aXichem (AXIC) Q2 2024 earnings summary

Executive summary

• Net sales for Jan–June 2024 reached SEK 6,675 thousand, a significant increase from SEK 1,247 thousand year-over-year.

• Operating loss narrowed to SEK -5,418 thousand from SEK -8,164 thousand for the same period last year.

• Q2 2024 saw record net turnover of SEK 5,867 thousand, mainly from aXivite sales in Europe and the USA.

• Continued strong order flow for aXivite, including a SEK 3 million order from SEE Nutrition in the US.

• aXiphen's market introduction in Brazil advanced, with commercial production tests and new marketing initiatives.

Financial highlights

• Net sales for Q2 2024 were SEK 5,867 thousand, up from SEK 693 thousand in Q2 2023.

• Operating profit for Q2 2024 was SEK -918 thousand, an improvement from SEK -4,354 thousand in Q2 2023.

• Profit after tax for Jan–June 2024 was SEK -6,594 thousand, compared to SEK -10,215 thousand year-over-year.

• Cash and cash equivalents at June 30, 2024, were SEK 10,024 thousand, down from SEK 20,900 thousand a year earlier.

• Equity ratio improved to 88% from 72% year-over-year.

Outlook and guidance

• Commercialization of phenylcapsaicin under aXiphen and aXivite brands continues, with production and logistics in place.

• Market establishment for aXivite ongoing in the EU and North America; aXiphen approved in Brazil and pending in the EU and US.

• Board decided to discontinue publishing financial forecasts; only actual sales will be reported going forward.