Episurf Medical (EPIS) Q4 2025 earnings summary

Executive summary

• Achieved significant transformation in 2025, including the acquisition of real estate assets to create a new income-generating business segment alongside the medical device business.

• Fourth quarter saw increased order intake and revenue, with a 13% rise in gross order intake to SEK 3.5m and net sales of SEK 3.5m.

• Full-year gross order intake grew to SEK 14.8m (up from SEK 13.0m), with net sales at SEK 13.5m (up from SEK 13.0m).

• U.S. market showed strong momentum, with a 65% increase in gross order intake and a 120% increase in customer base year-over-year.

• Workforce reduced by 30% during the year, contributing to lower operating costs.

Financial highlights

• Q4 2025 net sales: SEK 3.5m (Q4 2024: SEK 3.4m); full-year 2025 net sales: SEK 13.5m (2024: SEK 13.0m).

• Q4 2025 loss for the period: SEK -13.5m (Q4 2024: SEK -18.1m); full-year 2025 loss: SEK -58.2m (2024: SEK -76.0m).

• Earnings per share for Q4: SEK -0.01 (Q4 2024: SEK -0.03); full-year: SEK -0.06 (2024: SEK -0.16).

• Cash and cash equivalents at year-end: SEK 7.1m (2024: SEK 50.5m).

• Equity ratio at year-end: 79.3% (2024: 85.7%).

Outlook and guidance

• Focus for 2026 is on expanding commercialisation in the U.S. and Europe, supporting distributors, and preparing for the launch of the Episealer® MTP implant pending FDA clearance.

• Real estate segment expected to provide stable income to support medical device operations.