iZafe Group AB (publ.) meddelar härmed att bolaget har offentliggjort sin årsredovisning för 2023.
Årsredovisningen bifogas samt finns tillgänglig på bolagets webbplats: https://izafe.se/investor-relations/#archive
Archives: MFN News Items
iZafe Group AB (publ.) presents today, April 26th, its report for the first quarter.
Financial Summary
- The net revenue for the quarter amounted to 3,410 (228) TSEK, representing an organic growth approximately 15 times higher than the corresponding quarter of the previous year. The quarter's revenue consists of income related to the sale of the digital medication robot Dosell as well as sales of the medical technical aid Pilloxa. The increase in revenue is mainly attributed to hardware sales to the Dutch customer IVE Ventures.
- Operating profit (EBIT) for the quarter amounted to -5,569 (-5,051) TSEK.
- Operating profit before depreciation (EBITDA) for the quarter amounted to -4,588 (-2,969) TSEK.
- Profit after financial items for the quarter amounted to -5,609 (-5,187) TSEK.
- The period's cash flow from operating activities amounted to -4,109 (-4,203) TSEK.
- Earnings per share for the quarter before / after dilution amounted to -0.02 (-0.02) SEK.
- Equity per share at the end of the period amounted to 0.1 (0.2) SEK.
- The solidity at the end of the period amounted to 67.5 (84.1) percent.
Significant Events During the Quarter
- iZafe Group launched the latest version of Dosell on the market, version 3.0. In conjunction with this launch, iZafe Group has also initiated a strategic move of its production to Central Europe to be able to scale up production rates to larger volumes and shorten delivery times to existing partners. The first production series of 1,000 units of Dosell version 3.0 has been successfully completed and delivered for the Dutch market, marking the starting point for this new and improved version. With, among other things, a more powerful processor and expanded memory capacity, Dosell version 3.0 now enables a unified software platform regardless of geographical location or design of the medication pouch. This represents a significant improvement from previous versions that required extensive customization for each individual country and medication pouch type. Additionally, the new version of Dosell 3.0 introduces several advanced features, including voice and expanded connectivity options, further enhancing user experience and accessibility.
CEO Comment
Dear shareholders, customers, and employees,
Our journey towards innovation and digitization of healthcare continues to deliver tangible results. With pride, I can report that the net revenue for the quarter amounted to 3,410 TSEK, representing an organic growth nearly 15 times higher than the corresponding quarter of the previous year. Our business model, where our partners initially purchase the hardware which then generates recurring monthly revenues after distribution in the market, continues to demonstrate its value. These recurring revenues are the core of our business and are expected to create significant value over time.
Over the past two years, we have been engaged in developing a new, improved version of Dosell. This hardware is not only future-proofed but also designed to handle advanced features we plan to implement. Through partnerships with a prominent production partner, we have enabled scaling of production to meet ever-growing demand.
While switching production partners and developing new hardware, we also delivered 1,000 units to our partner in Holland, requiring extensive customization and rapid development. Despite these challenges, our small but dedicated team has managed to maintain a high level of production, reflecting our ability to act quickly and efficiently under pressure.
To date, we have completed over 150,000 successful dispensations, where the right medication has been delivered at the right time. The number of dispensations is expected to increase rapidly as we distribute more Dosell units.
We have also taken strategic steps to strengthen our market positions. After reassessing our partnerships, we terminated the exclusivity agreement with our partner in the UK and introduced stricter requirements for our existing and potential partners. These measures aim to ensure that we collaborate with the most committed and capable players, giving us the best possible conditions for success in the markets we enter. This raised standard for partnerships will strengthen our position and promote sustainable growth in both existing and new markets.
Our inventory capacity and access to components have significantly improved, thanks to capital injections from our major shareholders. This financial reinforcement is crucial to meet demand, accelerate deliveries, and strengthen our production team so that we can quickly adapt and develop Dosell for additional markets.
We have also commenced deliveries under the procurement we won with VGR, although the volumes are still small. We are actively working to increase awareness of Dosell and its prescription capabilities, supported by a new colleague dedicated to the VGR region.
The future looks bright with new partnerships and projects on the horizon. One of the most exciting initiatives is the launch of TI-medi's Savioo concept in Spain, where Dosell becomes a central part. TI-medi has also expanded its operations by acquiring the French organization for JVM, which includes 1,400 pharmacies in Spain, Portugal, and France using their medication packaging machines.
In conclusion, I would like to thank all our employees, partners, and shareholders for your continued support and trust. Together, we continue our journey towards innovation and growth.
Thank you for being an active part of our journey.
Anders Segerström,
Chief Executive Officer, iZafe Group
Aktieägarna i iZafe Group AB, org.nr 556762–3391 (”iZafe” eller ”Bolaget”), kallas härmed till årsstämma den 30 maj 2024 kl. 14:00 på Bolagets lokaler på David Bagares Gata 3, Stockholm. Inregistrering inleds från klockan kl. 13:45.
RÄTT ATT DELTA OCH ANMÄLAN
Aktieägare som önskar delta på bolagsstämman ska
- dels vara införd i den av Euroclear Sweden AB förda aktieboken den 22 maj 2024,
- dels senast den 24 maj 2024 anmäla sig för deltagande på stämman hos Bolaget via e-post till eller per post till David bagares gata 3 BV, 111 38, Stockholm, ”Årsstämma”. Vid anmälan ska aktieägaren uppge namn, person- eller organisationsnummer, adress, och telefonnummer samt, i förekommande fall, uppgift om biträde (högst 2).
FÖRVALTARREGISTRERADE AKTIER
Aktieägare som har låtit förvaltarregistrera sina aktier måste låta registrera sina aktier i eget namn för att ha rätt att delta vid årsstämman. Sådan registrering kan vara tillfällig (s.k. rösträttsregistrering) och begärs hos förvaltaren enligt förvaltarens rutiner. Rösträttsregistreringar som genomförts (registrerade hos Euroclear Sweden AB) senast den 22 maj 2024 beaktas vid framställningen av aktieboken.
OMBUD
Aktieägare som företräds genom ombud ska utfärda skriftlig, av aktieägaren undertecknad och daterad fullmakt för ombudet. Fullmaktens giltighetstid får vara högst fem år om det särskilt anges. Anges ingen giltighetstid gäller fullmakten högst ett år. Om fullmakten utfärdas av juridisk person ska kopia av registreringsbevis eller motsvarande för den juridiska personen bifogas. Fullmakten i original samt eventuellt registreringsbevis bör i god tid före stämman insändas per brev till Bolaget på ovan angiven adress. Fullmaktsformuläret finns tillgängligt på Bolagets webbplats (www.izafegroup.com) senast tre veckor innan stämman.
FÖRSLAG TILL DAGORDNING
- Stämmans öppnande
- Val av ordförande vid stämman
- Upprättande och godkännande av röstlängd
- Godkännande av dagordningen
- Val av en eller två justeringsmän
- Prövning av om stämman blivit behörigen sammankallad
- Föredragning av framlagd årsredovisning och revisionsberättelse samt koncernredovisning och koncernrevisionsberättelse
- Beslut om
- om fastställande av resultaträkning och balansräkning samt koncernresultaträkning och koncernbalansräkning;
- om dispositioner beträffande bolagets vinst eller förlust enligt den fastställda balansräkningen;
- om ansvarsfrihet åt styrelsens ledamöter och verkställande direktör
- Fastställande av antalet styrelseledamöter och revisorer samt suppleanter
- Fastställande av styrelse- och revisorsarvoden
- Val av styrelse och eventuella styrelsesuppleanter och revisorer och eventuella revisorssuppleanter
- Beslut om bemyndigande för styrelsen att fatta beslut om emission av aktier, teckningsoptioner och konvertibler
- Beslut om bemyndigande till styrelsen att vidta mindre justeringar av de på stämman fattade besluten
- Stämmans avslutande
FÖRSLAG TILL BESLUT
Punkt 2 – Val av ordförande vid stämman
Valberedningen föreslår att stämman väljer Richard Wolff till ordförande vid bolagsstämman eller, vid förhinder, sådan annan person som styrelsen anvisar.
Punkt 8b – Beslut om disposition av aktiebolagets vinst eller förlust enligt den fastställda balansräkningen
Styrelsen föreslår att samtliga till årsstämmans förfogande stående medel överförs i ny räkning.
Punkt 9–11 – Val av styrelse och eventuella styrelsesuppleanter samt i förkommande fall revisorer och eventuella revisorssuppleanter, fastställande av styrelse- och revisorsarvoden, val av styrelse och eventuella styrelsesuppleanter samt revisor och eventuella revisorssuppleanter
Valberedningen föreslår följande:
- att styrelsen ska bestå av fyra ledamöter utan suppleanter. Antalet revisorer ska uppgå till en auktoriserad revisor utan suppleanter.
- att ersättning till vardera styrelseledamoten ska utgå med 114 600 kronor (motsvarande 2 basbelopp) och ersättning till styrelseordförande med 171 900 kronor (motsvarande 3 basbelopp). Alla ersättningar som en styrelseledamot erhåller från Bolaget i enlighet med godkända uppdragsavtal kan avräknas mot styrelsearvodet.
- att arvode till revisorn ska utgå enligt godkänd räkning.
- omval av Göran Hermanson, Magnus Engman som ordinarie styrelseledamöter.
- Nyval av Richard Wolf till ordinarie styrelseordförande och Jenny Styren till ordinarie styrelseledamot.
- omval av den auktoriserade revisorn Johan Kaijser på LR Revision och Redovisning Sverige AB för tiden intill slutet av årsstämman 2025.
- Björn Rosengren har meddelat att han inte ställer upp för omval som styrelseordförande. Han förklarar sitt beslut med att han har flera andra åtaganden som kräver hans fokus och att iZafe nu står på stabil grund för framtiden. Han uttrycker fullt förtroende för den nyss nämnda styrelsen att fortsätta den framgångsrika tillväxtresan.
Jenny Styren
Jenny har en imponerande bakgrund inom varumärkesutveckling, marknadsföring och kommunikation, med särskild expertis inom e-hälsa och offentlig sektor. Jenny är en resultatinriktad ledare med gedigen erfarenhet inom varumärkesidentitet och kommunikationsstrategier. Hon har framgångsrikt lett omfattande marknadsförings- och kommunikationsstrategier, med fokus på e-hälsa och offentlig sektor. Med djup förståelse för stakeholder management och de utmaningar som finns inom offentlig sektor, är Jenny väl rustad att bidra till vår styrelse.
Yrkeserfarenhet:
Chief Marketing & Communication Officer på Cambio Healthcare Systems AB sedan 2017, där hon formar och hanterar varumärkesimage samt leder marknadsföringsstrategier.
Strategisk marknadsföringschef för offentlig sektor på CGI Sverige och globalt för hälso- och sjukvårdssektorn (2012-2017), ansvarig för marknadsstrategi och planering.
Utbildning:
M.Sc. i företagsekonomi och marknadsföring från Södertörns universitet, Stockholm.
Avancerad Cambridge-examen från Martin College, Sydney, Australien.
Jennys omfattande erfarenhet och strategiska tänkande inom marknadsföring och kommunikation, tillsammans med hennes ledarskapsförmåga, gör henne till en idealisk kandidat för vår styrelse. Vi ser fram emot att välkomna Jenny och dra nytta av hennes insikter och erfarenheter för att fortsätta vår organisations framgång.
Punkt 12 – Beslut om bemyndigande för styrelsen att fatta beslut om emission av aktier, teckningsoptioner och konvertibler
Styrelsen föreslår att årsstämman beslutar att bemyndiga styrelsen att – vid ett eller flera tillfällen och längst intill nästkommande årsstämma – besluta om att öka Bolagets aktiekapital genom nyemission av aktier samt att emittera teckningsoptioner och konvertibler motsvarande högst tjugo (20) procent av det totala antalet utestående aktier i Bolaget vid den tidpunkt då styrelsen första gången utnyttjar bemyndigandet.
Nyemission av aktier, liksom emission av teckningsoptioner och konvertibler, ska kunna ske med eller utan avvikelse från aktieägarnas företrädesrätt samt med eller utan bestämmelse om apport, kvittning eller andra villkor. Enligt 16 kap. aktiebolagslagen äger styrelsen inte med stöd av detta bemyndigande besluta om emissioner till styrelseledamöter i koncernen, anställda med flera.
Emission beslutad med stöd av bemyndigandet ska ske till marknadsmässiga villkor (varmed bland annat avses att marknadsmässig emissionsrabatt får lämnas) och betalning ska, förutom kontant betalning, kunna ske med apportegendom eller genom kvittning, eller eljest med villkor. Emission beslutad med stöd av bemyndigandet ska ske i syfte att tillföra Bolaget rörelsekapital, öka Bolagets finansiella flexibilitet och/eller att möjliggöra förvärv genom betalning med aktier. Om styrelsen beslutar om emission med avvikelse från aktieägarnas företrädesrätt ska skälet vara att tillföra Bolaget rörelsekapital på ett kostnads- och tidseffektivt sätt och/eller nya ägare av strategisk betydelse för Bolaget och/eller förvärv av andra företag eller verksamheter.
Beslut enligt denna punkt kräver för dess giltighet att förslaget biträds av aktieägare representerande minst två tredjedelar (2/3) av såväl de vid stämman avgivna rösterna som de vid stämman företrädda aktierna.
Punkt 13 – Beslut om bemyndigande till styrelsen att vidta mindre justeringar av de på stämman fattade besluten
Styrelsen föreslår att stämman bemyndigar styrelsen, den verkställande direktören eller den styrelsen i övrigt förordnar att vidta sådana smärre justeringar och förtydliganden av de på stämman fattade besluten i den utsträckning detta är erforderligt för registrering av besluten.
ÖVRIGT
Aktieägares rätt att begära upplysningar
Aktieägare har av styrelsen och den verkställande direktören rätt begära upplysningar enligt 7 kap. 32 § aktiebolagslagen avseende förhållanden som kan inverka på bedömningen av ett ärende på dagordningen. Styrelsen och den verkställande direktören ska lämna ut sådana upplysningar om styrelsen anser att det kan ske utan väsentlig skada för Bolaget.
Handlingar
Kallelsen, styrelsens fullständiga förslag till beslut, fullmaktsformulär samt redovisningshandlingar och revisionsberättelse för år 2023 kommer hållas tillgängliga för aktieägare hos Bolaget tre veckor före stämman samt sändas kostnadsfritt till de aktieägare som begär det och uppger sin postadress. Handlingarna kommer också publiceras på Bolagets hemsida (www.izafegroup.com), senast samma dag.
Behandling av personuppgifter
För information om hur dina personuppgifter behandlas i samband med bolagsstämman, se integritetspolicyn på Euroclear AB:s webbplats,
www.euroclear.com/dam/ESw/Legal/Integritetspolicy-bolagsstammor-svenska.pdf.
Antal aktier och röster
Det totala antalet aktier i Bolaget uppgår per dagen för denna kallelse till 250 586 171, varav 600 000 A-aktier och 249 986 171 B-aktier. Det totala antalet röster i Bolaget uppgår till 255 986 171 röster där varje A-aktie berättigar till tio röster och varje B-aktie berättigar till en röst.
__________________________
Stockholm i april 2024
iZafe Group AB
Styrelsen
iZafe Group AB ("iZafe Group") today announces that Ida Almgren has decided to step down as Chief Financial Officer to explore new career opportunities.
During the transition period, Ida will actively assist iZafe Group to ensure a smooth transition, while a search process for a new CFO commences. Ida's last day of work will be June 18.
iZafe is deeply committed to a stable transition and to continuously delivering value to our shareholders and stakeholders. We are fully focused on executing our long-term strategy and realizing our business plans with precision and determination.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, BELARUS, HONGKONG, JAPAN, CANADA, NEW ZEALAND, RUSSIA, SWITZERLAND, SINGAPORE, SOUTH AFRICA, SOUTH KOREA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE REFER TO IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.
The board of iZafe Group AB ("iZafe Group" or the "Company") has today, April 9, 2024, with authorization from the annual general meeting on May 16, 2023, decided on a directed issue of 25,000,000 shares of series B to certain shareholders (the "Directed Issue"). The Directed Issue is carried out at a subscription price of SEK 0.20 per share, equivalent to a discount of approximately 6.0 percent to the volume-weighted average price of the Company’s shares on the Nasdaq First North Growth Market during the last five (5) trading days. The board has also, with authorization from the annual general meeting on May 16, 2023, decided on a directed issue of 25,053,288 warrants of series TO14B to the Company, which will transfer these free of charge to shareholders in relation to the number of shares held as of the record date (the “Warrants Issue”). Through the Directed Issue, iZafe Group will receive SEK 5 million before transaction costs. Upon full utilization of TO14B, the Company may receive an additional maximum of approximately SEK 7.5 million SEK before transaction costs.
The Directed Issue
The board of iZafe Group has, with authorization received at the annual general meeting of May 16, 2023, today decided to carry out a directed issue of 25,000,000 shares of series B with deviation from existing shareholders’ preferential rights. The subscription price per share amounts to SEK 0.20. The Company hereby receives approximately SEK 5 million before transaction costs. The Directed Issue is carried out to the Company’s major shareholders Patrik Björn and Stefan Wård (through company). The subscription price in the Directed Issue has been determined through arm’s length negotiations with the investors, based on the current share price of the Company’s share of series B. The subscription price corresponds to a discount of approximately 6.0 percent of the volume weighted average price of the Company's share on the Nasdaq First North Growth Market during the last five (5) trading days, from and including April 2, 2024, up to and including April 8, 2024, which amounted to approximately 0.213 SEK. Furthermore, the board has ensured the market adequacy of the subscription price in consultation with financial advisors based on current market conditions and previously indicated price levels in discussions with potential investors. Against this background, the board considers the subscription price to be market adequate.
The reason for the deviation from the shareholders' preferential right is that the Company's board considers, on the basis of an overall assessment and after careful considerations of available financing solutions, that the Directed Issue is a better alternative for the Company and its shareholders than a rights issue at prevailing market conditions. The board also assesses that it is objectively in the interest of both the Company and its shareholders to carry out the Directed Issue. The board's assessment is that the Directed Issue is the most appropriate financing solution to promptly ensure the Company's capital requirements in order to meet the increasing demand for the Company's products and to ensure the capacity for larger production volumes, which is crucial to support the Company's continued development and growth. A rights issue is deemed to entail significantly increased costs for the Company where, among other things, a possible underwriting consortium would have to be procured and would take longer time.
After consultation with financial advisors, the board also assesses that a rights issue, or a directed issue to a broader group of external investors or existing shareholders, would only be feasible at a significantly discounted share price, which under the current circumstances was judged not to be beneficial for either the Company or its shareholders. The Directed Issue enables the Company to raise capital in a fast, cost-effective, and resource-efficient manner. It also provides an opportunity to capitalize on current interest in the Company's stock among subscribers at a price that is in line with the prevailing share price, which is why subscribers are granted subscription in the Directed Issue.
In light of the above, the board assesses that the Directed Issue enables the Company to raise capital on favorable commercial terms and in a fast, cost- and resource-efficient manner. Additionally, the Directed Issue is objectively advantageous for the shareholders compared to an alternative issuance structure or financing solution. Therefore, the board considers that the reasons for deviating from the shareholders' preferential rights to outweigh the reasons justifying the general rule that new issuances should be conducted with preferential rights for shareholders.
iZafe Group's CEO, Anders Segerström, comments on the Directed Issue: "I'm pleased that our major shareholders are showing their support for the Company in this crucial phase. We see an urgent need to expand our workforce to meet the growing demand and keep pace with all the development projects we have underway. Right now, we're in a situation where our product team risks becoming a bottleneck for sales, especially as we expand our partnerships in both existing and new markets. With this injection of capital, we not only have the opportunity to hire more talent but also ensure that our production capacity isn't a limiting factor. This is crucial for swiftly launching our devices into the market. By accelerating the rollout of more units, we can increase our monthly license revenues, which is a critical factor in achieving profitability faster.”
The Warrants Issue
The board of iZafe Group has also today, with the support of authorization from the annual general meeting of May 16, 2023, decided on the Warrants Issue, whereby 25,053,288 warrants of series TO14B are issued to the Company. The warrants are issued free of charge to the Company, which will transfer them free of charge to the shareholders in the Company in relation to the number of shares that each shareholder holds on the record date for the Warrants Issue. The record date for the Warrant Issue will be announced as soon as it is determined by the board of the Company. The warrants of series TO14B are intended to be admitted to trading on the Nasdaq First North Growth Market.
Eleven (11) shares held on the record date means that shareholders are allotted one (1) warrant of series TO14B. Final distribution and allocation upon transfer of the warrants of series TO14B to iZafe Group's shareholders will take place through a separate board resolution. The Warrants Issue can provide iZafe Group with a maximum of approximately SEK 7.5 million in the event that all warrants of TO14B are exercised for subscription of new shares of series B in the Company.
Main terms of warrants of series TO14B
iZafe Group will issue a total of 25,053,288 warrants of series TO14B. One (1) warrant of series TO14B entitles the holder to subscribe for one (1) new share of series B in the Company during the period that runs from and including September 30, 2024 to and including October 14, 2024. The subscription price for shares supported by warrants of series TO14B amounts to 70 percent of the volume weighted average price of the Company's share of series B on the Nasdaq First North Growth Market during the period from and including September 13, 2024 to and including September 26, 2024, however, the share's minimum quota value (currently SEK 0.20) and a maximum of SEK 0.30.
Use of issue proceeds from the Directed Issues
The proceeds from the Directed Issue of SEK 5 million is intended to be used for the following:
- Expansion of personnel in the product team
- Ensuring larger production volumes
- Sales and marketing activities to boost sales in existing and new markets
Number of shares, share capital and dilution
The Directed Issues result in a total dilution effect of approximately 9.1 percent of the number of shares and 8.9 percent of the votes in the Company. Through the Directed Issue, the number of outstanding shares of series B increases by 25,000,000 shares of series B, from 250,586,171 shares of series B to 275,586,171 shares of series B. The number of shares after the Directed Issue will amount to 275,586,171 shares, of which 600,000 are shares of series A and 274,986,171 are shares of series B. The Company's share capital increases by SEK approximately 5,000,000.00, from SEK 50,117,234.20 to approximately SEK 55,117,234.20.
Upon exercise of all warrants of series TO14B issued in the Warrants Issue, the number of outstanding shares will increase by an additional 25,053,288 shares, from 275,586,171 shares to 300,639,459 shares and the share capital will increase by an additional approximately SEK 5,010,657.60, from approximately SEK 55,117,234.20 to approximately SEK 60,127,891.80, implying an additional dilution of approximately 8.3 percent of the number of shares and 8.2 percent of the votes in the Company.
Notification Obligation
As a result of Patrik Björn and Stefan Wård increasing their ownership in the Company in a manner that triggers a notification obligation according to the Foreign Direct Investments Screening Act (2023:560), allocation in this part shall occur only when the investment can be executed under said law, which is expected to occur indicatively before the end of May 2024.
Advisor
Mangold Fondkommission AB is the financial advisor to iZafe Group in connection with the Directed Issue and the Warrant Issue.
Important information
The publication, disclosure, or distribution of this press release may be subject to restrictions under law in certain jurisdictions. Recipients of this press release in jurisdictions where it has been published, disclosed, or distributed should acquaint themselves with and comply with such legal restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with applicable rules in their respective jurisdiction. This press release does not constitute an offer to, or an invitation to, acquire or subscribe for any securities in iZafe Group in any jurisdiction, either from the Company or any other entity.
This press release does not constitute an offer or invitation to acquire or subscribe for securities in the United States. The securities mentioned herein may not be sold in the United States without registration or an applicable exemption from registration under the U.S. Securities Act of 1933 ("Securities Act"), and may not be offered or sold in the United States without being registered, exempt from registration, or in a transaction not subject to the registration requirements of the Securities Act. There is no intention to register any securities mentioned herein in the United States or to make a public offering of such securities in the United States. The information in this press release may not be published, disclosed, copied, reproduced, or distributed, directly or indirectly, in whole or in part, in or to the United Kingdom, the United States, Canada, Japan, Australia, Belarus, Hong Kong, New Zealand, Russia, Switzerland, Singapore, South Africa, South Korea, or any other jurisdiction where such publication, disclosure, or distribution of this information would violate applicable laws and regulations.
Within the European Economic Area, no offer is made to the public of securities in any country other than Sweden. In other member states of the European Union, such an offer can only be made in accordance with an exception in the Prospectus Regulation (EU) 2017/1129.
Forward-Looking statements
This press release contains certain forward-looking information that reflects the Company's current view of future events as well as financial and operational development. Words such as "intended", "assessed", "expected", "may", "plans", "believes", "estimates", and other expressions that imply indications or predictions about future development or trends, and which are not based on historical facts, constitute forward-looking information. Forward-looking information is by its nature associated with both known and unknown risks and uncertainty factors because it depends on future events and circumstances. Forward-looking information does not constitute any guarantee regarding future results or development, and the actual outcome may materially differ from what is stated in the forward-looking information.
iZafe Group AB ("iZafe Group") is pleased to announce the launch of Dosell version 3.0, the latest edition of our revolutionary medication robot, designed to optimize medication management for users worldwide. In connection with this launch, iZafe Group has also initiated a strategic move of its production to Central Europe in order to be able to scale up the production rate to larger volumes and shorten the delivery distances to existing partners.
The first production run of 1,000 pieces of Dosell version 3.0 has been successfully completed and delivered for the Dutch market, marking the starting point for this new and improved version. With, among other things, a more powerful processor and increased memory capacity, Dosell version 3.0 now enables a unified software platform regardless of geographical location or design of the sachet bag. This represents a significant improvement from previous versions that required extensive customization for each individual country and sachet type. In addition, the new version of Dosell 3.0 introduces several advanced features, including voice and expanded connectivity options, further improving the user experience and accessibility.
"The launch of Dosell version 3.0 is an important milestone for us. The new components in this version not only enable a higher and better performance of existing functions, but also open up a wide range of new and innovative functions in the future. All this, without significantly affect the production cost, thanks to the progress made in the component market since Dosell's first version was developed." Says Anders Segerström, CEO of Zafe Group.
This strategic investment in innovation and product development, together with the relocation of production to Central Europe, positions iZafe Group at the forefront of medical technology solutions. With Dosell version 3.0, iZafe Group can now offer an even more reliable and efficient medicine management solution, making it easier for users worldwide to take the right medicine at the right time.
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
iZafe Group AB ("iZafe Group") announces today that they have received an official order for 1,000 units of Dosell in accordance with the agreement announced on February 27, 2023. These units will be produced as soon as possible and are expected to be delivered to IVE Ventures ("IVE") in February 2024.
Earlier this year, iZafe announced an exclusive partnership with IVE, giving them the sole rights to sell and market Dosell medication robots in the Netherlands. According to this agreement, IVE committed to purchasing a minimum of 1,000 Dosell units each year for a three-year period to retain exclusivity. The total value of hardware purchases and license revenues over the first three years amounts to approximately 16 million SEK, with annual recurring license revenues of at least 6 million SEK thereafter.
"We look forward to continuing our partnership with iZafe Group and introducing Dosell to the Dutch market. This order for 1,000 units is a clear demonstration of our dedication to promoting innovative health and healthcare solutions," says Martijn Van Bree, CEO of IVE Ventures.
IVE's commitment to improving health and healthcare solutions and their dedication to Dosell is evident through their initial order of 1,000 Dosell units. Their promise to annually purchase at least 1,000 units to maintain exclusivity in the Dutch market reflects their strategic approach to strengthening their portfolio. With extensive experience in providing connected health and healthcare services since 2014, IVE has identified Dosell's potential to enhance and provide a reliable and secure medication solution to their customers in healthcare and alarm services in the Netherlands.
Extra bolagsstämman i iZafe Group AB, org. nr 556762–3391, ("Bolaget"), ägde rum idag den 21 december 2023.
Långsiktigt incitamentsprogram till vissa anställda
Vid extra bolagsstämman beslutades att godkänna styrelsens förslag till beslut om långsiktigt incitamentsprogram till vissa anställda.
Incitamentsprogrammet innefattar emission av högst 7 907 877 teckningsoptioner, jämt fördelade i tre olika serier A-C, vilka ger rätt att teckna sammanlagt 13 179 795 B-aktier i bolaget, vilket vid full tilldelning och teckning medför en utspädningseffekt om cirka 5% av antalet aktier i Bolaget och cirka 4,9 procent av antalet röster i Bolaget.
Teckning av B-aktier genom utnyttjande av teckningsoptionerna sker till kvotvärdet (0,20 kronor), dock förutsatt att aktiekursen för Bolagets B-aktie på Nasdaq First North Growth Market uppnår aktiekursmål baserade på volymvägd genomsnittskurs (VWAP) under de tio handelsdagar som föregår dagen för bolagsstämman. Om aktiekursmålet för respektive serie inte uppnås sker en väsentlig höjning av teckningskursen för B-aktier som medför att aktuell serie inte kommer att utnyttjas för teckning av aktier.
Teckningsoptioner av serie A och B ger rätt att teckna två B-aktier per teckningsoption, med teckningsoptioner av serie C ger rätt att teckna en B-aktie per teckningsoptioner.
Aktiekursmålen för serie A–C är uppgår till 250, 375 respektive 500 procent av VWAP under den aktuella perioden.
Deltagarna kommer att erhålla ett lika stort antal av teckningsoptioner av varje serie.
Överlåtelsen av teckningsoptioner till deltagarna kommer att ske till marknadsvärdet, fastställt enligt vedertagen värderingsmetod (Black & Scholes-modellen).
Deltagarna avses delvis kompenseras för kostnaden för förvärv av teckningsoptioner genom nettolönetillägg.
iZafe Group AB ('iZafe Group') announces that the award decision, which was announced on December 8, 2023, where iZafe Group won the procurement with Helsingborg Municipality for the delivery of Dosell medication dispensers, has now led to the city choosing to cancel the process. This decision is motivated by identified shortcomings in the municipality's procurement documents.
The previous press release was published on December 8, 2023, announcing that iZafe Group had won the procurement with a potential value ranging from 5.5 to 13.8 million SEK for 150–400 Dosell medication dispensers. The award decision was not legally binding.
Despite the interruption, iZafe Group remains optimistic and looks forward to showcasing its expertise once the procurement is resumed.
"It is regrettable that the procurement has been interrupted, but we see this as an opportunity to improve and continue our positive dialogue with Helsingborg Municipality. We are ready to participate again when the procurement is expected to resume in January 2024," says Anders Segerström, CEO of iZafe Group.
