ViroGates (VIRO) Q3 2024 earnings summary

Executive summary

• Revenue for Q1–Q3 2024 declined 29% year-over-year to DKK 3.396 million, mainly due to lower research sales and reduced activity from large US-based research customers.

• Operating loss increased by 6% to DKK -9.95 million, and net loss widened 13% to DKK -9.9 million.

• Cash and cash equivalents improved to DKK 7.431 million, supported by Sobi collaboration.

• Strategic shift toward longevity and health, with first recurring customers onboarded and a new US distribution agreement signed.

• Financial guidance for 2024 was revised in July and is maintained, reflecting ongoing revenue challenges and uncertain full-year impact from new segments.

Financial highlights

• Revenue for Q1–Q3 2024: DKK 3.396 million (down 29% YoY).

• Operating loss: DKK -9.95 million (up 6% YoY).

• Net loss: DKK -9.918 million (up 13%).

• Cash and cash equivalents: DKK 7.431 million (up 16%).

• Operating expenses: DKK -13.979 million (up 2%).

Outlook and guidance

• Full-year 2024 revenue guidance maintained at DKK 4.5–6 million; EBIT expected between DKK -14 and -15.5 million.

• No revenue effect expected in 2024 from US commercialization of suPARnostic® due to extended regulatory timeline.

• Expectation to broaden FDA indication for TurbiLatex beyond COVID to sepsis in the longer term.

• Ongoing strategic work to quantify market potential for new fingerprint test and longevity segment.

• Revenue contributions from longevity and general health segments remain at an early stage and are uncertain for the full year.