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2020-02-25

Redsense: Year-end Report 2019 Redsense Medical AB (publ)

FULL YEAR, 1 JANUARY - 31 DECEMBER 2019

The Group

· Total operating income for the financial year amounted to kSEK
13,863 (8,702).

· Net sales for the financial year amounted to kSEK 13,265 (7,006).

· Operating result (EBIT) amounted to kSEK -3,742 (-6,829).

· Total equity amounted to kSEK 8,694 at the end of the period
(4,288).

· Cash and cash equivalents amounted to kSEK 8,645 at the end of the
period (3,439).

The Parent Company

· Total operating income for the financial year amounted to kSEK
10,228 (6,734).

· Operating result (EBIT) amounted to kSEK -4,002 (-4,712).

· Total equity amounted to kSEK 51,258 at the end of the period.

· Cash and cash equivalents amounted to kSEK 5,845 at the end of the
period.

FOURTH QUARTER, 1 OCTOBER - 31 DECEMBER 2019

The Group

· Net sales for the fourth quarter amounted to kSEK 3,967 (1,767).

· Operating result (EBIT) amounted to kSEK -973 (-2,728).

The Parent Company

· Net sales for the fourth quarter amounted to kSEK 2,907 (1,002).

· Operating result (EBIT) amounted to kSEK -1,100 (-2,184).

RESULT AND POSITION

The Group's result for the financial year 2019 amounted to kSEK -4,016
before taxes, or SEK -0.33 per share. The number of

shares outstanding was 12,174,914 as of 31 December 2019. Cash and
cash equivalents at the end of the period amounted to

kSEK 8,645.

Proposed appropriations of profit or loss

The Board of Directors and Chief Executive Officer proposes that no
dividend shall be paid for the financial year 1 January to 31

December 2019.

SIGNIFICANT EVENTS 1 JANUARY - 31 MARCH 2019

· PCT approval of the Redsense Catheter Patch, detecting blood leakage
from the central bloodline.

· Offset of loans raised in connection with directed new share issue.

· Announced the development of a prototype for Redsense's novel smart
wound care technology, where blood and exudate is

measured optically with a thin sensor layer.

· Patent approval in Sweden for the smart wound care technology.

· Major US dialysis provider successfully completed evaluation of the
Redsense blood leakage alarm.

SIGNIFICANT EVENTS 1 APRIL - 30 JUNE 2019

· Collaboration agreement with Physidia, a French dialysis company
focusing on the home hemodialysis market - Physidia

commits to integrate Redsense, enabling automatic stop when blood
leakage is detected.

· Dr. Maria Alquist elected to the Board of Directors.

· Changed list for trading to Spotlight Stock Market.

· Patent approval in Canada for the blood leakage alarm.

· Article published in Hemodialysis International in collaboration
with the University Health Network in Toronto.

SIGNIFICANT EVENTS 1 JULY - 30 SEPTEMBER 2019

· PCT application based on Swedish patent for smart bandage submitted.

· Orders exceeding MSEK 4 in value obtained from the USA in July and
August.

· Submitted patent application for new technology derived from the
existing smart bandage and stand-alone, applicable in

different industries.

· Targeted share issue of 8,5 MSEK to accelerate expansion, meet
increased demand, as well as develop and commercialize

previously evaluated blood clamp prototype.

· Increased use of Redsense among top dialysis providers in the USA.

· Initiative to facilitate reporting of venous needle dislodgement
presented together with European Nurses Association.

SIGNIFICANT EVENTS 1 OCTOBER - 31 DECEMBER 2019

· Received kSEK 500 funding from Vinnova to develop AI-driven wound
monitoring software.

· Received international patent opinion regarding the Company's first
smart wound care invention, with all claims found to be

novel and have "inventive step".

· Redsense offsets loan raised in connection with directed share
issue.

· Ann-Marie Eriksson recruited as the Company's new Chief Technology
Officer, responsible for R&D, quality systems and

securing supply chain input.

· Supply chain optimizations to increase production capacity, improve
efficiency and improve response time.

SIGNIFICANT EVENTS AFTER THE PERIOD

· Offset of loans raised in connection with directed new share issue.

· Influx of new orders to a combined value of more than MSEK 1.5
during the first days of January.

COMMENTS FROM OUR CEO

A near-explosive growth in sales

As we close the book on 2019, the strong level of sales and the
significant build-up of commercial momentum feels like the most
characteristic feature of the year. The pace has continued to
increase throughout the year, and we have marked new record levels
quarter by quarter; our sales during the last two quarters doubled
compared to the corresponding period the preceding year, and sales
for the fourth quarter increased by no less than 150 percent compared
to Q4 2018.

United States is leading the way

Our current sales growth is primarily driven by the US home
hemodialysis market. To a large extent, this can be attributed to the
surge in nocturnal home hemodialysis treatments. In turn, this is
facilitated by the US government's focus on the matter, with larger
US dialysis providers following suit and communicating the intention
to step up their home dialysis operations. We are convinced that this
trend will continue, as it provides a number of benefits for the
patients as well as cost savings for society. Furthermore, there is
still a vast market potential waiting to be unleashed when doctors
and caregivers embrace the advantages fully.

Demand from caregivers is rising rapidly as well; awareness is
spreading that Redsense provides a cost-efficient life insurance as
well as a mean to free resources for more qualified care tasks.

Europe coming into place

In the European market, the sales and marketing structure is steadily
falling into place, and we are strengthening our partnerships with
distributors and healthcare providers. Sales from the Netherlands and
the UK are increasing, and our distributors are promoting and
evaluating needs across the continent.

A very important development is that we have obtained a new PAS 63023
integration. We have entered into a cooperation agreement with the
French home hemodialysis machine manufacturer Physidia, which will
become the second monitor manufacturer to include a direct connection
to Redsense in accordance with the standard.

We have also announced a new project with the EDTNA to create a tool
for nurses and other care-givers, making it easy to report VND events

Novel wound care progresses

Work on the new smart wound care technology platform is continuing
effortlessly. Promising lower costs of care and more individual
treatment, this product specifically puts the advanced wound care and
burn wound care markets within the Company's reach. A prototype with
fully functional optical measuring has been developed and tested
during the year.

We aimed from the start to create a strong patent protection in
parallel with the development effort, and received patent approval in
Sweden during Q1. Based on this, a PCT application for the Smart
Bandage was submitted in August, and in Q3, we received the written
patentability opinion with all claims found to be novel and
non-obvious. The invention was also deemed industrially applicable -
thus an entirely positive result. We will proceed to nationalize the
PCT application in regions of interest.

There has been significant interest in the technology from major
international players in the wound care segment, and we are engaging
in discussions with them while we continously look at how to develop
the method and device into new technology areas. We have received a
grant from Vinnova, Sweden's government agency for innovation, to
develop an AI-driven wound monitoring software to process sensor
data.

Meticulously preparing for further growth

In early May, the share was re-listed on the Spotlight Stock Market.
The rationale for this decision was that it allows us to better
allocate resources to where they matter most - the company's growth.

In January, Ann-Marie Eriksson joined the Redsense team in the role as
new Chief Technology Officer. She will lead the R&D projects, a
pivotal task as the smart wound care platform is developed into a
comprehensive solution. She will also manage the quality systems, and
will be a great asset in our preparations to meet the upcoming
European regulatory requirements that will enter into force in mid
2020.

The higher-than-projected orders have put quite some stress on our
supply chain, and we have responded with a set of measures to
strengthen it. Sensor production has been streamlined, resulting in a
doubling of capacity, and other optimizations will allow us to
quickly scale up production capacity to cover peak demand.

Future outlook

At this point, we are looking to the future with great optimism and
confidence. Demand is looking solid moving forward, and we are
proactively strengthening our supply chain to keep up, in an ongoing
effort. Meanwhile, we are proceeding to pursue our patent strategy,
develop the technology, and strengthen the integration with
hemodialysis providers. We are also looking forward to the
international patent opinion regarding our second invention, due in
March. We have come a long way towards establishing the Redsense
alarm system as a standard protection measure in hemodialysis care.

For more information, please contact:

Patrik Byhmer, CEO Redsense Medical AB (publ)
Phone: +4670-357 21 64
patrik.byhmer@redsensemedical.com

ABOUT REDSENSE MEDICAL

Redsense Medical is a corporate group with operations mainly in Europe
and the United States. The company has developed the Redsense System,
an innovationused for monitoring and alarm in the case of blood
leakage in connection with a hemodialysis treatment. Redsense Medical
solves one of the most serious remaining safety problems within
hemodialysis - to quickly detect Venous Needle Dislodgement and
catheter leakage to minimize blood leakage. The system consists of a
patented fiber optic sensor, designed for either venous needle or
central venous catheter, which is connected to an alarm unit. From
the very start, the development of the company's technology has been
based on the demands and saf...

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