Eevia Health (EEVIA) Q3 2024 earnings summary

Executive summary

• Net sales in Q3-24 were KEUR 444, up 8% sequentially from Q2-24 but down 52% year-over-year from Q3-23.

• Gross profit in Q3-24 was KEUR 211, a 32% decrease from Q2-24 and 39% lower than Q3-23, with a gross margin of 46%.

• EBITDA in Q3-24 was KEUR -299, compared to KEUR -198 in Q2-24 and KEUR 2 in Q3-23; adjusted EBITDA excluding rights issue costs was KEUR -187.

• Net result for Q3-24 was KEUR -931, compared to KEUR -558 in Q2-24 and KEUR -317 in Q3-23.

• A comprehensive turnaround plan was developed and approved, with a new Board elected in November and a new strategic business plan in place.

Financial highlights

• Net sales for Jan–Sep 2024 were KEUR 1,525, down from KEUR 4,612 in Jan–Sep 2023.

• EBITDA for Jan–Sep 2024 was KEUR -600, compared to KEUR 901 in Jan–Sep 2023.

• Net result for Jan–Sep 2024 was KEUR -1,876, versus KEUR 114 in Jan–Sep 2023.

• Cash flow from operations in Q3-24 was KEUR -365, compared to KEUR -1,023 in Q3-23.

• Shareholders' equity per share was EUR 0.05 at Q3-24, down from EUR 0.15 at Q3-23.

Outlook and guidance

• The turnaround plan targets EUR 3 million in revenue and positive EBITDA of EUR 100,000 by 2025, rising to EUR 5 million revenue and EUR 1 million EBITDA by 2026.

• Focus is on launching MaxBIOME™, a polyphenol product for gut health, and validating polyphenol impact through clinical studies.

• Short-term priorities include reducing inventory, improving liquidity, and streamlining operations.