Report Q4 and Full Year 2021

January-December 2021

CEO Statement
The hope that healthcare could look to the time after the pandemic, including the necessary innovation work needed, were once again sharply shaken when the Omicron variant created a new wave in the last quarter of 2021 . We are therefore extra proud of what we have managed to achieve despite these external challenges. The collaboration with pharmaceutical companies USB and Amgen breaks new grounds for us as a business and shows that FRISQ Care can add value in many different business segments. The three-year agreement with Capio Orthopedics after a successful pilot project together with them really shows that we have a solution that creates value worth paying for. The pilot project with Aleris to improve maternity care has gained medial awareness in the industry, which underlines both the relevance and the level of innovation the project brings. 

Our financial situation made us investigate different alternatives to ensure both a stable foundation and an opportunity to accelerate and grow our business. At the EGM on February 22nd, the shareholders voted in favor of a sale of FRISQ Holding's subsidiaries to Tempest SPV Ltd, subject to the conditions that the purchase price was not changed (SEK 106.4 million), the share purchase agreement (SPA) took place on market terms and that signing would take place no later than February 28th 2022. Due to a serious illness, the buyer requested a deferral of submitting a signed and binding SPA, which the Board approved. The Board will convene a new EGM to approve the divestment, provided that there is a signed SPA. Tempest SPV Ltd has undertaken to provide the subsidiaries with SEK 120 million in working capital after a completed acquisition, which would constitute a good financial base for our operations going forward. A sale would mean that FRISQ Holding no longer will have any operating activities as a listed company. In its further evaluation, the Board of FRISQ is considering various alternatives for creating value for shareholders in such a scenario, while they also continue to investigate options to secure the long-term financing. The company has a credit facility of 15 mSEK that will cover the operational cash flow until the 31st of May 2022, unless the sale of the subsidiaries or a new long-term financing is in place before that.

Financial Summary

Fourth Quarter 2021

• Reported net revenue amounted to 1,3 mSEK (0.3)
• Other revenue amounted to 0.5 mSEK (0.3)
• Earnings per share amounted to -0.4 SEK (-0.9)
• Cash-flow amounted to -17,5 mSEK (53,7)
• Cash at the end of the period amounted to 13,1 mSEK (87,8)
• Comprehensive income amounted to -19,0 mSEK (-28,2)

January – December 2021

• Reported net revenue amounted to 4,9 mSEK (1,4)
• Other revenue amounted to 1,6 mSEK (0,4)
• Earnings per share amounted to -1,7 SEK (-7,3)
• Cash-flow amounted to 74,7 mSEK (61,1)
• Comprehensive income amounted to -80,4 mSEK (-229,1), of which
  0,0 (125,4) relates to the write down of goodwill and the reversal of
  tax assets

Events:

During the quarter

• FRISQ entered into an agreement with biotechnology companies UCB and Amgen, to collaborate with selected clinics to design comprehensive, digitalized care plans for patients suffering from osteoporosis. The order value for FRISQ is approximately SEK 0.5 million, excluding any additional orders for implementation and license revenues that may be added for additional clinics that join.
• FRISQ and Aleris have, together with Aleris-owned BB Stockholm and Ultragyn, entered into a pilot project to strengthen the collaboration between the prospective parent couple, the midwife clinic and the delivery unit. The ambition of the project is to streamline resource utilization through modernized working methods and to simplify and improve the care journey for both the pregnant woman and the care staff. The value of the project is 0,2 MSEK and the project runs for 12 months

During previous quarters

• FRISQ has signed a commercial agreement with Capio Elderly and Mobile Care. The agreement runs for 5 years and the order value amounts to SEK 15 million. The agreement entered into force on 1 July 2021 and replaces the previous pilot agreement, after FRISQ Care has been evaluated in competition with other systems.

After the period

• After a 12-month pilot project, FRISQ signed a three-year agreement with Capio Orthopedics with the purpose to introduce FRISQ Care in all Capio Orthopedics units in accordance with the offered licensing and implementation costs.
• EGM voted in favour of a  Change of articles in the company, giving authorization for the board to issue shares. 
• EGM voted in favor of divesting FRISQ Holding’s subsidiaries to Tempest SPV Ltd, subject to the conditions that purchase price is not changed, the share purchase agreement will be on normal market terms and signing shall occur on or before 28 February 2022.
• The Board has decided to give Tempest SPV Ltd a deferral to submit the necessary documentation.

Financial Calendar 2022

• Annual Report 2021 – March 31, 2022
• Q1 – May 12, 2022
• Q2 – August 18, 2022
• Q3 – November 10, 2022
• Q4 – February 16, 2023
• AGM – May 5, 2022