Chordate Medical (CMH) Q3 2024 earnings summary

Executive summary

• Net turnover for January–September 2024 increased to SEK 578,611 from SEK 494,684 year-over-year, with a net loss after tax of SEK -18,723,753, an improvement from SEK -19,343,762.

• Market authorization for Ozilia® Migraine was obtained in Saudi Arabia, and the first order for migraine treatment systems was received from the region.

• Positive interim results were reported from the ongoing PM010 migraine study, supporting the product's efficacy.

• The company initiated the final step of its exit strategy by appointing a Swiss advisor to seek an international buyer.

• A 500:1 share consolidation was completed, reducing the number of shares from 490,111,500 to 980,223.

Financial highlights

• Net turnover for Q3 2024 was SEK 147,993, down from SEK 210,947 in Q3 2023.

• Cash flow from operating activities for January–September 2024 was SEK -19,747,872, nearly unchanged from SEK -19,761,647 year-over-year.

• Net loss after financial items for January–September 2024 was SEK -18,850,105, compared to SEK -19,564,732 year-over-year.

• Cash and bank balances at September 30, 2024, were SEK 4,456,133, down from SEK 16,444,878 a year earlier.

• Earnings per share for January–September 2024 were SEK -21.39, improved from SEK -42.48 year-over-year, reflecting the share consolidation.

Outlook and guidance

• Focus for the remainder of 2024 includes market introduction of Ozilia® Migraine in Saudi Arabia and Switzerland, advancing the exit process, and continuing clinical studies PM009 and PM010.

• The company expects further capital needs and is prepared to raise additional financing as required.