Perpetua Medical publishes interim report January - March 2024

Important milestones pave the way for a serial acquiring business. Perpetua Medical AB (publ) announces today that the interim report for the period January – March 2024 has been published.

The interim report is attached as a PDF and is available on the company’s website: (Swedish only).

First Quarter January 1 – March 31 2024

  • Consolidated net sales for the first quarter amounted to 1 373 (4 729) KSEK.
  • Operating profit for the first quarter amounted to SEK 2,041 (-4,299) KSEK.
  • Net earnings per share before dilution for the quarter was 0,03 (-0,22) SEK and after dilution 0,03 (-0,19) SEK.
  • The cash flow for the first quarter was 5,575 (-4,357) KSEK and the cash at hand at the end of the quarter was 11,108 (6,337) KSEK.

Significant events during the first quarter January 1 – March 31 2024

  • Perpetua Medical (formerly Pharmacolog) received orders for DrugLog™ systems for quality control of compounded medications in 2 additional hospitals in The Netherlands and Spain.
  • Pharmacolog USA Inc. received an order from Inova Healthcare for a WasteLog™ system to be placed at Inova Fair Oaks Hospital in Fairfax, VA.
  • Perpetua Medical (formerly Pharmacolog i Uppsala AB) divested it’s product line Druglog™ to RaySearch Laboratories AB through a so-called asset acquisition. The total value of the transaction amounts to SEK 8.5 million, of which the cash consideration is SEK 7 million, which were paid at the time of the closing.
  • Perpetua Medical (formerly Pharmacolog i Uppsala AB) terminated the existing partnership agreement with Codonics Inc. with immediate effect due to insufficient sales performance.
  • The Board of Directors decided to proceed with the previously communicated new business direction, which includes the acquisition of smaller yet profitable companies in the healthcare sector.
  • Perpetua Medical (formerly Pharmacolog i Uppsala AB) announced the outcome of the exercise of warrants of series TO3, which were issued in connection with the Compan’’s rights issue of units on Nasdaq First North Growth Market which was completed in July 2023. In total, 42,269,834 warrants of series TO3 were exercised, corresponding to approximately 90.4 percent of the total number of outstanding warrants of series TO3, for subscription of 42,269,834 series B shares. Perpetua received approximately SEK 2.3 million before issue costs through the exercise of the warrants of series TO3.

Significant events after the end of the reporting period

  • The Board has decided to appoint Anders Hedlund as interim CEO of the company. He replaces thereby Lars Gusch. The replacement of CEO will be in effect from May 1, 2024.
  • Nolsterby Invest AB, controlled by Board members Erik Hedlund and Anders Hedlund, has during the period April 2-April 5 bought shares corresponding to a value of approximately SEK 303,000.
  • The Extraordinary General Meeting in Pharmacolog i Uppsala AB, April 16, 2024. It was resolved to change § 1 Company name in the articles of association to: “The company’s company name is Perpetua Medical AB (publ). The company’s shares are now traded at Nasdaq First North Stockholm under the ticker PERP B.
  • Nolsterby Invest AB, controlled by Board members Erik Hedlund and Anders Hedlund, has bought shares on April 15 corresponding to a value of approximately SEK 182,000.
  • Perpetua Medical AB (formerly Pharmacolog i Uppsala AB) has appointed Camilla Lönn as the company’s new CFO.

CEO comments

Dear Shareholders,

I started my tenure as CEO on the first of May at what has now become Perpetua Medical. Hence, this is my first CEO letter and also the first CEO letter for the new business we aim to build. Before I go through the first quarter and the operations we are currently conducting, I would like to express my gratitude towards my predecessor, Lars Gusch. During a challenging 2023, Lars stepped in as CEO in a meritorious manner. Among others, he was instrumental in the divestment of Druglog. Lars, thank you and best of luck going forward.

There is not too much to say about the Q1’24 report. We report positive earnings, which is almost somewhat ironic given that it was the absence of such together with a harsh financing climate that made us implement a strategy with the main objective of divesting our assets.

The profit is, though, attributable to the divestment of the Druglog product. In February, we announced the divestment of Druglog to Raysearch Laboratories in an asset acquisition. The cash consideration amounted to SEK 7 million and was recognized in the first quarter.

At the end of the quarter, we report a cash position of above SEK 11 million. Our burn-rate will continue to decrease after H1’24 as our cost savings come into full effect. In our annual report for 2023, we claim going concern for the coming 12 months. So far, so good. The current situation, with a relatively good cash position but without any material operations, will, however, not create any long-term value in the company. I would, therefore, like to give an update on the ongoing activities at Perpetua Medical.

The process of screening acquisition targets is carried out systematically together with experienced M&A advisors. Our key criteria can, somewhat simplified, be described as ”profitability today, growth tomorrow”. In concrete terms, we want to acquire well-run companies where we, with our competence and network in the field, together with the operating managers can develop the businesses. Key factors in this regard are that the product portfolio consists also of proprietary products and that the demand is global.

Having said that, we are well aware of our current situation and can't initially go too high in terms of target size. Building this company group will proceed gradually and sustainably. We hope that we can use some of our existing cash position for the first M&As. We also want to provide incentives to the founders and managers to maintain within the company and develop the business. The dependence on a few key personnel is often high when we screen acquisition targets.

From our screening list of some 20 companies, we are in dialogue with a handful of those. We don’t have any explicit acquisition pace but we hope to enter into a more intensified stage with a couple of those in the near term.

What is left of the Pharmacolog business is primarily related to Wastelog, a product based on the same technology as Druglog. Wastelog has gained traction solely on the US market and has an installed base in line with Druglog. The strategy to also divest Wastelog stands and we are in dialogue with a couple of stakeholders.

Our ambition with Perpetua Medical is to build a serial acquiring business with independent subsidiaries operating in the healthcare sector. We believe strongly in the decentralized and long-term ownership model. I look forward to updating you on Perpetua Medical’s progress!

Anders Hedlund, CEO of Perpetua Medical AB (publ)

This is a translation from the Swedish version of the press release. If any subject of interpretation between the two, the Swedish version prevails.

This disclosure contains information that Pharmacolog is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 17-05-2024 08:30 CET.

Further information regarding the company is available at


The company’s Certified Adviser is:

Mangold Fondkommission AB

Phone: 08-5030 15 50



For more information contact:

Anders Hedlund, CEO


Phone: +46 70-952 09 12

About Perpetua Medical AB

Perpetua Medical AB (publ), formerly Pharmacolog i Uppsala AB, is a company active in the healthcare sector and with headquarter in Uppsala, Sweden. The company’s shares (ticker PERP B) are traded on Nasdaq First North Stockholm.

The following trademarks are owned and protected by Perpetua Medical AB: Pharmacolog™-logo, WasteLog™and Pharmacolog Dashboard™.

Further information regarding the company is available at

The company’s Certified Adviser is Mangold Fondkommission AB.

Delårsrapport jan-mar 2024 (17 maj 2024)

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