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Tobii AB's Extraordinary General Meeting on June 21, 2021, approved a new long-term incentive program (LTI 2021) for employees and consultants. Up to 140 individuals can participate, with a maximum allocation of 500,000 restricted stock units (Stock Units). The program includes hedging arrangements, authorizing the issue of 600,000 Class C shares and the repurchase of issued shares. The dilution effect is estimated at approximately 0.6% of the total shares and votes in the company.
Tobii Pro has launched a new mobile capability for its Sticky marketing research platform, making eye tracking accessible on desktop, laptop, and mobile devices. This self-service platform integrates webcam eye tracking and emotion recognition, enabling companies to analyze consumer behavior seamlessly across devices. The new feature allows researchers to gauge advertising effectiveness and consumer responses to packaging without needing extra hardware. Procter & Gamble has tested the capability and found it beneficial for measuring media attention in a mobile-first consumer landscape.
Tobii's Board of Directors has announced a plan to spin off Tobii Dynavox, establishing it as a separate publicly listed company. This review aims to enhance focus and growth by separating Tobii Dynavox from Tobii Pro and Tobii Tech, which will merge into one entity. The spin-off is expected to be completed by Q4 2021, subject to market conditions, granting Tobii shareholders shares in the new company. Tobii Dynavox holds a 40% market share in assistive communication technology, generating SEK 894m in revenue in 2020 with a 14% EBIT margin.
Tobii AB announced its Q1 2021 results, reporting SEK 339 million in revenue, reflecting 1% organic growth despite pandemic impacts. The gross margin remained steady at 71%. The operating result improved to SEK -9 million, driven by Tobii Dynavox’s SEK 27 million contribution, even as supply chain disruptions hindered performance. Plans to split into two independent companies, Tobii Dynavox and Tobii, were also revealed. The company remains optimistic about future growth, especially with a strong sales pipeline and new product launches.
Tobii AB has announced the issuance and immediate repurchase of 900,000 class C shares as part of its long-term incentive program (LTI 2020). The entire issue is subscribed by Carnegie Investment Bank AB at a price of approximately SEK 0.007 per share. The shares will be repurchased at the same price, with the purpose of converting them into ordinary shares for eligible participants in the LTI 2020. The class C shares do not confer any dividend rights. This information was disclosed on April 15, 2021, at 8:30 a.m. CET.
Tobii AB announced an increase of 305,885 shares and votes due to the exercise of stock options under its incentive programs. The total number of shares outstanding is now 99,369,972, raising the company's share capital to SEK 721,121.31. This information is mandated for disclosure under the Financial Instruments Trading Act and was published on March 31, 2021, at 8:00 a.m. CET.
Tobii AB has agreed to divest Smartbox for a maximum purchase price of GBP 13.4 million. This includes GBP 3.55 million as an earnout and GBP 2.8 million for net cash and working capital adjustments. The sale aligns with a ruling by the UK competition authority to prevent reduced competition. CareTech, a leader in specialized social services, will acquire Smartbox. The transaction will not significantly impact Tobii's earnings and aims to strengthen its cash position by SEK 114 million.
On Sept. 30, 2020, HP launched the Reverb G2 Omnicept Edition, a VR headset enhanced by Tobii Eye Tracking. This integration aims to improve user experiences and analytics across various sectors, including training and collaboration. The headset incorporates advanced features like Tobii's EyeChip™ for eye tracking, allowing for dynamic foveated rendering for better graphics and immersive experiences. While it promises to enhance VR applications significantly, it is noted that the integration is not expected to materially impact Tobii's revenue in 2021.
Tobii reported a challenging second quarter of 2020, with consolidated revenue down 4% to SEK 332 million due to COVID-19. Despite the decline, Tobii improved its operating result to SEK -45 million, up from SEK -47 million in 2019. The gross margin fell to 65%. Key developments included the successful launch of the Glasses 3 and a strong performance in Tobii Tech, which saw a 60% revenue increase. A cost reduction program led to a 20% decrease in operating costs. The company expresses optimism for future growth post-pandemic restrictions.
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