Chordate Medical (CMH) Q2 2025 earnings summary

Executive summary

• Revenue for January–June 2025 increased 76% year-over-year to 759,260 SEK, with 61% from EU and 39% from MEA markets.

• Net loss after tax for the half-year was -10,948,833 SEK, an improvement from -13,042,462 SEK year-over-year.

• Significant cost reduction measures underway, targeting a 60% decrease in operating expenses from September 2025.

• Focus remains on the exit process, aiming to sell the business to a larger medtech or pharma company.

Financial highlights

• Q2 2025 net sales were 163,155 SEK, down from 172,941 SEK in Q2 2024.

• Cash flow from operations for H1 2025 was -13,187,108 SEK, compared to -12,907,262 SEK in H1 2024.

• Cash and bank balances at June 30, 2025, stood at 4,243,740 SEK, down from 11,512,033 SEK a year earlier.

• Result per share for H1 2025 was -3.45 SEK (adjusted for reverse split), compared to -15.96 SEK in H1 2024.

Outlook and guidance

• Ongoing exit process with several interested parties; focus on achieving a sale in the near term.

• Further cost reductions expected to maintain customer service and regulatory status while supporting the exit process.

• Additional financing may be required if the sale is not completed as planned.