Inify Laboratories (INIFY) Q4 2024 earnings summary

Executive summary

• Net revenues for Q4 2024 reached SEK 4.8 million, up 60% sequentially and 472% year-over-year; full-year revenues totaled SEK 13.7 million, a significant increase from SEK 1.2 million in 2023.

• Expansion into the UK initiated with a new subsidiary and preparations for clinical operations in 2026; Swedish operations now handle 80% of prostate cancer diagnostics in Stockholm and 10% market share nationally.

• Research collaboration with Karolinska Institute launched to enhance prostate cancer diagnostics using machine learning.

• SEK 150 million share issue completed in February 2025 to fund UK expansion, new diagnostic areas, and working capital.

Financial highlights

• Q4 2024 net sales: SEK 4.8 million (Q4 2023: SEK 0.8 million); full-year 2024 net sales: SEK 13.7 million (2023: SEK 1.2 million).

• Q4 EBITDA: SEK -13.1 million (Q4 2023: SEK -13.9 million); full-year EBITDA: SEK -48.4 million (2023: SEK -51.4 million).

• Net result for Q4: SEK -14.2 million (Q4 2023: SEK -14.5 million); full-year net result: SEK -51.6 million (2023: SEK -53.3 million).

• Cash and bank at year-end: SEK 22.7 million (2023: SEK 70.9 million); equity at year-end: SEK 33.4 million (2023: SEK 85.0 million).

Outlook and guidance

• UK laboratory operations to be developed in 2025, with clinical operations targeted for early 2026; initial UK samples to be processed in Sweden to accelerate market entry.

• Service offering to expand to gastrointestinal diagnostics in H2 2025, targeting a market with ten times the sample volume of prostate cancer.

• Capital from recent share issue to support expansion and system development.