Interim report January-September 2009

Interim report January-September 2009

FOCUS ON GROWTH
• Net sales for the quarter amounted to MSEK 20.3 (23.7) and for the period
January - September to MSEK 69.5 (59.5).
• Operating loss for the quarter amounted to MSEK -5.4 (-1.5) and for the period
January - September to MSEK -15.6 (-17.3). Operating loss excluding write-down
and structural reserves for the period January - September amounted to MSEK
-13.2 (-17.2).
• Loss after tax for the quarter amounted to MSEK -5.2 (-4.1) and for the period
January - September to MSEK -14.9 (-20.8).
• Cash flow for the quarter amounted to MSEK -3.4 (-4.6) and the equity ratio as
at 30 September was 56% (62%).
• Loss per share during the quarter before and after dilution amounted to SEK
-0.25 (-0.20) and for the period January - September to SEK -0.72 (-1.01).
• During the first six months, Ortivus closed two large and important deals -
during the first quarter in Sweden, Västra Götaland region selected MobiMed for
its ambulance organization, a deal involving 110 ambulances, and in the US, the
City of Phoenix chose Ortivus' system for invoicing, Sweet-Billing, during the
second quarter.
• During the third quarter two important new CoroNet deals were closed; one with
the Hospital in Falun and one with the hospital in Helsingborg


CEO's statement
FOCUS ON GROWTH

The net sales for the group increased with 17% during the first three quarters.
Excluding impairments and structural reservations the operating result during
the same period improved with 23%. Still there is expectancy on increasing sales
and results for the future. 

During the third quarter Ortivus won, in strong competition, two strategic deals
with CoroNet. First the hospital in Helsingborg decided to install CoroNet in
their Coronary Care, PCI and Emergency units. Secondly the hospital in Falun
decided to install Coronet within their operations. This means that Ortivus
maintains its leading position on the Swedish market as a provider of robust
clinical monitoring and telemetry solutions.   

On top of this a number of less comprehensive MobiMed deals were closed during
the period. In UK existing customers have increased their number of ambulances
and as part of that equipped them with MobiMed in order to shorten the time from
alert to treatment of critically ill heart patients.

The US operations is still performing good and according to plan despite the
present harsh market situation.

The work to create a long-lasting sustainable business model continues.  We now
see additional customers signing up on service- and maintenance agreements and
thereby investing in Ortivus future software development. The work with
improving functionality and securing extended clinical usability in MobiMed runs
continuously. The upcoming package of the software, version 3.1, will for
instance include improved functionality of the integrated electronic patient
record, web-interface in the ambulance unit and snap-shots of 12-lead real-time
ECG.

As communicated previously Ortivus have decided on an action programme with the
aim to create a sounder financial position, and as a consequence a quicker
positive cash-flow. The programme is expected to lower the costs with an amount
corresponding to 10 MSEK on a yearly basis, primarily through cost reductions in
Sweden. The action programme is running according to plan and will reach its
full effect from 2010.

Still we continue to see delays in procurement- and decision processes due to
the present state of the market. In this situation the management continues to
focus on sales and establishment of international sales channels, in parallel to
keeping a close watch on costs. Due to this we see ourselves well positioned for
2010.

Jan B Andersson
CEO

12 november 2009

For further information:
Jan B Andersson CEO, mobile phone +46 705 294 741
Håkan Cranning, CFO, telephone +46 8 446 45 00, or mobile phone +46 73 834 46
18, or 
E-mail: firstname.lastname@ortivus.com
Please also visit www.ortivus.com

Ortivus offers unique solutions by combining expertise in wireless, IT and
medical technology with clinical knowledge. Ortivus solutions secure that the
patient get accurate medical treatment and expertise instantly throughout the
care process. This results in better medical outcome as well as improved
efficiency for the entire health care system.

FACTS ABOUT ORTIVUS
Ortivus is a listed company on NASDAQ OMX Stockholm Small Cap-list and was
founded in 1985. It is based in Danderyd, Sweden. Ortivus has 100 employees in
Sweden, US, Canada and Great Britain. In total more than 2 600 emergency
services, 1 000 ambulances and 500 hospital beds are equipped with Ortivus
solutions.