Company profile - Brighter Actiste feature image - 16092019 - JPG

Recent capital injection to fuel first sales

Brighter 5 March 2019 Update
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Brighter

Recent capital injection to fuel first sales

Financial update

Pharma & biotech

5 March 2019

Price

SEK8.51

Market cap

SEK635m

US$0.11/SEK

Net debt (SEKm) at 31 December 2018 plus recent financial instruments

37.9

Shares in issue

74.6m

Free float

79.2%

Code

BRIG

Primary exchange

NASDAQ First North

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(18.2)

(8.9)

(2.3)

Rel (local)

(21.4)

(14.6)

(8.4)

52-week high/low

SEK14.9

SEK6.3

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 including a blood glucose meter, a lancet and an injection apparatus into one device with mobile connectivity to Brighter’s cloud-based service called the Benefit Loop.

Next events

CE mark decision on Actiste

H119

Launch of Actiste in Select Nordic countries and the GCC region

H219

Analysts

Maxim Jacobs

+1 646 653 7027

Briana Warschun

+1 646 653 7031

Brighter is a research client of Edison Investment Research Limited

Towards the tail-end of 2018, Brighter received ~SEK48m of capital injections from a number of sources, mostly from its management incentives programme, and an additional SEK5m in early 2019. The company intends to utilise these proceeds to drive commercialisation in regions of the Gulf Cooperation Council (GCC), specifically the United Arab Emirates (UAE). In December, the company announced that all the technical documentation has been submitted for the CE marking process.

Year end

Revenue (SEKm)

PBT*
(SEKm)

EPS*
(SEK)

DPS
(SEK)

P/E
(x)

Yield
(%)

12/17

1.4

(22.8)

(0.40)

0.0

N/A

N/A

12/18

1.1

(48.8)

(0.74)

0.0

N/A

N/A

12/19e

2.5

(57.7)

(0.77)

0.0

N/A

N/A

12/20e

24.5

(43.7)

(0.58)

0.0

N/A

N/A

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

Actiste and its multi-tiered monthly subscription

Brighter is offering multiple cradle-to-cradle subscription plans where customers receive a monthly delivery of necessary Actiste equipment (needles, lancets, glucose test strips). The basic plan includes data sharing with relatives and caregivers, while the extensive plan includes physician networks. Brighter’s subscription plan is likely to gain traction given the recent rise in mail orders of self-monitoring blood glucose meter (SMBG) equipment over retail pharmacies.

GCC is a significant market opportunity for Actiste

Based on International Diabetes Federation (IDF) calculations, the prevalence of adults (aged 20–79 years) with type 2 diabetes (T2D) in the countries of the GCC ranged from 9.9% to 17.6% in 2015. Moreover, there are a disproportionate number of disease-related complications in the region with an estimated 40–70% of worldwide disease-related foot amputations occurring in GCC countries. Diabetes management as a service can support increased diabetes self-management education and encourage good practices of glycaemic control throughout the region to potentially have a positive impact on health outcomes.

CE marking process for Actiste device is ongoing

On 20 December 2018, the company announced that all the technical documentation has been submitted to the designated notified body for the CE marking process of the Actiste device. Thus, we have delayed our expectations for first sales in the GCC and Nordic regions to H219 (from 2018).

Valuation: SEK1,065m or SEK14.28 per basic share

We have increased our valuation to SEK1,065m or SEK14.28 per basic share from SEK1,046.7m or SEK15.08 per share, primarily driven by rolling forward our NPVs, an increase in net cash attributed to the recent draw down of SEK5m from its equity line with L1 Capital, partially offset by the delay in revenue generation from Actiste sales in the GCC and Nordic regions.

Market opportunity in the GCC

According to Brighter, the recent inflow of capital will be used to fuel Actiste commercialisation in the GCC through its jointly controlled Dubai-based subsidiary with the AFAQ Group. On 13 November 2018, Brighter appointed Hamza Moftah, an experienced business developer with extensive knowledge of the UAE and the broader GCC region, specifically within healthtech, as deputy managing director of the subsidiary. He will lead commercialisation in the region, which is a substantial opportunity for Brighter’s Actiste. According to the company, sales work is continuing in the GCC.

In 2015, the estimated prevalence of adults (aged 20–79 years) with T2D in the countries of the GCC, which includes Saudi Arabia, Kuwait, Qatar, Bahrain, Oman and United Arab Emirates, ranged from 9.9% to 17.6% (Exhibit 1). Increased disease prevalence in these countries has been fuelled by rapid economic development, increased urbanisation and transition to a sedentary lifestyle. Notably, T2D self-management is considerably poor with a disproportionate number of disease-related complications in the region, with an estimated 40–70% of worldwide disease-related foot amputations occurring in GCC countries. The offering of diabetes management as a service can support diabetes self-management education (DSME) and encourage good practices of glycaemic control throughout the region to potentially have a positive impact on health outcomes.

Exhibit 1: Adults with diabetes aged 20–79 in countries of the GCC

Source: IDF Diabetes Atlas, Seventh Edition

CE marking process update and the impact on sales

The upcoming CE marking decision is the first determining factor for the success of Brighter. According to the company, all the technical documentation has been submitted to the designated notified body for final approval. Its cloud-based platform called the Benefit Loop and associated companion applications for IOS and Android are already 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.


Valuation

We have increased our valuation to SEK1,065m or SEK14.28 per basic share, from SEK1,046.7m or SEK15.08 per share. The increase in the overall valuation is primarily driven by rolling forward our NPVs, an increase in net cash attributed to the recent draw down of SEK5m from its equity line with L1 Capital, and partially offset by the delayed launch of Actiste and corresponding revenue generation from sales. The device is still awaiting CE mark approval. The share count concurrently increased with the exercise of warrants, which consequently decreased the price per share.

Exhibit 2: Valuation of Brighter

Program

Market

Prob. of success

Launch year

Upper tier launch pricing ($ per month)

Lower tier launch pricing ($ per month)

Peak revenue ($m)

Valuation (SEKm)

Actiste

Nordic region

30%

2019

131.3

71.6

5.5

16.3

Gulf Cooperation Council countries

30%

2019

112.5

61.4

45.7

161.8

South-East Asia

30%

2019

93.8

51.1

54.7

213.7

EU

25%

2019

133.9

73.0

243.1

641.1

US

20%

2021

143.1

78.0

193.1

396.9

Unallocated costs

(149.2)

Total

1,102.5

Net debt (at 31 December 2018 plus proceeds from L1 Capital) (SEKm)

(37.9)

Total firm value (SEKm)

1,064.7

Total shares (m)

74.6

Value per basic share (SEK)

14.28

Source: Edison Investment Research

Financials

Brighter recently reported its FY18 results. The company reported SEK1.1m in revenue, mainly attributed to consultancy revenue from its associated company Camanio Care. Its reported post-tax loss for the year ending 31 December 2018 was SEK53.1m (FY17 post-tax loss: SEK27.3m), which was primarily attributable to costs associated with finalising the development of Actiste and the Benefit Loop. The company received capital injections from several sources during the year including SEK29m from its management incentive programme. As of 31 December 2018, the company had SEK9.0m in cash and equivalents and SEK52.0m in debt. During Q418, Brighter recorded SEK0.8m in proceeds from exercised warrants and drew down the eighth tranche of SEK10m from its equity line established with L1 Capital. On 2 January 2019, the company received the ninth and final tranche of SEK5m from L1 Capital. The equity line was SEK100m in total. As part of the agreement with L1 Capital, Brighter issues free warrants to its shareholders to reduce dilution. The conversion price of the warrants is discounted 6% over the reference price such that the reference price is defined as the lowest daily volume weighted average price (VWAP) over the previous 15 trading days. Following the recent inflow of funds into the company, we have lowered our expectations for additional capital requirement to SEK60m (previously SEK180m), which we record as illustrative debt (Exhibit 3).

Exhibit 3: Financial summary

SEK'000s

2017

2018

2019e

2020e

Year end 31 December

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

 

1,377

1,052

2,486

24,532

Cost of Sales

0

0

(497)

(4,906)

Gross Profit

1,377

1,052

1,989

19,626

Sales, General and Administrative Expenses

(9,153)

(13,014)

(9,673)

(12,066)

EBITDA

 

 

 

(19,744)

(44,163)

(52,821)

(38,480)

Operating Profit (before amort. and except.)

 

 

 

(19,946)

(44,326)

(52,984)

(38,643)

Intangible Amortisation

0

0

0

0

Other

0

0

0

0

Exceptionals

0

0

0

0

Operating Profit

(19,946)

(44,326)

(52,984)

(38,643)

Net Interest

(2,897)

(4,476)

(4,745)

(5,030)

Other

(4,449)

(4,278)

0

0

Profit Before Tax (norm)

 

 

 

(22,843)

(48,802)

(57,729)

(43,673)

Profit Before Tax (FRS 3)

 

 

 

(27,292)

(53,080)

(57,729)

(43,673)

Tax

0

0

0

0

Deferred tax

(0)

(0)

(0)

(0)

Profit After Tax (norm)

(22,843)

(48,802)

(57,729)

(43,673)

Profit After Tax (FRS 3)

(27,292)

(53,080)

(57,729)

(43,673)

Average Number of Shares Outstanding (m)

68.2

71.7

75.2

75.9

EPS - normalised (SEK)

 

 

 

(0.40)

(0.74)

(0.77)

(0.58)

EPS - FRS 3 (SEK)

 

 

 

(0.40)

(0.74)

(0.77)

(0.58)

Dividend per share (ore)

0.00

0.00

0.00

0.00

BALANCE SHEET

Fixed Assets

 

 

 

84,961

112,430

112,516

112,602

Intangible Assets

76,794

102,929

102,929

102,929

Tangible Assets

4,738

8,537

8,622

8,708

Other

3,429

965

965

965

Current Assets

 

 

 

26,393

58,186

70,421

27,203

Stocks

0

7,070

7,070

7,070

Debtors

15,931

34,308

409

4,033

Cash

10,017

9,031

55,165

8,324

Other

445

7,777

7,777

7,777

Current Liabilities

 

 

 

(23,965)

(63,698)

(73,748)

(74,290)

Creditors

(15,528)

(11,805)

(16,855)

(17,397)

Short term borrowings

(8,437)

(51,893)

(56,893)

(56,893)

Long Term Liabilities

 

 

 

0

0

(60,000)

(60,000)

Long term borrowings

0

0

(60,000)

(60,000)

Other long term liabilities

0

0

0

0

Net Assets

 

 

 

87,389

106,918

49,189

5,515

CASH FLOW

Operating Cash Flow

 

 

 

(24,582)

(68,249)

(18,780)

(46,755)

Net Interest

0

0

0

0

Tax

(99)

0

0

0

Capex

(34,852)

(29,986)

(85)

(86)

Acquisitions/disposals

0

0

0

0

Financing

7,913

34,655

0

0

Conversion of convertible debt instruments

43,065

43,065

0

0

Dividends

0

0

0

0

Other

(195)

(14,406)

0

0

Net Cash Flow

(8,750)

(34,921)

(18,866)

(46,842)

Opening net debt/(cash)

 

 

 

(1,733)

(1,580)

42,862

61,728

HP finance leases initiated

0

0

0

0

Exchange rate movements

0

0

0

0

Other

8,597

(9,521)

0

0

Closing net debt/(cash)

 

 

 

(1,580)

42,862

61,728

108,569

Source: Brighter 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 Edison analyst 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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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 2019 Edison Investment Research Limited (Edison). All rights reserved FTSE International Limited (“FTSE”) © FTSE 2019. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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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

Neither this document and associated email (together, the "Communication") constitutes or form part of any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. Any decision to purchase shares in the Company in the proposed placing should be made solely on the basis of the information to be contained in the admission document to be published in connection therewith.

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 (nor will such persons be able to purchase shares in the placing).

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

The Investment Research is a publication distributed in the United States by Edison Investment Research, Inc. Edison Investment Research, Inc. is registered as an investment adviser with the Securities and Exchange Commission. 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

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 Edison analyst 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 2019 Edison Investment Research Limited (Edison). All rights reserved FTSE International Limited (“FTSE”) © FTSE 2019. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd who holds an Australian Financial Services Licence (Number: 427484). 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

Neither this document and associated email (together, the "Communication") constitutes or form part of any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. Any decision to purchase shares in the Company in the proposed placing should be made solely on the basis of the information to be contained in the admission document to be published in connection therewith.

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 (nor will such persons be able to purchase shares in the placing).

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

The Investment Research is a publication distributed in the United States by Edison Investment Research, Inc. Edison Investment Research, Inc. is registered as an investment adviser with the Securities and Exchange Commission. 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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