Top view of yellow L929 cells on a bright blue background

Year-end report 2023/24

Phase Holographic Imaging PHI AB (publ)

Lund, June 26, 2024

February 2024 – April 2024

Net sales1 686(1 869) KSEK
Operating result before depreciation (EBITDA)-2 719 (-4 240) KSEK
Net result -5 349(-7 717) KSEK
Earnings per share-0.22 (-0.38) SEK
Gross margin60 (31) %

MAY 2023 – APRIL 2024

Net sales10 510 (9 900) KSEK
Operating result before depreciation (EBITDA)-12 287 (-16 866) KSEK
Net result -20 175 (-23 185) KSEK
Earnings per share-0.81 (-1,16) SEK
Gross margin71 (51) %

In Short

CEO Commentary

This spring has been a dynamic and productive period for PHI, as our team and partners have made significant efforts on multiple fronts. Externally, our collaboration with Altium has focused on expanding our sales processes and networks and enhancing our market presence. Internally, our dedicated team has been advancing our ongoing regenerative medicine projects and refining our HoloMonitor technology.

Increased Visibility within Regenerative Medicine

Our visibility in the industry has grown substantially through participation in key investor and regenerative medicine events this spring. Our Chief Scientific Officer, Kersti Alm, delivered an impactful presentation at the Alliance for Regenerative Medicine conference in Rome, highlighting our position in the emerging field of regenerative medicine. These engagements help us find new, exciting partnerships and strengthen existing relationships and PHI’s position in the field.

Additionally, we published a well-received opinion piece, “Shaping the Future of Regenerative Medicine – PHI’s Vision for QPI in Cell Therapy Manufacturing“, which outlines our vision for establishing Quantitative Phase Imaging (QPI) as the gold standard for cell quality control measurements for cell therapies. This publication underscores our commitment to innovation in regenerative medicine and highlights our strategic goals for the future.

Strengthening Our Team and Board

To support our strategic growth and expand our market presence, we have had key additions to our team and board. Since March, Daniel Soor has joined the Altium team as our new distributor manager. Daniel is actively engaging with potential new sales partners worldwide, with a mission to open new markets and broaden HoloMonitor’s global footprint. His efforts are central to supporting our sales strategy and expanding our reach through Altium’s extensive network.

Additionally, we were pleased to announce Ivan Jurkovic as a new board member. Ivan, Altium’s CFO, brings a wealth of experience in financial strategies and risk management, which will be invaluable as we pursue our growth objectives in regenerative medicine. His understanding of financial strategies will aid our growth and objectives, ensuring we navigate the complexities of the regenerative medicine market effectively.

Sales Strategy and Progress

Our collaboration with Altium is critical to scaling our sales processes and networks. We are fully aware that building these systems and relationships does not happen overnight. The sales cycle in the pre-clinical research market is inherently lengthy, involving multiple partners and often complex decision-making processes. Researchers and academics usually require extended periods to secure funding or grants necessary for purchasing new equipment, which contributes to the extended sales cycles, which typically range from 6 to 12 months.

Currently, we are intensely involved in supporting Altium with the training and development of all our new sales partners and colleagues. This period is very demanding for the entire PHI team as we provide comprehensive training, assist in initial on-site product demonstrations, and offer hands-on support. I am proud of the whole team for its dedication and teamwork in this fast-moving period. We know that these efforts are essential investments to ensure our partners are well-equipped to represent HoloMonitor effectively and drive sales.

While sales this quarter were not as strong as anticipated due to our focus on intense training, process building and hand-overs, we remain optimistic about Altium’s contributions in the latter part of 2024. The groundwork is laid now, and through rigorous training and support, we look forward and expect to yield improved results as we move forward. We are confident that the strategic initiatives we have implemented will begin to show significant returns, enhancing our market presence and driving growth in the latter half of the year.

Looking Ahead

Moving forward, we are committed to anchoring our position in the regenerative medicine market, expanding our collaborations and HoloMonitor’s global reach. Our goal is to make Quantitative Phase Imaging (QPI) a measurement standard for cell quality control, ensuring that future cell therapies are safe, cost-effective, and widely accessible.

I want to thank our whole PHI team, partners, and stakeholders for their unwavering support and belief in our vision.

Have a good summer,

Patrik Eschricht, CEO

About PHI

Phase Holographic Imaging (PHI), a leading medical technology company, develops and markets its non-invasive time-lapse imaging instruments for studying living cells.

The foundation of PHI’s current commercial HoloMonitor® products is Quantitative Phase Imaging (QPI) technology. This technology brings an innovative approach to real-time cell quality evaluation. It offers a detailed analysis of a large number of cell health and behavior characteristics without harming or influencing living cells and thus differing from conventional measurement methods, which often jeopardize cell integrity.

PHI is actively focusing on developing its business to expand from its current pre-clinical research market to the sizable healthcare industry and the emerging regenerative medicine field.

PHI envisions setting a new benchmark with QPI as a gold standard method for cell quality control, enabling regenerative treatments to advance and making future cell therapies safe, reliable, and economically and universally accessible for patients worldwide.

The addressable market

PHI has been active within the pre-clinical and biomedical cell research market, having established a global presence with HoloMonitor® systems and their scientific validation in both academia and industry, primarily addressing cancer, stem cell and drug development research.

PHI’s HoloMonitor technology is transforming pre-clinical research by providing a foundation for better cell models, which are critical before clinical drug testing. This innovative approach, utilizing Quantitative Phase Imaging (QPI), ensures cells remain unaffected during analysis. Unlike conventional cell measurement methods that often require genetic manipulation or staining with toxic substances, QPI offers a non-invasive alternative that maintains the integrity of cell cultures. This advancement addresses the critical need for accurate, cost-efficient preclinical data to reduce the high failure rates in drug development. With 9 out of 10 drugs failing in clinical trials due to ineffective results or adverse effects, largely stemming from flawed preclinical outcomes, PHI’s technology represents a significant leap forward. By enabling scientists to obtain better data without compromising cell health, HoloMonitor sets a new standard in drug development and basic medical research, aiming for more successful patient outcomes and reduced research expenses.

PHI is strategically prepared to extend its reach into the large clinical market and emerging regenerative medicine field, which presents significant growth opportunities. By striving to achieve Good Manufacturing Practice (GMP) standards and create a company quality management system (QMS), PHI aims to penetrate these markets in the future, where its non-invasive cell analysis solutions can offer critical cell quality control assessment.

Regenerative medicine is a groundbreaking field focused on developing methods to regenerate, repair, or replace damaged cells, tissues, or organs. It integrates biology, chemistry, computer science, and engineering to develop treatments for conditions previously thought untreatable. It has already begun to transform healthcare by offering new hope to patients with conditions like cancer, Parkinson’s disease, diabetes, and deafness, displaying its vast potential to improve and save lives around the globe.

Business model & strategy

PHI markets a competitive combination of sophisticated software and quality hardware, constantly evolving its offerings through in-house development in response to changing market needs. The production of the hardware and accessories is strategically outsourced to specialized subcontractors located in Sweden.

PHI’s business model strategically centers around the HoloMonitor portfolio, designed to meet the specific needs of academia and industry research labs. The company prioritizes direct interactions and live product demonstrations at potential customer facilities, particularly in cell-based research environments. Combined with a digital marketing approach, this sales strategy is essential for demonstrating HoloMonitor’s advantages firsthand, aiming to foster trust and enabling customers to assess its suitability for their unique research needs. The sales process at PHI is designed to align with the detailed and extended decision-making cycles often found within the scientific community. It accounts for the crucial phase of securing grant funding or other financial support for institutions looking to invest in new research equipment. As a result, sales cycles typically span 6 to 12 months.

PHI is actively expanding its global reach within its current core markets, such as North America, Europe, Asia, and Australia, while also exploring new territories. At the heart of this strategic expansion is the partnership with Altium, a major investor and global distributor of PHI. Altium’s engagement has been transformative for PHI’s operations, not only providing substantial financial backing but also significantly enhancing PHI’s market presence through Altium’s well-established sales channels and distribution networks. The joint efforts aim to broaden the geographic reach and adoption of the HoloMonitor system, utilizing targeted demonstrations and deeper market penetration to enhance sales performance and cash flow, positioning PHI as a key player in its field. This collaboration enables PHI to focus on its core expertise and innovation capabilities—advancing QPI technology and product development within regenerative medicine.

Achieving future goals

PHI is focusing on achieving important milestones in the coming years, utilizing the potential of its partnerships and collaborations. PHI has a clear focus on expanding its business to the clinical research market and positioning itself in the Regenerative Medicine field.

The collaboration with Altium is instrumental in PHI’s approach to gaining a stronger foothold in the regenerative medicine field, where PHI’s cell quality control technology can meet critical industry needs. PHI is also actively fostering alliances with leading institutions such as the Wake Forest Institute for Regenerative Medicine (WFIRM), renowned for its groundbreaking contributions to translating scientific research into clinical therapies. Collaborating with WFIRM enriches PHI’s initiatives, providing access to an exceptional ecosystem of expertise and innovation. This partnership bolsters PHI’s leadership in regenerative medicine, enabling the ongoing development and application of PHI’s cell quality control technology.

PHI engages in these strategic relationships to fortify the Company’s position as a thought leader in the field with the intention to accelerate progress, bolster market penetration, open new doors to new business opportunities, and enhance shareholder value.

Net Sales and Result

Net sales for the third quarter amounted to 1 686 (1 869) KSEK and operating results before depreciation (EBITDA) to -2 719 (-4 240) KSEK. The net result amounted to -5 349 (-7 717) KSEK.


With an emphasis on regenerative medicine, the company invested 2 110 (2 667) KSEK in the product, patent, and application development during the period.


Cash, cash equivalents, and unutilized granted credits amounted to 810 (7 307) KSEK by the end of the period. After closing PHI took a bridge loan in the amount of 7 000 KSEK. The equity ratio was 15 (11) %.

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, was 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”) was taken, 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 end of October 2023 amounted to 20 230 000 SEK with the following terms:

Altium acquired Formues Convertible loan

In November, Altium acquired the convertibles from Formue Nord A/S. On the takeover day, PHI had repaid 6 360 KSEK on the convertible loan including accumulated interest. The convertible loan net amount that Altium took over amounted to 17 841 KSEK and the number of outstanding convertibles to 1 449 277 new shares.


The company may be affected by various factors, described in the 2022/23 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) is a medical technology company that develops and markets its non-invasive, time-lapse imaging instruments for long-term quantitative analysis of living cells. The foundation of PHI’s current commercial HoloMonitor® products is Quantitative Phase Imaging (QPI) — a technology that heralds an innovative approach to cell quality evaluation. It offers a detailed analysis of cell characteristics without harming the cells, avoiding the limitations of traditional measurement methods. PHI is actively focusing on business development to expand from pre-clinical research to the clinical market and the emerging regenerative medicine field. PHI envisions transforming live cell analysis and establishing QPI as a standard for cell quality control, making our future cell therapies safe, affordable, and accessible for patients. PHI is based in Lund, Sweden, Boston, MA and Winston-Salem, NC.

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
  2023/24 2022/23 2023/24 2022/23
Net sales1 6861 86910 5109 900
Cost of products sold-681-1 293-3 071-4 832
Gross profit1 0055767 4395 068
Gross margin 60% 31% 71% 51%
Selling expenses-2 655-3 834-10 898-10 468
Administrative expenses-2 551-1 660-5 930-8 170
R&D expenses-1 310-1 203-7 554-6 782
Operating result (EBIT)-5 511-5 121-16 943-20 352
Financial net162-2 596-3 232-2 833
Result before tax (EBT)-5 349-7 717-20 175-23 185
Net Result (EAT)-5 349-7 717-20 175-23 185

Balance sheet (KSEK)

  2023/24 2022/23
Non-current assets  
Intangible assets25 56519 654
Tangible assets1 011608
Total non-current assets26 72920 262
Current Assets  
Inventory3 7323 846
Short-term receivables2 3745 293
Cash and equivalents1675 308
Total current assets6 27314 447
Total assets33 00234 709
Equity4 9443 728
Financial liabilities17 84520 580
Operating liabilities10 21310 401
Total equity and liabilities33 00234 709

Changes in equity (KSEK)

  2023/24 2022/23
Opening Balance3 72826 983
Equity issues, net22 617
Net profit-20 175-23 185
Translation difference-1 182-70
Closing balance4 9883 728
Equity ratio15%11%

Cash flow analysis (KSEK)

  Q4 Q4 FY FY
  2023/24 2022/23 2023/24 2022/23
Operating activities   
Net result-5 350-7 717-20 175-23 185
Depreciation8888813 5063 486
Translation difference-11086-315-70
Operating cash flow-4 571-6 749-16 984-19 644
Increase (-)/decrease (+) in inventories1 020-189621-867
Increase (-)/decrease (+) in operating receivables3 2646299 71730 639
Increase (+)/decrease (-) in operating liabilities3 2984 5096293 211
Change in working capital7 5824 94910 96732 983
Cash flow from operating activities3 011-1 800-6 01713 339
Investing activities   
Development expenses-2 001-2 612-9 055-5 938
Tangible assets1461-538
Cash flow after investments1 047-4 465-15 1816 684
Financing activities   
Net proceeds from equity issues-55513 765
Increase (+)/decrease (-) in borrowings-346-1 800-2 735-2 801
Cash flow from financing activities-901-1 80011 030-2 801
Cash flow for the period146-6 265-4 1513 884
Cash and cash equivalents at the beginning of the period2111 5724 3181 424
Cash and cash equivalents at the end of the period1675 3071675 308
Incl. unutilized credits 8107 3078107 307

Data per share

  Q4 Q4 FY FY
  2023/24 2022/23 2023/24 2022/23
Earnings per Share, SEK-0,22-0,38-0,81-1,16
Equity per share, SEK0,190,180,190,18
Number of Shares, end of period26 192 92520 452 70026 192 92520 452 700
Average number of shares24 808 15020 070 98024 808 15020 070 980
Share price end of period, SEK7,85,167,85,16

Parent company

Income statement (KSEK)

Net sales1 7712 9579 6579 837
Cost of products sold-859-1 555-3 506-4 968
Gross profit9121 4026 1514 869
Gross margin 51% 47% 64% 49%
Selling expenses-1 379-1 508-5 877-6 076
Administrative expenses-2 550-1 660-5 929-8 170
R&D expenses-1 310-1 203-7 554-6 782
Operating result (EBIT)-4 327-2 969-13 209-16 159
Financial net162-2 599-3 232-2 836
Result before tax (EBT)-4 165-5 568-16 441-18 995
Net Result (EAT)-4 165-5 568-16 441-18 995

Balance sheet (KSEK)

  2023/24 2022/23
Non-current assets  
Intangible assets23 98619 654
Tangible assets1 011608
Financial assets14 0038 795
Total non-current assets39 00029 057
Current Assets  
Inventory2 7343 332
Short-term receivables2 2424 080
Cash and equivalents904 988
Total current assets5 06612 400
Total assets44 06641 457
Equity16 10010 518
Financial liabilities17 84120 580
Operating liabilities10 12510 359
Total equity and liabilities44 06641 457