BiBBInstruments (BIBB) Q3 2024 earnings summary

Executive summary

• EndoDrill® Gl introduced at a leading Croatian hospital, marking entry into Southern Europe; strong clinical results and user satisfaction reported.

• Peer-reviewed US case series published, showing 100% diagnostic accuracy with EndoDrill® Gl after a single needle pass.

• Commercial version of EndoDrill® Gl exhibited at 7th Nordic EUS Meeting, generating significant interest and new clinical evaluation requests.

• Manufacturing transfer to a Swedish contract manufacturer initiated to scale up production for commercial launch by mid-2025.

• Announced a rights issue of approximately 36.5 MSEK to fund commercialization and expansion of clinical studies.

Financial highlights

• Net sales were 0 KSEK for both Q3 and the nine-month period (unchanged year-over-year).

• Operating loss for Q3 was -2,471 KSEK (vs. -2,111 KSEK last year); nine-month operating loss was -9,055 KSEK (vs. -7,796 KSEK).

• Net loss after financial items for Q3 was -2,401 KSEK (vs. -2,024 KSEK); for nine months, -8,952 KSEK (vs. -7,709 KSEK).

• Cash and cash equivalents at period end were 5,755 KSEK (vs. 13,109 KSEK last year).

• Equity ratio at 95.2% (vs. 94.5% last year); equity of 32,136 KSEK at period end.

Outlook and guidance

• Clinical market evaluations of EndoDrill® Gl expanding in Europe and the US, with more hospitals and users being added.

• Rights issue of 36.5 MSEK to finance commercialization, increased clinical studies, and production scale-up.

• Bridge loan of 3 MSEK secured to cover liquidity needs until the rights issue is completed.

• Targeting sales agreements with distribution partners and direct sales to selected customers ahead of broader launch.