Glycorex Transplantation (GTAB) Q4 2024 earnings summary

Executive summary

• Achieved 17% year-over-year sales growth in 2024, with net sales reaching SEK 35.2 million compared to SEK 30.0 million in 2023.

• Operating loss narrowed significantly to SEK -10.4 million from SEK -30.3 million, reflecting improved efficiency and cost control.

• Fourth quarter sales grew 37% year-over-year, marking the second-best Q4 in company history.

• Strongest sales performance in Germany, Sweden, Austria, Spain, UK, and Canada.

• Notable milestones include the first pediatric blood group-incompatible heart transplant in Austria and product expansion into new markets.

Financial highlights

• Net sales: SEK 35.2 million (2024) vs SEK 30.0 million (2023), up 17% year-over-year.

• Operating income: SEK -10.4 million (2024) vs SEK -30.3 million (2023); net income: SEK -10.9 million vs SEK -30.4 million.

• Earnings per share: SEK -0.15 (2024) vs SEK -0.41 (2023).

• Cash flow improved to SEK -7.0 million from SEK -19.6 million year-over-year.

• Equity at year-end: SEK 33.1 million (2024) vs SEK 44.0 million (2023); equity/assets ratio 65.8%.

Outlook and guidance

• Entering 2025 with a strengthened financial position and clear strategy for growth.

• Focus on expanding Glycosorb® ABO in pediatric heart transplantation in the U.S. and kidney transplants from deceased donors in Europe.

• Strategic investments enabled by SEK 10 million capital raise to accelerate U.S. market entry and regulatory processes.

• Continued emphasis on R&D, especially for autoimmune disease treatments.