Acuvi (ACUVI) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 were 47 MSEK, down 19% year-over-year; H1 2024 net sales were 94 MSEK, down 7% year-over-year.

• EBITDA for Q2 2024 was 9 MSEK (19% margin), compared to 16 MSEK (28%) last year; H1 EBITDA was 18 MSEK (19% margin), down from 23 MSEK (23%).

• Excluding license/royalty income, Q2 EBITDA was 8 MSEK (18% margin), flat year-over-year; H1 EBITDA ex-licenses was 16 MSEK (17% margin), up from 14 MSEK (15%).

• Bruttomarginal improved to 64% in Q2 2024 from 62% last year; adjusted for one-time royalty, Q2 margin was 63% (vs 56%).

• OEM standard product sales rose 14% and Life Science Instrumentation sales grew 20% in H1 2024; custom product sales declined 12%.

Financial highlights

• Q2 net sales: 47 MSEK (58); Q2 net sales ex-licenses: 46 MSEK (50).

• Q2 EBITDA: 9 MSEK (16); Q2 EBITDA ex-licenses: 8 MSEK (8).

• Q2 EBIT: -16.7 MSEK (-8.0); H1 EBIT: -33.8 MSEK (-26.6).

• Q2 EPS: -0.83 SEK (-0.23); H1 EPS: -1.18 SEK (-1.10).

• Q2 operating cash flow: -0.5 MSEK (4.4); H1: 7.2 MSEK (-7.1).

Outlook and guidance

• Management expects continued margin improvement at current sales levels and aims for 25% EBITDA margin.

• Nanos Instruments partnership expected to add 12 MSEK sales and 6 MSEK operating profit in 2024, and 25 MSEK sales and 12 MSEK profit in 2025.

• Increased sales and marketing focus in Germany and the US following new capital raise.