Miris (MIR) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 increased by 32% year-over-year to 4,340 tkr, with a 31% rise for H1 2024 to 7,922 tkr.

• Result after tax improved by 51% in Q2 2024 to -2,010 tkr, mainly due to higher sales and cost reductions.

• Sales of consumables rose 42% in Q2 and 53% in H1 compared to the previous year.

• The company completed a rights issue, raising 13.2 Mkr before costs, supporting future operations.

• Miris HMA® installations expanded to new markets, including Panama and additional US states.

Financial highlights

• Q2 2024 net sales: 4,340 tkr (3,277 tkr in Q2 2023); H1 2024: 7,922 tkr (6,056 tkr in H1 2023).

• Q2 2024 result after tax: -2,010 tkr (-3,914 tkr in Q2 2023); H1 2024: -4,963 tkr (-9,304 tkr in H1 2023).

• Earnings per share Q2: -0.030 SEK (-0.205); H1: -0.117 SEK (-0.486).

• Cash at period end: 1,456 tkr (619 tkr in Q2 2023); net debt/equity ratio: 1.65 (3.09).

• Equity at period end: 4,102 tkr (2,450 tkr in Q2 2023); soliditet: 24% (13%).

Outlook and guidance

• Management maintains focus on achieving positive cash flow by 2026.

• Confirmed sales growth and increased quote requests support expectations for continued market recovery.

• Liquidity is expected to be sufficient until the next warrant exercise period in September 2025.