Synexo Group (SYNEXO) Q2 2024 earnings summary

Executive summary

• Net sales for H1 2024 amounted to SEK 7.3 million, down from SEK 12.9 million year-over-year, with a net loss of SEK -6.2 million compared to SEK -5.8 million in H1 2023.

• Several international players indicated intent to place orders in 2024; a first volume order of SEK 2.6 million was received from Pathogen Systems Inc.

• A new COO was recruited, and a rights issue was completed, raising SEK 14.5 million (68.8% of the planned SEK 20.2 million).

Financial highlights

• Q2 2024 net sales: SEK 4.4 million (Q2 2023: SEK 7.3 million); H1 2024: SEK 7.3 million (H1 2023: SEK 12.9 million).

• Operating loss for H1 2024: SEK -5.9 million (H1 2023: SEK -5.5 million); net loss: SEK -6.2 million (H1 2023: SEK -5.8 million).

• Cash flow from operations for H1 2024: SEK -9.5 million (H1 2023: SEK -6.2 million).

• Cash and cash equivalents at June 30, 2024: SEK 3.6 million (June 30, 2023: SEK 2.7 million).

Outlook and guidance

• The board sees good prospects based on recent progress and investments but refrains from providing a forecast for the coming period.