Miris (MIR) Q3 2024 earnings summary

Executive summary

• Achieved first-ever positive monthly group result in September 2024, with a profit of nearly 300 tkr.

• Sales of analysis instruments increased by 25% YTD compared to 2023; total sales up 10.6% for the first nine months.

• Recurring revenues strengthened by a 55% increase in service contracts over the first three quarters.

• Focus remains on cost control and achieving positive cash flow by 2026.

• No direct competitors for Miris HMA® in the global market; FDA, CE, and Japan approvals secured.

Financial highlights

• Q3 2024 net sales: 4,602 tkr (down 11.5% vs. Q3 2023); nine-month net sales: 12,524 tkr (up 10.6% vs. 2023).

• Q3 2024 result after tax: -886 tkr (improved from -1,486 tkr in Q3 2023); nine-month result after tax: -5,850 tkr (improved from -10,790 tkr).

• September 2024 marked the first positive monthly result at group level: 300 tkr.

• Operating margin for Q3: -14%, the best in company history.

• Cash at period end: 337 tkr; net debt/equity ratio: 2.81.

Outlook and guidance

• Targeting positive cash flow by 2026, with ongoing cost discipline and market expansion.

• Management expects liquidity to last until the TO3 warrant exercise period in September 2025.

• Continued focus on growing recurring revenues and expanding the customer base globally.