SenzaGen (SENZA) Q2 2024 earnings summary

Executive summary

• Achieved 30% year-on-year sales growth in Q2 2024, with net sales reaching SEK 14.7 million, driven by a 55% increase in GARD® business.

• Secured SEK 37.2 million in funding through a directed share issue to support commercial growth projects.

• Expanded customer base with 10 new customers in Q2 and 21 new customers in H1 2024; 87% of sales from returning customers.

• Strengthened US market presence via a license agreement with IIVS and expanded collaboration with RIFM.

Financial highlights

• Q2 net sales: SEK 14.7 million (up 30% year-on-year); H1 net sales: SEK 29.0 million (up 23%).

• Q2 EBITDA: SEK -2.5 million (improved from -5.0 million); H1 EBITDA: SEK -2.4 million (improved from -6.8 million).

• Q2 EPS: SEK -0.30 (vs. -0.31); H1 EPS: SEK -0.43 (vs. -0.51).

• Gross margin improved to 70% in Q2 (from 68%) and 72% in H1 (from 69%), driven by higher GARD® sales mix.

• Cash and cash equivalents at June 30: SEK 42.9 million (vs. 25.1 million last year).

Outlook and guidance

• Funding from the oversubscribed share issue will accelerate investments in technology, product portfolio expansion, and commercial activities.

• Focus on driving GARD®skin inclusion in ISO standards and OECD approval, and developing the VitroScreen ORA® platform.