Tripled sales for Invent Medic
It hardly came as a surprise that Invent Medic showed good growth in the first quarter of 2023. A whooping 300 per cent increase in sales gives the company a good start to the year. BioStock took the opportunity to contact CEO Anna Lindström to get her view on the exciting phase that the company is currently in.
Lund-based Invent Medic has developed a portfolio of products that are all designed to promote women’s health. The company’s first product, Efemia Bladder Support, helps women suffering from stress urinary incontinence. In the second leg of the portfolio, we find a series of menstrual cups under the FlowCup brand.
FlowCup acquisition boosts sales
FlowCup made a clear mark in the fine growth that Invent Medic was able to present in the Q1 report released last week. The Malmö-based menstrual cup manufacturer became part of the Invent family at the end of January. In addition to FlowCup’s own established sales, the platform now also acts as a springboard for Invent Medic’s own menstrual cup. During the quarter, Invent Medic’s proprietary menstrual cup was incorporated into the FlowCup range, under the name FlowCup Flex.
According to CEO Anna Lindström, FlowCup Flex has had a good start and has been well received by customers. The next step for the product family will be to introduce menstrual panties. Work towards that launch is currently in full swing.
The acquisition of FlowCup has, as mentioned, made a strong impression on total sales, which during the first quarter amounted to just under 1.7 MSEK. This can be compared with Q1 2022 where sales landed at just over half a million SEK. Regarding the sales in FlowCup during the integration into the Invent family, Lindström states that not only has it been maintained, but also increased.
Continued success for Efemia Bladder Support
However, FlowCup is not the only thing that has contributed to the good development in Q1. The company has also seen good progress for Efemia Bladder Support. In addition to good sales, Invent Medic was able to report good results in the rider study that was conducted during the quarter. Learn more.
The company also paved the way for continued growth with the agreements with the French distributor Bivea and with Icelandic Stoð.
We also saw improvements in terms of earnings during the quarter. The Q1-result totaled -2.1 MSEK, compared with SEK -4.4 MSEK for the corresponding period last year. At the end of the period, the cash position amounted to 3.4 MSEK, which makes the liquidity in the company an important topic going forward.
CEO comments
BioStock has contacted CEO Anna Lindström to get her thoughts on the momentum the company has right now.
First of all, what is your comment to the good growth figures seen in Q1?
– This is something we have worked hard for, and it is not a coincidence that we present the figures we do. For me and the team, it is very motivating to see that the time and commitment we have put in now also shows in the report. We know that customers appreciate our products because we get very good reviews and it has given us confidence that sales will increase when we reach out to more people.
How will you maintain the momentum that has built up?
– We have a lot going on in the company and are constantly looking at how to develop Invent Medic going forward. There is still a lot to do with scaling up sales by adding more products and more customers. We have learned a lot about the market during the year and we are now building on that.
In terms of results, things are also going in the right direction for you. When is it reasonable to assume that you will reach profitability?
– It will depend on our sales growth in the future. For FlowCup, where we have a very good conversion rate of close to 10 per cent, the next step is to increase the order value. The launch of the menstrual panties is an important part of that strategy. For Efemia, we see a good development in the UK. If we get similar sales in Germany while also being procured in a few more regions in Sweden, it looks very bright for the company.
Given you current burn rate, what is your view on the financial position of the company?
– The company’s financial position is and has been a constant topic that I and the board have worked on throughout the last year and will continue to do in 2023. We will release more information when we have something tangible.
You develop mentrual panties for the FlowCup range. When do you aim to launch them?
– We have previously announced that the launch of menstrual panties will take place no later than the third quarter of this year. The team is working hard to develop a high-quality menstrual panty where we have consulted over 800 customers about what requirements and hopes they have for our upcoming product. It is a fun and great work to add a new product line to FlowCup.com and so far, we are on track with the set schedule.
The content of BioStock’s news and analyses is independent but the work of BioStock is to a certain degree financed by life science companies. The above article concerns a company from which BioStock has received financing.
