Cardeon (CARDEO) Q2 2024 earnings summary

Executive summary

• High activity in the first half of 2024, with strategic actions to enhance shareholder value, including a new dividend policy for listed holdings and divestment of Neola Medical, adding 4.3 MSEK in liquidity.

• Distributed 51% of unlisted TEQCool to shareholders, corresponding to a book value of 19.3 MSEK.

• Portfolio now consists of 11 holdings: 6 listed and 5 unlisted, with a focus on early-stage medtech and life science projects.

Financial highlights

• Net sales for H1 2024: 2,533 KSEK (1,745 KSEK in H1 2023); Q2 net sales: 1,267 KSEK (874 KSEK in Q2 2023).

• Operating loss for H1 2024: -16,708 KSEK (-22,141 KSEK in H1 2023); Q2 operating loss: -7,702 KSEK (-10,293 KSEK in Q2 2023).

• Result after financial items for H1 2024: -20,445 KSEK (-21,967 KSEK in H1 2023); Q2: -11,008 KSEK (-10,726 KSEK in Q2 2023).

• Cash flow for H1 2024: 867 KSEK (1,433 KSEK in H1 2023); cash and equivalents at period end: 1,762 KSEK (3,365 KSEK in H1 2023).

• Equity at period end: 68,527 KSEK (189,454 KSEK in H1 2023); equity ratio: 89% (90%).

Outlook and guidance

• Continued focus on early-stage investments in medtech and life science with the aim to create global impact.

• Ongoing preparations for clinical studies and potential IPOs in portfolio companies, notably TEQCool.