Blue cells on black background showing a wound healing scratch, with cells to the left and right.

Interim Report 1 (2021-05-01 – 2021-07-31)

Phase Holographic Imaging PHI AB (publ)

Lund, September 29, 2021

May 2021 – july 2021

Net sales2 373 (131) KSEK
Operating result before depreciation (EBITDA)-3 439 (-4 549) KSEK
Net result -4 469 (-6 417) KSEK
Earnings per share-0.31 (-0.45) SEK
Gross margin60 (-20) %

In short

CEO commentary

The strategic shift of sales and marketing continues to prove itself. Despite being a “slow summer quarter”, sales in May – July surpassed sales during any previous quarter.

Regenerative Medicine

Regenerative medicine is the branch of medicine that develops methods to regrow, repair or replace damaged or diseased cells, organs or tissues. The rapidly expanding field includes the generation and use of therapeutic stem cells, tissue engineering and the production of artificial organs.

According to the Alliance for Regenerative Medicine, there are 1 200 ongoing clinical trials worldwide of cell, gene, and tissue-based therapies by close to 1 100 medical institutions and regenerative medicine companies. These numbers are well within the 5 000 registered clinical trials on that involve therapeutic stem cells, according to the Stem Cells Portal. is maintained by the National Library of Medicine at the National Institutes of Health in the USA.

Also, according to the alliance, gene therapy financing was up 73% in 2020 from the previous year, while cell therapy financing was up 160%. For more details, see Alliance for Regenerative Medicine Annual Report Highlights Record Sector Growth and Resilience in 2020.

Biomanufacturing Partnership

With the above in mind, we recently entered a partnership with RegenMed Development Organization (ReMDO) to establish our non-invasive imaging technology as a standard tool for quality assurance in the large-scale manufacturing of artificial organs.

In close association with the Wake Forest Institute for Regenerative Medicine (WFIRM), ReMDO conducts research to promote biomanufacturing scale-up by making regenerative technologies more accessible and affordable. With its team of 400 researchers, WFIRM is recognized as a power factor within regenerative medicine. The institute has received multiple major grants from the US government. Most recently, the institute received a $15 million grant from the US Department of Defense to lead the project that aims to develop a micro-engineered organ that characterizes the effect of various pharmacological and toxicological agents.

The Fluorescence Project

The second validation phase of the HoloMonitor fluorescence module has only revealed some minor issues. The issues have been addressed and are not expected to delay the market launch of the fluorescence module notably. The sought-after fluorescence module provides additional value to our customers and will significantly expand our market reach.


Based on synthetic “plastic antibodies”, the overall goal of the EU-funded GlycoImaging research project is to develop new methods for the detection of aggressive and metastatic cancers. The formal EU project will end now on September 30. Once the final report has been delivered, we intend to decide on the project’s subsequent commercialization phase. PHI’s patent rights are an essential part of such commercialization. Consequently, PHI will continue to uphold these patent rights in the US and other markets.

Increased Earnings and Reduced Costs

The strategic shift has increased our ability to serve customers directly over a large geographical area without involving a middleman, a.k.a. distributor. The rationale for having a middleman has previously been to overcome language barriers, cultural differences and communication difficulties over large distances. The first two reasons have never actually been a problem in the life science industry. The language of science is English, and the science community has its own international culture of how science is practiced.

Now when the third and final obstacle no longer is an issue, the future role of the middleman will be quite different. In most geographical markets, the middleman will be a facilitator rather than a full-fledged distributor, who everything is channeled through.

Therefore, we have begun to expand and rework our distribution network into a leaner and more cost-effective partner network, which is expected to increase revenues and reduce costs per unit sold. Based on the increasing number of customer inquiries, we also see that sales will continue to grow in the future.

Peter Egelberg, CEO

Net sales and result

Net sales for the first quarter amounted to 2 373 (131) KSEK and operating results before depreciation (EBITDA) to -3 439 (-4 549) KSEK. The net result amounted to -4 469 (-6 417) KSEK.


With an emphasis on application development and development of fluorescence capability, the company invested 1 501 (659) KSEK in the product, patent, and application development during the financial year.


Cash, cash equivalents, and unutilized granted credits amounted to 28 167 (27 137) KSEK by the end of the period. The equity ratio was 3 (67) %.

PHI has secured working capital until 2023. One of the loans from Formue Nord A/S of 20 000 KSEK, of the total approved loan amount of 35 000 KSEK, can be repaid in cash or by debt/equity swap, under certain specific conditions.

Blue cells on white background showing a closing cell gap of a wound healing assay

Rolling 12-month sales with trendline


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.


About PHI

Phase Holographic Imaging (PHI) develops instrumentation and software for time-lapse cytometry. The products are used for long-term quantitative analysis of the dynamics of live cells, particularly significant in the research of cancer, as well as in the treatment of inflammatory and autoimmune diseases. The products are sold globally through the company’s distributors. The company is based in Lund, Sweden, and in Boston, Massachusetts.

On behalf of the Board of Directors
Peter Egelberg, CEO

For additional information please contact:
Peter Egelberg
Tel: +46 703 19 42 74

Consolidated – PHI Group

Income statement (KSEK)

Net sales2 3731313 637
Cost of products sold-943-157-1 346
Gross profit1 430-262 291
Gross margin60%-20%63%
Selling expenses-2 070-1 609-8 773
Administrative expenses-2 057-2 834-7 084
R&D expenses-1 670-3 120-11 720
Operating income1 2001 972
Operating result (EBIT)-4 367-6 388-23 314
Financial net-102-29-195
Result before tax (EBT)-4 469-6 417-23 509
Net Result (EAT)-4 469-6 417-23 509

Balance sheet (KSEK)

Non-current assets   
Intangible assets15 37415 64914 823
Tangible assets286611337
Total non-current assets15 66016 26015 160
Current Assets   
Inventory1 6091 3931 334
Short-term receivables3 5582 1572 938
Cash and equivalents6 16713 8872 256
Total current assets11 33417 4376 528
Total assets26 99433 69721 688
Equity89322 4765 384
Financial liabilities18 6584 8757 400
Operating liabilities7 4436 3468 904
Total equity and liabilities26 99433 69721 688

Changes in equity (KSEK)

Opening Balance5 38428 89628 896
Equity issues, net
Net profit-4 469-6 417-23 509
Translation difference-22-3-3
Closing balance89322 4765 384
Equity ratio3%67%25%

Cash flow analysis (KSEK)

Operating activities   
Net result-4 469-6 417-23 509
Depreciation1 0011 8396 541
Translation difference-22-3-4
Operating cash flow-3 490-4 581-16 972
Increase (-)/decrease (+) in inventories-275137196
Increase (-)/decrease (+) in operating receivables-620354-348
Increase (+)/decrease (-) in operating liabilities-1 4614032 882
Change in working capital-2 3568942 730
Cash flow from operating activities-5 846-3 687-14 242
Investing activities   
Development expenses-1 501-659-4 091
Tangible assets
Cash flow after investments-7 347-4 346-18 503
Financing activities   
Net proceeds from equity issues
Increase (+)/decrease (-) in borrowings11 2583 7506 275
Cash flow from financing activities11 2583 7506 275
Cash flow for the period3 911-596-12 228
Cash and cash equivalents at the beginning of the period2 25614 48414 484
Cash and cash equivalents at the end of the period6 16713 8872 256
(Incl. unutilized credits) 28 167 27 137 35 506

Data per share

Earnings per Share, SEK-0.31-0.45-1.63
Equity per share, SEK0.061.560.37
Number of Shares, end of period14 394 97114 394 97114 394 971
Average number of shares14 394 97114 394 97114 394 971
Share price end of period28.4531.1525.00

Parent company

Income statement (KSEK)

Net sales1 8221222 991
Cost of products sold-925-157-1 358
Gross profit897-351 633
Gross margin49%-29%55%
Selling expenses-1 419-908-6 617
Administrative expenses-2 057-2 834-7 084
R&D expenses-1 670-3 120-11 720
Other Income1 2001 972
Operating result (EBIT)-4 249-5 697-21 816
Financial net-102-29-1 137
Result before tax (EBT)-4 351-5 726-22 953
Net Result (EAT)-4 351-5726-22 953

Balance sheet (KSEK)

Non-current assets   
Intangible assets15 37415 64914 823
Tangible assets286611337
Financial assets942
Total non-current assets15 66017 20215 160
Current Assets   
Inventory1 6091 3931 334
Short-term receivables5 5522 5494 578
Cash and equivalents5 32013 4201 711
Total current assets12 48117 3627 623
Total assets28 14134 56422 783
Equity2 04823 6266 399
Financial liabilities18 6504 8757 400
Operating liabilities7 4436 0638 984
Total equity and liabilities28 14134 56422 783