Glycorex Transplantation (GTAB) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 were SEK 6.7 million, down 34% year-over-year, and SEK 15.4 million for H1 2026, down 22% year-over-year.

• Operating income was SEK -4.2 million for Q2 and SEK -7.6 million for H1, reflecting a significant decline from the previous year.

• Net income for Q2 was SEK -4.3 million and SEK -7.8 million for H1, with EPS at SEK -0.05 and SEK -0.10, respectively.

• The decrease in sales is attributed to exceptionally strong sales in Mexico and Germany in 2025; several markets like Spain, Austria, Singapore, and India showed strong growth.

• New CEO Carl-Magnus Schultz appointed in June 2026.

Financial highlights

• Q2 net sales: SEK 6.7 million (Q2 2025: SEK 10.2 million); H1 net sales: SEK 15.4 million (H1 2025: SEK 19.8 million).

• Q2 operating income: SEK -4.2 million (Q2 2025: SEK -1.0 million); H1 operating income: SEK -7.6 million (H1 2025: SEK -2.5 million).

• Q2 net income: SEK -4.3 million (Q2 2025: SEK -1.1 million); H1 net income: SEK -7.8 million (H1 2025: SEK -2.8 million).

• Cash and cash equivalents at period end: SEK 4.8 million (SEK 11.4 million in 2025).

• Equity at period end: SEK 26.7 million (SEK 39.4 million in 2025); equity/assets ratio: 52.7% (74.8% in 2025).

Outlook and guidance

• Focus on profitability and strategic improvements under new CEO.

• Continued international expansion with new distribution agreements in Argentina and Malaysia.

• Ongoing regulatory process for US market entry, especially for pediatric applications.

• Growth expected in key markets such as Spain, Austria, Singapore, and India.