During the quarter, Sweden approached the healthcare crisis we’re now in, and the summer months have been extremely challenging in many parts of the country. The health care situation means that the need for solutions that can help relieve the system without lowering the quality of care is both great and clear. We know that FRISQ can contribute to this and that became clear to many who listened to Capio's seminar at Vitalis where they highlighted some of the benefits of FRISQ, including increased patient involvement, increased quality of care and higher productivity.
Our financial situation has made us evaluate various alternatives for us to have a stable financial foundation to stand on. We are in a phase where the business has really started to take off; the newly signed agreements with some of Sweden's largest private care providers are good proofs of this. While we see a big need and a greater demand for what we offer, we also need to invest to continue developing our software and to be able to add more talent to the implementation-, sales-and development teams.
The exclusive process with Cambio that was initiated and announced in July regarding a possible divestment of FRISQ's operational activities is an interesting alternative because it would not only mean a stable financial basis for the company -it would also provide an opportunity to further develop the offer and scale faster, not least within public care where the largest part of the healthcare resources is. A divestment would also mean that we could offer more of an integrated solution together with one of the leading EMR systems in the Nordics and thus contribute to overcoming some of the fragmentation we see in the market today.
I have taken on the role as temporary CEO during the process and Cambio has offered a loan that secures the short-term need for capital. We look forward to continuing discussions and plan to close the transaction in Q3.
Mats Lindstrand, CEO, FRISQ
Financial summary Second Quarter 2022
- Reported net revenue amounted to 1.3 mSEK (0.8)
- Other revenue amounted to 0.1 mSEK (0.7)
- Earnings per share amounted to -0.2 SEK (-0.4)
- Cash-flow amounted to -4.6 mSEK (-18.8)
- Cash at the end of the period amounted to 2.0 mSEK (50.4)
- Comprehensive income amounted to -15.2 mSEK (-21.4)
Events during the quarter:
The Company has carried out a rights issue. Intotal 2,236,015 shares were subscribed, corresponding to approximately 18.65 percent of the Rights Issue. The Rights Issue thus provides the Company with approximately SEK 2.2 million before deductions of costs related to the Rights Issue.
Events after the period:
The Board of Directors of FRISQ Holding AB (FRISQ”) has decided to enter into a formal exclusive process with the objective to divest its operative business to Cambio Health Care System AB (“Cambio”). After several months of exploring the best options to secure the continued development of FRISQ, the Board has decided to accept a proposal from Cambio. Both parties see large synergies in a potential deal and are optimistic about achieving a successful transaction.
- Third quarter report for 2022 to be published on November 10, 2022
- Full year report to be published on February 16, 2023