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Phase Holographic: Interim Report May 2015 - January 2016


· Net sales and planned deliveries by the end of the period (9
months) amounted to 3.2 MSEK, 16 % higher than net sales during the
full fiscal year of 2014/15 which amounted to 2.7 MSEK.

· Net sales during the 3rdquarter amounted to 1.0 MSEK. The
Company's highest quarterly sales ever.

· The 3rdquarter gross margin rose to 55 %. The gross margin is
expected to increase further as additional products and product
modules are transferred to series production. During previous fiscal
year 2014/15 the gross margin amounted to 32 %.

· An extraordinary general meeting decided on a rights issue and a
private placement totaling 40 MSEK.


Net sales 1 004 (798) TSEK

Operating result (EBIT) -1 917 (-2 173) TSEK

Result before tax -2 023 (-2 223) TSEK

Net result -2 023 (-2 223) TSEK

Earnings per share -0.22 (-0.23) SEK

MAY 2015 - JANUARY 2016

Net sales 2 494 (2 153) TSEK

Operating result (EBIT) -5 647 (-5 836) TSEK

Result before tax -5 886 (-5 964) TSEK

Net result -5 886 (-5 964) TSEK

Earnings per share -0.60 (-0.86) SEK


Profitability reflects how efficient a company can produce and deliver
products to its customers. Seen from this perspective the Company has
until now only engaged in product development. We have indeed sold
close to 100 instruments, but from the greater perspective this is to
be regarded as pilot sales to generate customer feedback prior to
finalizing the product.

(see picture in enclosed pdf)

Series production of HoloMonitor M4.5

Market acceptance

The Company's instruments are today in operation in 50 cell
laboratories, which has resulted in over 40 scientific publications.
The Company's main product, HoloMonitor® M4.5, is now in series
production. Components are manufactured and kept in stock to provide
a steady flow of products from production to customers. Additionally,
series production significantly lowers manufacturing cost, which is
reflected by the rising gross margin.

Fund raising

Overall, we have now received the market confirmation which shows that
our products are ready for an aggressive marketing effort. We
therefore intend to raise funds of 40 MSEK to expand the market
organization, but also to transfer an increasing number of products
into series production to build the efficient flow of products which
leads to profitability.

To on our own create the global distribution capacity needed to
establish our products as standard equipment in cell laboratories is
very time consuming and resource demanding. Our marketing efforts
therefore target a limited number of key markets, and through an
accelerating penetration of these markets attract leading industry
players with global distribution capacity. The capital injection is
crucial for an expansion of the market and will give us financial
strength to in a subsequent stage and with a clear intension
successfully divest the business, to a value greatly exceeding the
value we see today.




3rdquarter net sales amounted to 1 004 (798) TSEK, an increase by 26 %
and the Company's highest quarterly sales ever. Year to date, net
sales increased by 16 % to 2 494 (2 153) TSEK.

Most customers now order HoloMonitor M4.5 with a motorized stage,
which has led to some initial delays of planned shipments. The
motorized stage, however, increases customer price with close to 70
%. Future revenues per sold instrument are thereof expected to
increase significantly. In total, planned shipments amounted to 745
TSEK by the end of the period.


The 3rdquarter gross margin rose to 55 %. The gross margin is expected
to increase further as additional products and product modules are
transferred to series production. During previous fiscal year 2014/15
the gross margin amounted to 32 %.

Net result for the 3rdquarter was -2 023 (2 223) TSEK and for year to
date -5 886 (-5 964) TSEK.


Investments were primarily made in product and production development,
foremost the motorized stage during the 3rdquarter. The development
work is conducted by in-house engineers in cooperation with external

Year to date, the Company has invested 4 095 (3 097) TSEK in product
and production development, 90 (138) TSEK in asset protection of
patents and trademarks, and 96 (-) TSEK in machinery and equipment.


An extraordinary general meeting on February 16 decided on a rights
issue and a private placement of respectively 25 069 TSEK and 14 950
TSEK, totaling 40 019 TSEK. 5.3 MSEK of rights issue is guaranteed
(conversion of bridge loan). The private placement is entirely
guaranteed. The issue price in both offerings is 23.00 SEK per share.


By the end of 2015 the Company was granted a 5.3 MSEK bridge loan,
which will be converted to equity in the decided rights issue. Cash
and equivalents and unutilized granted credits amounted to 4.9 MSEK
by the end of the period.


The Company has two option programs, both with a final subscription
date on October 24, 2017. The programs, directed to board members and
advisors of the Company, were implemented as the Company was listed
at AktieTorget. The options are market valued according to Black &
Scholes. One option entitles the holder to subscribe for one share.
The subscription prices are 14.00 SEK (190 000 shares) and 18.12 SEK
(40 000 shares), respectively. If all 230 000 shares are subscribed,
the share capital of the Company will increase by 46 000 SEK and the
equity by 3 384 800 SEK.


The Company may be affected by various factors, described in the
2014/15 Annual Report. These factors may individually or jointly
increase risks for the operation and result of the Company.


June 13, 2016 Year-end report 2015/16


From the fiscal year May 1, 2014 - April 30, 2015, the accounts are
prepared in accordance with the Annual Accounts Act and the general
advice of the Accounting Board BFNAR 2012:1 (K3). The application of
the new regulations has not implicated any requirement to restate the
comparative periods. BFNAR 2007:1 is applied in the preparation of
interim reports.


From the fiscal year May 1, 2015 - April 30, 2016, the income
statement is structured according to the functional format. This
change was made since the functional format is expected to provide a
more transparent picture of the Company's operating result
development. Aside from this, the same accounting principles have
been applied as in the latest annual report.


This interim report has not been subject to review by the auditors of
the Company.


Phase Holographic Imaging (PHI) leads the ground-breaking development
of time-lapse cytometry instrumentation and software. With the first
instrument introduced in 2011, the Company today offers a range of
products for long-term quantitative analysis of living cell dynamics
that circumvent the drawbacks of traditional methods requiring toxic
stains. Headquartered in Lund, Sweden, PHI trades through a network
of international distributors. Committed to promoting the science and
practice of time-lapse cytometry, PHI is actively expanding its
customer base and scientific collaborations in cancer research,
inflammatory and autoimmune diseases, stem cell biology, gene
therapy, regenerative medicine and toxicological studies.

On behalf of the Board of Directors
Peter Egelberg, CEO

For additional information, please contact:
Peter Egelberg
Tel: +46 703 19 42 74


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