Scandinavian Real Heart (HEART) Q2 2024 earnings summary

Executive summary

• Focused on preclinical development of the RealheartⓇ TAH artificial heart, with positive animal trial results and low blood damage compared to market alternatives.

• Secured SEK 24.3 million in new funding via a rights issue, plus SEK 4 million in grants to support continued R&D and production process improvements.

• Strengthened internal expertise with new hires and expanded grant support for production and miniaturization projects.

Financial highlights

• Operating income for Q2 2024 was SEK 30,322, down from SEK 103,897 in Q2 2023; H1 2024 operating income was SEK 40,380.

• Net loss after financial items for Q2 2024 was SEK -6.3 million, compared to SEK -3.0 million in Q2 2023; H1 2024 net loss was SEK -14.1 million.

• Cash balance at period end was SEK 22.8 million, with additional SEK 24.3 million from the July rights issue to extend runway to Q4 2025.

• Equity/assets ratio at 74% at June 30, 2024, down from 81% a year earlier.

• Earnings per share for Q2 2024 was SEK -0.07 (Q2 2023: SEK -0.08); H1 2024 EPS was SEK -0.15.

Outlook and guidance

• Focus remains on completing preclinical studies and preparing for clinical trials, with new funding expected to support operations through Q4 2025.

• Ongoing evaluation of further capitalization options to secure long-term financing.

• Continued efforts to minimize development delays and advance regulatory discussions in the EU and US.