Thank you operator. A warm welcome everyone to this conference call. Let's go to slide number two, please. Let me start by saying that 2020 has been an exceptional year globally, as well as for Bactiguard and me personally. A year ago, we announced our first acquisition ever. I took over the role as CEO after six years in the management team. Then corona developed into a pandemic, the worst ever in modern time. To date, COVID-19 has infected more than 100 million people. Close to 2.3 million have died from the virus. These are terrible numbers. Behind every number, there's a human being, family and friend, who all suffer. This was totally unexpected at the beginning of last year. We thought it would fly over in a blink of time and dealt with. To put it in context, there's also the silent tsunami of antimicrobial resistance that can have an even greater impact on human life. That is why we are so focused on infection prevention. Infection prevention has never been more important than today, and we are convinced that it will be a vital component of future healthcare. Let's go to next slide, please. Yesterday, we announced that I will be stepping down as CEO of Bactiguard this year. It wasn't an easy decision, but I have been part of the executive management team for seven intensive years, and it has been an incredibly exciting time both for me and for Bactiguard. In that period, we have created value for patients, our partners, and our shareholders. When I joined Bactiguard in 2014, just before the IPO, we were a privately owned company with a few B2B customers and just at the beginning of our international expansion. We have now grown from being a small company with a market cap of about SEK 1 billion to a mid-cap company on the Nasdaq Stockholm stock exchange with a market cap which is five times higher. Today, we have an almost global market presence. Some of the world's leading medtech companies as our licensing partners, a broader product portfolio, and a promising B2C business after the acquisition of Vigilenz. Let me start with the acquisition of Vigilenz. Why did we do it? We wanted to get control of the CE mark for orthopedic implants when there was a handover, or the prior owner wanted to hand his company over. This CE mark paves the way for the agreement we signed with Zimmer Biomet in 2019. We have now, just as of last month, secured the CE mark also for Zimmer Biomet, and I think that's a great achievement. We, Bactiguard, now have the CE mark for our own orthopedic implant called Orthosyn, and we also have a CE mark for Zimmer Biomet trauma implant. There was more to it. We got better market coverage, particularly in Southeast Asia. We got our own sales force in Malaysia, which is the driving recurring sale. As I mentioned, a broader product portfolio. HYDROCYN, which is an effective or was an effective and alcohol-free wound care solution that we also developed into an effective disinfection in record time and launched on the Swedish market when there was a shortage. We set up an air bridge and managed to secure supply to the Swedish police when there was the severe shortage at the outbreak of COVID-19 in March. We also got an interesting portfolio of sutures and other wound care products that already contribute to recurring sales and there's potential for more. What else have we done? We have strengthened the management team with experienced leaders, marketeers, and salespeople, and we have added competence to the executive management team. Stefan Grass, our Chief Medical Officer, joined us about one and a half years ago, and we have really increased our push on the clinical evidence and most importantly, getting it out there and using it. That has added strength to the company. Just after the summer, Gabriella Caracciolo, our CFO, joined us. She has contributed greatly to business development, both in Greece and in the Middle East. Satish Ramani is our Chief Operating Officer. He's been with the company for 13 years, primarily in Malaysia. He's now heading up operations globally, he's also a valuable member in the licensing business in that he has excellent experience in tech transfers and how to make production work, both in our facilities and in our partner facilities. Most recently, we recruited Petra Kaur as our Marketing and Communications Officer, and Peter Rådqvist as our Head of Global Sales. All of these leaders bring experience in creating profitable growth. They add strategic and operational expertise, that is incredibly important for Bactiguard's continued global expansion. It will increase the speed in our sales development, it will make Bactiguard more visible and thereby influential. The goal is to make our product the obvious choice for infection prevention and standard of care globally. With this platform in place, I am convinced that Bactiguard is better equipped than ever to take advantage of increased global demand for infection prevention. I have concluded that the time is right to hand over to a new CEO who can set the bar and really accelerate the growth in the coming five-year period and take Bactiguard to the next level. I'm incredibly proud of what we've achieved, and I will be happy to hand it over when the time is right. I will stay on until the right leader has been found, and I will continue on the board and add to the Bactiguard continued growth journey. I think you will also have seen that the nomination committee has proposed that Thomas von Koch becomes Chairman of the Board and that Christian Kinch will take the role as Deputy Chairman. The three of us have been working very closely over the past seven years, and I am confident that we will continue to do so going forward. Now, let's turn to some financial highlights on the next slide, please. What frames what we achieved in Q4 is that we saw recovery. We saw recovery in the licensed business with BD, not to the level we had last year when it was exceptional, but business is approaching normal levels, although this quarter they were 30% lower than the corresponding quarter last year, which was a stellar quarter. Normally, we say that BD generates about SEK 100 million a year, so SEK 25 million is a good estimate of the normal level. We got additional license revenue of just over SEK 9 million from Well Lead. The first recurring, you could say, license revenue from them under the contract we have with them. Last year included revenues from Well Lead for catheters of SEK 16.5 million. That makes up for most of the difference in BIP sales. We have a recovery in the BIP sales, not compared to last year, but in terms of sequential improvements vis-à-vis Q2 and Q3, which have all been affected by COVID-19. Lower usage of consumables when the focus has been on COVID-19 patients, but also on the postponement of elective surgeries, which has affected both us and our licensing partners. All in all, on a reported basis, sales were down by 7%, but a mere 2% on a currency adjusted basis. If we look at the year as a whole, we came in more or less at par with last year. We were about 2% down on a stable currency level. I think that is quite an achievement given the pandemic around us. Last year, we had a major boost from the license revenue with Zimmer Biomet, which is showing both in sales, but most importantly in EBITDA and profitability, which really boosted that. I'm not happy about the results, but I am pleased that we were able to sustain a decent level given the challenging business environment. Let's move on to the next slide and look at the operational highlights. The CE mark for orthopedic trauma implants that we received in January is a major breakthrough, and it paves the way for launch in Europe and the Middle East in the first half of this year. This will add to recurring license revenues in the years to come. BD's business is returning to more normalized levels and might come back to that, and that also improved our revenues in the quarter. The fact that we received our first order for coating concentrate from Well Lead is also a milestone. They have made great progress in preparing for registration of locally produced products. We are making progress in our own business, it is looking positive that we will be able to file for registration shortly and move into the next phase of that partnership. Looking at the Bactiguard portfolio for infection prevention, we continue to keep focused on rollout of products in Europe, the Middle East, and India. Of course, we are still affected by the lower utilization of regular healthcare. We are using the time now to prepare for when the healthcare sector opens up again to deal with the backlog that has been built over the year. We are preparing. We are on the electronic platform in India. We are establishing digital channels. We are focusing private care providers, as well as government. I'm confident that the work we are investing in now will pay off in the months and the years to come. Some recent development is that we have a new distributor for the BIP portfolio in Spain. They have a very good package of combining ventilators with our ETTs, which are used for COVID-19 patients, but also of CVCs there for intensive care. They've already, having placed an order in December, already placed another order this quarter. We have also launched HYDROCYN in Greece, both for disinfection and we will also roll out wound care, Gabriella has been very instrumental in that process. As I mentioned, we've strengthened both the sales and management team and recruited a new global head of sales. Let's move to the next slide, please. You're all aware of our licensing partnership. We have licensing partnerships with BD, Zimmer Biomet, and Well Lead. With BD, we have had recurring sales. Stable recurring sales for many years. With Zimmer Biomet, we are just entering that phase and looking forward to continuing our expansion with the partnership. With Well Lead, we are also entering the phase of generating recurring revenues over time, but they will continue to be a bit more lumpy. We have a lot of projects and dialogues ongoing. I am a bit disappointed that we weren't able to fulfill our target of signing one to two new licensing deals in 2020. The fact is that the investment capacity of our potential partners has been affected in the short term by COVID-19. It also means that the processes are a little slower. I am confident that the dialogues we have at the moment and the clinical activities we are engaged in, for example, vascular stents, will pay off and will pave the way for new licensing deals going forward. Let's turn page and look at recent developments in BD. You may have seen that they recently issued a positive profit warning of improved performance and outlook. Their revenues were clearly ahead of expectations last quarter. They haven't reported yet. They will report tomorrow, but they've given out some preliminary figures. This was driven by COVID-19 testing, which grew tremendously. They also saw higher revenues in all their other business segments and say that they see greater resiliency in both elective and routine procedures. As regards in the interventional segment, where there's the urology product and including the Bactiguard products for infection prevention, they saw high- single-digit growth, and that is encouraging for us because it gives a positive outlook for more normalized Bactiguard license revenues in 2021. Although, I must say that the beginning of the year can still be affected due to that there's one quarter delay in us recording the license revenue. Let's turn to page eight. Zimmer Biomet. I already mentioned that we received the CE certificate or CE mark, and that came in January. We're now preparing for production, which will start in the spring at our facility in Malaysia. That will start generating recurring revenues. This is for Europe and also when they're registered for the Middle East. When the products are launched and commercialized, that will give us royalties and recurring revenues. As regards the U.S., the registration process goes on in parallel. You know that we have two milestones linked to that process, SEK 1 million each. One will be at the submission to the FDA. One will be once the approval is in place. This is an estimate of when that could potentially happen. Of course, nothing is set in stone, that we will be able to submit this year. Then get the approval sometime around the turn of next year. That will then pave the way for U.S. commercialization and recurring royalties. Let's turn to the next page. Looking at our vision of signing one to two new license agreements every year, the areas you see highlighted in red or framed in red are the areas which are closest at hand. The first one is to use the data we have and the experience we have in orthopedic implants of various kinds. Another one is dental implants, which is very close to orthopedic implants and where we have a great asset in Peter Rådqvist, is our new Head of Global Sales, who has spent almost his entire career in the dental segment. Coronary stents, we have ongoing clinical trials at the Karolinska University Hospital that we expect to conclude this spring. Some interesting data should come out of that, both primarily in terms of the ability of our coating to reduce the risk of thrombosis, and that would also benefit other vascular applications such as dialysis. Let's turn to the next page, please. We now have a much broader product portfolio for prevention and also for best treatment outcome for patients. We have the disinfection products which are preventive. They are regulated by the Biocidal Regulation, which is different than the Medical Device Regulation, which you can see affects our other products, the wound care products, the wound management products, and the consumable devices. The fact that they lie under a different regulatory framework is one of the reasons why it's taking a bit more time to get that rolled out. We will in parallel focus on expanding the wound care portfolio and, of course, our own product for infection prevention. With the CE mark for the orthopedic implants, we are now cleared until 2024 until we have to go for MDR. Let's turn to page 11, please. If we look at our current market presence and product mix, you know that BD has the exclusive rights to urinary catheters in U.S. and Japan. We are beginning to expand the product coverage in all the areas where we are. In Europe, we primarily sell the Bactiguard portfolio of catheters, but we've started introducing the disinfection, and we are in the process of rolling out the advanced wound care portfolio in select markets. In India, we sell the full portfolio of catheters, and we are also there focusing on expanding the advanced wound care portfolio. Southeast Asia, we have great potential in expanding with the Bactiguard portfolio in Vigilenz's territory with our own sales force. In China, the focus is on the urinary catheters, but then also to get the approvals for locally produced products. In Brazil and Mexico, the primary focus is on our catheters. This gives us opportunities for cross-selling, using and leveraging our sales force, but also expanding not only from the healthcare sector and B2B, but also to B2C. The focus is on approaching more pharmacies, and I was pleased to hear that we are now rolling out HYDROCYN through several pharmacies in the Swedish market, and we will continue to do so in the months to come. Of course, the world has been affected by lockdowns and a reduced intensity of care, but I get encouraging signals for the sales team that we are overcoming some of the challenges with this through communicating digitally, and the backlog has to be dealt with, so that gives good opportunity. Page 12, please. I mentioned Peter Rådqvist, who is our new Global Head of Sales. He joined us this Monday, so he's very fresh, but he really started already. He has a great background from leading medical companies and a true international background. He's been working in all parts of the world ranging from the Far East to South America. Is very well connected. He has a track record of delivering profitable growth. This will be a great addition to the team. As I mentioned, he has been spending most of his time in the dental area, which will also be positive for our licenses. Before I hand over to Gabriella, let's go to page 13. I am confident that this team that we have recruited over the past couple of years is very strong and dedicated and will pave the way for continued profitable growth for Bactiguard. Let's go over to Gabriella and some more financials. Thank you, Cecilia. Next slide, page 15. Good morning, everyone. On this slide, you can see our business model. The core strength of Bactiguard is our technology, which can be used for a variety of medical applications. We have two business areas, the licensing business and our own Bactiguard products for infection protection, also called the BIP portfolio. To the left, you can see the license business. We license our unique technology to other medical device manufacturers. This business generates upfront revenues at signing referred to as new license revenue, and then we receive royalty on the actual sales going forward. To the right, we have the BIP portfolio with our own products or medical consumables for infection control. With the acquisition of Vigilenz, we have added two new product lines for disinfection and wound care. Our product portfolio is sold mainly through distributors, and now with the new sales strategy, we are further strengthening sales with our own sales force in the Nordics, in addition to Southeast Asia. Next page, please. Page 16. As Cecilia has mentioned, we still see the COVID situation impacting our revenue. Here we look at the sales development and profitability in a rolling 12 months perspective. To summarize the fourth quarter, we have an EBITDA of SEK 4.9 million. In Q3 and Q4, license revenues from BD as well as BIP sales were negatively affected by COVID-19. Sales growth recovered from Q3 drop, but compared to same period last year, sales declined by -7% and currency adjusted -2%. Starting with the licensing business, the blue bar in the chart. Even though COVID-19 had a negative effect on license revenues in 2020, we have a solid platform in the recurring license revenues from BD, our license partner since 25 years. Revenues from BD vary slightly between quarters but are essentially stable on a yearly basis. In Q4, we also have received license revenues from Well Lead of SEK 9.4 million. Sales of our own portfolio is steadily growing, here shown in the green bars. During 2020, we have added products to our Bactiguard product portfolio by acquiring Vigilenz and thereby accelerating sales and receive a more stable development in the rolling 12 months perspective. To mention a few highlights, we have stable and recurring sales in the Middle East, a region where we have a long-term presence. We are also very excited that we are launching HYDROCYN disinfection to the pharmacist in Greece, and later also the HYDROCYN wound care. The yellow bars show the new license revenue, which is lumpy in nature and connected to deal-making process. Du ring 2020, we did not generate any major new license revenue. However, the strategy of establishing one or two new licensing deals per year remains the same. Shown as a curve in the diagram, the drop in EBITDA 12-month rolling trend is mainly due to lower license revenue. Next page, please. Page 17. Looking at the financial overview and the fourth quarter, the revenues total SEK 65.6 million, a revenue drop compared to same quarter last year, total SEK 59.8 million. For the full year, revenues amounted to SEK 186 million, slightly lower than previous year, SEK 193.9 million, a decrease of - 4% and currency adjusted - 2%. This year, we have additional revenue streams from the acquisition of Vigilenz and an expanded Bactiguard product portfolio compensating for the lower license revenue from BD, almost 17% lower than last year. This needs to be put in context where BD volumes 2020 needs to be compared with 2019, with additional orders at the end of that year and also in addition, negative currency effects. The acquisition of Vigilenz shows that we now have a more stable underlying business, and we are reducing our dependency upon individual customers and markets. EBITDA margin for the fourth quarter was 9%, hit by higher costs, mainly explained by higher freight costs due to the air bridge and inventory write-down. We reached an EBITDA margin of 14% for full year compared to 32% last year. The license revenue of around 39 million SEK from Zimmer Biomet in 2019 had a large impact. The full-year net result of negative SEK 37 million is related to depreciations of our technology by SEK 25 million per year, according to plan. The value of our technology increases in value as we sign new license agreements and also when we have increased sales of our own product portfolio. We have a technical accounting effect of SEK 10.9 million linked to the acquisition of Vigilenz, where the set-off is reported as a forward contract. Neither the depreciation nor the set-off impact the cash flow. Turning to the next page 18. You can see in an overview of our cash flow, I should start by mentioning that in Q2, new shares were issued as part of the payment for the acquisition of Vigilenz. For the fourth quarter, we had a positive cash flow of SEK 3.9 million, but compared to 2019, significantly lower due to the Zimmer Biomet license payment. We have a credit facility of SEK 30 million, and at the end of the year, we had utilized SEK 8.9 million. Available liquidity, including credit facility, amounted to SEK 31 million compared to SEK 32.9 million previous year. As a result of the effects of the pandemic, the terms of the loan agreement with SEB were renegotiated in January 2021 with regards to covenants and the overdraft facilities, now increased to SEK 45 million from previously SEK 30 million. Other terms are unchanged. Next page, please. Page 19. To summarize, we stay committed to our financial targets. Average revenue growth of 20% per year over a five-year period to 2025. EBITDA margin of at least 30% at the end of the five-year period, and the long-term goal is to achieve a dividend of 30%-50%. Forward-looking, we are optimistic and convinced that our technology will play an important role for infection prevention when addressing the COVID-19 backlog of selective surgery. With that, back to you, Cecilia. Thank you, Gabriella. Let's go to page 20. We have a very clear growth strategy based on providing effective and safe infection prevention to both our healthcare providers and consumers. Our ambition too is to create recurring license revenues and to sign with our current partners, but also to sign new agreements with new partners across many application areas. With the products we now have in our portfolio and our partners' portfolio, we have products both for short-term and permanent use. That is a great advantage as we have substantial clinical evidence. We have the CE mark. As the regulatory requirements increase, we will have a competitive advantage vis-à-vis competition. We're expanding our product portfolio. We're also expanding our market coverage and focused on cross-selling its entire portfolio across our footprint. Let's go to the final slide. It's slide 21 for some conclusions. Infection prevention has never been more important than today in creating a global and sustainable development. Infection is critical when no effective cures are available and vaccines are not available or scarce. The global rollout of vaccines that we are now seeing will have a positive effect on our societies and also on our everyday life. Not least to bring healthcare back to more normal activity, because currently, cancer is underdiagnosed, elective surgeries are not taking place, and this has an impact on our lives and on the quality of life that we live. Of course, the speed of the rollout and the risk of future mutations and new outbreaks makes the near-term development difficult to assess and a bit uncertain. At the same time, the global healthcare backup must be managed. In the Stockholm region alone, it is estimated that it will take two years to deal with the pent-up need. If you add to that complications in the form of infections, it will take even longer. Infection prevention is not only a strategic matter for Bactiguard, it's also a central component in future healthcare and one of the most important sustainability issues of our time. With our platform in place, I'm convinced that Bactiguard is better equipped than ever to take advantage of the increased global demand for infection prevention, and there are great opportunities ahead. Thank you, and over to you, operator. Thank you. If you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. We have a question from the line of Mattias Vadsten from SEB. Please go ahead. Hi. Thank you for taking my questions. On Well Lead first, that ordered coating concentrate in the quarter, two questions here. When do you expect the locally produced catheters to be registered in China? The second one, as only concentrate was ordered now, does that mean that they will order also catheters shortly, given that it was quite some time ago now? Thanks. Thank you, Mattias. On the first question, our ambition is to have the first product registered by the end of this year. It will take some time and some work, but that is our expectation and what we are working on. That would be the Foley catheters as we there also can reference to the products which are currently available in the market. As regards when they need to place a new order, I can't make any forecast on that. Healthcare in China has also been affected by COVID-19, even though they saw an earlier recovery than the rest of the world did. It is now coming back in China, and regions around Beijing have been affected recently. It seems to be contained. We will see how it develops. I can't give any forecast on when they will place the next order. What I can say is that the two agreements run in parallel. Whenever there is a need for catheters before the locally manufactured products are approved, they will place orders for Bactiguard catheters. Thank you very much for I was on mute. Thank you very much for that. My next question is regarding the launch of HYDROCYN in Greece. It's great news. Can you elaborate on further launches? What markets are you prioritizing in that process, and what does it take for you to get the product registered? Yes, I'll try to give a good explanation on that one. As you know in Sweden we have launched the disinfection. As of now, disinfections based on hypochlorous acid hasn't been approved by the EU, so we're working on a Swedish permit to sell it as hand disinfection. The same goes for Greece. Until it has been approved by the EU as hand disinfection, we will have to seek local registrations in each market. That's why it's taking a little bit of time. As regards the wound care portfolio, which is also based on HYDROCYN, that is a CE mark product, and we have that available, so we can roll that out to various markets. There are ongoing discussions in several European markets. We will come back to that as soon as they materialize. We're also rolling it out in the Middle East, where they are making local registrations. In some markets, they are already registered, and we expect that to start moving in the first half of this year. Also for Southeast Asia, HYDROCYN has primarily been launched or sold as a wound care solution in Malaysia. There's potential in expanding it to the other markets in the region and also introducing the disinfection. There are also ongoing discussions in India. Perfect. Thank you for that. My last question is on Zimmer and trauma implants. What does it take to establish that agreement? You know the same setup as with the agreement with BD. What I mean by that is that Zimmer only then order the coating concentrate and then apply it themselves, to be clear on that. No, what happens initially, and perhaps I wasn't clear enough on that. What will happen this year and for some time is that Zimmer will send their implants to us, and we will coat them in our facility in Penang, which is also FDA-approved, so that could also be used for a U.S. launch if needed. Then when the time is right, we will do a technology transfer to their facilities, but that requires some preparations and some investment. The fact that the MDR regulation was pushed out a year in time meant that we could use the opportunity of using our CE mark, but we could also utilize our own facility as we are the legal manufacturer of these products and get a much faster time to market, and we could also reduce the investment required at their end for the initial phase. Okay. That was basically as I understand it as well. The timing and when this transfer can happen, do we talk then around 2024, or is that a fair assumption? We expect that it will happen before 2024. Okay. At least that they will look at it before 2024 when MDR will be effective. We could potentially still be contract manufacturer for them under their CE mark. It depends on when volumes ramp up to a level where they think that now we want to integrate it in our own facilities to get economies of scale. Okay. Thank you very much. That was all from me. Okay. Thank you. As there are no further questions, I'll hand it back to the speakers. Thank you, operator, and thank you all for listening in. It has been a couple of turbulent days for me in particular, but I am confident that this is right for Bactiguard and for me. I will, in due time, hand over the helm to somebody else, but until then, I will stay at the helm. I will continue to work in the best interest of patients in order to protect them and save their lives, but also in the interest of Bactiguard and our shareholders. I'm fully committed to contributing to accelerated growth. Thank you, and we'll speak soon again.
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