Nanologica (NICA) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 increased to SEK 2.2 million from SEK 0.7 million year-over-year, driven by a major order from a pharmaceutical manufacturer in China and increased production capacity for NLAB SagaⓇ silica media.

• Operating loss narrowed to SEK -9.8 million from SEK -13.3 million year-over-year, reflecting lower personnel costs and increased finished goods inventory, offset by higher raw material costs.

• Finished goods inventory rose to SEK 19.3 million, positioning the company for future sales growth.

• The company completed a rights issue, strengthening liquidity and equity, and appointed a new COO.

Financial highlights

• Net sales for H1 2024 reached SEK 7.2 million, up from SEK 1.0 million year-over-year.

• Operating loss for H1 2024 was SEK -25.2 million, compared to SEK -24.0 million year-over-year.

• Loss before tax for Q2 2024 was SEK -11.1 million, improved from SEK -14.7 million year-over-year.

• Cash and cash equivalents at June 30, 2024, were SEK 15.1 million, down from SEK 36.0 million a year earlier.

• Equity per share at period end was SEK 0.33, compared to SEK 1.28 year-over-year; equity/assets ratio was 14% versus 37% year-over-year.

Outlook and guidance

• Management maintains the target to reach an annualized sales rate of SEK 100 million by year-end 2024, supported by increased production capacity and intensified sales efforts.

• Sales in preparative chromatography are expected to make up the majority of 2024 revenue.

• Further product launches are anticipated by year-end or in H1 2025 to expand the addressable market.