Glycorex Transplantation (GTAB) Q1 2026 earnings summary

Executive summary

• Sales volume grew over 8% year-over-year, with increased units sold in Mexico, India, Canada, and Spain, and broader international reach.

• Net sales declined 10% to SEK 8.7 million compared to Q1 2025, mainly due to lower sales in Germany after a strong prior-year quarter.

• Operating income was SEK -3.4 million, and net income was SEK -3.5 million, both lower than the previous year.

• Distribution markets, with lower average selling prices, accounted for a larger share of sales volume.

• Carl-Magnus Högerkorp was appointed CEO, effective June 1, 2026.

Financial highlights

• Net sales: SEK 8.7 million (down from SEK 9.7 million in Q1 2025).

• Operating income: SEK -3.4 million (Q1 2025: SEK -1.5 million).

• Net income: SEK -3.5 million (Q1 2025: SEK -1.7 million).

• Earnings per share: SEK -0.04 (Q1 2025: SEK -0.02).

• Cash and cash equivalents at period end: SEK 6.6 million (Q1 2025: SEK 13.5 million).

• Equity: SEK 31.0 million (Q1 2025: SEK 40.6 million); equity/assets ratio: 65.0% (Q1 2025: 72.1%).

Outlook and guidance

• Ongoing evaluation of international distribution and collaboration opportunities.

• Continued focus on expanding in growth markets such as India, Mexico, and South Africa.

• Regulatory approval and reimbursement inclusion targeted for US market entry.

• R&D efforts ongoing in autoimmune disease treatment and universal blood products.