Eevia Health (EEVIA) Q2 2024 earnings summary

Executive summary

• Net sales in Q2-24 were KEUR 410, down 39% sequentially and 79% year-over-year, reflecting slow sales traction despite a growing pipeline.

• Gross margin improved to 76% in Q2-24 from 55% in Q1-24, driven by a favorable product mix.

• EBITDA was KEUR -198 in Q2-24, a decline from KEUR -103 in Q1-24 and KEUR 639 in Q2-23, mainly due to lower revenues.

• Net result for Q2-24 was KEUR -558, compared to KEUR -387 in Q1-24 and a profit of KEUR 414 in Q2-23.

• Cash flow from operations was negative at KEUR -269 in Q2-24, reflecting negative EBITDA and working capital changes.

Financial highlights

• Net sales for H1-24 totaled KEUR 1,081, down from KEUR 3,695 in H1-23.

• Gross profit in Q2-24 was KEUR 311, down 16% sequentially and 77% year-over-year.

• Earnings per share in Q2-24 was EUR -0.02, compared to EUR 0.01 in Q2-23.

• Cash and cash equivalents at period end were KEUR 51, down from KEUR 319 a year earlier.

• Net equity at June 30, 2024 was KEUR 2,505, down from KEUR 3,800 at June 30, 2023.

Outlook and guidance

• Management is focused on converting pipeline opportunities and expects improved sales conversion due to enhanced customer management and new distributors.

• Clinical trials and R&D initiatives are underway, with external funding applications pending for new product launches in 2025-2026.

• Priority is on returning operational cash flow (EBITDA) to positive territory and rebuilding revenue growth.