Alteco Medical (ALTE) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 were SEK 521,529, down from SEK 2,862,501 year-over-year.

• Net loss after financial items for Q2 was SEK -1,279,491, compared to SEK -88,029 last year.

• For H1 2024, net sales totaled SEK 1,345,781, down from SEK 4,003,823 year-over-year.

• H1 2024 net loss after financial items was SEK -2,871,377, compared to SEK -1,889,300 last year.

• Cash flow from operating activities for H1 2024 was SEK -2,689,694, down from SEK 1,537,622 year-over-year.

Financial highlights

• Gross margin for H1 2024 was 36%, down from 70% year-over-year due to lower sales volume and sales in lower-margin markets.

• Sales expenses for H1 2024 were SEK -1,178,393, down from SEK -1,966,451.

• Administrative expenses for H1 2024 were SEK -2,005,607, down from SEK -2,228,552.

• R&D expenses for H1 2024 were SEK -58,097, down from SEK -401,665.

• Cash and cash equivalents at June 30, 2024, were SEK 200,828, down from SEK 947,379 year-over-year.

Outlook and guidance

• The board is considering a new share issue, either directed or with preferential rights, to strengthen the financial position.

• An extraordinary general meeting in July approved a set-off issue and a reduction of share capital to cover losses, strengthening equity by SEK 7,500,000.