Inify Laboratories (INIFY) Q3 2024 earnings summary

Executive summary

• Operating income for Q3 2024 was SEK 2.8 million, down 22% sequentially due to seasonal effects.

• Expansion into the UK market initiated, with a new lab planned to open in early 2026.

• System development to include gastrointestinal diagnostics approved, broadening the service offering.

• Plans for a SEK 150 million share issue to fund UK expansion and system development.

• Inify now performs about 80% of prostate cancer diagnostics in Stockholm, representing 10% of Sweden's total.

Financial highlights

• Net sales for Q3 2024 were SEK 2.8 million, up from SEK 0.3 million in Q3 2023 but down from SEK 3.6 million in Q2 2024.

• EBITDA for Q3 2024 was SEK -11.0 million, similar to Q3 2023.

• Net result for Q3 2024 was SEK -11.9 million, compared to SEK -10.8 million in Q3 2023.

• Cash and bank assets at period end were SEK 34.7 million, down from SEK 83.8 million a year earlier.

• Equity at period end was SEK 47.7 million, with an equity ratio of 85.9%.

Outlook and guidance

• Limited UK revenues expected in 2025 as samples are processed in Sweden; significant growth anticipated post-2026 with new UK lab.

• Expansion into gastrointestinal diagnostics expected to increase addressable market and volumes.

• Share issue of SEK 150 million planned to support expansion and development.