Glycorex Transplantation (GTAB) Q3 2024 earnings summary

Executive summary

• Achieved 21% sales growth in Q3 2024, with positive development in most markets, especially Austria, Germany, Qatar, Spain, and France.

• Operating income and net income improved significantly year-over-year, driven by sales growth and efficiency measures.

• Strategic expansion continued, including first product use in South America and collaborations in the USA.

Financial highlights

• Q3 2024 net sales: SEK 7.4 million (up from SEK 6.2 million in Q3 2023); 9M 2024 net sales: SEK 24.7 million (up from SEK 22.3 million in 9M 2023).

• Q3 2024 operating income: SEK -3.0 million (improved from SEK -5.4 million); net income: SEK -3.2 million (improved from SEK -5.5 million).

• 9M 2024 operating income: SEK -8.4 million (improved from SEK -13.6 million); net income: SEK -8.9 million (improved from SEK -13.7 million).

• Cash flow for Q3 2024: SEK -0.4 million (improved from SEK -4.0 million); cash and cash equivalents at period end: SEK 6.5 million.

• Equity at period end: SEK 35.1 million, equity/assets ratio: 65.3%.

Outlook and guidance

• Management expects continued growth, focusing on strategic markets and expanding reach.

• Liquidity strengthening options are being evaluated; international interest in products is growing.