After an extensive evaluation of the best options to secure FRISQs long-term economic stability and a broader introduction of individualized, interactive care plans that create value for both patients and healthcare staff in Sweden, the board of FRISQ Holding AB has accepted an offer to divest the operational business (in practice the subsidiary FRISQ AB) to Cambio Healthcare System AB (Cambio). The offer is divided into a purchase price of SEK 31 million upon closing and an additional purchase price of SEK 9 million within a 6-month period. The outstanding loans from Cambio of SEK 9 million will be deducted from the initial purchase price. The closing of Cambio's purchase is planned for December 1, 2022. From November 1, 2022 and until the closing of the transaction takes place, Cambio will assume the financial responsibility for FRISQ AB's operational business.
After completion of the transaction, FRISQ Holding's board of directors intends to acquire a new business with high potential to create good value for the shareholders that can replace FRISQ's current operational activities.
During the third quarter, the interest in FRISQ Care has increased significantly and it’s clear that many care providers are starting to look ahead again after the long period of strong covid focus. Both public and private healthcare providers have once again begun to request demonstrations of FRISQ Care and discussions to better understand how the system can create improvements for both healthcare staff and patients.
During the quarter, Capio Elderly and Mobile Care signed a new 4-year agreement to continue the successful, broad introduction of FRISQ Care in new care units.
With Cambio as the owner of FRISQ AB, I am convinced that FRISQ Care will reach public healthcare significantly faster and better and thereby contribute to fundamentally improving healthcare delivery, both in Sweden and abroad. I look forward to following this development in the coming years.
Mats Lindstrand, CEO FRISQ
Financial summary third quarter 2022
• Reported net revenue amounted to 1.2 mSEK (0.8)
• Earnings per share amounted to -0.2 SEK (-0.4)
• Cash-flow amounted to -1,5 mSEK (-19,9)
• Cash at the end of the period amounted to 0,4 mSEK (30,5)
• Comprehensive income amounted to -11,7 mSEK (-20,1)
Events during the quarter:
• On July 21, the company entered into a formal exclusive process with Cambio Health Care Systems AB (Cambio) to carry out a due diligence process with the purpose of being able to present a binding offer to FRISQ Holding's board regarding the acquisition of the subsidiary FRISQ AB.
• George Thaw resigned as CEO and was replaced by Mats Lindstrand. Per-Egon Johansson took over the role as chairman of the board of FRISQ Holding AB.
• The company entered a new 4-year agreement with an order value of SEK 1.6 million with Capio Elderly and Mobile care.
Events after the period:
• On October 11, the board of FRISQ Holding received a formally binding offer from Cambio of SEK 40 million to acquire FRISQ AB.
• Following a general meeting decision at the extraordinary general meeting on October 31, the board of FRISQ Holding decided to approve Cambio's bid to acquire FRISQ AB.
• Full year report to be published on February 16, 2023