Company profile - Brighter Actiste feature image - 16092019 - JPG

Expanding further into assisted care solutions

Brighter 18 March 2020 Update
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Brighter

Expanding further into assisted care solutions

Financial update

Healthcare equipment
& services

18 March 2020

Price

SEK2.3

Market cap

SEK446m

US$0.10/SEK

Net cash (SEKm) at 31 December 2019
+ capital raise

188.3

Shares in issue

194.1m

Free float

91.5%

Code

BRIG

Primary exchange

NASDAQ First North

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(47.8)

(57.5)

(57.4)

Rel (local)

(24.9)

(42.9)

(50.0)

52-week high/low

SEK8.46

SEK2.29

Business description

Brighter is a Swedish healthtech company focused on the development and commercialisation of self-monitoring and self-treatment health solutions for diabetes. Its lead product, Actiste, combines three critical components of daily diabetes management, a blood glucose meter, a lancet and an injection apparatus into one device with mobile connectivity to Brighter’s cloud-based service, the Benefit Loop.

Next events

Actiste registration in UAE

H120

Actiste commercial launch

H220

Analysts

Maxim Jacobs

+1 646 653 7027

Wiktoria O’Hare

+1 646 653 7028

Brighter is a research client of Edison Investment Research Limited

Brighter initiated activity on multiple fronts following the issue of CE marks for its lead product, Actiste. It acquired Nectarine Health, a Swedish healthtech start-up, to complement its other assisted care solutions acquisition, Camanio. Brighter also entered into a strategic partnership with Accumbo, a digital healthcare provider, to support the visibility of Actiste in the Swedish market, one of Brighter’s target markets. Also, to support commercialisation activities in the near term, the company raised SEK191m via a rights offering.

Year end

Revenue (SEKm)

PBT*
(SEKm)

EPS*
(SEK)

DPS
(SEK)

P/E
(x)

Yield
(%)

12/18

1.1

(48.8)

(0.74)

0.0

N/A

N/A

12/19

3.3

(88.2)

(1.06)

0.0

N/A

N/A

12/20e

24.5

(99.5)

(0.51)

0.0

N/A

N/A

12/21e

133.8

(12.4)

(0.06)

0.0

N/A

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Nectarine Health acquisition completed

In January 2020, Brighter completed the acquisition of Nectarine Health, a Swedish healthtech start-up company focused on assisted care solutions. This acquisition complements Brighter’s other acquisition from Q419, Camanio, another company focused on home care solutions. The acquisition pattern could indicate that Brighter is preparing to establish a broader market for its Actiste and Benefit Loop system down the line.

Strategic partnership with Accumbo

In Q419, Brighter entered into a partnership with Accumbo, a digital healthcare provider, via a SEK9m investment in Accumbo amounting to a 13% equity stake. The investment will be used to expand and develop new services for both digital and physical healthcare, starting by offering Actiste with Accumbo’s new care service under development for diabetics. This collaboration could help establish Actiste in the Swedish market and demonstrate its flexibility as adjunctive care.

Capital secured through a rights offering

Brighter raised SEK191m via a rights offering with current shareholders, largely to support commercialisation activities relating to Actiste. A total of 95.67m new shares were issued, and Brighter’s total share count is now 194.1m. The company had previously engaged Winance to help facilitate its financing needs, but the agreement was terminated as Brighter instead chose to proceed with a rights issue.

Valuation: SEK1,383m or SEK7.13 per basic share

Our total valuation has increased from SEK1,227m to SEK1,383m due to higher net cash, while on a per-share basis, the value fell from SEK13.14 to SEK7.13 due to a higher share count. The net cash and share count changed following a directed share issue to management and key personnel for SEK19m in November 2019 and a capital raise of SEK191m in January 2020.

Active on multiple fronts

While Brighter’s main focus currently remains launching Actiste in the United Arab Emirates, it has been busy with the completion of multiple acquisitions and formation of a strategic partnership. Late last year, Brighter acquired Camanio, a company developing home care solutions, such as an assisted eating device and telepresence robot. The transaction was conducted through a set-off issue of 1.598m Brighter shares. In January 2020, Brighter completed the acquisition of Nectarine Health (through the issue of 2.267m shares), a Swedish healthtech start-up company focused on assisted care solutions, which provided more context for Brighter’s venture into the home care space. These acquisitions indicate that Brighter is considering broadening the platforms on which Actiste and the Benefit Loop can be offered as it intends to move beyond diabetes in the future.

Brighter entered into a strategic partnership in Q419 with Accumbo, a digital healthcare provider, to help increase Actiste’s visibility in Sweden. Accumbo currently offers a digital service called Blodtrycksdoktorn (the Blood Pressure Doctor) where an individual with hypertension utilises a blood pressure cuff and app to gather biometric data that will shape the person’s treatment regimen set by a healthcare provider. Accumbo has launched a pilot project to integrate Actiste in the upcoming Diabetesdoktorn (the Diabetes Doctor) service, which will be offered as an extension to the Blood Pressure Doctor service. Since high blood pressure and diabetes are highly correlated, the collaboration could be a suitable project to demonstrate Actiste’s utility and flexibility as adjunctive care to already established platforms, and support the product’s visibility in Sweden since it is a target market.

Actiste: A new phase for Brighter

Brighter’s Actiste integrates three essential steps for daily diabetes management in one device: a blood glucose meter, a lancet and insulin injection apparatus. Due to the combined functionality of the Actiste device, the company estimates that the number of steps for daily treatment and measurement is reduced by up to 67%. The Actiste device has global out-of-the-box connectivity through eSIM technology and is delivered as part of a subscription-based service that includes different levels of data sharing, continuous replenishment of everyday supplies delivered directly to the home and digital services designed to facilitate, improve and streamline the treatment. Brighter’s cloud-based platform, the Benefit Loop, and associated companion applications for iOS and Android, were previously CE marked. Together, the Benefit Loop and its applications collect, manage and analyse data for the purpose of sharing critical treatment information with friends, relatives, caregivers and healthcare providers to improve self-management outcomes.

Brighter is currently registering Actiste with local authorities in the United Arab Emirates (UAE) and, on introduction to the market, it will conduct user experience pilot tests to optimise adoption. Following the UAE, the company plans to focus its commercialisation efforts on Sweden, the rest of the Gulf Cooperation Council (GCC) area and South-East Asia (particularly Thailand and Indonesia). Brighter is launching initially in the GCC as this area has an especially high level of unmet need in diabetes. The region has some of the highest rates of the disease in the world, ranging from 12.6% to 17.7% of the population on an age-adjusted basis and affecting millions of people.1 The disease is also typically more poorly controlled in this region than in other countries and an estimated 40–70% of worldwide disease-related foot amputations occur in GCC countries.1 This positions Actiste as an attractive solution to potentially increasing compliance and improving patient engagement with healthcare in these countries.

IDF Diabetes Atlas, 8th Edition.

Valuation

Our total valuation has increased from SEK1,227m to SEK1,383m due to higher net cash, while on a per-share basis, the value fell from SEK13.14 to SEK7.13 due to a higher share count. The net cash and share count changed following a directed share issue to management and key personnel for SEK19m in November 2019 and a rights issue-based capital raise for SEK191m in January 2020.

Exhibit 1: Brighter valuation table

Programme

Market

Prob. of success

Launch year

Upper tier launch pricing ($/month)

Lower tier launch pricing ($/month)

Peak revenue ($m)

Valuation (SEKm)

Actiste

Nordic region

30%

2020

131.3

71.6

5.5

22.5

Gulf Cooperation Council countries

30%

2020

112.5

61.4

45.7

178.3

South East Asia

30%

2020

93.8

51.1

54.7

233.3

EU

25%

2020

133.9

73.0

243.1

680.0

US

20%

2021

143.1

78.0

193.1

433.6

Unallocated costs

-152.5

Total

1194.4

Net cash (at 31 December 2019 + capital raise) (SEKm)

188.3

Total firm value (SEKm)

1,382.7

Total shares (m)

194.1

Value per basic share (SEK)

7.13

Source: Edison Investment Research

Financials

The company reported sales of SEK2.4m in Q419, compared to SEK0.2m in Q319, mainly due to the acquisition of Camanio since it is revenue generating. The operating loss was SEK35.0m for the quarter, compared to a loss of SEK11.7m in Q319, due to a number of factors including a SEK2.9m write-off on expired inventory, amortisation of capitalised development costs relating to Actiste, an increase in staff costs and higher R&D expenses.

Following these results, we have increased our net loss estimate for 2020 from SEK78.1m to SEK99.5m due to higher expenses. We also introduce our 2021 estimates, including SEK133.8m ($14.1m) in revenues, which are composed mainly of Actiste sales in the GCC, South-East Asian and Nordic regions. Our net loss projection for the year is SEK12.4m.

The company ended the quarter with SEK9.3m in gross cash, compared to SEK32.5m in Q319, mainly due to the SEK9m investment in Accumbo and increased expenses. After including SEK12m in short- and long-term debt, the firm ended the quarter with SEK2.7m in net debt. The capital raise of SEK191m closed after the quarter and increased its pro forma net cash position to SEK188.3m, which we believe may be enough to fund it through to profitability (assuming it meets commercial milestones).

Exhibit 2: Financial summary

SEK'000s

2018

2019

2020e

2021e

Year end 31 December

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

1,052

3,284

24,532

133,779

Cost of Sales

0

(1,246)

(4,906)

(26,756)

Gross Profit

1,052

2,039

19,626

107,023

General and Administrative Expenses

(13,014)

(23,418)

(24,354)

(23,183)

Other Operating Expenses

(32,201)

(51,782)

(79,193)

(79,985)

EBITDA

 

 

(44,163)

(73,161)

(83,922)

3,854

Operating Profit (before amort. and except.)

 

 

(44,326)

(78,274)

(89,035)

(1,259)

Intangible Amortisation

0

0

0

0

Other

0

0

0

0

Exceptionals

0

0

0

0

Operating Profit

(44,326)

(78,274)

(89,035)

(1,259)

Net Interest

(4,476)

(9,875)

(10,468)

(11,096)

Other

(4,278)

(1,536)

0

0

Profit Before Tax (norm)

 

 

(48,802)

(88,150)

(99,503)

(12,355)

Profit Before Tax (FRS 3)

 

 

(53,080)

(89,685)

(99,503)

(12,355)

Tax

0

0

0

0

Deferred tax

(0)

(0)

(0)

(0)

Profit After Tax (norm)

(48,802)

(88,150)

(99,503)

(12,355)

Profit After Tax (FRS 3)

(53,080)

(89,685)

(99,503)

(12,355)

Average Number of Shares Outstanding (m)

71.7

84.7

194.1

196.0

EPS - normalised (ore)

 

 

(74.00)

(105.85)

(51.26)

(6.30)

EPS - FRS 3 (SEK)

 

 

(0.74)

(1.06)

(0.51)

(0.06)

Dividend per share (ore)

0.00

0.00

0.00

0.00

BALANCE SHEET

Fixed Assets

 

 

112,430

186,740

221,468

256,197

Intangible Assets

102,930

158,677

193,240

227,803

Tangible Assets

8,537

16,470

16,635

16,801

Other

964

11,593

11,593

11,593

Current Assets

 

 

58,186

68,925

120,094

70,455

Stocks

7,070

6,831

6,831

6,831

Debtors

40,358

44,396

4,033

21,991

Cash

9,031

9,340

100,872

33,275

Other

1,727

8,358

8,358

8,358

Current Liabilities

 

 

(63,698)

(46,308)

(46,308)

(49,582)

Creditors

(11,805)

(35,666)

(35,666)

(38,940)

Short term borrowings

(51,893)

(10,642)

(10,642)

(10,642)

Long Term Liabilities

 

 

0

(1,581)

(1,600)

(1,621)

Long term borrowings

0

(1,390)

(1,390)

(1,390)

Other long-term liabilities

0

(191)

(210)

(231)

Net Assets

 

 

106,918

207,776

293,653

275,449

CASH FLOW

Operating Cash Flow

 

 

(68,249)

(93,902)

(59,120)

(27,018)

Net Interest

0

0

0

0

Tax

0

0

0

0

Capex

(29,986)

(40,125)

(40,347)

(40,579)

Acquisitions/disposals

0

0

0

0

Financing

34,655

150,532

191,000

0

Conversion of convertible debt instruments

43,065

0

0

0

Dividends

0

(494)

0

0

Other

(14,406)

(18,685)

0

0

Net Cash Flow

(34,921)

(2,673)

91,532

(67,597)

Opening net debt/(cash)

 

 

(1,580)

42,862

2,692

(88,840)

HP finance leases initiated

0

0

0

0

Exchange rate movements

0

0

0

0

Other

(9,521)

42,844

(1)

0

Closing net debt/(cash)

 

 

42,862

2,692

(88,840)

(21,243)

Source: Company reports, Edison Investment Research

General disclaimer and copyright

This report has been commissioned by Brighter and prepared and issued by Edison, in consideration of a fee payable by Brighter. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

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Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

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Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

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Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

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Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by Brighter and prepared and issued by Edison, in consideration of a fee payable by Brighter. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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