Cardeon (CARDEO) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2025 increased to 1,591 KSEK from 1,345 KSEK year-over-year, mainly from consulting services to portfolio companies.

• Operating loss improved to -1,724 KSEK from -2,573 KSEK compared to the same quarter last year.

• Cash flow for the period was -99 KSEK, a significant improvement from -3,620 KSEK year-over-year.

• Liquid assets at quarter-end were 109 KSEK, down from 4,099 KSEK at the end of Q1 2024.

• Portfolio value at fair value was 54.5 MSEK, with a net asset value of 56.8 MSEK at quarter-end.

Financial highlights

• Net sales: 1,591 KSEK (Q1 2024: 1,345 KSEK).

• Operating income: -1,724 KSEK (Q1 2024: -2,573 KSEK).

• Result after financial items: -1,533 KSEK (Q1 2024: -2,876 KSEK).

• Cash flow from operations: -1,361 KSEK (Q1 2024: -2,764 KSEK).

• Equity at quarter-end: 54,314 KSEK (Q1 2024: 108,676 KSEK).

Outlook and guidance

• Management remains confident in long-term growth due to demographic trends and increased demand for medtech and life science solutions.

• Continued focus on building a portfolio of innovative companies with high growth potential in both listed and unlisted segments.

• Ongoing efforts to strengthen the unlisted portfolio for long-term value creation through active ownership and strategic support.