Chordate Medical (CMH) Q1 2025 earnings summary

Executive summary

• Net turnover for Q1 2025 increased 131% year-over-year to SEK 596,105, with sales split 37% EU and 63% EMEA.

• Loss after tax improved to SEK -5,756,609 from SEK -6,019,201 year-over-year.

• Rights issue in February 2025 raised SEK 17.7 million, subscribed to 79.9%, supporting the ongoing exit process.

• Publication of the PM007 migraine study in Neurology validated Ozilia's efficacy, supporting strategic exit plans.

• Expanded clinical study PM010 to a 12th clinic in Switzerland; new distributor appointed in Saudi Arabia.

Financial highlights

• Net sales Q1 2025: SEK 596,105 (Q1 2024: SEK 257,677), up 131% year-over-year.

• Loss after tax Q1 2025: SEK -5,756,609 (Q1 2024: SEK -6,019,201).

• Cash flow from operating activities: SEK -6,046,406 (Q1 2024: SEK -5,908,058).

• Cash and bank balances at March 31, 2025: SEK 12,854,951 (March 31, 2024: SEK 20,442,709).

• Earnings per share: SEK -4.21 (Q1 2024: SEK -0.02; adjusted for reverse split: SEK -9.23).

Outlook and guidance

• Focus for 2025: pursue a successful exit, increase installations in focus markets, and implement ongoing clinical studies as planned.

• Working capital secured for the next 12 months; further financing may be needed if forecasts are not realized or exit is delayed.