Tendo (TENDO) Q2 2024 earnings summary

Executive summary

• Achieved key milestones including patent approvals in the US and Japan, and signed a distribution agreement for the Norwegian market.

• Entered a clinical study agreement with Sunnaas Rehabilitation Hospital for CE-marking preparation.

• Completed a rights issue, raising approximately 10.3 MSEK before costs, supporting commercialization and regulatory progress.

Financial highlights

• Net sales for Q2 2024 were 140 KSEK, down from 174 KSEK in Q2 2023; H1 2024 net sales were 144 KSEK.

• Operating result for Q2 2024 was -2,799 KSEK (Q2 2023: -2,088 KSEK); H1 2024: -4,907 KSEK.

• Cash flow for H1 2024 was 3,549 KSEK, up from -2,421 KSEK in H1 2023.

• Earnings per share for H1 2024 was -0.14 SEK (H1 2023: -0.37 SEK).

• Equity ratio as of June 30, 2024, was 80% (June 2023: 76%).

Outlook and guidance

• Plans to intensify marketing activities and focus on completing the clinical study for CE-marking submission by year-end.

• Expects final US patent approval by late 2024 or early 2025, further strengthening IP position.