Bio-Gate (BIG1) H2 2024 earnings summary

Executive summary

• Achieved key project milestones in human medicine, including supporting a partner's clinical study for CE approval of HyProtect™-coated hip revision implants, with commercialization expected post-2027.

• Expanded product lines in dermacosmetics and wound care, notably with CBD-based products, and increased production capacity in Bremen, enhancing value creation and margins.

• Organizational improvements included filling key logistics and procurement roles and optimizing group structure.

• Operational progress did not translate into improved financials due to delayed shipments and project timing, resulting in a moderate revenue decline and stable negative earnings.

Financial highlights

• Revenue decreased by 2.7% to €7.05 million year-over-year (2023: €7.25 million).

• EBITDA was -€1.3 million, nearly unchanged from the prior year (-€1.33 million).

• EBIT stood at -€1.61 million (2023: -€1.59 million); net loss was -€1.62 million, flat year-over-year.

• Earnings per share improved slightly to -€0.18 (2023: -€0.19).

• Cash and cash equivalents dropped to €297k (2023: €1.33 million); equity fell to €1.79 million (2023: €3.45 million), with an equity ratio of 45.3% (2023: 65.6%).

• Operating cash flow was -€1.22 million (2023: -€977k).

Outlook and guidance

• Management expects significant revenue growth and improved EBITDA and net results in 2025, contingent on timely project execution and successful product commercialization.

• Additional capital of €0.6 million was raised via convertible bonds post-balance sheet, with a further €0.3 million contractually secured.