BiBBInstruments (BIBB) Q2 2024 earnings summary

Executive summary

• Achieved key milestones with successful clinical introduction of EndoDrill GI in the US and CE certification for the full EndoDrill product line in Europe.

• Clinical evaluations of EndoDrill GI ongoing at multiple hospitals in Sweden, Norway, and the US, with over 90% of cases yielding high-quality core biopsies and no complications.

• Published pilot study EDMX01 showed 100% diagnostic accuracy for EndoDrill GI, outperforming standard biopsy instruments.

• Raised approximately 10 MSEK in a directed share issue to existing major shareholders to fund continued clinical evaluation and prepare for a soft launch in Sweden.

• Preparing for further clinical studies, product development, and discussions with potential global distribution partners.

Financial highlights

• Net sales for Q2 2024 and H1 2024 were 0 KSEK, unchanged from the previous year.

• Result after financial items for Q2 2024 was -3,580 KSEK (vs. -3,181 KSEK Q2 2023); for H1 2024, -6,551 KSEK (vs. -5,685 KSEK H1 2023).

• Earnings per share for Q2 2024 was -0.13 SEK (unchanged year-over-year); for H1 2024, -0.24 SEK (vs. -0.23 SEK H1 2023).

• Cash and cash equivalents at June 30, 2024, were 10,476 KSEK (vs. 15,367 KSEK a year earlier).

• Equity at June 30, 2024, was 34,537 KSEK (vs. 36,079 KSEK June 30, 2023).

Outlook and guidance

• Continued clinical evaluations of EndoDrill GI at existing and new hospitals in the US and Europe planned for H2 2024.

• Ongoing product portfolio development and preparations for a soft launch of EndoDrill GI in Sweden later in 2024.

• Discussions with potential global distribution partners ongoing; significant global sales growth expected after securing a partner.