Bio-Works Technologies (BIOWKS) Q4 2024 earnings summary

Executive summary

• Net sales for 2024 were 25.5 MSEK, a 42% decrease year-over-year, mainly due to fewer large deliveries in Europe and underperformance in North America.

• Cost reduction initiatives led to improved operating profit and gross margins, with net loss narrowing to -37.4 MSEK from -56.8 MSEK in 2023.

• Order intake increased by 5% to 27.5 MSEK, with strong momentum in Asia and a growing customer base.

• The company ended the year with a cash position of 34.3 MSEK and is financed for at least the next 12 months.

Financial highlights

• Q4 net sales were 2.6 MSEK, down from 15.1 MSEK in Q4 2023; full-year net sales were 25.5 MSEK, down from 43.9 MSEK.

• Operating profit for 2024 was -38.0 MSEK, an improvement from -56.3 MSEK in 2023.

• Net profit for 2024 was -37.4 MSEK, compared to -56.8 MSEK in 2023.

• Earnings per share improved to -0.75 SEK from -1.62 SEK year-over-year.

• Cash flow from operating activities for 2024 was -43.0 MSEK, compared to -59.0 MSEK in 2023.

Outlook and guidance

• Entered 2025 with large confirmed orders for WorkBeads affimAb totaling over 19 MSEK, indicating strong demand.

• Investment of 1 MSEK approved to double production capacity within a year to meet increasing demand.

• Management expresses optimism for 2025, citing increased customer inquiries and order volumes.