Newbury Pharmaceuticals (NEWBRY) Q3 2024 earnings summary

Executive summary

• Net revenue for Q3 was SEK 1,386k, down from SEK 5,680k due to delayed international sales order; interim period revenue rose to SEK 15,706k from SEK 7,439k year-over-year.

• EBITDA for Q3 was SEK -7,861k (vs. -3,872k); interim EBITDA was SEK -14,742k (vs. -13,864k); operating cash flow for the interim period was SEK -23,837k (vs. -19,596k).

• Direct sales in Scandinavia grew 146% year-over-year, driven by new product launches; international sales order of SEK 8,800k postponed to June.

• Cash position at period end was SEK 15,431k, improved by a directed share issue of SEK 19m.

Financial highlights

• Q3 net revenue fell sharply due to delayed invoicing; interim period revenue more than doubled year-over-year.

• Q3 EBITDA and EBIT losses widened compared to last year; interim period also saw increased losses.

• Cash flow from operating activities was negative, but cash position improved from last year.

• Equity at period end was SEK 50,066k (vs. SEK 54,317k); equity per share SEK 2.06 (vs. SEK 2.78).

Outlook and guidance

• Strong sales expected in June, with new product launches and Amarox partnership fueling growth.

• Targeting positive EBITDA in an upcoming quarter, but volatility in tender sales remains a challenge.

• Continued focus on expanding product portfolio and executing growth plans.