Clinical Laserthermia Systems (CLS) Q2 2025 earnings summary

Executive summary

• Net sales for the first six months reached SEK 13.9 million, up from SEK 8.8 million year-over-year, with Q2 sales at a record SEK 9.4 million, a 67% increase over Q2 2024.

• Operating loss narrowed to SEK -10.8 million for H1 2025 from SEK -29.9 million in H1 2024; Q2 operating loss was SEK -2.9 million, down from SEK -12.9 million in Q2 2024.

• Gross margin for Q2 was 70%, exceeding the full-year target of 60%, driven by strong neurosurgery segment performance and high sales to Clearpoint Neuro.

• Basic and diluted EPS improved to SEK -0.92 for H1 2025 from SEK -3.46 in H1 2024.

• Equity ratio increased to 90% as of June 30, 2025, compared to 63% a year earlier.

Financial highlights

• Revenue grew 58% year-over-year for the first six months, with operating expenses reduced by over 30% versus H1 2024.

• Profit/loss after financial items for H1 2025 was SEK -21.6 million, an improvement from SEK -26.2 million in H1 2024.

• Cash and cash equivalents at period end were SEK 16.2 million, down from SEK 22.5 million at the start of the year.

• New share issue during the period raised SEK 11.9 million.

Outlook and guidance

• Long-term growth outlook remains strong, with expectations of sustaining high double-digit growth for 2025.

• Revenue growth and margins are both exceeding targets, and the cost base is structurally lower.

• The company is positioned ahead of the planned TO8B warrant exercise in September 2025.