Summary of the interim report
Significant events during the third quarter
On July 12, AcouSort announces that the Company and GenSensor will collaborate to combine AcouSort's acoustofluidics technology with GenSensor's Biology First Process Analytical Technology to accelerate bioprocess design and improve monitoring systems for bioreactor culturing.
On July 23, AcouSort announces that the Company has been selected to present on the latest new developments in acoustic trapping and acoustic separations at two upcoming conferences - the Gordon Research Conference on Extracellular Vesicles and the Acoustofluidics 2024 conference.
On July 29, AcouSort announces that the Company enters collaboration with US based cell therapy company.
On August 5, AcouSort announces that the Company enters its third collaboration within flow cytometry, now with one of the leading manufacturers of flow cytometers in Europe with the aim to evaluate the acoustic separation technology together with the partnering company's equipment.
On August 27, AcouSort announces that the leading diagnostics company Werfen launches groundbreaking point-of-care system with integrated acoustofluidic technology.
On September 2, AcouSort announces that the Company attends ISCT Europe in Gothenburg, Sweden, to expand its network in the cell therapy space and present a poster together with Karolinska Institute in Stockholm.
On September 6, AcouSort announces that the Company enters collaboration with University College Dublin, where an AcouTrap system is placed at the facilities in Dublin. The collaboration is an important step for AcouSort in developing applications and generate new knowledge and independent data showing the benefits of using acoustic trapping as a tool for flow cytometry sample preparation.
On September 9, AcouSort announces that the Company has been selected for full sponsorship by the Indian Department of Biotechnology (DBT), Ministry of Science & Technology, for participation in Global Bio-India 2024, held in New Delhi, India.
Significant events after the end of the period
On October 9, AcouSort announces that the Company will participate in the DSEV conference in Denmark and the MOVE conference in Serbia, both with focus on the development in research of extracellular vesicles.
On October 23, AcouSort announces that a leading global pharma company evaluates AcouWash for quality control in an R&D setting. Initial revenues amount to EUR 14,000.
On November 6, AcouSort announces that the Company further strengthens its presence in the flow cytometry space, with two important collaborations initiated by placing instruments at University of Ottawa, Canada, and Van Andel Institute, Michigan, USA.
On November 26, AcouSort secured working capital into Q3, 2025. Through a consortium consisting of the company's management, board of directors, founders and major shareholders, AcouSort has received loan guarantees of approximately SEK 4.5 million.
Financial summary
The "Company" or "AcouSort" refers to AcouSort AB (publ) with corporate registration number 556824-1037.
Third quarter 2024 for the Group
Net sales amounted to TSEK 1,198 (1,121)
Result before tax amounted to TSEK -3,807 (-4,303)
Result per share was SEK -0.25 (-0.33)
Equity ratio amounted to 64% (53%) on September 30, 2024
Third quarter 2024 for the Parent company
Net sales amounted to TSEK 1,190 (1,121)
Result before tax amounted to TSEK -3,666 (-3,609)
Result per share was SEK -0.25 (-0.27)
Equity ratio amounted to 72% (61%) on September 30, 2024
Note to the reader
Amounts in parentheses refer to corresponding period of the previous year.
CEO COMMENTS
Innovation and commercialization through collaboration is the trademark of AcouSort
In the third quarter of 2024, we continued to expand our presence in the flow cytometry space and made our first in-roads to the very interesting area of quality control. We were also selected for participation in Global Bio-India organized by the Indian Ministry of Science & Technology and entered into a new collaboration with University College Dublin, to name a few things from a very busy quarter. Total income in the quarter amounted to SEK 1,879 thousand (2,160). For the first nine months of the year, total income amounted to SEK 6,846 (9,369) million. It should be noted that our business is not evenly distributed over the year but can vary significantly from quarter to quarter.
AcouSort secures working capital through H1, 2025
Through a consortium consisting of the company's management, board of directors, founders and major shareholders, AcouSort has received loan guarantees of approximately SEK 4.5 million. Together with current cash position, known future revenues and the loan guarantees secured, the Board is confident that AcouSort can continue its planned activities into Q3 of 2025.
Our current cash position including known future revenues and royalties from Werfen will take us well into Q2. The reason for securing loan guarantees at this stage is to provide AcouSort with ample time to establish the best possible financing partnerships going forward. For me it is gratifying to see that the company's management and board alongside major shareholders share my conviction of the company's great potential within advanced healthcare.
AcouSort has established collaborations within five separate areas of modern medicine and pharmaceutical research
In 2017, when AcouSort was transformed from a project-based, virtual company to a fully functional organization, our initial focus was on the market for point-of-care (POC) diagnostics. In 2024, our efforts in this arena resulted in the launch of Werfen's groundbreaking GEM Premier 7000 system for point-of-care blood gas analysis, which solves the challenge of hemolysis detection in point-of-care blood gas testing using acoustofluidic technology.
Over time, our scope has expanded, and in addition to POC diagnostics, we are currently active in four separate areas: cell therapy; flow cytometry; quality management/control; and collaborations with global key opinion leaders.
Cell therapy - two new collaborations in 2024
In the cell therapy space, we are currently working with one internationally leading company to integrate our technology in their cell therapy production, which has secured revenues of SEK 480,000 this year. In 2024, we have also initiated two new collaborations within the cell therapy space - one with a US based company and one with a European company. Both collaborations will start out with leases of the AcouWash system, allowing the partnering companies to evaluate the performance and applicability of the AcouWash technology in different steps of the cell therapy production process.
Flow cytometry - rapidly growing interest in AcouSort's technology
In 2024, flow cytometry emerged as a very interesting new area for us, and we are currently working together with the University of Ottawa, Canada, and Van Andel Institute, Michigan, USA to develop more efficient workflows when isolating cells from dissociated tissue before analyzing the cells by flow cytometry. In 2024, we also entered a collaboration with University College Dublin to explore the potential in our technology for enhancing the study of extracellular vesicles in flow cytometry.
In the third quarter of 2024, our strategic efforts within flow cytometry also resulted in a collaboration with one of the leading manufacturers in Europe with the aim to evaluate the acoustic separation technology together with the partnering company's equipment. Revenues from the initial phase of this collaboration are EUR 15,850.
Quality management/control - a new potential for AcouSort
In October, we entered a completely new and very exciting opportunity, namely bioprocess quality control. A leading pharmaceutical company has leased an AcouWash system in order to evaluate its potential for improving sample preparation in its R&D quality control procedures. We are very enthusiastic to follow the outcome of this collaboration. Revenues for the initial six-month lease amount to EUR 14,000.
In 2024, we also entered into a collaboration with GenSensor SAS to improve monitoring systems for bioreactor culturing. By combining the two companies' technologies, AcouSort and GenSensor aim to automate cell capture and clean-up prior to molecular analysis - an industrial collaboration with OEM potential.
Research - participating in pioneering extracellular vesicles research project
AcouSort is a proud member of the prestigious EVEREST project - a pioneering consortium within extracellular vesicle (EV) research that has received funding from the European union. The project brings together 22 institutions from 11 countries and is coordinated by University College Dublin.
Outlook
In 2024, we have continued to build on our strategic advances within diagnostics and cell therapy. Our research-to-OEM strategy has proved to be successful, and we will increase our efforts to become a preferred supplier of automated sample processing solutions to partners within the diagnostic, cell therapy and flow cytometry spaces. Developing OEM partnerships is a process which requires time before a steady stream of revenue can be achieved. However, to strengthen our current cashflow, we have intensified our efforts to increase sales of our benchtop systems by establishing strategic collaborations with Key Opinion Leaders. We also aim to generate further external verifications of the AcouTrap system for exosome and extracellular vesicle processing.
Torsten Freltoft - CEO
ACOUSORT AB
The report is attached below and can also be found at https://acousort.com/investor/financial-reports/
FOR FURTHER INFORMATION ABOUT ACOUSORT, PLEASE CONTACT:
Torsten Freltoft, CEO
Telephone: +45 2045 0854
E-mail: torsten.freltoft@acousort.com
ABOUT ACOUSORT
AcouSort AB (corporate registration number 556824-1037) is an innovative technology company focusing on developing products and solutions for integrated preparation of biological samples. With the help of sound waves, the company's products can separate blood cells, concentrate, purify, and stain cells, exosomes, and bacteria from biological samples. The technology of the company's products is acoustofluidics, where sound waves and microfluidics enable automated handling of samples in a range of application areas, from research on new biomarkers to the development of new diagnostic systems for near-patient testing - so-called Point-of Care (POC) systems. The company's commercialization strategy is based on the already proven business model of providing separation modules to diagnostic system manufacturers for integrated sample preparation as well as to continue the commercialization of the company's research instruments. With the help of the company's products and development of point-of-care tests, new diagnostic systems and treatments are enabled, addressing some of the most challenging disease areas of our time: cancer, infectious diseases, and cardiovascular diseases. AcouSort is listed at Nasdaq First North Growth Market. The company's Certified Adviser is Carnegie Investment Bank AB (publ).
