Enzymatica (ENZY) Q4 2024 earnings summary

Executive summary

• Net sales for Q4 2024 increased 8.4% year-over-year to SEK 17.2 million; full-year net sales declined 10.5% to SEK 45.6 million due to absence of partner sales, but own market sales grew 10.5%.

• Operating loss for Q4 was SEK -13.7 million, nearly flat year-over-year; full-year operating loss widened to SEK -52.1 million from SEK -48.1 million.

• ColdZyme outperformed the market in Sweden, with unit sales up 5.3% versus a market decline of -2.5%; UK sales at Boots rose 7.2% and Amazon UK sales surged 112.1% year-over-year.

• Gross margin improved to 67% for both Q4 and full year, up from 64% and 63% respectively.

• Strong financial position at year-end with net cash of SEK 73.0 million, following two rights issues raising SEK 151.8 million net.

Financial highlights

• Q4 net sales: SEK 17.2 million (up 8.4% year-over-year); full-year net sales: SEK 45.6 million (down 10.5%).

• Q4 operating loss: SEK -13.7 million; full-year operating loss: SEK -52.1 million.

• Q4 EPS: SEK -0.05 (improved from -0.09); full-year EPS: SEK -0.28 (improved from -0.30).

• Q4 gross margin: 67% (up from 64%); full-year gross margin: 67% (up from 63%).

• Cash flow from operating activities: SEK -20.6 million in Q4; SEK -60.5 million for the year.

Outlook and guidance

• Optimism for 2025 driven by upcoming publication of independent University of Kent clinical study on ColdZyme, expected to support international expansion and new partnerships.

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

• Focus remains on expanding in existing and new markets, leveraging new MDR approval and clinical data.