Glycorex Transplantation (GTAB) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 remained stable at SEK 9.1 million, with H1 2024 sales up 6.6% year-over-year to SEK 17.2 million.

• Operating and net losses narrowed significantly both for the quarter and half-year, reflecting improved profitability and cost control.

• Positive sales growth was seen in most markets, especially in India, Mexico, and South Africa, with new market entries in Argentina.

• Key clinical milestones included successful use of Glycosorb® ABO in pediatric and international transplants.

Financial highlights

• Q2 2024 net sales: SEK 9.1 million (unchanged year-over-year); H1 2024: SEK 17.2 million (up from SEK 16.1 million in H1 2023).

• Q2 2024 operating income: SEK -2.0 million (improved from SEK -3.9 million); H1 2024: SEK -5.4 million (improved from SEK -8.1 million).

• Q2 2024 net income: SEK -2.2 million (improved from SEK -3.9 million); H1 2024: SEK -5.7 million (improved from SEK -8.3 million).

• Cash and cash equivalents at period end: SEK 6.9 million (down from SEK 20.0 million year-over-year).

• Equity at period end: SEK 38.3 million (down from SEK 66.1 million year-over-year); equity/assets ratio: 65.2%.

Outlook and guidance

• Continued focus on priority growth markets and cost control to improve liquidity and profitability.

• Ongoing evaluation of options to strengthen liquidity; additional financing may be required before reaching cash flow positivity.

• Strategic advancements and new market entries expected to drive long-term value.