Current Report No.: 26/2023
Date of Preparation: September 26, 2023
Legal Basis: Art. 17 sec. 1 of MAR Regulation – confidential information.
The Management Board of Medicalgorithmics S.A. (“The Company” or “Issuer”) informs about the subject and nature of corrections in consolidated comparable data for the year 2022, which the Company made while working on the semi-annual consolidated financial statement of the Medicalgorithmics S.A. Group (Group) for the first half of 2023. These corrections are non-cash and relate to accounting records and calculations of the non-cash accounting result concerning the disposal and deconsolidation of Medi-Lynx Cardiac Monitoring, LLC (“Medi-Lynx”) and transactions and corrections related to this transaction. These corrections do not affect the Group’s cash flows, neither in the current period nor in the future. In particular, as part of the corrections, the opening balance (OB) of consolidated equity as of January 1, 2023, increased by PLN 14.6 million, consisting of a reduction in net loss for 2022 from minus PLN 30.4 million to minus PLN 11.9 million (by PLN 18.5 million). The full impact of the corrections is presented in the attached statements of total income and financial position as of and for the 12 months ended December 31, 2022, as published, with the detailing of aggregate corrections and post-correction.
The stand-alone report data for 2022 do not require any corrections, including regarding the disposal of Medi-Lynx. In accordance with IAS 8 par. 41, the effects of these corrections have been included in the comparable data and in the opening balances as of January 1, 2023, therefore, the Company does not correct the published and approved consolidated financial statements for 2022. The review of opening balances, which led to the identification of the described corrections, was made during the preparation of the Group’s interim report, and its results are subject to review by the new company auditor, UHY ECA Audyt Sp. z o.o., engaged after the expiration of a two-year contract with Grant Thornton Polska P.S.A.
The Company points out that the consolidated semi-annual financial statements of the Group are subject to verification by an independent auditor, UHY ECA, as part of the process of reviewing the semi-annual statements, consequently, there may be possibility of changing the indicated amounts or the way they are presented. In the case of significant changes, the Company will inform about it with separate current reports.
Detailed legal basis: Article 17(1) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and §15 section 5 of the Regulation of the Minister of Finance of 29 March 2018 on current and periodic information published by issuers of securities the value and the conditions for recognizing as equivalent information required by the laws of a non-Member State.
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