Bio Vitos Pharma (BIOVIT) Q2 2024 earnings summary

Executive summary

• Focused on advancing a new clinical study for Succifer, targeting iron supplementation in athletic women; ethical approval application submitted and new research leader engaged.

• Board changes implemented, with Joakim Friis joining and Igor Lokot departing.

• Acquisition of three supplement brands and related assets authorized post-quarter, aiming to expand business scope.

Financial highlights

• Q2 2024 net revenue was 56,420 SEK, down from 1,556,713 SEK in Q2 2023; H1 2024 revenue was 186,525 SEK, down from 2,061,609 SEK year-over-year.

• Q2 2024 net loss after financial items was -3,161,291 SEK (vs. -1,196,785 SEK in Q2 2023); H1 2024 net loss was -6,314,113 SEK (vs. -4,343,767 SEK in H1 2023).

• Earnings per share for Q2 2024 was -0.01 SEK (Q2 2023: -0.03 SEK); H1 2024: -0.02 SEK (H1 2023: -0.13 SEK).

• Cash flow for Q2 2024 was -1,038,198 SEK, ending with 768,522 SEK in cash.

Outlook and guidance

• Integration of newly acquired supplement brands and expansion into new business areas planned.

• Ongoing efforts to divest or restructure the hemolysis detection business, with completion targeted for late 2024.