Perpetua Medical (PERP) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 reached 2,700 KSEK, up 165% year-over-year, mainly due to the addition of ES-Medical and the phase-out of Pharmacolog.

• Operating loss for Q2 was -538 KSEK, a significant improvement from -2,225 KSEK in Q2 2024.

• A letter of intent was signed to acquire 51% of Spirotronic AB, with options for the remaining 49% over 3 and 5 years.

• Sale of remaining legacy assets post-period added 3 MSEK in immediate liquidity, with a total deal value of 10 MSEK.

• CEO and board members made notable share purchases during and after the quarter.

Financial highlights

• H1 2025 net sales totaled 5,927 KSEK, up 148% year-over-year.

• H1 2025 operating loss was -1,548 KSEK, compared to -185 KSEK in H1 2024 (which included a one-time gain from DrugLog sale).

• Q2 2025 EPS was -0.16 SEK, improved from -0.46 SEK in Q2 2024; H1 2025 EPS was -0.44 SEK.

• Cash flow for Q2 was -1,224 KSEK; cash at period end was 5,989 KSEK.

• Equity at period end was 8,912 KSEK; group solvency was 55%.

Outlook and guidance

• Management is prioritizing acquisition activities and evaluating non-dilutive financing options.

• Focus is shifting fully to acquisition-driven growth following the divestment of legacy operations.

• Several acquisition dialogues are ongoing, with a robust pipeline for future deals.