Glycorex Transplantation (GTAB) Q3 2025 earnings summary

Executive summary

• Achieved double-digit sales growth and improved earnings for Q3 2025, with net sales up 29% year-over-year and operating income improving by 29%.

• Strongest sales growth observed in India, Singapore, the Netherlands, and Canada; rolling 12-month growth reached 24%.

• Clinical milestones included the first ABO-incompatible kidney transplantation in Morocco and resumption of sales in Greece.

• Participation in major international congresses and positive clinical results presented.

Financial highlights

• Q3 2025 net sales: SEK 9.6 million (up from SEK 7.4 million in Q3 2024); 9M 2025 net sales: SEK 29.4 million (up from SEK 24.7 million in 9M 2024).

• Q3 2025 operating income: SEK -2.1 million (improved from SEK -3.0 million); 9M 2025 operating income: SEK -4.6 million (improved from SEK -8.4 million).

• Q3 2025 net income: SEK -2.2 million (improved from SEK -3.2 million); 9M 2025 net income: SEK -5.0 million (improved from SEK -8.9 million).

• Earnings per share for Q3 2025: SEK -0.03 (Q3 2024: SEK -0.04); for 9M 2025: SEK -0.06 (9M 2024: SEK -0.12).

• Cash and cash equivalents at period end: SEK 10.1 million (up from SEK 6.5 million in prior year period).

Outlook and guidance

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

• Ongoing development in transfusion and autoimmune disease segments, with resources allocated to accelerate whole blood product development.

• Stable growth expected in established markets, with new market entries in Portugal and Morocco.