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Corporation
INTERNET | Internet Software & Services / Healthcare
frisq.se

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Founded Year

2009

Stage

PIPE | IPO

About FRISQ

FRISQ is an e-Health company specialized in providing easier access to healthcare information. The company develops digital services to improve the information and communication flow between individuals, pharmacies and healthcare providers, and the overall vision is to provide tools that allows individuals to better control their own health.

FRISQ Headquarter Location

Vasagatan 38 2nd Floor

Stockholm, 111 20,

Sweden

+46 (0)8 120 131 21

Latest FRISQ News

FRISQ : Report Q4 and Full Year 2020

Jan 28, 2021

01/28/2021 | 02:12am EST Message : January - December 2020 Financial Summary Other revenue amounted to 0.3 mSEK (0.6) Earnings per share amounted to -0.9 SEK (-0.9) Cash-flowamounted to 53.7 mSEK (-21.0) Cash at the end of the period amounted to 87.8 mSEK (26.7) Comprehensive income amounted to -28.2 mSEK (-22.1) X Other revenue amounted to 0.4 mSEK (1.2) Earnings per share amounted to -7.3 SEK (-3.2) Cash-flowamounted to 61,1 mSEK (-15,0) Comprehensive income amounted to -229.1 mSEK (-73.8), of which 125.4 (0) relates to the write down of goodwill and the reversal of tax assets CEO Statement Events Swedish text. In the event of inconsistency or discrepancy between the Swedish version and this publication, the For us who work in the healthcare sector, the fourth quarter of 2020 was characterized as much by the global pandemic as previous quarters; In fact, almost more so since we have unfortunately been hit by a second corona wave before commencing large-scale vaccinations. It is a worrying situation for the world's governments and what is often called "challenging" for its health care sectors that are naturally not able to prioritize normal priorities including the necessary digitalization of health care for long term improvements in care performance and patient satisfaction. Despite this, I would say that we have made progress during the last quarter of the year. We continue to develop and improve our product FRISQ Care. On the customer side, I am glad to announce a stronger cooperation with Capio, one of the leading players in Europe when it comes to health care. After having successfully cooperated with Capio Elderly and Mobile Care for the past year, we signed an agreement with Capio Orthopedics in November. Capio Orthopedics is a highly specialized orthopedic clinic that will have perfect use of our solutions in the care and rehabilitation processes. I am optimistic for the coming year. Successful global vaccination programs should gradually tame the pandemic and allow our industry to focus on other issues, such as the advantages of implementing our solution. I look forward to working with this! George Thaw, deviation from issue of 7,175,460 shares at SEK 9,0 preferential shares at SEK 5.0 per share. The subscribed at approximately 120%. company with mSEK 78.7 before exercise • Anna resigned from the Board. issue of maximum 320,000 shares. ‐ Lund University; support for Region Skåne; assessment of enhancement program was forward-looking care plans and support • The US launch plans will resume complex illnesses. • Letter of Intent signed with Dart- permits. solution, to date, that meets the • No new events to report requirements SEK Thousands 3.8 29 33 Financial Calendar: Annual Report 2020 - January 29, 2021 | Q1 - April 29, 2021 | Q2 - July 15, 2021 | Q3 - October 28, 2021 | Q4 - January 27, 2022 AGM to be announced; Financial reports: www.frisqholding.se Contact: CEO George Thaw, george.thaw@frisq.se, +46 (0)8 120 131 21; Certified Adviser: FNCA Sweden AB, info@fnca.se, +46 (0)8 528 00 399 Financial reporting - Consolidated Consolidated revenue and earnings. Q4 Consolidated net revenue for the quarter amounted to 0.3 mSEK (0.03). The revenue reported for the quarter includes a higher ratio of recurring license-based revenues than did the same quarter last year. However, the ongoing pandemic has slowed down sales and roll- outs. Other revenue amounted to 0.3 mSEK (0.6) and relate primarily to EU-financed commercially based innovation projects. Consolidated operational costs before depreciation and write-downare primarily driven by staff costs, development and operational expenditures, and amounted to 19.1 mSEK (10.7), and is reported net including capitalized work on own account which amounted to 0.4 mSEK (5.0). The growth in expenditures is related to increased activities in product development and sales. Total depreciation and write-downof tangible and intangible asset amounted to 9.7 mSEK (12.1) Operating losses for the quarter amounted to -28.2mSEK (-22.1). Net financial costs amounted to -0.06mSEK (-0.04)and relate to interest costs for right-of-useassets. Tax loss carry forward amounted to mSEK 311.5 at the end of the reporting period. Comprehensive income for the quarter amounted to -28.2mSEK (-22.2). Investments, primarily development, amounted to 0.9 MSEK (9.4). Consolidated profit and loss -3,2 Goodwill amounted to mSEK 0 (104.5). Cash balance at the end of the period was MSEK 87.8 mSEK (26.7). Consolidated Balance Sheet Total issues in year: 153 329 tSEK reduced with related costs of 10,801 tSEK. This publication is a translation of the original Swedish text. In the event of Consolidated revenue and earnings, Full Year Consolidated net revenue for the year to date amounted to 1.4 mSEK (1.9), while other revenue that relate primarily to EU-financed commercially based innovation projects amounted to 0.4 mSEK (1.2). Consolidated costs before depreciation and write-down amounted to 76.5 mSEK (52.5) and is reported net including capitalized work on own account which amounted to 4.1 mSEK (5.0). Total depreciation and write-down of tangible and intangible assets amounted to 133.4 mSEK (24.1), of which 104.5 relates to write-down of goodwill. It is the Company's assessment that the ongoing Covid-19 pandemic does not impact the valuation of assets on the financial statements. Operating losses amounted to -208.1 mSEK (-73.5), of which 104.5 relates to write-down of goodwill. Net financial costs amounted to -0.1 mSEK (-0.3) and relate primarily to interest costs on right-of-use assets. Total comprehensive income amounted to -229.1 mSEK (-73.8), of which 125.4 mSEK relates to the write down of goodwill and the reversal of tax asset. Investments, primarily development costs, amounted to 8.6 mSEK (19.3) during the year. Financial position The balance sheet reflects continued investments in the proprietary product that amounted to 20.9 mSEK (37.7) at the end of the period. The lower net amount is not a reflection on future earnings expectations, but rather a reflection of the fact that the Company is fairly young and has adopted a conservative policy with low capitalization and high depreciation rates. Cash flow QUARTER: Cash flow from operating activities amounted to -20.4 mSEK (-10.5) as a result of investments in product development in combination with, as yet limited revenues. Cash flow amounted to -53.7 mSEK (-21.0).Investment amounted to -0.9 mSEK (-9.7) related primarily to capitalized development. Financing amounted to 74.9 mSEK (-0.8). YEAR TO DATE: Cash flow amounted to 61.1 mSEK (-15.0) where investment activities generated 139.3 mSEK (58.2). FRISQ does not have any debt financing and funds its operations through equity. See information of risks on dependence of external financing. Cash flow 53 668 34 143 87 811 2 This publication is a translation of the original Swedish text. In the event of inconsistency or discrepancy between the Swedish version and this publication, the Swedish language version shall prevail. Financial reporting - Parent Company 2020 -4 454 FRISQ Holding AB's primary focus is Group administration. Net revenue amounted to 3.9 mSEK (2.2) year to date and reflect invoicing to subsidiaries for administrative services. Operating losses amounted to -9.3 MSEK (-4.5) year to date. Costs in the Parent Company are primarily driven by the company's listing on Nasdaq First North. Net financial income amounted to MSEK -379.9 mSEK (0) and relates to impairment of shares in the subsidiary Frisq AB, in connection to the write down of goodwill at group level. Parent Company Blanace Sheet 23 066 695 The new issue conducted in November 2020, was registered in January 2021, at which time the number of shares increased by 15,750,000 to 47,954,773. Employees The average number of employees during the quarter was 33 (30). At the close of the quarter FRISQ had 29 (25) employees. There have been no material transactions with related parties other than two Board Members who have invoiced a total of TSEK 540. Warrant programs The warrant programs issued in FRISQ Holding AB aim to align shareholders and employee incentives. The warrants have been transferred at market price as determined by independent valuations and are subject to customary recalculations in connection with share issues, etc. For additional information see Minutes of Annual General Meetings from the relevant years. Program 2017, a direct issue where warrants were issued to secure FRISQ's commitment, given fulfillment of certain conditions, to pay an additional consideration for the acquisition of new care path concepts, and associated prototype code. It allows a maximum 1,100,000 warrants each entitling to the subscription of one share, by no later than 31 May 2022, at a price of 0.05 SEK corresponding to the share's quota value. Program 2018:1, with a maximum of 600,000 warrants, aimed at key employees in the Group. The subscription period is June 2021. Each warrant entitles the holder to subscribe to one share at a price of 44 SEK. If fully subscribed the share capital will increase by SEK 29,994. Program 2020/2026, implemented for the Director Lars Björk and aims to offer ownership in the Company for his significant involvement in the establishment of FRISQ in the US. The program includes 320,000 warrants, of which 300,000 warrants are awarded to Lars Björk without consideration, and 20,000 are allocated to cover costs related to the program. The warrants are earned over three years. Each warrant carries the right to subscribe to a new share, by no later than 15 April 2026, at a price of 11.44 SEK. If fully subscribed, the Company's share capital will increase by SEK 16 000. Full subscription of the above programs would increase the total number of shares by 6.3%. Shares FRISQ Holding AB's shares are traded on Nasdaq First North under the stock symbol FRISQ since October 12, 2016. The number of shares as per end of the period were 32 204 773. An additional 15,750,000 shares were under registration at the end of the period. The Group Structure encompasses the parent company FRISQ Holding AB, org. no. 556959-2867 and the wholly owned subsidiaries FRISQ AB, org. no. 556783-5664; FRISQ USA Holding Inc., with its own wholly owned US based subsidiary FRISQ LLC; and FRISQ UK Ltd. The US and UK subsidiaries are in the process of being established. The Group's operating activities are conducted in FRISQ AB. The accounting principles governing this report adhere to the Swedish Annual Accounts Act, and IFRS as adopted by the EU and RFR 1. The Parent Company applies the Annual Accounting Act and RFR 2. This report has been prepared in accordance with IAS 34. The accounting policies applied herein are consistent with the latest published Annual Report. New and amended standards adopted from the current year are not deemed to have any material impact on the Group's financial position. This report has not been reviewed by the company's auditors. Risks and uncertainties exist given that FRISQ is a relatively young company with limited revenue generation. It is therefore not yet possible to make sales or profit predictions until a stable earning level is achieved. As long as product development continues, the company is in need of additional external capital injections. FRISQ is dependent upon being able to enter into licensing and partnership agreements and upon several permits, remuneration systems and associated laws, regulations, decisions by government authorities and praxes (which can change). FRISQ is also dependent on intellectual property rights which are difficult to protect via registration. In addition, FRISQ is dependent on the access to care staff - which is difficult to predict under the current pandemic. The Board's view of risks and uncertainties has not changed. For further information, see Risks and Uncertainties in the last published Annual Report. Statement of assurance This report has been adopted by the Board of FRISQ Holding AB on 28 January, 2021. The Board and the Managing Director, certify that this interim report provides a fair assessment of the Parent Company, Group's activities, financial position, profits and describes material risks and uncertainties. Full Year Report 2020 3 This is an excerpt of the original content. To continue reading it, access the original document here . Attachments

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Expert Collections containing FRISQ

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

FRISQ is included in 1 Expert Collection, including Digital Health.

D

Digital Health

10,313 items

Companies using/incorporating digital tech into health, wellness, and life science offerings. Includes cos operating within the hc, consumer health, and life science industries + tech vendors catering to them. Excludes cos exclusively focused on fitness/sports & performance

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