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2021-09-09

PRESS RELEASE 9 SEP 2021 Modulight Inc. is planning a listing on Nasdaq First North Growth Market Finland

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR IDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, NEW ZEALAND, AUSTRALIA, JAPAN, HONG KONG, SINGAPORE OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

Modulight Inc. (”Modulight” or the “Company”), a Finnish high-technology company, that has more than 20 years of experience operating in the field of advanced technologies, such as medical devices, semiconductors, lasers, and gene sequencing as well as many other fields of technology, announces that it is planning an initial public offering (the “Offering”) and a listing of its shares on Nasdaq First North Growth Market Finland maintained by Nasdaq Helsinki Ltd (the “Listing”).

The Offering and the Listing are expected to increase the general interest of investors, business partners and customers towards Modulight as well as to enhance the Company’s ability to attract and retain key personnel. Furthermore, the Offering will provide the Company with an access to capital markets and it is expected to broaden the Company’s ownership base with domestic and international investors as well as to allow a liquid market for the Company’s shares. The objective of the Offering is to enable the implementation of the Company’s growth strategy and to continue and accelerate investments. In addition, The Company estimates that the proceeds raised through the Offering will provide the Company with increased financial flexibility to pursue growth opportunities in accordance with its strategy.

In the contemplated Offering, the Company aims to raise gross proceeds of approximately EUR 60 million from the share issue, in addition to which certain current shareholders of the Company intend to sell their shares. The Company intends to use the proceeds of the share issue for additional investments to tangible and intangible assets, various corporate restructurings and acquisitions, geographical expansion of the Company and its business, and strengthening the Company’s working capital.

Certain funds managed by Didner & Gerge Fonder AB, Evli Fund Management Company Ltd, Mandatum Asset Management Ltd, SEB Investment Management AB, Swedbank Robur and Teknik Innovation Norden Fonder AB (Tin Fonder) respectively as well as Varma Mutual Pension Insurance Company (jointly the “Cornerstone Investors”) have, subject to certain conditions, committed to participate in the Offering and to subscribe for shares in the Company amounting in total to EUR 61.5 million at the final subscription price, provided that the valuation of all outstanding shares in the Company prior to the share issue at the final subscription price does not exceed EUR 205 million.

Modulight in brief

Modulight Inc. is a leading laser technology company that designs and provides lasers and solutions for medical and biomedical applications as well as for selected high value-added niches. Company offers related equipment, software and services to medical technology companies and target markets around the globe. Modulight's products are used worldwide by many Fortune 500 companies, pharmaceutical companies, and leading cancer centers and universities. Modulight's revenue was EUR 10.1 million in 2020, increasing by 40 percent from the previous year. The Company's EBITDA in 2020 was EUR 5.8 million and the EBITDA margin was 58 percent. Modulight was founded in 2000, it employs approximately 70 people and is headquartered in Tampere, Finland.

Modulight’s strategy

The Company’s management believes that the following factors in particular are the Company’s key strategic priorities in achieving its business targets:

  • Expanding manufacturing capability: The Company has decided to expand its manufacturing capacity in order to cater to the increasing customer demand. The Company is currently executing a EUR 23 million investment program, which the Company started in 2019, and which the Company expects to be completed in 2022.
  • Geographical expansion: The Company plans to expand its geographical presence in key areas in the United States, for example in Silicon Valley and the East Coast, and pursue selected market opportunities in Asia, such as China and Japan.
  • Expansion of offering to other indications: The Company’s strategy is to expand its offering to cover other indications by, among other things, developing the laser technology used for glioblastoma to be used also for urology and prostate cancer. The Company also intends to expand the ophthalmic platform to other indications and treatments like glaucoma and refractive surgeries. The Company also plans to extend its medical device platform to other application fields, including endoscopes and dental.
  • Expansion within cloud analytics: The Company’s strategy is to further develop its cloud-based analytics with a focus on improving the efficacy of the treatments using the Company’s equipment and the final treatment outcome.
  • Continued investments into laser technology: The Company’s strategy is to continue investing into high-power single-mode laser technology to further increase the gap to competition, as well as support, for example, the development of next-generation cancer lasers, next-generation sequencing, sensing and quantum computing.

Modulight’s key strengths

The Company’s management believes that particularly the following factors are its key strengths and represent competitive advantages:

  • Over 20 years of experience and know-how in laser and medical technology
  • Cloud-connected laser platforms offering scalability and improving treatment efficacy
  • Impressive customer base consisting of leading medical technology companies
  • Significant market opportunity in medicine supported by synergistic opportunities in industrial applications
  • Strong financial track-record

Seppo Orsila, CEO of Modulight and the Chairman of the Board of Directors:

Our growth has been strong and profitable in recent years. The listing is a natural continuation of this development, increasing the opportunities to further invest in growth and in the development of new treatments using laser technology. We believe that the listing increases the recognizability of Modulight, increases the number of customers, contributes to growth of revenue and, above all, enables a better life and individual care to those who need it.”

Modulight’s long-term goals

The Company has the following long-term commercial goal:

  • advance to the extensive commercial commissioning stage vis-à-vis its products[1] with three of its clients by the end of 2023.

In addition, the Company has the following long-term financial goals:

  • maintain a high rate of revenue growth; and
  • maintain a high degree of profitability.

[1] The Company generates most of its current revenue from the products currently in the development stage and the Company defines the extensive commercial commissioning stage to have actualized once the Company’s revenue for the product/customer in question exceeds EUR 10 million.

Modulight’s key financial information

Key performance indicators(1For the six months ended 30 JuneFor the financial years ended 31 December
EUR thousand, unless otherwise indicated20212020202020192018

(unaudited, unless otherwise indicated)




Revenue4,5603,67310,062(27,192(26,174(2
Earnings before interest, taxes, depreciation, and amortization (EBITDA)3,1581,9225,7874,4573,229
EBITDA-%6952586252
Operating result2,6051,3634,712(22,937(22,447(2
Operating result-%5737474140
Earnings from the period2,0221,0773,732(21,888(22,287(2
Earnings per share (EUR)0.070.040.120.060.07
Acquisition & scrapping of fixed and intangible assets-1,818-685-2,068(2-1,683(2-1,339(2
Free cash flow from operating activities1,3401,2373,7192,7731,890
Cash and cash equivalents (at the end of the period)2,3131321,784(2<...
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