olivLaw · European equity research
Lifecare ASA LIFE.OL
Norway · Euronext Oslo Børs · ISIN NO0013355859 · Vertical: Listed companies from Norway
Lifecare ASA, a Norwegian medical technology company listed on Euronext Oslo Børs, is developing an implantable continuous glucose monitoring sensor based on osmotic pressure. The company is moving from laboratory development toward first-in-human trials and CE marking, so the regulatory stage is the main thing to follow.
At the close of 06 Nov 2026, Lifecare ASA (LIFE.OL) stock was 0.41 NOK (−2.86% on the day), with market capitalisation 7.2 m NOK, beta 0.40, 52-week range 0.28–5.86 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 49.8
- neutral
- Bollinger (20, 2)
- 0.38 – 0.45
- in the lower half of the band · %B 0.35 · band width 16.6%
- SMA 50 / 200
- 0.37 / 0.38
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.3% | −0.6% | −4.7 pp | — |
| 3 months | +27.2% | −4.2% | +31.4 pp | — |
| 6 months | +0.5% | +4.3% | −3.8 pp | — |
| Year to date | −64.2% | +7.5% | −71.7 pp | — |
| 1 year | −92.1% | +9.9% | −102.0 pp | −4.7% |
| 3 years | −99.0% | +49.8% | −148.8 pp | +12.7% |
| 5 years | −98.2% | +42.8% | −141.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4.3 m | 2.5 m | 112.0 k |
| Revenue YoY | unavailable | −41.8% | −95.5% |
| Net income | -35.3 m | -71.8 m | -119.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -3.81 | -5.73 | -6.80 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -827.3% | -2,894.6% | -106,708.0% |
| Free cash flow | -38.5 m | -78.3 m | -116.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.7 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- -28.0 m NOK
- Total assets
- 95.0 m NOK
- Debt / equity
- unavailable
- Current ratio
- 0.26x
- ROE
- unavailable
- ROA
- -115.1%
- FCF margin
- -104,315.2%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.3 m | 2.5 m | 112.0 k | esef· 21 Oct 2026verified |
| Operating income | -35.3 m | -84.8 m | -130.0 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 3.3 m | 4.9 m | 8.0 m | esef· 21 Oct 2026verified |
| EBITDA | -32.1 m ≈ | -79.9 m ≈ | -122.0 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 980.0 k | 892.0 k | 5.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | -35.3 m | -73.5 m | -120.8 m | esef· 21 Oct 2026verified |
| Income tax | -116.0 k | -740.0 k | -561.0 k | esef· 21 Oct 2026verified |
| Net income | -35.3 m | -71.8 m | -119.5 m | esef· 21 Oct 2026verified |
| Diluted EPS | -3.81 | -5.73 | -6.80 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | — | 61.6 m | 5.7 m | esef· 21 Oct 2026verified |
| Current assets | 64.0 m | 74.8 m | 21.7 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 3.2 m | 14.5 m | 18.2 m | esef· 21 Oct 2026verified |
| Goodwill | 7.2 m | 7.2 m | 7.2 m | esef· 21 Oct 2026verified |
| Total assets | 86.4 m | 112.6 m | 95.0 m | esef· 21 Oct 2026verified |
| Current liabilities | 10.6 m | 29.4 m | 83.8 m | esef· 21 Oct 2026verified |
| Total liabilities | 19.9 m | 38.6 m | 123.1 m | esef· 21 Oct 2026verified |
| Equity | 66.5 m | 74.0 m | -28.0 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 9.3 m | 12.5 m | 17.6 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -37.3 m | -65.5 m | -110.4 m | esef· 21 Oct 2026verified |
| Capex | 1.2 m | 12.8 m | 6.5 m | esef· 21 Oct 2026verified |
| Free cash flow | -38.5 m ≈ | -78.3 m ≈ | -116.8 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -1.2 m | -12.4 m | -6.5 m | esef· 21 Oct 2026verified |
| Financing cash flow | 39.3 m | 91.2 m | 60.9 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 7.2 m NOK
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -106,708.0% | 0 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -26.0x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1,633.3% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Lifecare ASA (LIFE.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 112.0 k NOK in 2025; YoY growth -95.5%; net margin -106,708.0%; ROE -520.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -106,708.0%
- Interest coverage: -26.0x
- Current ratio: 0.3x
- FCF yield: -1,633.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| LIFE.OLLifecare ASA | 7.2 m | — | -520.2% | -106,708.0% | −95.5% | −92% / −99% |
1- and 3-year price returns: for LIFE.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Lifecare ASA, a Norwegian medical technology company listed on Euronext Oslo Børs, is developing an implantable continuous glucose monitoring sensor based on osmotic pressure. The company is moving from laboratory development toward first-in-human trials and CE marking, so the regulatory stage is the main thing to follow.
SWOT
Strengths
- A different technological principle based on osmotic pressure, which the company considers more stable over time.
- A patent portfolio central to the glucose monitoring technology.
- In-house production in Germany with ISO 9001 and ISO 13485 certifications supporting quality control.
Weaknesses
- Commercial launch depends on clinical and regulatory stages not yet completed, and the human product is not yet approved.
- Reliance on external financing exposes the company to capital market conditions.
- The initial application for the pilot trial was not approved, requiring resubmission and causing delays.
Opportunities
- If human studies confirm performance, the sensor could open European and possibly American markets through partnerships.
- Extending the sensor platform to other analytes and biomarkers could create new applications.
- Experience from the veterinary market could help optimize production before large volumes.
Threats
- Regulators may request additional documentation, which could postpone studies and approvals.
- Established competitors have greater resources and products already on the market.
- Accuracy results reported in the first-in-human study could be judged insufficient in the pivotal study.
Risks
- Regulatory approvalhigh
The Norwegian regulator concluded the first-in-human application could not be approved in its current form and asked for additional documentation, which could delay the whole clinical timetable.
- Programme financinghigh
The launch depends on additional capital, and a lack of financing could force a reduction in activity.
- Clinical performancemedium
Results obtained so far are not considered definitive by the company, and performance in larger populations is not yet known.
- Dependence on a single productmedium
The company's value depends largely on the CGM sensor, so its failure would have broad effects.
- Manufacturing at scalelow
Moving from prototypes to commercial volumes could create yield and quality difficulties.
Investment thesis
What would need to be true (bull case)
- If clinical studies confirm the sensor's accuracy and longevity, the company could hold a differentiated technology in a large diabetes monitoring market.
- The sensor platform can be extended to other analytes, which could create growth options beyond glucose.
- Progress on compliance and reproducible production reduces the technical risk of the project, according to the company.
What would break the thesis
- The application for the pilot trial was initially rejected, and the new requirements could lengthen the timeline considerably.
- Without CE approval and complete clinical data, the value of the technology remains speculative.
- Competition in glucose monitoring is intense, and established competitors could adopt or match the advantages the company claims.
What to watch
- Authorization of the first-in-human trial by the Norwegian regulator2026
- Results of the LFC-SEN-002 longevity study in dogs2026
- Securing additional financing needed for the clinical programme2026
- Planned European commercial launch of the human product, subject to conditions2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Lifecare is a medical sensor company developing technology to sense and monitor several body analytes, with a focus on diabetes management through implantable sensors. The technology is based on osmotic pressure generated by biochemical reactions in a closed chamber, which the company says offers more stability and longevity than glucose oxidase or fluorescence-based sensors. Strategy rests on three pillars: innovation, in-house manufacturing in Germany and strategic partnerships.
The Lifecare Group includes the parent company in Bergen, Norway, and several subsidiaries: Lifecare Germany, which develops and produces sensors in Mainz, Lifecare Veterinary, 80% owned, Lifecare Chemistry in Bristol and RemovAid, a medical device for removing subdermal implants. This structure separates human medical development from commercialization in the veterinary market, which the company sees as a way to gain production and logistics experience.
Operationally, 2025 brought technical progress: radio frequency and electromagnetic compatibility compliance for the electronics, reproducible manufacturing of the implant and implantation of devices in the LFC-SEN-002 longevity trial in dogs. The company obtained CE marking for the veterinary product in February 2026, while documentation for the complete system is still in progress.
Segments
CGM sensor for human use
The main targeted product is an implantable continuous glucose monitoring system consisting of a sensor, software and a read-out device. The first-in-human clinical trial was completed in May 2023, and the company is aiming for a European commercial launch in 2027, subject to financing, completion of the clinical programme and regulatory approval.
Veterinary product
Lifecare Veterinary, 80% owned, commercializes the sensor technology for the veterinary market, where the company sees a clear unmet medical need. The veterinary product received CE marking in February 2026, and the activity provides production and logistics experience before the human market.
Market context
The company operates in the diabetes glucose monitoring market, where current solutions are mostly transcutaneous sensors replaced periodically. Lifecare argues that a long-lasting implantable sensor could address an unmet need, but the European market is conditional on obtaining CE marking under the MDR regulation.
The veterinary market is the second commercial direction, described by the company as having a clear medical need. The source gives no market size or share figures for Lifecare, so the real extent of expansion depends on commercial success and future approvals.
Trends
- Stricter MDR regulationheadwind
Implantable devices must demonstrate safety and performance through clinical studies under EU Regulation 2017/745, which lengthens timelines. This could delay the launch but standardizes requirements for all competitors.
- Greater sensor longevitytailwind
Interest in long-lasting sensors is growing, and the company's longevity data, up to 172 days in in vitro testing, support this direction if confirmed in human studies.
- Digitalization and data analyticstailwind
Partnerships with established players are cited for digital integration and data analytics, which could ease adoption of the sensors if a data ecosystem becomes standard.
- Financing and capital needsmixed
The launch depends on additional financing, and the company has raised capital through share issues and warrant exercises. If access to capital tightens, the clinical timetable could be affected.
Competitive position
In the continuous glucose monitoring market, current systems mainly use glucose oxidase or fluorescence principles, and Lifecare highlights its difference through the osmotic principle. Competition comes both from established transcutaneous sensor makers and from developers of other implantable solutions.
Lifecare's stated advantages are stability, longevity and reduced sensitivity to biofouling, but these claims are still in the clinical validation phase. Real differentiation will depend on data from the CE study and on production capacity.
- DexcomDXCM
American maker of continuous glucose monitoring systems and a representative of the transcutaneous technology on the market.
- AbbottABT
American company with a widely used glucose sensor line, relevant for comparison with current systems.
- MedtronicMDT
American medical device company active in glucose monitoring, an indirect competitor in the diabetes segment.
- Glucose oxidase-based sensors
The technology family Lifecare describes as less stable over time, offered by several suppliers.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Lifecare ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.