Enzymatica (ENZY) Q3 2024 earnings summary

Executive summary

• Net sales for Q3 2024 were SEK 12.6 million, down 5% year-over-year; January–September sales fell 19% to SEK 28.4 million.

• Operating loss improved to SEK -6.4 million in Q3 (from -8.7 million); nine-month operating loss widened to SEK -38.3 million.

• Gross margin rose to 71% in Q3 (from 62%) and 68% for the nine months (from 62%).

• Rights issue raised SEK 126.5 million after expenses, strengthening liquidity and enabling expansion and loan repayment.

• ColdZyme clinical trial showed 50% reduction in disease duration; results expected to support marketing and partner discussions.

Financial highlights

• Q3 net sales: SEK 12.6 million (Q3 2023: SEK 13.3 million); nine-month sales: SEK 28.4 million (2023: SEK 35.1 million).

• Q3 operating loss: SEK -6.4 million (Q3 2023: SEK -8.7 million); nine-month operating loss: SEK -38.3 million (2023: SEK -34.3 million).

• Q3 EPS: SEK -0.04 (Q3 2023: SEK -0.06); nine-month EPS: SEK -0.23 (2023: SEK -0.22).

• Cash flow from operating activities Q3: SEK -13.6 million (Q3 2023: SEK -16.0 million); nine months: SEK -40.0 million (2023: SEK -37.7 million).

• Net cash at period end: SEK 94.4 million (2023: SEK -12.6 million).

Outlook and guidance

• Focus on accelerating sales in existing markets and securing new partner agreements for geographic expansion.

• Board maintains EBIT target of at least SEK 170 million, postponing target date to end of 2027.

• Net sales target to be announced later; new MDR-labeled packaging and marketing campaigns to support growth.