3D cells on a blue background imaged by the HoloMonitor live cell imager.

(2020-08-01 – 2020-10-31)

Phase Holographic Imaging PHI AB (publ)
Lund, December 14, 2020

August 2020 – October 2020

Net sales826 (888) KSEK
Operating result before depreciation (EBITDA) -2 946 ( -4 879) KSEK
Net result -4 777 (-6 761) KSEK
Earnings per share -0.33 (-0.47) SEK
Gross margin77 (66) %

May 2020 – October 2020

Net sales957 (1 482) KSEK
Operating result before depreciation (EBITDA) -7 495 ( -10 149) KSEK
Net result -11 194 (-13 917) KSEK
Earnings per share -0.78 (-0.97) SEK
Gross margin64 (63) %

In short

  • The relaxed COVID-19 restrictions during the 2nd quarter led to a noticeable increase in sales.
  • Net sales (delivered orders) for the 2nd quarter including non-delivered signed orders amounted to 1.6 MSEK.
  • The moderate restrictions during the 2nd quarter allowed travel for on-site demonstrations and evaluations, among others to Germany’s top pharmaceutical company.
  • The transition to more resource-efficient online sales and marketing combined with financial support from the govern­ment has year-to-date resulted in a cost savings of approximately 3 MSEK.

CEO commentary

Net sales including outstanding orders amounted to 1.6 MSEK during August – October, a noticeably increase compared with the corresponding period in previous years. The brief pause of the pandemic during the fall allowed us to again travel for on-site demon­­strations and evaluations, most notably to Germany’s top pharma­ceutical company Bayer AG.

Stem Cells

Starting with HoloMonitor, the extensive evaluation by Bayer AG was planned to involve a number of instruments from various suppliers. But after just a few days, the laboratory at Bayer was closed due to the again rising spread of infection in Germany and consequently the researchers were sent home.

Fortunately, the few days of image recording turned out to be sufficient to evaluate HoloMonitor. After providing additional licenses for the HoloMonitor software, the Bayer scientists were delighted to be able to complete the data analysis from home on their laptops. HoloMonitor’s unique non-invasive functionality combined with the ability to work remotely prompted the Bayer researchers to immediately order a complete Holo­Monitor system for their stem cell research.

Stem cells offer an enormous potential for medical research. See Stem cells – The new age of medical research to learn about stem cells and stem cell research at Bayer.

White cells on yellow background. Four panels showing a cell divide into two.
The cell cycle and cell differentiation are key concepts within stem cell biology.

COVID focus

Bayer is by no means unique in taking the pandemic very seriously. In general, the life science industry is closed for non-COVID-related business. Amplified by current uncertainties and practical difficulties, the industry’s pre­occu­pation with COVID has led to that everything from technical evaluations to company mergers has been put on hold.

This focus is under­standable as the world’s future economy depend on the industry’s ability to develop a safe and effective vaccine that is sufficiently inexpensive and practical to allow mass vaccination of close to 8 billion people. The required speed and scale make this the largest healthcare effort in human history.

PHI Inc.

Since our Boston Massachusetts subsidiary became operational, the spread of infection has severely limited our ability to visit customers in the United States. However, the lower infection rate during the fall, with tempo­rarily eased visit and travel restrictions as a result, allowed us to secure the first US orders since PHI Inc. became operational in March.

From humble beginnings in the 1950s, cell culturing is now making its way into the food industry. One of the US orders was placed by a company aiming to create lab-grown meat. Fat makes meat tasty. HoloMonitor allows the company’s scientists to non-destructively monitor and quantify the fat content in fat cells.

Queensland University of Technology building

Two HoloMonitor systems became operational in October at Queensland University of Technology. The systems will enable researchers to investigate cells for drug development in the fields of cancer, infection and regenerative medicine.

Learn more about HoloMonitor at QUT here.

Cost savings

The transition to more resource-efficient online sales and marketing together with financial support from the govern­ment has year-to-date resulted in a cost savings of approximately 3 MSEK.

Temporarily postponed sales

As we are seeing, sales will intermittent during the pandemic. However, sales are not lost; they are temporarily post­poned.

There is reason to believe that the life science industry will emerge stronger than ever when it has delivered a vaccine to the world and return to combat and invest in the non-infectious diseases that continue to plague humanity. To come out on top when non-COVID investments resume, we will continue to improve our products and adapt our sales and marketing to the emerging online world post-COVID-19.

Rolling 12-month sales with trendline

Rolling sales diagram with trendline

Net sales and result

Net sales for the second quarter amounted to 826 (888) KSEK and operating result before depreciation (EBITDA) to  -2 946 (-4 879) KSEK. Net result amounted to -4 777 (-6 761) KSEK.


During the period, the company invested 1 048 (617) KSEK in patents and product development.


Cash, cash equivalents and unutilized granted credits amounted to 21 595 (27 574) KSEK by the end of the period. The equity ratio was 62 (84) %.


PHI has received a loan facility to bridge the effects of the COVID-19 pandemic. The loan agreement between PHI and Danish Formue Nord Markedsneutral A/S allows PHI to call for loans totaling 15 MSEK at market terms. Together with additional support from the government, it is estimated that the PHI’s working capital is secured throughout 2021.


The company may be affected by various factors, described in the 2019/20 Annual Report. These factors may individually or jointly increase risks for the operation and result of the company.

Accounting principles

The accounts are prepared in accordance with the Annual Accounts Act and general advice from the Swedish Accounting Standards Board BFNAR 2012:1 Annual accounts and consolidated accounts (K3).


This interim report has not been subject to review by the company’s auditor.

Statements about the future

Statements concerning the company’s business environment and the future in this report reflect the board of director’s current view of future events and financial developments. Forward-looking statements only express the judgments and assumptions made by the board of directors on the day of the report. These statements have been carefully assessed. However, it is brought to the reader’s attention that these statements are associated with uncertainty, like all statements about the future.


March 16, 2021      Interim Report 3

On behalf of the Board of Directors
Peter Egelberg, CEO

For additional information please contact:
Peter Egelberg
Tel: +46 703 19 42 74
E-mail: ir@phiab.se
Web: www.phiab.com

Consolidated – PHI Group

Income statement (KSEK)

Net sales8268889571 4823 803
Cost of products sold-190-302-347-554-1 500
Gross profit6365866109282 303
Gross margin77%66%64%63%61%
Selling expenses-1 874-2 022-3 482-4 350-8 756
Administrative expenses-1 025-1 400-3 859-2 884-6 428
R&D expenses-3 041-3 884-6 161-7 525-13 538
Operating income52301 7230367
Operating result (EBIT)-4 781-6 720-11 169-13 831-26 052
Financial net4-41-25-86-261
Result before tax (EBT)-4 777-6 761-11 194-13 917-26 313
Net Result (EAT)-4 777-6 761-11 194-13 917-26 313

Balance Sheet (KSEK)

Non-current assets  
Intangible assets14 95418 35816 735
Tangible assets518924704
Total non-current assets15 47219 28217 439
Current Assets  
Inventory1 6041 1511 530
Short-term receivables2 9812 8692 590
Cash and equivalents8 34525 57414 484
Total current assets12 93029 59418 604
Total assets28 40248 87636 043
Equity17 67541 03128 896
Financial liabilities4 6251 1251 125
Operating liabilities6 1026 7206 022
Total equity and liabilities28 40248 87636 043

Changes in equity

Opening Balance22 47647 53837 653
Equity issues, net0017 487
Net profit-4 777-6 761-26 313
Translation difference-2425469
Closing balance17 67541 03128 896
Equity ratio62%84%80%

Cash flow Analysis (KSEK)

Operating activities  
Net result-4 777-6 761-11 194-13 917-26 313
Depreciation1 8351 8413 6743 6827 360
Translation difference-240-27079
Operating cash flow-2 966-4 920-7 547-10 235-18 896
Increase (-)/decrease (+) in inventories-211323-74231-148
Increase (-)/decrease (+) in operating receivables-824-438-470-373-88
Increase (+)/decrease (-) in operating liabilities-244-82159-568-1 272
Change in working capital-1 279-197-385-710-1 508
Cash flow from operating activities-4 245-5 117-7 932-10 945-20 404
Investing activities  
Development expenses-1 048-617-1 707-1 153-2 729
Tangible assets0000-175
Cash flow after investments-5 293-5 938-9 639-12 302-23 653
Financing activities  
Net proceeds from equity issues0254017 29517 487
Increase (+)/decrease (-) in borrowings-250-3753 500-750-750
Cash flow from financing activities-250-1213 50016 54516 737
Cash flow for the period-5 543-6 059-6 1394 243-6 847
Cash and cash equivalents at the beginning of the period13 88831 63314 48421 33121 331
Cash and cash equivalents at the end of the period8 34525 5748 34525 57414 484
Incl. unutilized credits21 59527 57421 59527 57416 484

Data per share

Earnings per Share, SEK-0.33-0.47-0.78-0.97-1.83
Equity per share, SEK1.231.541.231.542.01
Number of Shares, end of period14 394 97114 379 15414 394 97114 379 15414 394 971
Average number of shares14 394 97114 379 15414 394 97114 189 05214 386 521
Share price end of period27.6059.0027.6059.0036.40

Parent company

Income statement (KSEK)

Net sales1 0158011 1371 3953 716
Cost of products sold-424-162-581-554-1 502
Gross profit5916395568412 214
Gross margin58%80%49%60%60%
Selling expenses-1 495-2 022-2 403-4 350-8 756
Administrative expenses-1 025-1 340-3 859-2 824-5 814
R&D expenses-3 041-4 024-6 161-7 525-13 538
Other Income5231 723367
Operating result (EBIT)-4 447-6 747-10 144-13 858-25 527
Financial net4-41-25-86-261
Result before tax (EBT)-4 443-6 788-10 169-13 944-25 788
Net Result (EAT)-4 443-6 788-10 169-13 944-25 788

Balance Sheet (KSEK)

Non-current assets  
Intangible assets14 95418 35816 735
Tangible assets518924704
Financial assets942942942
Total non-current assets16 41420 22418 381
Current Assets  
Inventory1 3371 1511 530
Short-term receivables4 0672 7912 648
Cash and equivalents7 99824 66913 940
Total current assets13 40228 61118 118
Total assets29 81648 83536 499
Equity19 18340 75029 352
Financial liabilities4 6251 1251 125
Operating liabilities6 0086 9606 022
Total equity and liabilities29 81648 83536 499

Phase Holographic Imaging PHI AB
Skiffervägen 48
224 78 Lund
+46 46 38 60 80

Phase Holographic Imaging PHI Inc.
265 Franklin Street Suite 1702
Boston, MA 02110
+1 617-963-5150


VAT: SE556542781101

Securities Identification

ISIN: SE0005504636
LEI: 549300JZR79QYESM6296

HoloMonitor® is a registered trademark
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