Glycorex Transplantation (GTAB) Q2 2024 earnings summary

Executive summary

• Sales grew 6.6% year-over-year to 17.2 MSEK for H1 2024, with improved results in key growth markets like India, Mexico, and South Africa.

• Operating loss narrowed to -5.4 MSEK (from -8.1 MSEK) for H1 2024; Q2 operating loss was -2.0 MSEK (from -3.9 MSEK).

• Notable clinical milestones: first successful use of Glycosorb® ABO in South Africa, Mexico, and Argentina, and a published case study from London.

• Ongoing cost efficiency measures and focus on liquidity; evaluating options to strengthen cash position.

Financial highlights

• Q2 2024 net sales: 9.1 MSEK (flat year-over-year); H1 2024: 17.2 MSEK (up from 16.1 MSEK).

• Q2 net loss: -2.2 MSEK (improved from -3.9 MSEK); H1 net loss: -5.7 MSEK (improved from -8.3 MSEK).

• Q2 EPS: -0.03 SEK (from -0.05 SEK); H1 EPS: -0.08 SEK (from -0.11 SEK).

• Cash flow for H1: -5.9 MSEK (from -12.6 MSEK); cash and equivalents at period end: 6.9 MSEK (from 20.0 MSEK).

• Equity at period end: 38.3 MSEK (from 66.1 MSEK); equity per share: 0.52 SEK (from 0.89 SEK).

Outlook and guidance

• Continued focus on growth in priority markets (India, Mexico, South Africa) and cost control.

• Liquidity improvement options under evaluation; company expects to continue operations for at least 12 months without new financing, but additional capital may be needed before reaching cash flow positivity.