Year-end Report 2020/21

Phase Holographic Imaging PHI AB (publ)
Lund, June 24, 2021

february 2021 – april 2021

Net sales1 910 (557) KSEK
Operating result before depreciation (EBITDA)-5 559 (-4 589) KSEK
Net result -6 784 (-6 538) KSEK
Earnings per share -0.47 (-0.45) SEK
Gross margin66 (60) %

May 2020 – april 2021

Net sales3 637 (3 803) KSEK
Operating result before depreciation (EBITDA)-16 773 (-18 692) KSEK
Net result -23 509 (-26 313) KSEK
Earnings per share-1.63 (-1.83) SEK
Gross margin63 (61) %

In short

CEO commentary

The conventional way of selling advanced scientific instrumentation has been for independent distributors to market, resell and service the product in an agreed geographical market. Until the pandemic, nobody in the industry really questioned this business model. It was simply how capital equipment was sold. However, the model is costly and resource-demanding, and sales will only be as good as the distributors.

Therefore, as soon as they can muster the investment, larger companies establish subsidiaries in the important markets to not remain dependent on the whims of independent distributors. The way out for smaller companies that cannot afford subsidiaries across the globe is to make themselves attractive for the larger companies. However, the larger companies know their value and ask a lot in return to channel products through their distribution network, no matter how novel and exciting the product is.

The “New Normal”

As we all know, digital sales & marketing have been around for some time. However, until the pandemic, it had a limited impact on the traditional distributor business model, as it remained unthinkable for customers to purchase advanced technical equipment “over the Internet”.

The widespread use of video communications during the pandemic has changed this. Now when we have gotten used to it and realized how much more efficient and climate-friendly it is, more and more people prefer that product demonstrations and training occur online rather than in physical meetings. This small but significant change in behavior is likely to transform our industry and how capital goods are sold.

Together with advanced digital marketing, the change allows smaller companies to more efficiently sell, distribute and service advanced equipment over a large geographical area without a traditional distribution network.

In other words, a consequence of the pandemic is that innovative smaller companies such as PHI can establish their products on the market on their own. With a well-established product, these companies can then and on more equal terms negotiate partnerships with the major players to further expand the market reach.

The Fluorescence Project

The development work of providing HoloMonitor with fluorescence capability is proceeding according to plan. Recently the project entered the second and possibly the final internal testing phase. For more information concerning the project, see Interim Report 3 2020/21.

The Organization

The strategic decision first outlined in Interim Report 3 2019/20 to focus on digital sales & marketing led to organizational changes during the year. In particular, digital marketing requires a different skill set than marketing through tradeshows and other traditional marketing activities. For an overview of the new organization, see PHI Management and Board.


The strategic shift has been a success, reflected in the sales increase during the latter part of the fiscal year. Unless lockdowns are reinstated in the major markets, we see that sales will continue to grow over the foreseeable future, not least in the North American market.

Peter Egelberg, CEO

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Net sales and result

Net sales for the fourth quarter amounted to 1 910 (557) KSEK and operating result before depreciation (EBITDA) to -5 559 (-4 589) KSEK. Net result amounted to -6 784 (-6 538) KSEK.


With an emphasis on application development and development of fluorescence capability, the company invested 4 261 (3 192) KSEK in the product, patent, and application development during the financial year.


Cash, cash equivalents, and unutilized granted credits amounted to 35 506 (16 484) KSEK by the end of the period. The equity ratio was 25 (80) %.

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) 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. 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)

Net sales1 9105573 6373 803
Cost of products sold-647-225-1 346-1 500
Gross profit1 2633322 2912 303
Gross margin66%60%63%61%
Selling expenses-3 511-2 211-8 773-8 756
Administrative expenses-1 775-1 576-7 084-6 428
R&D expenses-2 571-3 388-11 720-13 538
Operating income3671 972367
Operating result (EBIT)-6 594-6 476-23 314-26 052
Financial net-190-62-195-261
Result before tax (EBT)-6 784-6 538-23 509-26 313
Net Result (EAT)-6 784-6 538-23 509-26 313

Balance sheet (KSEK)

Non-current assets  
Intangible assets14 82316 735
Tangible assets337704
Total non-current assets15 16017 439
Current Assets  
Inventory1 3341 530
Short-term receivables2 9382 590
Cash and equivalents2 25614 484
Total current assets6 52818 604
Total assets21 68836 043
Equity5 38428 896
Financial liabilities7 4001 125
Operating liabilities8 9046 022
Total equity and liabilities21 68836 043

Changes in equity (KSEK)

Opening Balance28 89637 653
Equity issues, net17 487
Net profit-23 509-26 313
Translation difference-369
Closing balance5 38428 896
Equity ratio25%80%

Cash flow analysis (KSEK)

Operating activities  
Net result-6 784-6 538-23 509-26 313
Depreciation1 0351 8396 5417 360
Translation difference-7-479
Operating cash flow-5 756-4 699-16 972-18 874
Increase (-)/decrease (+) in inventories327190196-148
Increase (-)/decrease (+) in operating receivables-392-190-348-9
Increase (+)/decrease (-) in operating liabilities3 100-9352 882-1 272
Change in working capital3 035-9352 730-1 429
Cash flow from operating activities-2 721-5 634-14 242-20 303
Investing activities  
Development expenses-1 384-714-4 091-2 729
Tangible assets-197-197
Cash flow after investments-4 275-6 607-18 503-23 495
Financing activities  
Net proceeds from equity issues5317 566
Increase (+)/decrease (-) in borrowings3 1503756 275-750
Cash flow from financing activities3 1504286 27516 816
Cash flow for the period-1 125-6 179-12 228-6 847
Cash and cash equivalents at the beginning of the period3 38120 66314 48421 331
Cash and cash equivalents at the end of the period2 25614 4842 25614 484
Incl. unutilized credits35 50616 48435 50616 484

Data per share

Earnings per Share, SEK-0.47-0.45-1.63-1.83
Equity per share, SEK0.372.010.372.01
Number of Shares, end of period14 394 97114 394 97114 394 97114 394 971
Average number of shares14 394 97114 394 97114 394 97114 386 521
Share price at end of the period, SEK25.0031.8025.0031.80

Parent company

Income statement (KSEK)

Net sales1 4055572 9913 716
Cost of products sold-676-227-1 358-1 502
Gross profit7293301 6332 214
Gross margin52%59%55%60%
Selling expenses-2 898-2 211-6 617-8 756
Administrative expenses-1 775-1 074-7 084-5 814
R&D expenses-2 571-3 388-11 720-13 538
Other Income3671 972367
Operating result (EBIT)-6 515-5 976-21 816-25 527
Financial net*-1 132-62-1 137-261
Result before tax (EBT)-7 647-6 038-22 953-25 788
Net Result (EAT)-7 647-6 038-22 953-25 788
*Effected by 942 KSEK in write-down PHI inc share capital

Balance sheet (KSEK)

Non-current assets  
Intangible assets14 82316 735
Tangible assets337704
Financial assets*942
Total non-current assets15 16018 381
Current Assets  
Inventory1 3341 530
Short-term receivables4 5782 648
Cash and equivalents1 71113 940
Total current assets7 62318 118
Total assets22 78336 499
Equity6 39929 352
Financial liabilities7 4001 125
Operating liabilities8 9846 022
Total equity and liabilities22 78336 499
*942 KSEK write-down PHI inc share capital