Glycorex Transplantation (GTAB) Q4 2025 earnings summary

Executive summary

• Net sales grew by 10% year-over-year to SEK 38.8 million, with strong performance in Mexico, Switzerland, Czech Republic, and Singapore, and stable 10% growth in Germany.

• Operating income improved to SEK -7.3 million from SEK -10.4 million, and net loss narrowed to SEK -7.7 million from SEK -10.9 million.

• Fourth quarter sales were SEK 9.4 million, down from an unusually strong Q4 2024, but cash flow was positive.

• Awarded a significant public tender in the Netherlands and expanded into new markets including Portugal and Morocco.

• Scientific recognition for Glycosorb® ABO in pediatric heart transplantation, with a key study selected as one of the year's most impactful.

Financial highlights

• Full-year net sales: SEK 38.8 million (up from SEK 35.2 million year-over-year).

• Operating income: SEK -7.3 million (improved from SEK -10.4 million year-over-year).

• Net income: SEK -7.7 million (improved from SEK -10.9 million year-over-year).

• Earnings per share: SEK -0.10 (improved from SEK -0.15 year-over-year).

• Cash and cash equivalents at year-end: SEK 10.2 million (up from SEK 5.8 million).

• Equity/assets ratio: 68.0% (up from 65.8%).

Outlook and guidance

• Entering 2026 with confidence, supported by strengthened market position and ongoing strategic projects.

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

• No dividend proposed for 2025.