Closeup of HoloMonitor

INTERIM REPORT 3 (2020-11-01 – 2021-01-31)

Phase Holographic Imaging PHI AB (publ)
Lund, March 16th, 2021

November 2020 – January 2021

Net sales770 (1 764) KSEK
Operating result before depreciation (EBITDA)-3 719 ( -3 906) KSEK
Net result -5 531 (-5 858) KSEK
Earnings per share -0.38 (-0.41) SEK
Gross margin54 (59) %

May 2020 – January 2021

Net sales1 727 (3 246) KSEK
Operating result before depreciation (EBITDA)-11 214 ( -14 103) KSEK
Net result -16 725 (-19 775) KSEK
Earnings per share-1.16 (-1.37) SEK
Gross margin64 (61) %

In short

CEO commentary

As predicted by many, the winter brought a second wave of the pandemic, which perfectly coincided with our 3rd quarter (November – January). Again, customer labs closed, and the staff was once more sent home to weather the pandemic.

Fortunately, the situation has improved considerably since the second wave began to subside in late January. Labs have now started to reopen, which has allowed us to resume onsite sales activities in the US. Unless yet another wave forces customer labs to close a third time, we anticipate that sales during our 4th and final fiscal quarter will compensate for the delayed sales due to the second wave during the 3rd quarter.

The “new normal”

The new normal will be different from the old normal. The old and familiar way of selling and marketing products between businesses through tradeshow and physical sales calls will change. It is likely that also after the pandemic, physical customer visits will be limited to demonstrations and product installations that require physical presence.

The pandemic has taught us how much more cost-effective the new normal of digital marketing and online sales are. In the new normal, a face-to-face sales call is achieved in an hour or so, no matter where the customer is located. Few will want to go back to when a sales call involved more expenses, traveling and CO2 emissions than spending time with the customer.

Approximately 450 million additional vaccine doses need to be administered to fully vaccinate 75% of the United States population. At the current vaccination rate of 2 million doses per day, we can look forward to the beginning of the end of the pandemic and the “new normal” in the world’s largest market by fall this year.


Since last summer, we have worked intensively to take advantage of the new normal by completely switching to digital sales and marketing, but also by accelerating the development of the sought-after fluorescence module.

Digital sales & marketing

Digital sales & marketing essentially means that everything that can be done online shall be done online — from lead generation to service. The wealth of statistical data makes it possible to predict the effect and result of marketing campaigns, which is already practiced today within e-commerce and social media.

The graph below displays the number of visits to per week from our Google Search adverts. It also displays how many of these visitors show an interest in our products by actively interacting with the website.

Suppose it is possible to determine a relationship between the two curves and increased revenues. It would then be possible to determine the needed investment in digital advertising to achieve the desired revenue increase. The possibility of predicting future revenues through statistical data analysis is something we certainly intend to explore further.

The fluorescence project

To find cures for non-infectious diseases like cancer and Alzheimer’s, it is critical to understand what role our genes play in such diseases. Fluorescence labeling of cells is the go-to method to study the genetic activity of cells.

However, fluorescence labeling has a significant disadvantage. The method is toxic to the cells and thus changes the behavior that the method is intended to observe, which of course reduces the value of the research results.

Left side of fluorescens module prototype

To date, there has been no good solution to this problem. The integration of holographic and fluorescence microscopy in a single instrument solves this long-standing issue.

The combination of the two techniques reduces the number of fluorochromes that need to be added and the need to activate added fluorochromes, which means that the negative effect the fluorescence labeling has on the cells is reduced to a minimum.

After an initial proof-of-concept, the first prototype of such an instrument has now been manufactured using 3D-printing techniques (above). The fluorescence project now enters a phase of internal testing, technical iterations, and software development. When circumstances so permit, this will be followed by external evaluations of pre-production units at Lund University Cancer Centre and National Institute on Aging in Baltimore, among others.

Digital sales & marketing will fundamentally change the way business is done in our part of the life science industry. In the new normal, technology providers like PHI will take the front seat and control how their products are sold and marketed, which wasn’t the case in the old normal.

Peter Egelberg, CEO

In the spirit of doing everything online that can be done online, this report has been written online and directly in HTML. This and future reports can be comfortably read on any device, including the financial tables. Those who prefer to print and read the report on paper can do so by pressing the button below.

Net sales and result

Net sales for the third quarter amounted to 770 (1 764) KSEK and operating result before depreciation (EBITDA) to -3 719 (-3 906) KSEK. Net result amounted to -5 531 (-5 858) KSEK.


With an emphasis on application development and development of fluorescence capability, the company invested 1 000 (862) KSEK in product, patent and application development during the period.


Cash, cash equivalents and unutilized granted credits amounted to 36 631 (22 663) KSEK by the end of the period. The equity ratio was 55 (82) %.

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.


June 24, 2021      Year-end report

About Phase Holographic Imaging

Phase Holographic Imaging (PHI) leads the ground-breaking development of time-lapse cytometry instrumentation and software. With the first HoloMonitor-instrument introduced in 2011, the company today offers a range of products for long-term quantitative analysis of living cell dynamics that circumvent the drawbacks of traditional methods requiring toxic stains. Headquartered in Lund, Sweden, PHI trades through a network of international distributors. Committed to promoting the science and practice of time-lapse cytometry, PHI is actively expanding its customer base and scientific collaborations in cancer research, inflammatory and autoimmune diseases, stem cell biology, gene therapy, regenerative medicine and toxicological studies.

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)

  2020/21 2019/20 2020/21 2019/20 2019/20
Net sales7701 7641 7273 2463 803
Cost of products sold-352-721-699-1 275-1 500
Gross profit4181 0431 0281 9712 303
Gross margin 54% 59% 64% 61% 61%
Selling expenses-1 780-2 395-5 262-6 545-8 756
Administrative expenses-1 450-1 668-5 309-4 852-6 428
R&D expenses-2 988-2 725-9 149-10 150-13 538
Operating income2491 972367
Operating result (EBIT)-5 551-5 745-16 720-19 576-26 052
Financial net20-113-5-199-261
Result before tax (EBT)-5 531-5 858-16 725-19 775-26 313
Net Result (EAT)-5 531-5 858-16 725-19 775-26 313

Balance sheet (KSEK)

  Q3 Q3 FY
2020/21 2019/20 2019/20
Non-current assets   
Intangible assets14 21317 48816 735
Tangible assets427817704
Total non-current assets14 64018 30517 439
Current Assets   
Inventory1 6611 7201 530
Short-term receivables2 5462 3212 590
Cash and equivalents3 38120 66314 484
Total current assets7 58824 70418 604
Total assets22 22843 00936 043
Equity12 17435 38128 896
Financial liabilities4 2507501 125
Operating liabilities5 8046 8786 022
Total equity and liabilities22 22843 00936 043

Changes in equity (KSEK)

  Q3 Q3 FY
2020/21 2019/20 2019/20
Opening Balance17 67540 77737 653
Equity issues, net44517 487
Net profit-5 531-5 858-26 313
Translation difference301769
Closing balance12 17435 38128 896
Equity ratio55%82%80%

Cash flow analysis (KSEK)

2020/21 2019/20 2020/21 2019/20 2019/20
Operating activities   
Net result-5 531-5 858-16 725-19 775-26 313
Depreciation1 8321 8395 5065 5217 360
Translation difference 79
Operating cash flow-3 699-4 019-11 219-14 254-18 896
Increase (-)/decrease (+) in inventories-57-569-131-338-148
Increase (-)/decrease (+) in operating receivables435548-35102-88
Increase (+)/decrease (-) in operating liabilities-298-79-139-574-1 272
Change in working capital80-100-305-810-1 508
Cash flow from operating activities-3 619-4 119-11 524-15 064-20 404
Investing activities   
Development expenses-1 000-862-2 707-2 015-2 729
Tangible assets-175
Cash flow after investments-4 589-4 981-14 231-17 283-23 653
Financing activities   
Net proceeds from equity issues445317 74017 487
Increase (+)/decrease (-) in borrowings-375-3753 125-1 125-750
Cash flow from financing activities-375703 12816 61516 737
Cash flow for the period-4 964-4 911-11 103-668-6 847
Cash and cash equivalents at the beginning of the period8 34525 57414 48421 33121 331
Cash and cash equivalents at the end of the period3 38120 6633 38120 66314 484
(Incl. unutilized credits) 36 631 22 663 36 631 22 663 16 484

Data per share

2020/21 2019/20 2020/21 2019/20 2019/20
Earnings per Share, SEK-0.38-0.41-1.16-1.37-1.83
Equity per share, SEK1.232.621.231.542.01
Number of Shares, end of period14 394 97114 394 97114 394 97114 394 97114 394 971
Average number of shares14 394 97114 392 90814 394 97114 383 75514 386 521
Share price end of period25.3036.4025.3036.4036.40

Parent company

Income statement (KSEK)

2020/21 2019/20 2020/21 2019/20 2019/20
Net sales4491 7641 5863 1593 716
Cost of products sold-101-721-682-1 275-1 502
Gross profit3481 0439041 8842 214
Gross margin 78% 59% 57% 60% 60%
Selling expenses-1 316-2 395-3 719-6 545-8 756
Administrative expenses-1 450-1 616-5 309-4 740-5 814
R&D expenses-2 988-2 725-9 149-10 150-13 538
Other Income2491 972367
Operating result (EBIT)-5 157-5 693-15 301-19 551-25 527
Financial net20-113-5-199-261
Result before tax (EBT)-5 137-5 806-15 306-19 750-25 788
Net Result (EAT)-5 137-5 806-15 306-19 750-25 788

Balance sheet (KSEK)

  Q3 Q3 FY
2020/21 2019/20 2019/20
Non-current assets   
Intangible assets14 21317 48816 735
Tangible assets427817704
Financial assets942942942
Total non-current assets15 58219 24718 381
Current Assets   
Inventory1 4521 7201 530
Short-term receivables4 0522 2752 648
Cash and equivalents2 99619 77413 940
Total current assets8 50023 76918 118
Total assets24 08243 01636 499
Equity14 04535 38929 352
Financial liabilities4 2507501 125
Operating liabilities5 7876 8776 022
Total equity and liabilities24 08243 01636 499