Nightingale Health (HEALTH) H2 2024 earnings summary

Executive summary

• Achieved all major business targets, including international commercial contracts, white label deals, and significant progress in the US, Japan, Singapore, UK, and Finland, with expanded partnerships and regulatory approvals driving adoption.

• Technology now in nationwide use in Finland, covering 30% of the workforce through occupational health partnerships.

• Updated strategy to focus on B2B and B2G markets, discontinuing direct-to-consumer business lines.

• Completed analysis of 500,000 UK Biobank samples, creating the world's largest blood biomarker database for chronic disease research.

• Focus remains on scaling adoption, winning flagship international healthcare deals, and building a foundation for stable, recurring healthcare revenue.

Financial highlights

• Full-year revenue reached €4.36M, a 4% year-over-year increase and the highest to date; H2 revenue was €2.64M, the highest half-year revenue ever.

• EBITDA improved to €-10.43M; net income at €-17.46M; operating loss €-18.59M; EPS was €-0.29.

• Liquid funds at year-end were €66.04M, with net cash at €63.40M and cash/cash equivalents at €43.56M.

• Equity ratio remained strong at 92%; net debt to equity ratio at -76%.

• Market value at year-end was €138.78M.

Outlook and guidance

• Primary focus is on winning new large international healthcare deals, increasing revenue, and improving adjusted EBITDA.

• Commercial launch in Singapore expected by year-end.

• Midterm target remains achieving positive EBITDA and agreements to analyze 2M samples annually in Europe and 10M in the US/Asia.

• Long-term goal is to analyze 100M blood samples and generate €500M annual revenue from partnerships.

• Current runway deemed sufficient for growth plans.