Dear FRISQ Shareholder,
As we are closing in on a new year, most of us cannot wait to have 2020 over and done with. The planet was hit by its worst pandemic in 100 years which led to innumerable tragedies with scores of people unwell, seriously ill or even worse. Many of us know someone who was infected and maybe even hospitalised. Let us keep this in perspective as we summarise the past year.
Being in the health care industry, covid-19 clearly affected FRISQ’s business. Global health, hospital and intensive care was placed on full alert and became in in many cases completely overwhelmed. Evaluating and implementing new digital solutions was not on top of the minds of our existing and potential customers. They were acutely busy saving lives.
Having said that, 2020 still offered some important steps in FRISQ’s development:
· In April, FRISQ signed an agreement with Lund University according to which the world leading Department of Psychology will use FRISQ Care in its research on mental illness.
· Also in April, a report commissioned by the Swedish government identified FRISQ as the only provider of the only technical solution needed to fulfil the requirements of the so-called “Patient Contract”. The Patient Contract (patientkontraktet) is a proposed legislation to ensure that all caregivers and patients have access to the care that has been determined is appropriate for the individual. I see this as a potential game-changer with massive implications for our entire industry and that will ultimately benefit the patients hugely. FRISQ Care is currently the only provider that can enable such a program.
· In June, Ryggkirurgiskt Centrum (RKC), Sweden’s second largest spinal surgery clinic, announced that it will implement FRISQ Care in all its processes. The clinic has since 2019 used our solution to optimise patient care before and after surgery. This is an important proof of concept.
· In August, FRISQ signed a development, maintenance and support agreement with the Western Swedish Västra Götalandsregionen (VGR) to govern the use of FRISQ Care following completion of pilot projects in the region. With VGR, FRISQ now has signed agreements with all three of Sweden’s largest regions (Region Stockholm, Region Skåne and Västra Götalandsregionen).
· In September, FRISQ was awarded an innovative project by Sweden’s innovation agency Vinnova concerning executable care plans for chronic complex illnesses. This project will be carried out together with the prestigious Karolinska Institutet and Sahlgrenska Universitetssjukhuset. This is testament to FRISQ’s innovative leadership in this field.
· In November, a key partnership was entered with Capio, one of Europe's leading healthcare companies. After successfully collaborating with FRISQ on Capio elderly and mobile care over the past year, the new agreement concerns a six-month pilot project with Capio Artro Clinic, a highly specialized orthopedic clinic that treats and operates knees, shoulders, hips, elbows and ankles as well as sports-related injuries.
· The company attracted new capital in the form of an oversubscribed rights issue of 74.6 MSEK in February and an oversubscribed directed share issue of 78.75 MSEK in October.
Looking at the partnership with Capio, I cannot stress how pleased I am with collaborations like these. Although with limited impact on short term revenues, pilots are of significant importance to the company’s long term performance and success. It is perfectly normal for any client to test and evaluate new and critical systems before implementing them on a grand scale; We offer attractively priced pilots to prove value and concept, followed by expanding sales to the same and other customers on the basis of proven performance. Pilots are also important for product development by allowing us to gain important user insights and early customer feedback.
The coming year will be interesting for several reasons. Covid-19 has accelerated and accentuated the need as well as opportunities to grow FRISQ internationally. Remote cooperation and access have gone from “nice to have” to must have. Successful global vaccination programs should gradually tame the pandemic and let the industry focus on other issues, such as the benefits that can be derived from implementing our solution.
In 2021, our entire organization of highly skilled, experienced and professional people will continue to work hard to further enhance our offering and bring it to the market. I look forward to being part of this effort.
With wishes of a merry Christmas,
George Thaw, CEO, FRISQ