Lifecare Q3 2022: All-time high revenue

06 Dec 2022 12:48 CET

Bergen, Norway 6.12.2022

Today Lifecare announces all-time high revenue in their financial reporting for
Q3 2022. - We are pleased to see a positive outcome of the investments we have
made. Furthermore, this provides a base for Lifecare´s continued research and
product development, says CEO Joacim Holter.

The consolidated group financials show a revenue of 15,4 MNOK for the first nine
months of 2022 – compared to 0 MNOK in Q3 2021, and 1,6 MNOK at end of the year
2021. The revenue is primarily a result of the activities in Lifecare Laboratory
GmbH, a company Lifecare AS acquired in 2021 with financial effect from February
2022. Lifecare Laboratory delivers solid results based on their position as a
certified PCR laboratory in Germany leading to higher revenue than expected due
to Covid-19 testing.

- In addition to the covid19 related revenue we see an increased activity of
services, especially based on our proprietary In-vitro bench test for dynamic
interference testing of glucose sensors. Finally, the EU funded project
"FORGETDIABETES” has a positive effect in the group financials, states Holter.

In the quarterly report, the sensor company can also communicate an improved
result despite increased costs.

Important achievements
In addition to these positive economic trends, Holter wants to highlight some
important achievements over the past few months.

According to the CEO, the most important of them is that early readouts of data
points in the ongoing Pilot Clinical Study show that Lifecare’s sensor follows
glucose variations in humans with a sensitivity in line with that of widely used
Continuous Glucose Monitoring systems.
- These early but encouraging results represent a major achievement in
Lifecare’s development and ensure the necessary confirmation to continue the
pilot study, says Holter.

Earlier this autumn, Lifecare's technology in the EU funded project
"FORGETDIABETES was reviewed as “market ready” by independent experts from the
EU Commission's Innovation Radar. - The review categorised two Lifecare
innovations among the top 14 percent in EU funded R&D projects. One of them
being the osmotic pressure-based sensor for glucose monitoring in the
subcutaneous area and the other the In-vitro bench test for dynamic interference
testing of glucose sensors, Holter explains.

The last and very important achievement came late in October. Lifecare concluded
a private placement of in total 45 MNOK confirming a strong shareholder
commitment in a very challenging capital market, ensuring financial capacity to
continue the development of the company's revolutionary technology.

- Throughout 2022 we have increased the pace in our mission to improve the life
for people with diabetes. This is a result of building an organization with
solid in-house R&D capacities. We look forward to continuing this journey in
2023, says CEO Joacim Holter.


This is Lifecare:
Lifecare is a Bergen-based technology company developing a miniaturized
implantable long-term sensor for correct and continuous monitoring of blood
sugar in people with diabetes. The Company's patented technology also has the
potential for use in various biomarkers. Lifecare AS is listed on Euronext
Growth (LIFE).

Further information Joacim Holter, CEO, Lifecare AS, joacim.holter@lifecare.no,
+47 40 05 90 40

This stock exchange announcement was published by Joacim Holter, CEO at Lifecare
AS, on 6.12.22 at 12:48 CET.

More information:
Access the news on Oslo Bors NewsWeb site

577462_221206 Q3 Financial and operational update.pdf