Lifecare

* Lifecare is an innovative medtech company that aims to capture a portion of the USD>6bn continuous glucose monitoring (CGM) market growing c15% annually through its differentiated sensor under-the-skin sensor Sencell. Moreover, CGMs are used by diabetes patients to monitor their glucose levels to assert insulin injections, creating recurring and predictable revenue streams. Although it will take a few more years for Lifecare to complete its development and clinical validation before entering the market, we believe Sencell offers a strong value proposition for a niche of diabetes patients, leading to a significant commercial opportunity.

*If Sanofi, which holds a right of first refusal on Sencell, decides to utilize it, Lifecare has the potential to establish itself as a disruptive niche player in this immense market.

*Being in the development phase, Lifecare is equity funded and since the previous round in Q2 2024 with warrants potentially raising additional cash in Q2 2025 the company is probably founded until becoming cash flow positive. 

* We believe that Lifecare has the potential to become a very profitable company on the back of Sencell’s value proposition towards T1D and T2D patients. We see potential for gross margins in the 50% range and EBIT margins in the twenties once the company becomes profitable, which we estimate in 2027.

* Lifecare employs approximately 35 people and benefits from a management team and board of directors with expertise in research and development, finance, and law. The company should be well-positioned for transitioning from concept to a finished product.

* CEO Joacim Holter holds an LL.M. from the University of Bergen in Norway and has over 15 years of management experience. His background includes six years leading international R&D and product development in Switzerland. Holter has also been a long-standing member of Lifecare, serving as both chairman and board member from 2011 to 2020.

* The board of directors is chaired by Morten Foros Krohnstad, a partner at the law firm Schjødt. Krohnstad brings substantial experience as a board professional for both listed and unlisted Norwegian companies, further strengthening Lifecare's governance and strategic oversight.