Year-end Report 2022/23

Phase Holographic Imaging PHI AB (publ)

Lund, June 26, 2023

FEBRUARY 2023 – APRIL 2023

Net sales1 869 (1 242) KSEK
Operating result before depreciation (EBITDA)-4 240 (-3 173) KSEK
Net result -7 717 (-10 279) KSEK
Earnings per share-0.38 (-0.71) SEK
Gross margin31 (63) %

MAY 2022 – APRIL 2023

Net sales9 900 (8 169) KSEK
Operating result before depreciation (EBITDA)-16 866 (-14 791) KSEK
Net result -23 185 (-25 381) KSEK
Earnings per share-1.16 (-1.76) SEK
Gross margin51 (70) %

In Short

CEO Commentary

It is easy to forget that PHI consists of only 17 dedicated employees when you look at the organization’s achievements in recent months.

Sales and marketing

PHI is presently in a transformation phase where we are increasingly moving sales to our distributors to focus on PHI’s core business and the development of HoloMonitor products for regenerative medicine and other clinical applications. Furthermore, we aim to intensely promote the core HoloMonitor technology — quantitative phase imaging (QPI) — towards governing bodies as a non-invasive quality control tool in regulated environments such as hospitals, clinics and therapy manufacturing facilities.

During the transition period, we will actively work with direct sales and sales through our distributor network to reduce risk. Consequently, we will temporarily have reduced margins and higher sales and marketing costs than expected.

New major owner

With Altium’s entry, PHI has gained a major owner with the same vision who sees the same opportunities for our non-invasive technology in regenerative medicine. In addition, with Altium’s contact network, we see an opportunity to expand our agent and distribution network in a completely different way than we can ourselves. When developing new products and changes in our software, PHI’s laboratory resources have been a bottleneck. With Altium’s resources and own laboratories, we hope that hardware and software validation will go significantly faster and smoother.

At an extraordinary general meeting in April 2023, Altium’s CEO Goran Dubravčić was elected to PHI’s board.

Fluorescence (M4FL)

Our latest product portfolio addition, HoloMonitor M4FL, has been launched, and the order book has been opened. Initially, PHI handles the assembly of the first units we deliver. However, starting in September, we will begin receiving units directly from our manufacturer, Optronics.


During this quarter, PHI established a subsidiary for intellectual property rights concerning synthetic antibodies and the outcome of the GlycoImaging project.

With a pending EU patent and granted patents in the US and Japan, we expect to soon have patent rights in the major markets for a potential new screening method to diagnose cancer at its early stages. The newly established, dedicated subsidiary will allow easier communication and transparency around the synthetic antibody patents and our core business.


PHI has its own biomedical engineer on-site at the Wake Forest Institute for Regenerative Medicine (WFIRM) in Winston-Salem, running live cell experiments as well as coordinating our efforts with our partners. This is an important step for the project to develop as quickly as possible, especially as the head office in Lund is in a time zone that deviates 6 hours from the Winston-Salem time zone.

Some of our colleagues and I had a guided tour of WFIRM a few weeks ago. It felt to me like entering the scenes of a captivating science fiction film. The room buzzed with awe-inspiring innovations, like the presence of portable 3D printers capable of generating new skin directly at the patient’s bedside, using their own cells to treat conditions such as burns. And there it was, a unique “gym” dedicated to printed organs, as those organs required to build muscles before transplantation—a true marvel of regenerative medicine.

I witnessed that regenerative medicine is already here and that we, PHI, stand in the midst of this extraordinary landscape, ready to go from our current pre-clinical to the significantly larger clinical market. With our involvement in the ReMDO project, we are taking strides toward adapting our QPI technology to enable cell quality control in regenerative medicine and therefore help make regenerative medicine affordable, accessible and patient-safe — for everyone.

Patrik Eschricht, CEO

The Greater Perspective

Regenerative medicine is the process of rejuvenating cells, tissues or complete organs to restore normal function. Yet, before these novel life-saving treatments can be made available to the general population, production must be scaled and standardized to consistently deliver safe and effective therapies in large quantities. HoloMonitor’s core technology — quantitative phase imaging (QPI) — has been shown to meet associated quality control needs.

The above image illustrates the flow of extracting, transporting, producing and inoculating cells in regenerative medicine. During and after cell extraction, comprehensive cell health monitoring is required from bedside to bedside to ensure efficient manufacturing, patient safety and therapeutic efficacy throughout the manufacturing cycle. The checkmarks indicate where QPI assessment is applicable.

QPI and its unique non-invasive properties will be an important part of the manufacturing process. Fortunately, QPI is an established commercially available technology. However, it remains to be adapted to large-scale cell culturing and manufacturing:

  • Regulatory-compliant protocols must be developed to ensure consistent and traceable analytical results.
  • Algorithms must be trained to evaluate the vast amounts of acquired information to present results and make outcome predictions. For instance, the software can be trained to predict future cell death to identify low-quality cell cultures early in the manufacturing cycle.
  • Furthermore, hardware must be adapted for the various roles in the above manufacturing and delivery cycle.

The ongoing adaptation work of QPI for regenerative medicine by PHI and partners was recently presented at the Word Stem Cell Summit and further presented in an invited article to appear in BioPhotonics.

Net Sales and Result

Net sales for the fourth quarter amounted to 1 869 (1 242) KSEK and operating results before depreciation (EBITDA) to -4 240 (-3 173) KSEK. The net result amounted to -7 717 (-10 279) KSEK. The gross margin has been affected by a higher proportion of units being sold through distributors than direct sales.


With an emphasis on regenerative medicine and the development of fluorescence capability, the company invested 2 667 (2 674) KSEK in the product, patent, and application development during the period.


Cash, cash equivalents, and unutilized granted credits amounted to 7 307(2 508) KSEK by the end of the period. The equity ratio was 11 (47) %.

Warrants of series TO 3

On 2 May 2023, the exercise period for warrants of series TO 3 (“TO 3”), which were issued in connection with Phase Holographic Imaging PHI AB’s (“PHI” or the “Company”) rights issue of units that were announced on 22 February 2022, ended. 3 201 739 warrants of series TO 3 were exercised, corresponding to a subscription ratio of approximately 95.1 percent. Thus, the underwriting commitment relating to TO 3, which the Company agreed on during the exercise period, is activated. The decision on a directed share issue of 163 666 shares, corresponding to the remaining approximately 4.9 percent of the warrant exercise, to the underwriter Altium SA (“Altium”) will be made within the coming days, with the support of the authorization given by the annual general meeting held on 31 October 2022. The proceeds of the TO 3 warrants amount to approximately SEK 12.7 million before the deduction of transaction-related costs, corresponding to a subscription rate of 100 percent.

Warrants of series TO 4

Each warrant of series TO 4 entitles to subscribe for one (1) new share in PHI during the period from and including 12 September 2024 to and including 3 October 2024. The exercise price amounts to 70 % of the volume-weighted average price during a period prior to option redemption, within the interval 0.20 SEK as the lowest, and with 15.45 SEK per new share as the highest exercise price. Upon full exercise of warrants of series TO 4 at the highest exercise price (15.45 SEK per new share), the warrants will provide the company with approximately 20.8 MSEK before issue costs.


The convertible loan to Formue Nord Fokus A/S amounts to 20 230 000 SEK with the following terms:

Dilution of shares

Total shares April 30, 202320 452 700
TO 3 (April 2023, registered at Bolagsverket May 2023)3 365 405
TO 4 (September 2024)1 346 162
Convertibles1 700 000
TOTAL26 864 267

Proposal for allocation of profit

The board proposes that the year’s loss of -23 186 is offset against the share premium fund.


The company may be affected by various factors, described in the 2021/22 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 and markets instrumentation for non-invasive time-lapse imaging. The company’s HoloMonitor product line is used for long-term quantitative analysis of living cell cultures, particularly in preclinical research and regenerative medicine. PHI is based in Lund, Sweden and Boston, Massachusetts.

On behalf of the Board of Directors
Patrik Eschricht, CEO

For additional information please contact:
Patrik Eschricht
Tel: +46 702 69 99 61

Consolidated – PHI Group

Income statement (KSEK)

  Q4 Q4 FY FY
  2022/23 2021/22 2022/23 2021/22
Net sales1 8691 2429 9008 169
Cost of sold products-1 293-524-4 832-2 485
Gross profit5767185 0685 684
Gross margin 31% 63% 51% 70%
Selling expenses-2 834-2 174-10 468-9 303
Administrative expenses-1 660-772-8 170-7 388
R&D expenses-1 203-2 806-6 782-8 817
Operating result (EBIT)-5 121-5 034-20 352-19 824
Financial net-2 596-5 245-2 833-5 557
Result before tax (EBT)-7 717-10 279-23 185-25 381
Net Result (EAT)-7 717-10 279-23 185-25 381

Balance sheet (KSEK)

  2022/23 2021/22
Non-current assets
Intangible assets19 65417 038
Tangible assets608181
Total non-current assets20 26217 219
Current Assets
Inventory3 8462 979
Short-term receivables5 42235 792
Cash and equivalents5 3071 424
Total current assets14 57540 195
Total assets34 83757 414
Equity3 72826 983
Financial liabilities20 58022 508
Operating liabilities10 5297 923
Total equity and liabilities34 83757 414

Changes in equity (KSEK)

  2022/23 2021/22
Opening Balance26 9835 384
Equity issues, net47 268
Net profit-23 185-25 381
Translation difference-70-288
Closing balance3 72826 983
Equity ratio11%47%

Cash flow analysis (KSEK)

  Q4 Q4 FY FY
  2022/23 2021/22 2022/23 2021/22
Operating activities    
Net result-7 717-10 280-23 185-25 382
Depreciation8811 8623 4864 854
Translation difference86-353-70-491
Operating cash flow-6 749-8 771-19 768-21 019
Increase (-)/decrease (+) in inventories-189-762-867-1 645
Increase (-)/decrease (+) in operating receivables629-31 97230 63924 580
Increase (+)/decrease (-) in operating liabilities4 5092 7993 252-981
Change in working capital4 949-29 93533 02421 954
Cash flow from operating activities-1 800-38 70613 2561 139
Investing activities    
Development expenses-2 612-2 504-5 938-6 539
Tangible assets1-538-48
Cash flow after investments-4 465-41 3806 727-5 774
Financing activities    
Net proceeds from equity issues47 268-10 279
Increase (+)/decrease (-) in borrowings-1 800-6 255-2 84415 221
Cash flow from financing activities-1 80041 013-2 8444 942
Cash flow for the period-6 265-3673 883-832
Cash and cash equivalents at the beginning of the period11 5721 7911 4242 256
Cash and cash equivalents at the end of the period5 3071 4245 3071 424
Incl. unutilized credits 7 3072 5087 3072 508

Data per share

  2022/23 2021/22 2022/23 2021/22
Earnings per Share, SEK-0.38-0.71-1.16-1.76
Equity per share, SEK0.181.320.181.32*
Non-registered shares April 30th 20226 057 7296 057 729
Number of Shares, end of period20 452 70014 394 97120 452 70014 394 971
Average number of shares20 070 98014 394 97120 070 98014 394 971
Share price end of period, SEK5.165.605.165.60
*Equity per share includes subscribed but non-registered shares

Parent company

Income statement (KSEK)

  2022/23 2021/22 2022/23 2021/22
Net sales2 9571 5669 8376 437
Cost of products sold-1 555-535-4 968-2 417
Gross profit1 4021 0314 8694 020
Gross margin 47% 66% 49% 62%
Selling expenses-1 508-1 356-6 076-6 412
Administrative expenses-1 660-772-8 170-7 388
R&D expenses-1 203-2 806-6 782-8 817
Operating result (EBIT)-2 969-3 903-16 159-18 597
Financial net-2 599-5 245-2 836-5 557
Result before tax (EBT)-5 568-9 148-18 995-24 154
Net Result (EAT)-5 568-9 148-18 995-24 154

Balance sheet (KSEK)

  2022/23 2021/22
Non-current assets  
Intangible assets19 65417 038
Tangible assets608181
Financial assets8 7953 994
Total non-current assets29 05721 213
Current Assets  
Inventory3 3322 979
Short-term receivables4 20834 864
Cash and equivalents4 988721
Total current assets12 52838 564
Total assets41 58559 777
Equity10 51829 513
Financial liabilities20 58022 380
Operating liabilities10 4877 884
Total equity and liabilities41 58559 777