Episurf Medical (EPIS) Q3 2024 earnings summary

Executive summary

• Achieved a SEK 4.9m improvement in quarterly result year-over-year, driven by cost savings and revenue growth.

• US sales force expansion underway, with more salespeople trained recently than in the past decade in Europe.

• All key metrics improved: customer count, revenue per customer, pricing, and implant systems sold.

• Order intake increased by 50% to SEK 3.7m in Q3; US business showing early positive signs.

• Focus remains on commercializing approved and near-approval products, especially in the US.

Financial highlights

• Q3 2024 net sales: SEK 3.4m (Q3 2023: SEK 2.6m); nine months: SEK 9.6m (2023: SEK 7.4m).

• Q3 loss for the period: SEK -15.9m (2023: SEK -20.8m); nine months: SEK -57.9m (2023: SEK -72.9m).

• Q3 EPS: SEK -0.02 (2023: SEK -0.07); nine months: SEK -0.13 (2023: SEK -0.23).

• Cash and cash equivalents at period end: SEK 66.8m (2023: SEK 80.7m).

• Equity ratio improved to 89.5% (2023: 82.9%).

Outlook and guidance

• Management expects continued cost base improvements and sees sufficient liquidity for operations through 2025.

• Targeting medium-term sales of SEK 150–200m, requiring annual doubling of gross order intake.

• 510(k) clearance for the big toe implant anticipated in early 2025, with additional FDA-required tests ongoing.