medicine at the right time, as well as valuable time for healthcare professionals, can be spent on other than medication sorting, thanks to Dosell. The procurement is expected to generate a value of 42–52 MSEK and further strengthen our position and trust in the Swedish market.

On the international stage, we have established important partnerships, including the exclusive cooperation agreement with IVE Ventures in the Netherlands. Just before the turn of the year, the first order for 1,000 units was placed, with a commitment to at least 1,000 Dosell annually for three years and a total value of approximately 16 MSEK. We look forward to delivering these 1,000 units in the first quarter of this year. The order to IVE is a clear sign of our increasing influence and success in the European market.

We continue to drive our partner strategy for smooth scalability and sustainable revenue. Our partners are key to our expansion, and our business model with hardware sales, recurring license fees, and cost efficiency enables a stable and continuous revenue stream.

The growing interest from our partners has allowed us to set higher demands and pressure our existing partners to achieve desired volumes. Over the coming year, this trend will intensify, and our focus will be on partners with significant commitments. At the same time, we are evaluating which collaborations should be terminated considering that we operate in different size segments and therefore cannot deliver according to our requirements.

Our successful investment in Dosell has opened up new opportunities, and we plan to increase pressure on the market with higher volumes. This temporarily means reduced focus on Pilloxa, resulting in the need for write-downs regarding excess values and goodwill arising from the acquisition. This adjustment is necessary to ensure a stable

financial foundation and good results in the future. I look forward to further developing Pilloxa to its full potential once we have taken Dosell to levels that provide the group with the financial conditions needed.

I would like to extend a warm thank you to our employees, board, and shareholders for your continued support and trust. Together, we look forward to a continued exciting journey characterized by growth and innovation.

Thank you for being an active part of our journey.

Anders Segerström
Chief Executive Officer, iZafe Group

About iZafe Group AB (publ.)

iZafe Group is a Life Science company that conducts research, development and marketing of digital medical solutions and services for safer medication management at home.

iZafe Group AB has been listed on the Nasdaq First North Growth Market since 2018. Mangold Fondkommission AB is the company's Certified Adviser. Further information is available at www.izafegroup.com

Interim Report Q4 2023

Q4 intervju

Q4 2023 Bild

iZafe Group Q4 Interim Report, October-December 2021

iZafe Group AB (publ.) – today Febuary 18, releases its Q4 Interim Report.

Summary of financial performance

Net sales for the quarter amounted to SEK 220 (84) thousand. The quarter's sales consist of revenues attributable to the sale of the digital medication robot Dosell.
Operating profit for the quarter amounted to SEK -12,750 (-9,128) thousand.
Profit after financial items for the quarter amounted to -12 943 (-9 127) TSEK.
Cash flow for the period amounted to SEK 17,264 (-6,270) thousand. The positive cash flow for the comparison period is a result of the rights issue that has been carried out.
Earnings per share for the quarter before / after dilution amounted to SEK -0.2 (-0.3).
Equity per share at the end of the period amounted to SEK 0.6 (0.9).
The equity / assets ratio at the end of the period was 84.1 (84.0) percent.

Important events in the quarter

The first delivery of Dosell Consumer was sent to Apoteket AB on October 4 before the start of sales.
Deputy Chairman of the Board Göran Hermansson and CEO Anders Segerström together subscribe for an additional 458,000 units in the rights issue.
The final outcome of the rights issue of units, consisting of shares and warrants of series TO10 B has been announced. The rights issue has been subscribed for to a total of 100 per cent, where approximately 43.6 per cent were subscribed for with the support of unit rights, approximately 4.1 per cent were subscribed for without the support of unit rights and approximately 52.3 per cent were subscribed for by issue guarantors.
iZafe has filed several completions of its PCT patent application. In this way, the Company enabled a geographically broader patent protection, which is part of iZafe's strategy to strengthen and further develop its intangible assets internationally.
Launch of Dosell Consumer as an end product of the Italian healthcare service Sempli Farma began.
iZafe communicated that the price for the consumer version of Dosell is SEK 299 per month. This after the customer has bought the hardware for SEK 499 at apoteket.se
Commercial new launch of Dosell together with Hepro AS in Norway.
iZafe uses Mangold Fondkommission AB as a liquidity guarantor.
The first medical robots adapted for the Italian consumer market were sent to Sempli Farma in Italy for the pilot project.

Comments from the CEO

We have now raised enough capital to, for the first time ever, have enough liquidity to set a long-term and sustainable plan for the company. With all the new changes to the medication robot, we have now also got all of our partners to approve the new Dosell.

This has meant that during the fourth quarter we increased production significantly and produced at a higher rate than ever to meet market demand. We end the year with an increase in sales compared to the previous quarter, a clear indication that we have now started selling and that the market sees the value in our product. The difference from before is that we have done the preparatory work that was required, and we have thus created the conditions for us to now really enter an active sales phase.

We have now launched Europe's first consumer version of a medication robot. We have also been able to deliver the right medicine at the right time over 3,000 times to consumers in Sweden and have established ourselves in a country outside the Nordic region.

Our major marketing investment on the consumer side will begin at the end of February and the beginning of March with TV advertising in a number of channels and a number of other marketing activities and exciting collaborations. We are now working intensively to support our partners by increasing the sales rate and that everyone keeps a high focus on Dosell.

A sub-strategy so far has been to wait to enter new markets until existing partners are up and running and have fully approved our product. As this has now been achieved, we will shortly begin the work of prioritizing in a well-balanced way which new markets the company will begin to enter, with both existing partners and new ones. We already have several interesting tracks in new partners and markets, and we look forward to starting sales work there as well. Dosell is the basis of our strategy where we must ensure "the right medication at the right time" and with the help of this also be able to demonstrate the health effects in order to create a healthier, safer and more sustainable way for everyone to medicate.
In conclusion, it is positive to note that the pandemic is increasingly releasing its grip on society and business. For the company, this meant that more meetings could take place between colleagues, customers and partners during the quarter. We are now also working more proactively to have more digital meetings and digital e-training. I am enthusiastic about the progress we have made during the year and now we have initiated sales and marketing activities according to the plan we set. We still have a lot to do, and thanks to what we achieved in the last quarter of 2021, we now have the opportunity to accelerate significantly. We have now laid the basic conditions for becoming the obvious choice of digital aid to enable a healthier, safer and more independent life for the millions of people who multi-medicate in Sweden and the world.

About Us

iZafe Group is a Swedish Life-Science company that develops and markets medical and digital security solutions to create safer drug handling at home. The company’s digital medication dispenser Dosell reduces the risk of incorrect medication, increases security for family and relatives and relieves public care personnel. The products form a holistic concept that facilitates patient medication and gives those who are treated at home better conditions for a happy and safe life. Customers today consist of public and private care providers in Sweden, the Nordic countries and globally. iZafe Group sells primarily through well-established partners who already have long and deep customer relationships with the priority customer groups. The head office is located in Stockholm.

The company is listed on the NASDAQ First North Premier Growth Market. FNCA Sweden AB is the company's Certified Adviser. Phone: +46 (0) 8 528 00 399. E-mail: . Further information is available at www.izafe.se/investor-relations/.

IZafe Group Q4 2021 Kvartalsrapport (Eng)

iZafe Group year-end report, fourth quarter 2020

Stockholm, Sweden – iZafe Group AB (publ.) (NASDAQ First North: IZAFE B) – today February 19, releases its year-end report of the forth quarter 2020.

Read the full report here.

Condensed statement of financial performance

Net sales for the quarter totaled SEK 84 thousand (4,471). Sales for the quarter comprised revenue related to Dosell sales. In previous years, this item also included revenue attributable to the Security business area, which has been sold.

Operating income for the quarter totaled SEK -9,128 thousand (-7,173).

Income after financial items for the quarter was SEK -9,127 thousand (-7,514).

Cash flow for the period was SEK -6,270 thousand (7,462).

Earnings per share for the quarter, basic and diluted, were SEK -0.3 (-0.3).

Equity per share at the end of the period was SEK 0.9 (1.3).

The equity ratio at the end of the period was 84.0 percent (51.4).

Significant events during the year

iZafe Group sold the Security business area, thereby becoming a pure, financially strong life sciences company focused on the Healthcare business area and the medication-dispensing robot Dosell.

As a result of successful pilot projects during the year, iZafe Group’s partners have placed initial orders for 450 medication-dispensing robots for 2021.

iZafe Group’s Italian partner has begun active marketing and negotiations with 2,000 pharmacies in Italy. Equipment that packages medication in sachets has been installed at a number of pharmacies.

A pilot project was initiated with the care service provider Attendo. The goal of the project is to obtain data to make a decision on the potential implementation of the Dosell medication-dispensing robot for use in Attendo’s home services business.

A pilot project was initiated with care service provider TioHundra AB involving 30 medication-dispensing robots. The results will help identify areas where welfare technology can contribute to more efficient and safer operations at TioHundra in Norrtälje Municipality, Sweden.

iZafe Group published a patent application that the company submitted relating to the further development of the Dosell medication-dispensing robot. The application is international and will enable iZafe Group to have patents approved in over 150 countries.

Two pilot projects were initiated in two Finnish municipalities together with partner Vivago. In addition to these initial pilot projects, Dosell will be included in a number of tenders in Finland in 2021.

Cooperation has begun with Doro in Sweden as a direct result of successful collaboration with Doro in Norway.

A partner agreement has been signed with US-based international healthcare company Hippo Technologies to develop an end-to-end medication-dispensing service based around the Dosell medication-dispensing robot.

iZafe Group announced that the company will start delivering a consumer version of Dosell in spring 2021. This strengthens iZafe Group’s position as a leading developer of digital medication dispensing at home by offering hundreds of thousands of patients, relatives and healthcare workers the Nordic region’s first consumer version and the market’s safest, most user-friendly and cost-effective medication-dispensing robot.

Significant events after year-end

In January 2021, iZafe Group raised just over SEK 4 million through the exercise of series TO 8 B share warrants from the rights issue carried out in 2019. The CEO and Board exercised all their share warrants.

The pilot project with care provider Attendo has been completed with good results. A phase of developing Dosell is now underway in close dialogue with Attendo to reach even more users.

Comments by the CEO

The year 2020 was an eventful and exciting year for iZafe Group that was marked by four main issues:
1) creating the structure and foundations for future financing of the business by raising capital at the start of the year and selling the iZafe Security business area;
2) investment in expanding our partner network and collaborating on pilot projects;
3) continuing to develop and adapt Dosell technically and making adjustments for new markets such as Italy and Finland; and
4) managing the effect of the coronavirus pandemic on our market and business.

Despite the significant negative impact, it is encouraging to see that the pandemic has boosted interest in greater patient safety and, for us, the Dosell medication-dispensing robot. Decision-makers and opinion leaders have realized the importance of digitalization in healthcare to provide safer elderly care.

iZafe Security was successfully sold in the middle of the year to free up resources to accelerate the commercialization and internationalization of the Dosell medication-dispensing robot. The sale resulted in iZafe Group becoming a debt-free company with an effective capital structure, paving the way for faster growth both organically and through acquisitions. Following the sale we started working on becoming a leading pure life sciences company within healthcare digitalization in Sweden and worldwide. In January 2021, we raised approximately SEK 4 million from a subscription program in conjunction with the rights issue that we carried out at the end of 2019.

Covid-19
The ongoing global pandemic has had a major impact on public health and the global economy, and there is still uncertainty over when to move from pilot projects to full-scale introduction. Local restrictions on certain markets have affected our ability to interact with customers and a number of pilot projects have experienced delays. iZafe Group adapted quickly to the changes in the market by putting in place digital management lines and methods, including for training of new and existing partners.
I’m pleased with how effectively we have maintained contact with our customers and partners, and that together we have successfully conducted extensive testing and pilot activities. We are seeing increasing demand for digital solutions to ensure the health and safety of the elderly. We are continuing ongoing efforts in product development and improvements to provide even better solutions, while remaining focused on constantly adding new benefits for existing customers and partners.

Dosell launching as a consumer product
As we announced at the end of the year, spring 2021 will see us launch a pure consumer version of Dosell. The very limited test launch carried out over five working days in December showed very significant interest, particularly through the considerable response we saw in the communication channels we used. We are extremely confident about the launch of Dosell Consumer and are developing a new, simplified Dosell service tailored to the private-sector market. The main investments have now been made and development costs will consequently decrease over the current and future financial years. The launch of Dosell Consumer will initially take place through our own e-commerce solution combined with selected partners, primarily pharmacies. At a later stage we will also offer consumer versions in Norway and Finland through our partners.

Partners
Norway
Together with our partner Hepro in Norway we won the largest ever national tender for digital assistive technology. Meanwhile, the deployment of Dosell at around 50 care service providers has started in the first of 30 municipalities in which our partner Doro has already implemented its welfare platform.
Finland
We have initiated three pilot projects in Finland with our partner Vivago, in addition to which Vivago is to include Dosell in a number of tenders during the year. Some 60,000 people in Finland already receive their medication in the form of medication sachets and these are a key target group for Dosell. The number of people in Finland who take medication using sachets is expected to grow sharply over the coming years.
United States
It is especially heartening to have signed an agreement with our first really big international partner, US-based digital health company MyHippo. Together with MyHippo we will develop a service based on the Dosell medication-dispensing robot for customers around the world who use Hippo’s products and platform. We plan to expand the partnership to also include an OEM version of Dosell.
Italy
We are excited about the launch as part of Sempli Farma, a pharmacy-based service that connects attending physicians with users and their relatives through a closed medication-dispensing system. The Italian medication sachets have been validated with Dosell and intensive advanced business discussions are underway with wholesalers and pharmacy chains in northern Italy, representing around 2,000 pharmacies. We can expect to see Dosell in Italian homes in 2021.

Organization
Our employees have adapted quickly to the new reality of working from home and have focused firmly on our objectives, despite the challenges faced. We have invested in bringing in new skills, and welcomed two new colleagues in the autumn who have extensive experience from care service providers TioHundra and Attendo. They have already helped us improve processes to put in place the right conditions to ensure we can provide the support our partners expect.

Summary
We are concluding a phase in which we have gone from product development, identifying sales channels and streamlining the company, to starting 2021 with a strong emphasis on sales through our growing network of partners and other channels. A number of partners have confirmed their confidence in Dosell by making pre-orders corresponding to 450 Dosells with integrated battery, which will be produced on an ongoing basis from the end of Q1. As we begin 2021, we have new, trained partners not only in Sweden and Norway, but also in the US, Finland and Italy. Our partnership strategy will prove its worth in 2021, and we will continue to invest in our business model of selling through partners. iZafe Group’s Dosell Consumer and future patents could revolutionize health care at home, especially for users who want to live safe, independent lives at home for longer.

Our extensive partner network in Sweden and internationally, combined with our launch in the spring of a simplified Dosell service for the consumer market, establishes firm foundations for growth and I am very confident that iZafe Group as a company and Dosell as a product will move into a commercialization phase across a number of markets.

About Us

iZafe Group is a Swedish med-tech company that develops and markets medical and digital security solutions to create safer drug handling at home. Our digital medicine dispenser Dosell reduces the risk of incorrect medication, increases security for family and relatives and relieves public care personnel. Our products form a holistic concept that facilitates patient medication and gives those who are treated at home better conditions for a happy and safe life.

Q4 2020 year-end report