Glycorex Transplantation (GTAB) Q1 2025 earnings summary

Executive summary

• Net sales increased by 20% year-over-year to SEK 9.7 million, with strong growth in Germany (69%), Belgium, and Switzerland.

• Operating income improved by 56% to SEK -1.5 million, and net income was SEK -1.7 million, both significantly better than the prior year.

• Expansion into new markets included the first ABO-incompatible transplantation in Portugal and a new distribution agreement in Greece.

• A directed share issue raised SEK 10 million, strengthening liquidity and supporting further expansion.

• Post-quarter, a million-kronor order was received from Mexico, and in vitro tests in the US showed positive results.

Financial highlights

• Net sales: SEK 9.7 million (SEK 8.1 million in Q1 2024).

• Operating income: SEK -1.5 million (SEK -3.4 million in Q1 2024).

• Net income: SEK -1.7 million (SEK -3.5 million in Q1 2024).

• Earnings per share: SEK -0.02 (SEK -0.05 in Q1 2024).

• Cash flow for the period: SEK 7.8 million (SEK -2.7 million in Q1 2024), supported by the share issue.

Outlook and guidance

• Improved liquidity and a more efficient organization position the company for continued growth in 2025.

• Focus on expanding in the US pediatric heart transplantation market and further international congress participation.

• Ongoing regulatory preparations in the US and new product launches in autoimmune disease treatment planned.