BioPorto (BIOPOR) Q2 2024 earnings summary

Executive summary

• Achieved 18% year-over-year revenue growth to DKK 18.7 million in H1 2024, led by 43% US NGAL sales growth and double-digit gains across all product lines.

• Oversubscribed direct share issue/private placement raised DKK 81.4 million (USD 11.7 million) to fund operations and clinical studies.

• New executive leadership team established, including new Group CEO, US CEO, CFO, and CLO.

• Maintained tight cost control and executed strategic milestones, including US sales expansion and launch preparations for ProNephro AKI (NGAL).

• 2024 guidance maintained, with strong momentum in US business development and sales.

Financial highlights

• H1 2024 revenue: DKK 18.7 million, up 18% year-over-year; Q2 2024 revenue: DKK 9.2 million, up 19% year-over-year.

• Adjusted EBITDA loss for H1 2024: DKK (31.5) million, a reduction of DKK 2.9 million year-over-year.

• Net loss: DKK (29.4) million in H1 2024 (vs. DKK (35.7) million YoY).

• Gross margin improved to 76% in H1 2024 (from 65% YoY).

• Cash and cash equivalents: DKK 103.9 million as of June 30, 2024, including proceeds from share issue.

Outlook and guidance

• 2024 revenue guidance unchanged at DKK 40 million (USD 6 million), targeting 30% revenue growth.

• Adjusted EBITDA guidance for 2024: DKK (75)-(90) million (USD (11)-(13) million).

• H2 2024 revenue expected to exceed H1 due to US clinical commercialization of NGAL.

• Adjusted EBITDA loss in H2 2024 expected to be higher due to increased sales hiring, marketing, and clinical trial costs.

• Strategic goal to reach profitability and cash flow positive operations by 2026, with revenue target of USD +100 million by 2029.