5.9.2023
New questions and answers - Mikko Savola, CEO of Monidor, has answered questions from investors.
1. What is Monidor's updated growth plan?
Monidor's updated growth plan includes a precise focus on those markets where at least initial success has already been achieved. Therefore, the focus over the next 12 months will be on increasing sales in the domestic market in Finland and in the markets already opened in Sweden, Japan and Switzerland. Support for long-term international growth will be sought by deepening cooperation with already identified strategic partner candidates, such as leading manufacturers of infusion pumps, patient monitors or medical devices. Limited R&D investments will be directed towards projects supporting rapid growth and non-critical projects will be slowed down to improve profitability quickly.
2. What concrete measures have been taken to deepen cooperation with strategic partners?
Monidor is currently in discussions with four major potential strategic partners, including leading infusion pump, patient monitor and medical device manufacturers. The aim is to maximise international sales growth with a strong partner with a global distribution channel and a ready customer base.
3. What concrete measures have been taken to achieve positive cash flow in the next 12 months?
Monidor's recurring revenue growth (MRR) has been developing rapidly in the domestic market since 2022 and growth has accelerated with the launch of Monidor Vitals from July 2023. In addition, we have opened new markets in Sweden and Japan during 2023.
The updated growth plan includes the deferral of some of Monidor's non-critical internal R&D investments for the next 6-12 months. The product portfolio is in good shape and the company's billings are growing. By allocating R&D resources to billable project work now, the company will become profitable faster.
4. If the funding is €400,000, how can it be used to achieve the current growth targets?
An investment of €400,000 will secure operations for at least 15 months. In that time, three things are expected to be achieved: cash flow positivity, growth comparable to the Finnish market in at least two of the core markets (Sweden, Japan and Switzerland) and a breakthrough in strategic partnerships. Most of the resources will be allocated to opening up the main markets in Sweden and Japan. At the same time, the focus will be on deepening cooperation with already identified strategic partner candidates. Strategic partnerships are important to accelerate market penetration and to exploit synergies in product portfolios. The form of the partnership is not defined, but can range from a distribution, OEM relationship to a partial or full merger depending on the potential partner. The deferral of some of Monidor's non-critical internal R&D investments is an important part of the plan, which in the short term focuses on improving profitability and growth in selected core markets.
We are currently in discussions with four (4) potential strategic partners and have started to defer non-critical internal R&D investments by temporarily shifting resources to productive customer projects.
5. Turnover has fallen in the last year, why?
Yes, our turnover has experienced a slight decline, but this is due to our strategic decision to shift our business model from equipment sales (one-off sales) to remote monitoring service sales (SaaS-type). This change has proven to be very beneficial, as service sales allow us to generate ongoing revenue and ensure a steadier revenue growth. Service sales already account for more than 50% of our turnover, and we aim to increase this to 80%. We are convinced that this approach paid off right from the start. Hospitals in particular have proven to be long-term customers, once they have found our products useful and reliable.
Although our situation may seem challenging in the short term, we are strongly committed to growing and expanding in the newly opened markets of Sweden, Japan and Switzerland, as well as with potential strategic partners.
6. What amount of funding has been used in the financial figures?
The budget figures include a minimum additional funding of €400 000 and a maximum additional funding of €1 000 000. The use of funds and the different scenarios are described in more detail in the information memorandum.
7. Where can you find more information on the new financial figures and the updated strategy?
The updated financial figures are presented in the data here. More detailed information on the updated strategy, valuation and asset deployment scenarios can also be found in the company's information memorandum.
8. Has Monidor already received enquiries from larger companies for larger investments?
We are in discussions with several larger companies and a strategic investment may be one of the options. In addition, we have had preliminary discussions with major VC investors about possible growth funding in the future.
9. How liquid are the investments or is there a minimum investment period?
Please read Key Investment Information Sheet (KIIS) Part F (d) "Opportunities for the investor to exit the investment"
31.8.2023
Changes to Monidor's funding round
The Board of Directors of Monidor Oy has decided to extend the subscription period until 10 September and to lower the company's valuation. Monidor is currently negotiating with a major investor for a significant investment in the current round. This investor has proposed a lower valuation and Monidor offers this to all investors who have already invested in the round as well as new investors.
The new valuation is EUR 3 145 940.00 and the updated share price is EUR 92.00. Monidor has also decided to change the minimum amount of the round from EUR 500 000.00 to EUR 400 200.00 and the maximum amount of the financing round to EUR 1 000 040.00. Read more about the valuation here.
Monidor's Board of Directors has also decided to amend the business plan in the light of the new financial outlook. With the new business plan, the company's growth figures have changed. The updated financial figures are presented in the material here. More detailed information about the valuation, use of fund scenarions are also found in the company's information memorandum.
All investors have the right to withdrawl their investment as defined in the Investment terms.
The investors who have already invested is the round before the update, will get the double amount of shares for their investment amount.
29.8.2023
Monidor expands Remote IV Therapy Monitoring in collaboration with B.Braun
Monidor partners with medical device manufacturer B.Braun. B.Braun has operations in more than 60 countries and its global recognition and long experience make it a key player in the medical device industry. Monidor’s and B.Braun’s partnership will progress the supervision of infusion therapy significantly.
Integrating B.Braun’s infusion pumps with Monidor’s remote monitoring
The joint project will integrate B.Braun's infusion pumps with Monidor's remote monitoring. This allows healthcare professionals to remotely monitor infusions administered with B.Braun infusion pumps via the easy-to-use Monidor IV Screen application.
Previously, Monidor remote IV therapy monitoring application was limited to infusions administered without a pump. However, the collaboration breaks this limitation and allows remote monitoring of B.Braun's advanced infusion pumps. The extension greatly improves the versatility of the entire Monidor solution and provides a new level of ease and accuracy in patient care.
The cooperation with B.Braun complements Monidor’s service and opens up new horizons for the company. The partnership will continue to pave the way for innovative business opportunities and set a new standard for remote IV care monitoring solutions globally.
First project in South Savo
The first integration project will be implemented in the wellbeing services county of South Savo ELOISA during the autumn. This development promises measurable benefits for both healthcare professionals and patients, which is expected to improve the quality of care and streamline processes.
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24.8.2023
Monidor's investor testimonials
"We invested in Monidor since we believe in the growing market of remote monitoring and the need for patient safety and time balance of the nursing staff. We continue to support the company in scaling the business due to the growing interest outside of Finland and we look forward to the next chapter”.
Jenny Engerfelt
Investment Director, Voima Ventures
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"With the persistent overall shortage of labour, aging population and foreseen challenges in recruiting sufficient numbers of staff in the healthcare systems in the western world, it is important to release hospital staff’s time to important tasks from routine work. Monidor’s products are a solution to the fundamental core of these challenges we will be facing - time. I have invested in Monidor as I see their technology improving the work environment for healthcare staff but also making it more efficient altogether"
Sampsa Auvinen
Board Professional, numerous companies
Chairman of the Board - European Confederation of the Woodworking Industries
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"Monidor has a good CEO and a knowledgeable board, so the team is in good shape. I know this because I have been an employee of Monidor Oy. The business is scalable, and the market will grow in the coming years. Monidor has renowned partners who will help build Monidor's brand awareness and credibility. I am confident that investors will get an excellent return on their investment."
Timo Kolehmainen
R&D Specialist at SPECIM, Spectral Imaging Ltd.
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15.8.2023
Update regarding the minimum investment amount
In connection with the announcement of the funding round, there has been a lot of interest from retail investors and therefore Monidor Ltd has decided to lower the minimum investment amount to 3 shares / 552 EUR.
Update regarding the company's options
Number of options allocated increased by 272 options
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Questions from investors answered by Mikko Savola, CEO at Monidor Oy
1. Q: Who are the customers in the 3 countries where it is sold?
A:
- ApoEX, Sweden, home healthcare customers
- Senko Medical, Japan, hospitals and home healthcare customers
- Health Solutions and Support, Switzerland, private hospital chain
2. Q: Is the system protected against possible hackers? What about internet security?
A:
- Software has been developed following AAMI TIR57 standard: " Principles for medical device security - Risk management"
- Monidor security and safety have been evaluated by 3rd party FINCCHTA, link to report
3. Q: If I invest in Monidor, will I receive regular company reports and, if so, how often?
A:
Monidor will report Quartely basis including executive summary and financial information of the previous period. Typically 2 weeks from end of the period.
4. Q: According to online sources, it seems that Monidor's Monidrop is being sold in the UK through a distributor called Pentland Medical (https://www.pentlandmedical.co.uk/iv-therapy/monidrop-iv-infusion-monitor/)
Is there a reason why information regarding the apparent distribution of the device in the UK seems to be omitted from the investment materials?
A: Pentland medical is our distributor for Monidrop device in UK, they have made very good device sales before corona and it is mentioned with logo in information memorandum in page 14. As remote monitoring technology has been our core business from 2021, we cannot say that we are fully on the UK market. We try to find an expert to support Pentland Medical for remote monitoring software sales to hospital IT, but haven’t yet selected one. UK is very attractive market for remote monitoring technology, but we need to hire experienced people before investing in market entry. It may happen the with money we are raising now. The need and interest among healthcare personnel is there already.
Notice:
In this update section you will find, among other things, answers to investor questions that reach us. The answers shown originate from the Company and are therefore marked accordingly. Invesdor does not undertake any separate verification of the information received after the start of the financing phase.
If you have any questions about the company, send them directly to us at service@invesdor.com.
