PolarCool (POLAR) Q2 2024 earnings summary

Executive summary

• Secured financing of approximately 21.5 MSEK through an oversubscribed rights issue and subsequent directed share issue, supporting transition from start-up to scale-up phase.

• Achieved market approvals for PolarCap® System in Australia and South Africa, expanding addressable markets.

• Entered new sports segments with agreements in motorsport, American football, and boxing, alongside continued expansion in rugby, football, and ice hockey.

Financial highlights

• Net sales for Q2 2024 increased by 45% to 0.5 MSEK compared to 0.4 MSEK in Q2 2023.

• Result after financial items improved to -2.9 MSEK from -3.4 MSEK year-over-year.

• Operating costs decreased by approximately 30%, mainly due to lower personnel and external expenses.

• Cash and cash equivalents at period end were 0.3 MSEK, down from 0.7 MSEK last year.

• Earnings per share for Q2 2024 were -0.05 SEK, compared to -0.13 SEK in Q2 2023.

Outlook and guidance

• Focus on increasing sales in Europe and establishing PolarCap® System in Australia and South Africa, with the short-term goal of achieving profitability.

• Cost reductions expected to continue, supported by MDR certification allowing in-house quality management.

• Targeting at least 100 systems in the Australian market within five years and aiming for FDA approval in the US by 2025.