BioPorto (BIOPOR) Q3 2024 earnings summary

Executive summary

• Total revenue for Q1–Q3 2024 reached DKK 28.3 million, up 16% year-over-year, driven by a 36% increase in US/NA NGAL revenue and a 20% global NGAL revenue rise.

• Expansion of commercial activities globally, including a new global distribution agreement with Beckman Coulter and the first US standing order worth over USD 200,000.

• Strong momentum in US adult clinical trials for ProNephro AKI (NGAL), with the first patient enrolled in October 2024.

• Guidance for the full year 2024 maintained.

Financial highlights

• Q1–Q3 2024 revenue was DKK 28.3 million, a 16% increase year-over-year; Q3 revenue was DKK 9.7 million, up 12% year-over-year.

• Adjusted EBITDA for Q1–Q3 2024 was DKK (51.1) million; Q3 adjusted EBITDA loss was DKK 19.6 million, up 102% year-over-year.

• Cash position as of September 30, 2024, was DKK 76.3 million.

• Gross margin improved to 74% in Q3 and for the nine months, up from 71% and 67% respectively.

• Net loss for the first nine months was DKK 50.3 million, compared to DKK 45.3 million last year.

Outlook and guidance

• 2024 revenue guidance maintained at DKK 40 million (USD 6 million), representing 29% growth.

• Adjusted EBITDA for 2024 expected in the range of DKK (75) to (90) million (USD (11)–(13) million), reflecting increased US marketing and clinical study costs.

• Q4 adjusted EBITDA loss expected to be higher due to increased sales hiring, marketing, and clinical trial costs.

• Strategic focus on expanding NGAL product sales in the US and globally, with profitability targeted by 2026 and revenue exceeding USD 100 million by 2029.