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2016-05-12

Bactiguard Holding AB (publ): Interim report for Q1 2016

Bactiguard started the year by increasing sales of its own product
portfolio and delivered approx. 87,600 units, which is more than half
of the total volume in 2015. License revenues were lower due to the
adjusted order from C.R Bard, but as of March the order situation is
back at a stable level. Operating profit was negative, but mayor
payments of accounts receivable contributed to a positive cash flow.

First quarter (January-March 2016)

· During the first quarter, a total of approx. 87,600 (4,650) BIP
products were delivered, 100 % of which generated revenues.

· Revenues amounted to SEK 26.0 (29.0) million. The decrease is
mainly related to the adjustment of the additional one-off order from
C.R. Bard which led to lower license revenues in the quarter.

· EBITDA amounted to SEK -1.6 (0.2) million.
· Operating profit amounted to SEK -9.9 (-7.9) million.
· Reported net profit amounted to SEK -11.2 (-3.6) million,
corresponding to SEK -0.34 (-0.11) per share. Net profit for the
quarter has been positively affected by market valuation of the bond
of SEK 0.7 (6.9) million.

· Operating cash flow for the quarter amounted to SEK 1.8 (-8.7)
million, corresponding to SEK 0.05 (-0.26) per share. Major payments
of accounts receivable contributed to the positive cash flow.

Key events during the first quarter

· First order from China of 100,000 units
· Bactiguard wins tender in Halland
· Laboratory study indicates that Bactiguard's coating may reduce
the risk of thrombosis

· Minister of Enterprise and Innovation inaugurated Bactiguard's
headquarters

Key events after the end of the first quarter

· Research grant aimed at developing a new generation of vascular
access catheters

· New clinical study to help people with spinal cord injury
Comments by the CEO
It is encouraging to report that we start the year by increasing sales
of our own portfolio of infection prevention products for the
healthcare sector. The largest shipment went to India as a result of
the order we received during the fourth quarter of 2015. We have also
made an initial partial delivery of the order we received from China
in January, in connection with the product approval. The remaining
part of this order will be delivered during the second quarter of
2016. Furthermore, a considerable volume of products were shipped to
the European market during the quarter, which means that we are
expanding the number of markets and regions that regularly order
products. During the first quarter we delivered approx. 87,600 units,
which is more than half of the total volume in 2015. Thereby, we are
well on our way towards our goal of at least doubling the sales
volume this year.

Compared with the first quarter of 2015, however, we have lower
revenues. This is explained by lower revenues from C.R. Bard, which
is a direct result of the adjustment of the one-off order we received
in 2015. The adjustment meant that part of the additional order has
been used for regular production, which has affected subsequent
deliveries in a negative way. The main impact of this adjustment was
felt in the fourth quarter of 2015, but it also affected the first
quarter of this year. As of March, the order situation is back at a
stable level, which is positive.

In addition to increasing sales volumes and revenues, we focus on
keeping costs under control to generate positive earnings and cash
flow. Costs are developing according to plan, but the lower revenues
mean that we despite this report a negative EBITDA.

In sales- and marketing, we have had an intense quarter, particularly
with preparations for the launch of our urinary catheters in the
Chinese market. The extent of the launch in China has no equivalent
in Bactiguard's history. Our distributor Jian An has some 1 500 sales
reps and product specialists, who will be trained prior to
approaching the Chinese hospitals. In India, sales- and marketing
activities have also accelerated. We have participated in two major
congresses for specialists, established dealers in several
metropolitan areas, started deliveries to end customers and expanded
the clinical study involving a total of 1000 patients, at six
different hospitals.

In Sweden, work has intensified and we now have two full-time sales
reps in the market. In February we received confirmation that we have
won a tender for incontinence products in Region Halland, which now
includes anti-infective products within their range of products.
Bactiguard's urinary catheters can be ordered within the framework
agreement, which enters into force on October 1, 2016. We see a trend
in increasing demand for anti-infective products from other Swedish
counties.

The clinical evidence has strengthened in a new area in the quarter. A
laboratory study by researchers at the Karolinska Institute and
Bactiguard indicates that the Bactiguard technology, in addition to
reducing the number of infections, may also reduce the risk of
thrombosis (blood clots). The study, published in the Journal of
Biomedical Materials in January, was welcomed by the market and paves
the way for in-depth studies of the effect on this serious condition
for the patient. In late April, another clinical trial was initiated,
for a new group of patients, together with the Centre for Spinal Cord
Injury in Stockholm. The purpose of the study is to evaluate
Bactiguard's anti-infective catheter, to improve the quality of life
for patients with spinal cord injuries.

The cooperation with our new license partner in orthopaedic implants,
Vigilenz Medical Devices, is in full progress and the process of
product approval has been initiated. The debate and reporting on
superbugs and antibiotic resistance have been accentuated and get
broad exposure in all media. This combined with the fact that we have
allocated more internal resources and have started working in a new
therapeutic area has opened up for new potential partnerships and
licensing opportunities.

Politically, we have received considerable attention during the spring
and the interest in Bactiguard from a local and labour market policy
perspective has been great. In March, the Minister of Enterprise- and
innovation, Mikael Damberg and the Mayor of Botkyrka, Mrs Ebba
Östlin, inaugurated our headquarters. Bactiguard's collaboration with
Samhall has been highlighted as a role model in several different
contexts, of which we are very proud.

In April the Swedish government presented a new strategy to combat
antibiotic resistance, where prevention is at the top of the agenda.
Governments around the world have taken similar initiatives in
promoting the subject, which is to be discussed at a high-level
meeting in the UN General Assembly this autumn. Antibiotic and other
forms of antimicrobial resistance is a major and growing threat to
both human and animal health, as well as the economy and trade, where
Bactiguard's solutions for infection prevention can contribute to the
solution to this global challenge. Our main goal is to win the war
against healthcare associated infections.

Christian Kinch
CEO

The interim report for Bactiguard Holding AB (publ) for the period
January-March 2016 is available as a PDF at www.bactiguard.com

A telephone conference for investors, analysts and media will be held
at 10:00 CET today, where

CEO Christian Kinch and CFO Fredrik Järrsten will present the interim
report and answer questions.

To participate in the conference, please dial +46 8 566 427 00

This is information that Bactiguard Holding AB (publ) is required to
publish in compliance with the Swedish Securities Market Act and/or
the Financial Instruments Trading Act. The information was submitted
for publication on May 12, 2016, at 08.00.

For further information, please contact:
Ulrika Berglund, Head of External Affairs, mobile: +46 708 800 407

About Bactiguard
Bactiguard is a Swedish medtech company with a global presence,
offering a solution that prevents healthcare associated infections
caused by medical devices. By preventing infections, we contribute to
a reduced use of antibiotics and the spread of multi-resistant
bacteria, which is a growing problem worldwide. We save lives,
increase patient safety and significantly reduce the cost for the
healthcare and society. Our technology is well-proven, safe and
tissue friendly and consist of a thin layer of noble metals that
prevents bacterial growth. The coating can be applied on almost all
medical devices. Bactiguard-coated urinary catheters are market
leading in the US and Japan and the company has also its own product
portfolio consisting of Foley catheters, central venous catheters and
endotracheal tubes. Bactiguard is a growth company, focused on
markets in Europe, Middle East, Asia and Latin America. The company
has about 60 employees worldwide, mainly at the headquarters in
Stockholm and the production facility in Malaysia and is listed on
Nasdaq Stockholm. Read more about Bactiguard at www.bactiguard.com

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