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2021-09-15

Nightingale Health Plc Financial Statements Release 1 July 2020 - 30 June 2021

Nightingale Health Plc Financial Statements Release 1 July 2020 - 30 June 2021 (unaudited)

Company Release, 15 September 2021 at 9:00 a.m. (EEST)
Nightingale's Financial Statements Release: International growth through the IPO

This release is a summary of Nightingale Health Plc's Financial Statements Release from financial year 1 July 2020 - 30 June 2021. The full Financial Statements Release is attached to this release.

Numbers presented in brackets refer to corresponding year-on-year period unless otherwise stated.

January-June 2021 key financials

  • Revenue was EUR 1.07 (1.23) million
  • EBITDA was EUR -2.60 (-1.37) million
  • Operating profit (loss) was EUR -2.88 (-1.48) million
  • Net income (loss) for the period was EUR -8.19 (-1,67) million
  • Unadjusted earnings per share (EPS) was EUR -0.16 (-0.05)
  • Cash and cash equivalents at the end of the period were EUR 113.81 (0.90) million
  • Nightingale raised gross proceeds of EUR 110 million in its initial public offering

July 2020-June 2021 key financials

  • Revenue was EUR 2.08 (1.78) million
  • EBITDA was EUR -4.75 (-3.11) million
  • Operating profit (loss) was EUR -5.22 (-3.34) million
  • Net income (loss) was EUR -11.19 (-3.73) million
  • Unadjusted earnings per share (EPS) was EUR -0.27 (-0.11)

Significant events during financial year July 2020-June 2021

  • During July-September 2020, Nightingale's blood analysis technology was used in ground-breaking new medical research analysing samples from UK Biobank. Among the research findings a connection was detected between the blood biomarkers measured by Nightingale and the serious form of the COVID-19 infection.
  • In December 2020, Timo Soininen was appointed as Chairman of the Board of Directors.
  • In January 2021, Leena Niemistö was appointed to the Board of Directors. Nightingale was also granted the information security certification ISO27001.
  • In February 2021, Nightingale and Estonian Biobank started a strategic collaboration aimed at bringing Nightingale's technology for national use in Estonia. Additionally, Nightingale announced the acceleration of the availability of its at-home blood testing solution by launching an early-access pilot for 10,000 consumers in Finland.
  • In March 2021, trading in Nightingale's Series B shares commenced on the Nasdaq First North Growth Market Finland marketplace. The company raised gross proceeds of approximately EUR 110 million in the IPO.
  • In April 2021, Nightingale's fully owned subsidiary received clinical laboratory certification in Japan. Additionally, Nightingale entered into a strategic partnership with Finland's largest health service company Terveystalo. Nightingale also entered into a service agreement with Mitsui & Co., Ltd.'s subsidiary Welltus to sell health and well-being services in Japan.
  • In May 2021, Nightingale formed a strategic partnership with Europe's leading software development and design company Reaktor to accelerate Nightingale's international growth.
  • In June 2021, Nightingale successfully completed the first stage of its at-home blood testing pilot. Nightingale also secured the global scalability of its at-home blood testing solution by partnering with world leading at-home blood collection device manufacturer Weavr with new commercial terms and a minority investment.

Key figures

EUR thousand Group
1-6/2021 1-6/2020 2020-2021 2019-2020*) 2018-2019*)

Revenue 1,068 1,228 2,081 1,781 2,063
EBITDA -2,601 -1,365 -4,752 -3,116 -3,555
Operating -2,883 -1,478 -5,222 -3,342 -3,783
profit (loss)
Net income -8,186 -1,672 -11,192 -3,731 -4,020
(loss) for the
financial
period
Equity ratio, % 94% 37% 94% 37% 40%
Net debt to -87% 56% -87% 56% 14%
equity ratio, %
Balance sheet 134,191 23,791 134,191 23,791 14,405
total
Number of 58 97 76 92 61
employees on
average
Personnel 1,663 969 2,649 1,639 2,150
expenses
Investments in 1,751 4,660 3,134 8,186 3,045
tangible and
intangible
assets
Cash and cash 113,807 905 113,807 905 6,473
equivalents at
the end of the
financial
period
Earnings per -0,16*** -0,05 -0,27*** -0,11 -0,12
share (EPS),
undiluted and
diluted**, EUR

*) Unaudited Group-level figures calculated for the IPO-related offering circular.
**) The company's potential dilutive instruments consist of EMP shares and stock options. As the company's business has been unprofitable EMP shares and stock options would have an anti-dilutive effect and therefore they are not taken into account in calculating the dilutive loss per share. Thus, there is no difference between the undiluted and diluted earnings per share.
***) IPO-related costs have been taken into account in the profit (loss) used in the earnings per share calculation.

CEO Teemu Suna: World-class achievements

We founded Nightingale to create a more intelligent and proactive way to take care of health. Our mission is to bring advanced medical tools within everyone's reach to enable longer healthy lives. Since founding the company, our objective has been to create world-leading preventative health tools. The journey towards our goals requires the ability to make rapid progress and to achieve world-class results.

Our blood analysis technology has been proven to be top of its class internationally. The viability of the technology has been validated extensively by more than 300 peer-reviewed studies, and it has passed the stringent EU-wide regulatory requirements for medical devices.

During the financial period that ended in June 2021, we successfully leveraged the excellent international position of our technology and received considerable support for our growth through the listing on Nasdaq Helsinki's First North Growth Market Finland. In practice, this has enabled rapid progress in several markets.

In Finland, the largest health care service provider Terveystalo decided to start using Nightingale's blood analysis technology. Terveystalo will launch a new service utilizing Nightingale's technology to all its customers in autumn 2021. The aim is to provide customers with new kind of health information through a wellness service that is not available elsewhere. The collaboration is a significant step forward that demonstrates the suitability of Nightingale's technology in large-scale use in health care services.

In Estonia, the use of Nightingale's technology is moving forward towards nationwide scale. A strategic partnership with the Estonian Biobank includes an agreement on the analysis of 200,000 Estonian samples. The Estonian Biobank samples broadly represent the distribution of Estonia's population and thus create excellent circumstances for expanding the use of Nightingale's technology to the national level. We expect the partnership in Estonia to be a considerable breakthrough in our mission to make Nightingale's technology a tool for promoting the health and well-being of entire populations.

In the United Kingdom, Nightingale's collaboration with UK Biobank, the world's most famous and extensive health data bank, has produced novel medical breakthroughs during the financial period. The new discoveries include, among others, a connection between blood biomarkers measured by Nightingale and severe form of the COVID-19 disease. Nightingale has agreed upon the analysis of all 500,000 UK Biobank samples, and the benefits of the strategic partnership are expected to significantly accelerate both top medical research globally and the use of Nightingale's technology in preventive health and well-being applications.

We commenced operations in Nightingale's laboratory in Japan. Achieving clinical laboratory certification enabled us to launch commercial services in Japan. We signed an agreement on the sale of health and well-being services with Welltus, a subsidiary of the Japanese conglomerate Mitsui & Co., Ltd. Japan has very stringent quality requirements for health services, which makes the successes we achieved during the financial period a considerable step forward as we expand our commercial operations to new, significant markets.

In the United States, Nightingale deepened its strategic partnership with Weavr Health, one of the leading global manufacturers of at-home blood collection devices. The partnership ensures the international scalability and availability of Nightingale's at-home test. The agreement is especially noteworthy, as we believe that preventive health care services should extend to people's everyday lives and that the best possible health information should be accessible at home. During the financial period, we started an extensive at-home testing pilot, and the aim is to launch a commercial service based on the at-home testing solution during the financial period that began in July 2021.

I am extremely proud of and want to thank the Nightingale team, who have successfully adapted to operating as a publicly listed company and achieved major objectives during the financial period. This creates an excellent basis for us to continue building Nightingale towards international success, and I am very excited about what we can achieve during the current financial year 2021-2022.

Finally, I would like to thank all our partners, shareholders and customers for their cooperation and sharing our important mission. We have set very high goals for ourselves, and achieving them will require a lot of work, but I am very confident about our future - the technology that we have developed will provide us with a true opportunity to build a healthier world.

Teemu Suna
CEO and founder, Nightingale Health Plc

Business targets for financial year 2021-2022

Nightingale's business targets for the financial year 2021-2022 are:

  • FDA (U.S. Food and Drug Administration) approval (set during the IPO and target timeline remains unchanged)
  • FDA approval enables the use of Nightingale's analysis technology in health care applications in the United States.

  • Launching a new version of the company's mobile application (set during the IPO and target timeline remains unchanged)

  • The new version of the mobile application will contain a more holistic view of health and an at-home test integration.

  • Launching a commercial service based on the at-home test

  • By combining Nightingale's analysis technology and at-home test capability, it is possible to create quickly scalable health and wellbeing services that do not depend on the customer visiting a laboratory.

  • Signing an international commercial partnership agreement

  • Nightingale expects its next commercial agreement to be a significant international agreement that increases the number of users of the company's health and well-being services.

  •  Reaching an order book of EUR 5 million by the end of the financial year

  • The order book is expected to contain commitments from business partners as well as recurring revenue from customers using a continuous subscription service.

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