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Notes | At June 30 2024 US$‘000 | At December 31 2023 US$‘000 | ||||||||||
(Unaudited) | ||||||||||||
ASSETS | ||||||||||||
Non-current assets | ||||||||||||
Property, plant and equipment | 3,906 | 1,892 | ||||||||||
Goodwill and intangible assets | 7 | 41,786 | 16,270 | |||||||||
Deferred tax assets | 2,407 | 1,975 | ||||||||||
Derivative financial asset | 11 | 193 | 178 | |||||||||
Other assets | 79 | 79 | ||||||||||
Total non-current assets | 48,371 | 20,394 | ||||||||||
Current assets | ||||||||||||
Inventories | 9 | 22,956 | 19,933 | |||||||||
Trade and other receivables | 17,471 | 13,901 | ||||||||||
Income tax receivable | 240 | 1,516 | ||||||||||
Cash and cash equivalents | 5,317 | 3,691 | ||||||||||
Total current assets | 45,984 | 39,041 | ||||||||||
TOTAL ASSETS | 3 | 94,355 | 59,435 | |||||||||
EQUITY AND LIABILITIES | ||||||||||||
Equity attributable to the equity holders of the parent | ||||||||||||
Share capital | 2,338 | 1,972 | ||||||||||
Share premium | 49,944 | 46,619 | ||||||||||
Treasury shares | (24,922 | ) | (24,922 | ) | ||||||||
Accumulated deficit | (57,791 | ) | (48,644 | ) | ||||||||
Translation reserve | (5,701 | ) | (5,706 | ) | ||||||||
Equity component of convertible note | 6,709 | 6,709 | ||||||||||
Other reserves | 23 | 23 | ||||||||||
Total deficit | (29,400 | ) | (23,949 | ) | ||||||||
Current liabilities | ||||||||||||
Income tax payable | 283 | 279 | ||||||||||
Trade and other payables | 23,074 | 12,802 | ||||||||||
Exchangeable notes and other borrowings | 11 | 210 | 210 | |||||||||
Provisions | 50 | 50 | ||||||||||
Lease liabilities | 2,153 | 1,694 | ||||||||||
Total current liabilities | 25,770 | 15,035 | ||||||||||
Non-current liabilities | ||||||||||||
Senior secured term loan | 11 | 65,809 | 40,109 | |||||||||
Convertible loan note | 11 | 14,964 | 14,542 | |||||||||
Derivative financial liabilities | 11 | 1,444 | 526 | |||||||||
Lease liabilities | 10,199 | 10,872 | ||||||||||
Other payables | 1,784 | - | ||||||||||
Deferred tax liabilities | 3,785 | 2,300 | ||||||||||
Total non-current liabilities | 97,985 | 68,349 | ||||||||||
TOTAL LIABILITIES | 3 | 123,755 | 83,384 | |||||||||
TOTAL EQUITY AND LIABILITIES | 94,355 | 59,435 |
Notes | Six-month period ended June 30, 2024 Total US$‘000 | Six-month period ended June 30, 2023 Total US$‘000 | ||||||||||
Revenues | 3 | 30,547 | 28,727 | |||||||||
Cost of sales | (19,291 | ) | (18,124 | ) | ||||||||
Gross profit | 11,256 | 10,603 | ||||||||||
Other operating income | 42 | 71 | ||||||||||
Research and development expenses | (2,080 | ) | (2,093 | ) | ||||||||
Selling, general and administrative expenses | (13,926 | ) | (16,537 | ) | ||||||||
Selling, general and administrative expenses – restructuring costs | (1,939 | ) | - | |||||||||
Impairment charges | 5 | (446 | ) | (10,815 | ) | |||||||
Operating loss | (7,093 | ) | (18,771 | ) | ||||||||
Financial income | 4 | 55 | 216 | |||||||||
Financial expenses | 4 | (3,100 | ) | (6,374 | ) | |||||||
Net financing expense | (3,045 | ) | (6,158 | ) | ||||||||
Loss before tax from continuing operations | (10,138 | ) | (24,929 | ) | ||||||||
Total income tax (charge)/credit | 3 | 64 | 278 | |||||||||
Loss for the period from continuing operations | 3 | (10,074 | ) | (24,651 | ) | |||||||
Profit for the period from discontinued operations | 6 | - | 12,854 | |||||||||
Loss for the period (all attributable to owners of the parent) | 3 | (10,074 | ) | (11,797 | ) | |||||||
Basic loss per ADS (US cents) – Continuing operations | 8 | (109.9 | ) | (322.5 | ) | |||||||
Diluted loss per ADS (US cents) – Continuing operations | 8 | (109.9 | ) | (322.5 | ) | |||||||
Basic loss per ‘A’ ordinary share (US cents) – Continuing operations | 8 | (5.5 | ) | (16.1 | ) | |||||||
Diluted loss per ‘A’ ordinary share (US cents) – Continuing operations | 8 | (5.5 | ) | (16.1 | ) | |||||||
Basic loss per ADS (US cents) – Total operations | 8 | (109.9 | ) | (154.3 | ) | |||||||
Diluted loss per ADS (US cents) – Total operations | 8 | (109.9 | ) | (154.3 | ) | |||||||
Basic loss per ‘A’ ordinary share (US cents) – Total operations | 8 | (5.5 | ) | (7.7 | ) | |||||||
Diluted loss per ‘A’ ordinary share (US cents) – Total operations | 8 | (5.5 | ) | (7.7 | ) |
Notes | Six-month period ended June 30, 2024 Total US$‘000 | Six-month period ended June 30, 2023 Total US$‘000 | |||||||
Loss for the period | (10,074 | ) | (11,797 | ) | |||||
Other comprehensive income/(loss): | |||||||||
Items that will be reclassified subsequently to profit or loss | |||||||||
Foreign exchange translation differences | 5 | 147 | |||||||
Other comprehensive income/(loss): | 5 | 147 | |||||||
Total Comprehensive Loss (all attributable to owners of the parent) | (10,069 | ) | (11,650 | ) |
Share capital ‘A’ ordinary shares US$’000 | Share premium US$’000 | Treasury Shares US$’000 | Translation reserve US$’000 | Equity component of convertible note US$’000 | Other reserves US$’000 | Accumulated surplus US$’000 | Total US$’000 | |||||||||||||||||||||||||
Balance at January 1, 2023 | 1,963 | 46,458 | (24,922 | ) | (5,775 | ) | 6,709 | 86 | (26,695 | ) | (2,176 | ) | ||||||||||||||||||||
Loss for the period | - | - | - | - | - | - | (11,797 | ) | (11,797 | ) | ||||||||||||||||||||||
Other comprehensive income | - | - | - | 147 | - | - | - | 147 | ||||||||||||||||||||||||
Total comprehensive loss | - | - | - | 147 | - | - | (11,797 | ) | (11,650 | ) | ||||||||||||||||||||||
Shares issued during the period | 9 | 161 | - | - | - | (63 | ) | - | 107 | |||||||||||||||||||||||
Share-based payments | - | - | - | - | - | - | 2,339 | 2,339 | ||||||||||||||||||||||||
Balance at June 30, 2023 | 1,972 | 46,619 | (24,922 | ) | (5,628 | ) | 6,709 | 23 | (36,153 | ) | (11,380 | ) | ||||||||||||||||||||
Balance at January 1, 2024 | 1,972 | 46,619 | (24,922 | ) | (5,706 | ) | 6,709 | 23 | (48,644 | ) | (23,949 | ) | ||||||||||||||||||||
Loss for the period | - | - | - | - | - | - | (10,074 | ) | (10,074 | ) | ||||||||||||||||||||||
Other comprehensive income | - | - | - | 5 | - | - | - | 5 | ||||||||||||||||||||||||
Total comprehensive loss | - | - | - | 5 | - | - | (10,074 | ) | (10,069 | ) | ||||||||||||||||||||||
Shares issued during the period | 366 | 3,325 | - | - | - | - | - | 3,691 | ||||||||||||||||||||||||
Share-based payments | - | - | - | - | - | - | 926 | 926 | ||||||||||||||||||||||||
Balance at June 30, 2024 | 2,338 | 49,944 | (24,922 | ) | (5,701 | ) | 6,709 | 23 | (57,791 | ) | (29,400 | ) |
Notes | Six-month period ended June 30, 2024 US$‘000 | Six-month period ended June 30, 2023 US$‘000 | ||||||||||
Cash flows from operating activities | ||||||||||||
Loss for the period | (10,074 | ) | (11,797 | ) | ||||||||
Adjustments to reconcile net profit/(loss) to cash provided by operating activities: | ||||||||||||
Depreciation | 99 | 656 | ||||||||||
Amortisation | 745 | 430 | ||||||||||
Income tax (charge)/credit | (64 | ) | (278 | ) | ||||||||
Financial income | 4 | (55 | ) | (216 | ) | |||||||
Financial expense | 4 | 3,100 | 6,374 | |||||||||
Share-based payments | 10 | 926 | 2,339 | |||||||||
Foreign exchange gains on operating cash flows | 408 | (187 | ) | |||||||||
Impairment charges | 5 | 446 | 10,815 | |||||||||
Gain on sale of business | 6 | - | (12,718 | ) | ||||||||
Other non-cash items | (208 | ) | 130 | |||||||||
Net movement on working capital | (469 | ) | (2,657 | ) | ||||||||
Cash used in operations | (5,146 | ) | (7,109 | ) | ||||||||
Income taxes received/(paid) | 1,227 | (26 | ) | |||||||||
Net cash used in operating activities | (3,919 | ) | (7,135 | ) | ||||||||
Cash flows from investing activities | ||||||||||||
Payments to acquire intangible assets | (4,492 | ) | (768 | ) | ||||||||
Acquisition of financial assets | - | (700 | ) | |||||||||
Net proceeds from sale of business unit | 6 | - | 28,426 | |||||||||
Payments to acquire trades or businesses | (12,500 | ) | - | |||||||||
Acquisition of property, plant and equipment | (138 | ) | (425 | ) | ||||||||
Net cash generated by/(used in) investing activities | (17,130 | ) | 26,533 | |||||||||
Cash flows from financing activities | ||||||||||||
Issue of ordinary share capital including share premium | (270 | ) | - | |||||||||
Net proceeds from new senior secured term loan | 11 | 28,175 | 5,000 | |||||||||
Expenses paid in connection with debt financing | - | (147 | ) | |||||||||
Repayment of senior secured term loan | 11 | - | (10,050 | ) | ||||||||
Penalty for early settlement of term loan | 4 | - | (905 | ) | ||||||||
Interest paid on senior secured term loan | (3,830 | ) | (4,401 | ) | ||||||||
Interest paid on convertible note | (150 | ) | (150 | ) | ||||||||
Interest payment on exchangeable notes | (4 | ) | (4 | ) | ||||||||
Payment of lease liabilities | (1,159 | ) | (1,191 | ) | ||||||||
Net cash used in financing activities | 22,762 | (11,848 | ) | |||||||||
Increase/(decrease) in cash and cash equivalents and short-term investments | 1,713 | 7,550 | ||||||||||
Effects of exchange rate movements on cash held | (87 | ) | 100 | |||||||||
Cash and cash equivalents and short-term investments at beginning of period | 3,691 | 6,578 | ||||||||||
Cash and cash equivalents at end of period | 5,317 | 14,228 |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SIX-MONTH PERIOD ENDED JUNE 30, 2024
1. | GENERAL INFORMATION |
2. | BASIS OF PREPARATION AND ACCOUNTING POLICIES |
3. | SEGMENT INFORMATION |
i) | The distribution of revenue by major product group was as follows: |
Six-month period ended | ||||||||
Revenue | June 30,2024 US$‘000 | June 30,2023 US$‘000 | ||||||
Clinical laboratory goods | 20,397 | 21,367 | ||||||
Clinical laboratory services | 2,582 | 3,114 | ||||||
Point-of-care products | 7,568 | 4,246 | ||||||
30,547 | 28,727 |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
3. | SEGMENT INFORMATION (CONTINUED) |
ii) | The distribution of segment results by geographical area was as follows: |
Rest of World | ||||||||||||||||
Americas | Ireland | Other | Total | |||||||||||||
Six-month period ended June 30, 2024 | US$‘000 | US$‘000 | US$‘000 | US$‘000 | ||||||||||||
Result before restructuring costs, impairment and unallocated expenses | (1,050 | ) | (2,268 | ) | (26 | ) | (3,344 | ) | ||||||||
Restructuring costs | (1,303 | ) | (636 | ) | - | (1,939 | ) | |||||||||
Impairment | (446 | ) | - | - | (446 | ) | ||||||||||
Result after restructuring costs and impairment | (2,799 | ) | (2,904 | ) | (26 | ) | (5,729 | ) | ||||||||
Unallocated expenses * | (1,364 | ) | ||||||||||||||
Operating loss | (7,093 | ) | ||||||||||||||
Net financing expense | (3,045 | ) | ||||||||||||||
Loss before tax | (10,138 | ) | ||||||||||||||
Income tax credit | 64 | |||||||||||||||
Loss for the period on continuing operations | (10,074 | ) | ||||||||||||||
Profit for the period on discontinued operations | - | |||||||||||||||
Loss for the six-month period | (10,074 | ) |
Rest of World | ||||||||||||||||
Americas | Ireland | Other | Total | |||||||||||||
Six-month period ended June 30, 2023 | US$‘000 | US$‘000 | US$‘000 | US$‘000 | ||||||||||||
Result before restructuring costs, impairment and unallocated expenses | (3,129 | ) | (3,140 | ) | (8 | ) | (6,277 | ) | ||||||||
Restructuring costs | - | - | - | - | ||||||||||||
Impairment | (10,815 | ) | - | - | (10,815 | ) | ||||||||||
Result after impairment | (13,944 | ) | (3,140 | ) | (8 | ) | (17,092 | ) | ||||||||
Unallocated expenses * | (1,679 | ) | ||||||||||||||
Operating loss | (18,771 | ) | ||||||||||||||
Net financing expense | (6,158 | ) | ||||||||||||||
Loss before tax | (24,929 | ) | ||||||||||||||
Income tax credit | 278 | |||||||||||||||
Loss for the period on continuing operations | (24,651 | ) | ||||||||||||||
Profit for the period on discontinued operations | 12,854 | |||||||||||||||
Loss for the six-month period | (11,797 | ) |
* | Unallocated expenses represent head office general and administration costs of the Group, which cannot be allocated to the results of any specific geographical area. |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
3. | SEGMENT INFORMATION (CONTINUED) |
iii) | The distribution of segment assets and liabilities by geographical area was as follows: |
Rest of World | ||||||||||||||||
Americas | Ireland | Other | Total | |||||||||||||
As at June 30, 2024 | US$‘000 | US$‘000 | US$‘000 | US$‘000 | ||||||||||||
Assets and liabilities | ||||||||||||||||
Segment assets | 31,018 | 55,374 | - | 86,392 | ||||||||||||
Unallocated assets: | ||||||||||||||||
Income tax assets (current and deferred) | 2,646 | |||||||||||||||
Cash and cash equivalents and short-term investments | 5,317 | |||||||||||||||
Total assets as reported in the Statement of Financial Position | 94,355 | |||||||||||||||
Segment liabilities | 78,328 | 41,339 | 19 | 119,687 | ||||||||||||
Unallocated liabilities: | ||||||||||||||||
Income tax liabilities (current and deferred) | 4,068 | |||||||||||||||
Total liabilities as reported in the Statement of Financial Position | 123,755 |
Rest of World | ||||||||||||||||
Americas | Ireland | Other | Total | |||||||||||||
As at December 31, 2023 | US$‘000 | US$‘000 | US$‘000 | US$‘000 | ||||||||||||
Assets and liabilities | ||||||||||||||||
Segment assets | 26,230 | 26,023 | - | 52,253 | ||||||||||||
Unallocated assets: | ||||||||||||||||
Income tax assets (current and deferred) | 3,491 | |||||||||||||||
Cash and cash equivalents and short-term investments | 3,691 | |||||||||||||||
Total assets as reported in the Statement of Financial Position | 59,435 | |||||||||||||||
Segment liabilities | 49,398 | 31,387 | 20 | 80,805 | ||||||||||||
Unallocated liabilities: | ||||||||||||||||
Income tax liabilities (current and deferred) | 2,579 | |||||||||||||||
Total liabilities as reported in the Statement of Financial Position | 83,384 |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
4. | FINANCIAL INCOME AND EXPENSES |
Six month period ended | ||||||||
June 30, 2024 US$‘000 | June 30, 2023 US$‘000 | |||||||
Financial income: | ||||||||
Fair value adjustments of derivative financial instruments (Note 11) | 55 | 216 | ||||||
55 | 216 | |||||||
Financial expense: | ||||||||
Interest on leases | (297 | ) | (322 | ) | ||||
Penalty for early repayment of senior secured term loan (Note 11) | - | (905 | ) | |||||
Cash interest on convertible & exchangeable notes | (154 | ) | (154 | ) | ||||
Cash interest on senior secured term loan (Note 11) | (4,545 | ) | (3,781 | ) | ||||
Accretion interest on convertible & exchangeable notes (Note 11) | (422 | ) | (391 | ) | ||||
Accretion on senior secured term loan (Note 11) | (1,068 | ) | (813 | ) | ||||
Accretion interest on contingent liability | (24 | ) | - | |||||
Fair value adjustments of derivative financial instruments (Note 11) | (980 | ) | (8 | ) | ||||
Capitalization of borrowing costs | 824 | - | ||||||
EIR catch up adjustment | 3,566 | - | ||||||
(3,100 | ) | (6,374 | ) | |||||
Net Financing Expense | (3,045 | ) | (6,158 | ) |
5. | IMPAIRMENT CHARGES |
Six month period ended | ||||||||
June 30,2024 | June 30,2023 | |||||||
US$’000 | US$’000 | |||||||
Impairment of PP&E | 446 | 3,492 | ||||||
Impairment of goodwill and other intangible assets | - | 5,823 | ||||||
Impairment of financial assets | - | 1,500 | ||||||
Total impairment loss | 446 | 10,815 |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
6. | DISCONTINUED OPERATIONS |
June 30, 2024 US$000 | June 30, 2023 US$000 | |||||||
Revenue | - | 2,784 | ||||||
Expenses | - | (2,648 | ) | |||||
Operating income | - | 136 | ||||||
Profit before tax from discontinued operations | - | 136 | ||||||
Tax expense: | ||||||||
Related to current pre-tax profit/(loss) | - | - | ||||||
Gain on sale of the discontinued operations | - | 12,718 | ||||||
Profit after tax for the period from discontinued operations | - | 12,854 |
June 30, 2024 US$000 | June 30, 2023 US$000 | |||||||
Cash received from sale of the discontinued operations net of transaction costs | - | 29,201 | ||||||
Cash sold as a part of discontinued operations | - | (775 | ) | |||||
Net cash inflow on date of disposal | - | 28,426 |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
7. | GOODWILL AND INTANGIBLE ASSETS |
June 30, 2024 US$000 | December 31, 2023 US$000 | |||||||
Cost | ||||||||
Goodwill | 78,716 | 66,645 | ||||||
Development costs | 140,811 | 127,365 | ||||||
Patents and licenses | 8,694 | 8,694 | ||||||
Other | 19,944 | 19,202 | ||||||
Total cost | 248,165 | 221,906 | ||||||
Less accumulated amortization and impairment | (206,379 | ) | (205,636 | ) | ||||
Carrying amount | 41,786 | 16,270 |
8. | LOSS PER SHARE |
June 30, 2024 | June 30, 2023 | |||||||
‘A’ ordinary shares | 183,376,218 | 152,885,033 | ||||||
Basic (loss)/earnings per share denominator | 183,376,218 | 152,885,033 | ||||||
Reconciliation to weighted average (loss)/earnings per share denominator: | ||||||||
Number of ‘A’ Ordinary shares at January 1 | 165,865,884 | 164,985,882 | ||||||
Weighted average number of ‘A’ Ordinary shares issued during the year | 30,065,934 | 454,751 | ||||||
Weighted average number of treasury shares | (12,555,600 | ) | (12,555,600 | ) | ||||
Basic (loss)/earnings per share denominator | 183,376,218 | 152,885,033 |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
8. | LOSS PER SHARE (CONTINUED) |
June 30, 2024 | June 30, 2023 | |||||||
Potentially Dilutive Instruments: | ||||||||
Basic loss per share denominator | 183,376,218 | 152,885,033 | ||||||
Issuable on conversion of Exchangeable notes | 38,391 | 38,391 | ||||||
Issuable on conversion of Convertible note | 24,691,358 | 24,691,358 | ||||||
Issuable on exercise of options | - | 515,678 | ||||||
Issuable on exercise of warrants | - | - | ||||||
Diluted loss per share denominator | 208,105,967 | 178,130,460 |
9. | INVENTORIES |
June 30,2024 US$‘000 | December 31, 2023 US$‘000 | |||||||
Raw materials and consumables | 12,051 | 10,053 | ||||||
Work-in-progress | 5,287 | 4,498 | ||||||
Finished goods | 5,618 | 5,382 | ||||||
22,956 | 19,933 |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
10. | SHARE OPTIONS AND SHARE WARRANTS |
Options and | Weighted- average exercise price US$ | Exercise price range US$ | ||||||||||
warrants ‘A’ Ordinary Shares | Per ‘A’ Ordinary Share | Per ‘A’ Ordinary Share | ||||||||||
Outstanding January 1, 2023 | 44,814,672 | 0.47 | 0.19 –2.43 | |||||||||
Granted | 3,000,000 | 0.25 | 0.25 –0.25 | |||||||||
Exercised | (880,000 | ) | 0.19 | 0.19 –0.19 | ||||||||
Expired / Forfeited | (280,000 | ) | 2.43 | 2.43 –2.43 | ||||||||
Outstanding at June 30, 2023 | 46,654,672 | 0.45 | 0.19 –1.74 | |||||||||
Exercisable at June 30, 2023 | 16,961,339 | 0.29 | 0.19 –1.74 | |||||||||
Outstanding January 1, 2024 | 46,914,672 | 0.39 | 0.12 –1.34 | |||||||||
Granted | 12,100,000 | 0.14 | 0.14 –0.14 | |||||||||
Exercised | - | - | - | |||||||||
Expired / Forfeited | - | - | - | |||||||||
Outstanding at June 30, 2024 | 59,014,672 | 0.35 | 0.12 –1.34 | |||||||||
Exercisable at June 30, 2024 | 24,029,255 | 0.58 | 0.12 –1.34 |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
11. | BORROWINGS |
(i) | Senior secured term loan |
Six-month period ended June 30, 2024 US$000 | Year ended December 31, 2023 US$000 | |||||||
Balance at start of period | (40,109 | ) | (44,301 | ) | ||||
Cash drawdown | (28,500 | ) | (5,000 | ) | ||||
Loan origination costs | 325 | 194 | ||||||
Derivative financial liability at date of issue | - | 90 | ||||||
Derivative financial asset at date of issue | (24 | ) | (11 | ) | ||||
Accretion interest | (1,068 | ) | (1,131 | ) | ||||
Cash repayment of principal | - | 10,050 | ||||||
EIR Catch up adjustment | 3,567 | - | ||||||
Balance at end of period | (65,809 | ) | (40,109 | ) |
US$000 | ||||
Balance at January 1, 2024 | 178 | |||
Event driven movement in derivative financial asset | 24 | |||
Fair value adjustments in the period | (9 | ) | ||
Non-current asset at June 30, 2024 | 193 |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
11. | BORROWINGS (CONTINUED) |
(i) | Senior secured term loan (continued) |
US$000 | ||||
Balance at January 1, 2024 | (526 | ) | ||
Event driven movement in derivative financial liability | - | |||
Fair value adjustments in the period | (918 | ) | ||
Non-current liability at June 30, 2024 | (1,444 | ) |
(ii) | 7-year convertible note |
Six-month period ended June 30, 2024 US$000 | Year ended December 31, 2023 US$000 | |||||||
Balance at start of period | (14,542 | ) | (13,746 | ) | ||||
Accretion interest | (422 | ) | (796 | ) | ||||
Balance at end of period | (14,964 | ) | (14,542 | ) |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
11. | BORROWINGS (CONTINUED) |
(iii) | Exchangeable Notes |
Six-month period ended June 30, 2024 US$000 | Year ended December 31, 2023 US$000 | |||||||
Balance at start of period | (210 | ) | (210 | ) | ||||
Balance at end of period | (210 | ) | (210 | ) |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
12. | SHARE CAPITAL |
Six-months ended June 30, 2024 | Year ended December 31, 2023 | |||||||
Class ‘A’ Ordinary shares | Class ‘A’ Ordinary shares | |||||||
In thousands of shares | ||||||||
In issue at January 1 | 165,866 | 164,986 | ||||||
Issued for cash | - | 880 | ||||||
Issued as consideration for Waveform acquisition (a) | 36,000 | - | ||||||
At period end | 201,866 | 165,866 |
Six-months ended June 30, 2024 | Year ended December 31, 2023 | |||||||
ADS | ADS | |||||||
In thousands of ADSs | ||||||||
Balance at January 1 | 8,293 | 8,249 | ||||||
Issued for cash | - | 44 | ||||||
Issued as consideration for Waveform acquisition (a) | 1,800 | - | ||||||
At period end | 10,093 | 8,293 |
Six-months ended June 30, 2024 | Year ended December 31, 2023 | |||||||
Class ‘A’ Treasury shares | Class ‘A’ Treasury shares | |||||||
In thousands of shares | ||||||||
Balance at January 1 | 12,556 | 12,556 | ||||||
Purchased during period | - | - | ||||||
At period end | 12,556 | 12,556 |
Six-months ended June 30, 2024 | Year ended December 31, 2023 | |||||||
ADS Treasury shares | ADS Treasury shares | |||||||
In thousands of ADSs | ||||||||
Balance at January 1 | 628 | 628 | ||||||
Purchased during period | - | - | ||||||
At period end | 628 | 628 |
(a) | During the six-months ended June 30, 2024, the Company issued 36,000,000 ‘A’ Ordinary shares (1,800,000 ADSs) to Perceptive as partial consideration for the acquisition of the Waveform assets. |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
13. | CAPITAL MANAGEMENT |
Level 1: | quoted prices (unadjusted) in active markets for identical assets or liabilities |
Level 2: | valuation techniques for which the lowest level of inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly |
Level 3: | valuation techniques for which the lowest level of inputs that have a significant effect on the recorded fair value are not based on observable market data. |
Level 1 | Level 2 | Total carrying amount | Fair Value | |||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
June 30, 2024 | ||||||||||||||||
Loans and receivables at amortised cost | ||||||||||||||||
Trade receivables | 12,658 | - | 12,658 | 12,658 | ||||||||||||
Cash and cash equivalents | 5,317 | - | 5,317 | 5,317 | ||||||||||||
Finance lease receivable | 43 | - | 43 | 43 | ||||||||||||
18,018 | - | 18,018 | 18,018 | |||||||||||||
Liabilities at amortised cost | ||||||||||||||||
Senior secured term loan | - | (65,809 | ) | (65,809 | ) | (65,809 | ) | |||||||||
Convertible loan note | - | (14,964 | ) | (14,964 | ) | (14,964 | ) | |||||||||
Exchangeable note | - | (210 | ) | (210 | ) | (210 | ) | |||||||||
Lease liabilities | (12,352 | ) | - | (12,352 | ) | (12,352 | ) | |||||||||
Trade and other payables (excluding deferred income) | (23,061 | ) | - | (23,061 | ) | (23,061 | ) | |||||||||
Provisions | (50 | ) | - | (50 | ) | (50 | ) | |||||||||
(35,463 | ) | (80,983 | ) | (116,446 | ) | (116,446 | ) | |||||||||
Fair value through profit and loss (FVPL) | ||||||||||||||||
Derivative liability – warrants | - | (1,444 | ) | (1,444 | ) | (1,444 | ) | |||||||||
Derivative asset – prepayment option | - | 193 | 193 | 193 | ||||||||||||
- | (1,251 | ) | (1,251 | ) | (1,251 | ) | ||||||||||
(17,445 | ) | (82,234 | ) | (99,679 | ) | (99,679 | ) |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
13. | CAPITAL MANAGEMENT (CONTINUED) |
Level 1 | Level 2 | Total carrying amount | Fair Value | |||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
December 31, 2023 | ||||||||||||||||
Loans and receivables at amortised cost | ||||||||||||||||
Trade receivables | 10,698 | - | 10,698 | 10,698 | ||||||||||||
Cash and cash equivalents | 3,691 | - | 3,691 | 3,691 | ||||||||||||
Finance lease receivable | 155 | - | 155 | 155 | ||||||||||||
14,544 | - | 14,544 | 14,544 | |||||||||||||
Liabilities at amortised cost | ||||||||||||||||
Senior secured term loan | - | (40,109 | ) | (40,109 | ) | (40,109 | ) | |||||||||
Convertible note | - | (14,542 | ) | (14,542 | ) | (14,542 | ) | |||||||||
Exchangeable note | - | (210 | ) | (210 | ) | (210 | ) | |||||||||
Lease liabilities | (12,566 | ) | - | (12,566 | ) | (12,566 | ) | |||||||||
Trade and other payables (excluding deferred income) | (12,752 | ) | - | (12,752 | ) | (12,752 | ) | |||||||||
Provisions | (50 | ) | - | (50 | ) | (50 | ) | |||||||||
(25,368 | ) | (54,861 | ) | (80,229 | ) | (80,229 | ) | |||||||||
Fair value through profit and loss (FVTPL) | ||||||||||||||||
Derivative liability – warrants | - | (526 | ) | (526 | ) | (526 | ) | |||||||||
Derivative asset – prepayment option | - | 178 | 178 | 178 | ||||||||||||
- | (348 | ) | (348 | ) | (348 | ) | ||||||||||
(10,824 | ) | (55,209 | ) | (66,033 | ) | (66,033 | ) |
14. | BUSINESS COMBINATION |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
14. | BUSINESS COMBINATION (CONTINUED) |
US$’000 | ||||
Fair Value of Consideration | ||||
Cash | 12,500 | |||
Equity Instruments (1.8m ADSs) | 3,960 | |||
Contingent Consideration Arrangement | 6,760 | |||
23,220 | ||||
Recognized amounts of identifiable net assets | ||||
Non-current assets | ||||
Property, plant and equipment | 1,569 | |||
Other intangible assets | 9,360 | |||
Financial assets | 9 | |||
Total non-current assets | 10,938 | |||
Current assets | ||||
Inventory | 1,296 | |||
Other receivables | 135 | |||
Total current assets | 1,431 | |||
Current liabilities | ||||
Trade and other payables | (50 | ) | ||
Total current liabilities | (50 | ) | ||
Non-current liabilities | ||||
Deferred tax liability | (1,170 | ) | ||
Total non-current liabilities | (1,170 | ) | ||
Identifiable net assets | 11,149 | |||
Goodwill on acquisition | 12,071 | |||
Consideration settled in cash | 12,500 | |||
Acquisition costs charged to expenses | 1,516 | |||
Net cash paid relating to the acquisition | 14,016 |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
14. | BUSINESS COMBINATION (CONTINUED) |
• | a US$5.0 million payment if, within the next 12 months after closing, (i) the closing price of the Company’s ADSs does not exceed US$7.50 per ADS for at a least 20 consecutive trading days and (ii) the average daily trading volume of the Company’s ADSs does not equal or exceed 20,000 ADSs for 20 consecutive trading days, and |
• | 50% of the proceeds received by the Company (up to a maximum payment of additional consideration of US$15.0 million) on our entering into certain commercial partnering agreements with certain glucose pump manufacturers in the next 24 months. |
15. | CONTINGENCIES |
(a) | Government Grant Contingencies |
(b) | Other Contingencies |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
16. | RELATED PARTY TRANSACTIONS |
17. | POST BALANCE SHEET EVENTS |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
17. | POST BALANCE SHEET EVENTS (CONTINUED) |
18. | AUTHORISATION FOR ISSUE |