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3/18/2024 8:01:14 AM - Lifeclean: Directed new Share issue concluded - Redeye - Redeye comments on the directed share issue that was announced at the closing of the markets on 15 March. The issue was conducted through an accelerated book-building process and concluded before the markets opened today. We expected this to be done as the previous issue would not be enough to secure enough capital. The price is above the previous closing and is the volume-weighted average price during the last ten days. We had expected an even bigger issue in Q2 but recognize that it is a sign of strength to be able to do the issue at a premium in this market. <br> The proceeds, SEK 16m before costs, are communicated to accelerate the company’s expansion rate by strengthening its presence in new markets. Given the low shareholder’s equity at the end of 2023, an issue was also necessary to enhance that position. We had expected a total equity issue of SEK 25m in Q2, bringing the number of shares to 51.4 million. The new issue will bring the number of shares to 49.6m. The lower number of shares and fewer proceeds are more or less equal, which means that we maintain our Base case value of SEK 7 per share. With that said, the short-term financial worries are lower at this point with the issue, and with it done at a premium, it is a good signal of the shareholder’s support. There are a lot of potential positive surprises in the pipeline, given all the new agreements during the last 12 months; however, some of them must materialize as the total progress in patented product sales has been lower than expected.
2/21/2024 7:02:14 AM - Lifeclean Q4’23: Focus on new agreements in 2024 - Redeye - Redeye saw a sales development that was better than our expectations. The sales development compared to last year’s quarter was up 38%, with real sequential improvement. The volatility in sales is still considerable. We have adjusted our sales estimates for the future due to new agreements and positive end-of-year sales. The cost has been increased primarily for 2024e. We have increased our Base case to SEK 7.0 (6.7), including a new issue, per share, and our Fair value range to SEK 3.6 – 15 (3.3–13.6) per share.
2/20/2024 8:06:16 AM - Lifeclean Q4’23: Better sales development - Redeye - Redeye saw sales that were above and results that were below our expectations. Sales were up 38% y/y and up the previous quarter, while costs were higher than expected. The sales development is a positive factor in line with the development in the year’s first two quarters. The cash at hand at the end of the quarter stands at SEK 8.2m. We are likely to adjust our sales and costs upwards slightly. The Base will likely be adjusted slightly upwards due to better sales traction.
2/16/2024 9:42:13 AM - Lifeclean: Another impressive distribution agreement - Redeye - Redeye is encouraged by the news this morning that Lifeclean has signed another potentially significant distribution agreement. The deal with Remondis, one of the fourth largest in its field, has the potential to really contribute to growth. This is an essential step for Lifeclean and a good start for the new CEO, Fredrik Tumegård. We look forward to seeing meaningful sales coming out of this agreement. We are not changing our estimates as Lifeclean is coming with its Q4 report on 20 February, where we will update our assumptions based on this deal and the Q4 performance. This deal should ideally impact long-term sales potential, which is needed as sales growth has been weak for some time.
1/12/2024 9:17:31 AM - Lifeclean: Expanding the distribution network - Redeye - Redeye views favorably the news that Lifeclean has entered into a new distribution partnership with Swiss company Arxada. We see this as further efforts from Lifeclean to expand the reach of their patented products, which so far have not reached their full sales potential.
12/14/2023 7:58:47 AM - Lifeclean: Securing capital - Redeye - Redeye is favorable to the news that Lifeclean has decided to improve its short-term financial position through the issue of convertibles and a directed issue of shares. The total amount raised would be SEK 9.5m. We have a positive view of the proposed bridge financing with existing owners and board members as a potential rights issue in this market environment, which would most likely have meant a substantial discount and higher cost due to the need for guarantors. This move will strengthen the sales force and have the resources to finalize some regulatory issues. The fact that the newly appointed CEO has decided to invest capital is also a good signal of trust in the company from management. We will adjust our assumptions slightly when we see the outcome of convertibles and the direct issue. We do not expect to change our fair value range or base case more than marginally. The proposed solution for short-term financing is positive as it gives the company time to get sales going, especially in the PFAS field, which has a lot of potential given new EU regulations in this area.
11/27/2023 6:21:22 AM - Lifeclean: Tough business environment - Redeye - Redeye saw a sales development that was substantially lower than our expectations. The sales development compared to last year’s quarter was up but down from the previous quarter. The volatility in sales is considerable as there are apparent headwinds in the patented products and the old business. Despite positive news surrounding the PFAS, these volumes are still too small to compensate for weakness elsewhere. We have made significant downward adjustments for the rest of 2023e and 2024/25e, although we expect PFAS to pull the company out of the current slump. We lower our Base case to SEK 6.7 (9.0) per share and our Fair value range to SEK 3.3 – 13.6 (5–17) per share.
11/24/2023 7:50:00 AM - Lifeclean Q3’23: – soft sales development - Redeye - Redeye saw sales and results that were below our expectations. Sales were up y/y but down from the previous quarter, while costs were higher than expected. With a more substantial deviation from our expectations, we expect some negative estimates and fair value range changes.
10/16/2023 7:21:44 AM - Lifeclean: New CEO appointed - Redeye - Redeye is favorable to the news that Lifeclean has appointed a new permanent CEO. For a long time, the company has had different temporary CEOs and, most recently, the current CFO. The new CEO, Fredrik Tumegård, will assume his role in January 2024. He has previously had roles as CEO of Net Insight and other leading positions with NEC and Telia. We are optimistic about this move as the company needs a permanent solution and has exciting future prospects. The PFAS solution is one of several opportunities that require a firm and long-term hand.
10/2/2023 9:02:43 AM - Lifeclean: Further validation of PFAS - Redeye - Redeye is encouraged that Lifeclean continues to get further validation of the PFAS remediation, this time by an order from Volvo cars through BST-gruppen to PFAS sanitation of the facility in Torslanda. The potential in this field is considerable, and the demand for PFAS solutions will increase as the legislative process in the EU has taken many steps to address the PFAS problem. We see this order as further validating the PFAS remedy, thus increasing our confidence in this product line.
9/8/2023 3:23:56 PM - Lifeclean: Promising development in Germany - Redeye - Redeye comments on the recent order after a successful pilot test with a German industrial company for the PFAS solution.
8/31/2023 6:38:16 AM - Lifeclean Q2’23: Building up for breakthrough - Redeye - Redeye saw a sales development that was lower than our expectations. The sales development compared to the same quarter last year was almost flat even if the underlying contributors differ considerably. Even if the sales development was weaker, it stabilized compared to the feeble end of 2022. The volatility in sales will continue, although, with all the different sales processes, there is a good chance of positive surprises in the coming quarters. We make some minor downward adjustments to our sales estimates while increasing costs even if some costs in the quarter were temporary. We lower our Base case to SEK 9.0 (9.5) per share and leave our Fair value range unchanged at SEK 5 - 17 per share.
8/30/2023 7:08:27 AM - Lifeclean Q2’23: First take – flat sales development - Redeye - Redeye saw sales and results that were below our expectations. Sales were more or less flat y/y while costs were higher than expected. PFAS represented 37% of sales in the quarter, while the patented Lifeclean products grew by 92% in the quarter. We expect to make minor negative estimates and fair value range changes.
6/21/2023 7:20:13 AM - Lifeclean: Expanding the patent scope for PFAS purification in water - Redeye - Redeye comments on the new patent application for partial degradation and purification of PFAS in water. The results of the large-scale testing are impressive and have a lot of potential for the company if the patent is approved.
5/8/2023 5:22:19 AM - Lifeclean: PFAS making an impact - Redeye - Redeye saw a sales development that was not far off our expectations. The total growth compared to the same quarter last year is minimal, but as the second half of 2022 was relatively weak, it is encouraging to see progress. PFAS’s strong uptake is, at this point, covering the other areas that are not growing to the expected potential. With a couple of weak sales quarters, this was a good step in the right direction. We make some minor upward adjustments to our sales estimates, as PFAS looks promising, and the patented products will start to deliver at some point. We increase our Base case to SEK 9.5 per share and our Fair value range to SEK 5 - 17 per share.
5/5/2023 7:05:03 AM - Lifeclean Q1’23: First take – PFAS dominates sales - Redeye - Redeye saw sales that were in line with our expectations. Sales continue to recover, driven by PFAS, which represented 54% of sales in the quarter. The patented Lifeclean products grew by 90% in the quarter. We will likely makes some small positive revisions to our estimates.
4/4/2023 10:34:45 AM - Lifeclean: New agreements set foundation for continued growth - Redeye - Redeye is optimistic about the continuing progress in the PFAS field for Lifeclean. The company continues to make agreements within different sectors that can benefit from the technology provided by Lifeclean to sanitize contaminated systems. This positive development in the number of deals will possibly drive growth for the company.
3/31/2023 8:25:01 AM - Lifeclean: Further positive steps forward regarding PFAS - Redeye - Redeye is encouraged to see that interest in the PFAS challenge increases with more sectors looking into solutions, per today’s announcement by Lifeclean.
2/17/2023 8:13:27 AM - Lifeclean Q4’22: PFAS off to a good start - Redeye - Redeye saw a sales development that was not far off our expectations. With a couple of weak sales quarters, this was a good step in the right direction. PFAS shows promise with solid sales in the quarter. The gross margin was slightly softer, but the cost control is there. We make minor upward adjustments to our sales estimates, primarily based on a better outlook. The positive comments around PFAS are encouraging and may warrant a more in-depth look. We leave our Base case unchanged at SEK 8 per share but increase our Fair value range to SEK 4 - 15 per share, and especially the Bull scenario reflects the PFAS opportunity to a higher degree.
2/16/2023 9:46:39 AM - Lifeclean Q4’22: First take – roughly in line - Redeye - Redeye saw sales that almost reached our expectations for the quarter. Sales have recovered somewhat since a weak Q3. Opex was very much in line with expectations. PFAS interestingly a large part of the sales in the quarter.
1/30/2023 8:30:11 AM - Stocks in Play - Flera nya rekommendationer under morgonen - Stockholmsbörsen inleder veckan med lägre kurser. Morgonens nyhetsflöde har dominerats av rekommendationsuppdateringar för flera bolag samt en svag BNP-indikator för Sverige.
1/30/2023 8:15:54 AM - Lifeclean: Adding growth capital - Redeye - Redeye is pleased to note that Lifeclean did a direct issue of SEK 27m after costs this morning. The issue was done at SEK 8.28 per share, which is more or less at par with the closing on Friday. This shows that several investors have a strong interest, and the dilution effect is minimal, which is an excellent sign in an otherwise challenging market for raising capital.
1/30/2023 8:07:52 AM - Lifeclean genomför riktad emission - tecknades av bla Hugo Stenbeck - (korrigerar teckningskursen som var 8,28 och inte 8,27 kronor)
1/30/2023 7:00:57 AM - Lifeclean genomför riktad emission - tecknades av bla Hugo Stenbeck - Lifeclean har genomfört en riktad nyemission som tillför bolaget cirka 28 miljoner kronor, vilket blir cirka 27 miljoner kronor efter emissionskostnader.
12/13/2022 10:49:38 AM - Lifeclean: New estimates – PFAS a new opportunity for growth - Redeye - Redeye updates estimates after the PFAS removal opportunity arises. The market potential for PFAS removal is significant. We adjust our estimates upwards in light of this opportunity while at the same time being conservative in our assumptions. We raise our fair value range to SEK 3 to 14 and a new base case of SEK 8 per share.
11/10/2022 9:27:32 AM - Lifeclean: Exciting opportunity - Redeye - Redeye positively views the news that Lifeclean has developed an effective method for removing PFAS from fire-fighting foam tanks.
11/4/2022 6:49:20 AM - LifeClean: Untapped potential - Redeye - Redeye saw a lower sales development than we expected, while Opex was lower than estimates. With the current business climate in mind, the gross margin was in line and held up well. We adjust our estimates downward, primarily based on the slower sales development.
11/3/2022 8:01:28 AM - Lifeclean Q3’22: Weak sales development - Redeye - Redeye saw sales substantially lower than our expectations for the quarter. The gross margin and Opex was in line with expectations. The slower sales development and increased risk-free rate in our model will lower our Base case and fair value range.
10/11/2022 8:48:45 AM - Lifeclean: New interim CEO appointed - Redeye - Redeye comments on Lifeclean’s decision to appoint David Johansson as the new interim CEO.
8/19/2022 6:28:21 AM - Lifeclean Q2: Setting the foundation for growth - Redeye - Redeye saw a lower sales development than we expected, while Opex was in line with our estimates. The gross margin was, however, lower. We adjust our estimates slightly downward, primarily based the lower gross margin. We expect this to improve going forward, although the timing is uncertain. The total effect on our Base case value is relatively small as we continue to see a good case for the high-end products in the longer perspective . The reiterated Base case is SEK 9 (9) per share.
8/18/2022 7:51:54 AM - Lifeclean Q2: First take - Redeye - Redeye saw sales a bit lower than our expectations for the quarter. The gross margin was slightly higher than in Q1. Opex was very much in line with expectations. We will make some adjustments to our gross margin expectations for the year.
5/6/2022 7:31:50 AM - Lifeclean: Steps in the right direction - Redeye - Redeye saw positive sales development and Opex in line with estimates. The gross margin was, however, lower and continues to be volatile. We adjust our estimates downward primarily based on a lower gross margin. The total effect on our Base case value is relatively small even in the light of an increased WACC due to a higher risk-free rate. The new Base case is SEK 9 (10) per share.
5/5/2022 7:50:37 AM - Lifeclean Q1’22: First take - Redeye - Redeye saw sales in line with our expectations for the quarter. The gross margin was slightly lower than expected; however, the other Opex was very much in line with expectations. We will make minor adjustments to our cost estimates for the rest of the year but do not expect more than a marginal change to our current Base case value of SEK 10 per share.
2/18/2022 8:59:46 AM - Lifeclean Q4’21: No take off – Yet - Redeye - Redeye saw slightly slower development than expected in Q4. Sequentially the sales uptake continues to be slower than expected given the strong partnerships and product quality, even if the difference is not material. We lower our estimates for the 2022E while adjusting our Base case value only slightly downward.
1/24/2022 11:52:54 AM - Lifeclean: New framework agreement - Redeye - Redeye comments on the latest framework agreement in Saudi Arabia.
9/17/2021 11:14:12 AM - Lifeclean: Continue to sign agreements - Redeye - Redeye comments on the latest agreement in Norway.
9/10/2021 11:38:36 AM - Lifeclean: Topping up - Redeye - Redeye comments on the minor directed new issue this morning. We see this as a natural step in strengthening the balance sheet in the short term. The dilution effect is small and does not affect our motivated base value more than marginally, as we still see value in the long term case.
8/16/2021 8:01:40 AM - Lifeclean Q2’21: Initial take - Redeye - Redeye's initial take sees better total sales than expected; however, the cost levels were higher than expected.
8/2/2021 10:52:57 AM - Lifeclean: CEO change - Redeye - Redeye comments on the CEO change news this morning.
6/17/2021 10:35:41 AM - Lifeclean: Encouraging news Flow - Redeye - Redeye comments on Lifeclean's current positive news flow. The strong toxicology results and a new contract with a reputable European wholesale company are positive news.
5/3/2021 1:11:35 PM - Lifeclean Q1: Pandemic affected more than expected - Redeye - Redeyes view on the Q1 report. The outcome of the first quarter was weaker than we expected. The acquisitions are now included, leading to some adjustments on the balance sheet and higher costs than we expected. The long-term case is intact with excellent growth prospects even if the short-term uncertainty is higher than we anticipated before the report. We maintain our long-term positive view and a fair value in our Base case of SEK 16 per share.
4/15/2021 5:55:41 AM - Lifeclean: CE mark – Done - Redeye - Redeye views the news that LifeClean Disinfection has received a CE mark based on EU medical technology directives (MDD) as very positive. We expected this to pass, but the actual approval is a positive sign for the sales potential in healthcare in Europe. In this process, the QMS system has been validated, which is also a requisite for the American EPA market application. This MDD certification will allow the company to start registering the product for sale in some strategic countries in Europe. With the certification, the process to sell in other countries outside Europe is also facilitated.
4/9/2021 7:59:41 AM - Lifeclean: Abundant growth opportunities - Redeye - Redeye initiates coverage of LifeClean International, a Swedish developer of high-level disinfection solutions that kills spores, fungus, biofilm, bacteria, and viruses. We see an attractive case with significant upside potential. The strong market fundamentals have improved with the current pandemic, and the company has the right ingredients to become a growth story.
10/1/2020 7:42:25 AM - Lifeclean stiger 7,0 procent i premiärhandeln på First North - Lifeclean började idag den 1 oktober att handlas på First North. Bolaget bedriver forskning, utveckling och produktion inom spor-, bakterie- och virusdödande produkter.
9/28/2020 7:16:02 AM - Lifeclean godkänns för notering på First North - Lifeclean har idag fått sin börsnotering på First North godkänd av Nasdaq Stockholm. Det uppges i ett pressmeddelande.
9/10/2020 1:25:17 PM - Lifeclean: Lönsam utmanare till branschen och Covid-19 - Analyst Group - LifeClean International AB är i en tillväxtfas som syftar till expansion de kommande åren. Årsbudgeten för 2020 infriades redan efter fyra månader och för årets första halvår steg omsättningen till 25 MSEK (1), motsvarande en tillväxt om hela 2 400 %, med en vinst på sista raden om 6 MSEK (-6). Den kraftiga tillväxten beror primärt på en ökad orderingång till följd av Corona-pandemin. Rådande situation i världen har väsentligt ökat den globala efterfrågan på effektiva desinfektionsprodukter och LifeClean har upplevt en stor internationell efterfrågan på sin produkt. Tills år 2021 estimerar vi att omsättningen har stigit till ca 71 MSEK, och med tillämpad målmultipel härleds ett värde per aktie om 14 kr i ett Base scenario på 2021 års prognos.
8/31/2020 1:11:21 PM - Lifeclean tänker noteras på First North - pre-money värdering om 400 miljoner kronor - Cleantech-bolaget Lifeclean tänker noteras på First North och tar in cirka 39,9 miljoner kronor före emissionskostnader till en pre-money värdering om 3,99 miljoner kronor. Det framgår av ett pressmeddelande.