Glycorex Transplantation (GTAB) Q2 2025 earnings summary

Executive summary

• Achieved 11% sales growth in Q2 2025 year-over-year, with strong performance in Mexico and Germany.

• Rolling 12-month sales growth reached 22%.

• Operating income improved by 49% compared to Q2 2024.

• Strategic progress in emerging markets, including a significant order from Mexico and clinical advances in the US and Morocco.

Financial highlights

• Q2 2025 net sales: SEK 10.2 million (Q2 2024: SEK 9.1 million); H1 2025: SEK 19.8 million (H1 2024: SEK 17.2 million).

• Q2 2025 operating income: SEK -1.0 million (Q2 2024: SEK -2.0 million); H1 2025: SEK -2.5 million (H1 2024: SEK -5.4 million).

• Q2 2025 net income: SEK -1.1 million (Q2 2024: SEK -2.2 million); H1 2025: SEK -2.8 million (H1 2024: SEK -5.7 million).

• Earnings per share for H1 2025: SEK -0.04 (H1 2024: SEK -0.08).

• Cash and cash equivalents at period end: SEK 11.4 million (Q2 2024: SEK 6.9 million).

• Equity/assets ratio at period end: 74.8% (Q2 2024: 65.2%).

Outlook and guidance

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

• Ongoing regulatory and clinical initiatives in the US for pediatric heart transplantation.

• Expectation of further clinical and commercial progress in H2 2025.