NanoEcho (NANECH) Q2 2024 earnings summary

Executive summary

• Completed product development and formal verification of imaging system, now ready for clinical studies.

• Achieved ISO 13485 certification for quality management, enabling EU market entry.

• Conducted a health economic analysis showing potential for significant cost savings and improved patient outcomes.

• Successfully listed shares on Nasdaq First North Growth Market after an oversubscribed new share issue raising approximately 17.6 MSEK.

• Focus now shifts to clinical phase and regulatory approval for market launch.

Financial highlights

• Net sales were 0 TSEK for both Q2 and the first half of 2024, unchanged from last year.

• Net loss after tax was -4,697 TSEK in Q2 2024 (vs. -3,834 TSEK Q2 2023); -8,675 TSEK for H1 2024 (vs. -7,300 TSEK H1 2023).

• Cash flow from operating activities was -5,454 TSEK in Q2 2024 (vs. -3,417 TSEK Q2 2023); -9,333 TSEK for H1 2024 (vs. -7,086 TSEK H1 2023).

• Cash and cash equivalents at period end were 2,309 TSEK (vs. 22,328 TSEK previous year).

• Equity at period end was 9,821 TSEK, with a solidity of 68%.

Outlook and guidance

• Focus on clinical studies to demonstrate patient benefit and support regulatory approval.

• Health economic analysis supports cost-effectiveness and will inform pricing strategy for market launch.

• Initial market focus is on Europe, especially Sweden, with plans for distributor-based sales and recurring revenue per examination.