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2020-10-23

Episurf: Interim Report 1 July - 30 September 2020

"I am pleased with the performance during the third quarter of 2020. First and foremost, we experienced a continued increase in the clinical usage of the Episealer® technology, best evidenced by a record 88 Episealer® orders approved. This figure represents an increase of 57% compared to the same period in 2019, and a 76% increase compared to Q2 2020. We have increased the number of users during the year, and surgeries have taken place 12 countries during 2020. We are creating a strong foundation for the future, and I believe this growth is impressive during the experimental and clinical phase, and we must not forget the current pandemic and its impact on elective surgeries", says Pål Ryfors, CEO Episurf Medical.

Third quarter 2020 compared to 2019, Group

  • Gross order intake amounted to SEK 1.8m (1.4), an increase of 26%. We experienced a 57% increase in orders for Episealer® implants during the quarter with 88 (56) approved orders
  • Order backlog amounted to SEK 1.6m (1.5), an increase of 6%
  • Group net sales increased by 33% to SEK 1.5m (1.1)
  • Loss for the period amounted to SEK -15.4m (-17.5); the decreased costs during the quarter are primarily due to SEK 2.0m lower cost for the EPIC-Knee study
  • Earnings per share amounted to SEK -0.08 (-0.19)

First nine months 2020 compared to first nine months 2019, Group

  • Gross order intake amounted to SEK 4.3m (4.0) an increase of 7%
  • 48% increase in orders for Episealer® implants during the first nine months with 206 (139) approved orders
  • Group net sales decreased by 3% to SEK 3.5m (3.6) during the first nine months
  • Loss for the period amounted to SEK -47.7m (-51.1)
  • Earnings per share amounted to SEK -0.32 (-0.86)

Significant events during the third quarter

  • Results from Swedish multi-centre clinical trial with follow-up of 30 Episealer® patients was accepted for scientific publication
  • Results from European multicenter study with follow-up of 80 Episealer® patients was accepted for scientific publication
  • Episurf Medical provided long-term market share targets for the Episealer® knee technology in the initially prioritised markets
  • Episurf Medical became an approved supplier to BMI Healthcare, the largest hospital provider in the UK
  • Episurf Medical received patent approval in Europe
  • Episealer® implants were approved for sale in France
  • Episealer® surgery in France and Poland was scheduled, which constitute new markets for Episurf
  • First surgery was performed in Episurf Medical's IDE study for the Episealer® Knee implant
  • Episurf Medical reached a milestone of 800 approved implants

Significant events after the third quarter

  • The first Episealer® surgery was performed in the US
  • Episurf Medical entered into a distribution agreement for additional markets in Asia
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