Cardeon (CARDEO) Q2 2024 earnings summary

Executive summary

• High activity in H1 2024 with portfolio adjustments, including the sale of Neola Medical and distribution of 51% of TEQCool, adding liquidity and value for shareholders.

• Eleven portfolio holdings: six listed, five unlisted, with a focus on early-stage medtech and life science investments.

• Notable portfolio milestones: Lumito's first product received CE marking, and Prolight Diagnostics advanced its point-of-care platform.

Financial highlights

• Net sales for H1 2024: 2,533 KSEK (1,745 KSEK year-over-year); Q2: 1,267 KSEK (874 KSEK year-over-year).

• Operating loss for H1: -16,708 KSEK (-22,141 KSEK year-over-year); Q2: -7,702 KSEK (-10,293 KSEK year-over-year).

• Result after financial items for H1: -20,445 KSEK (-21,967 KSEK year-over-year); Q2: -11,008 KSEK (-10,726 KSEK year-over-year).

• Cash flow for H1: 867 KSEK (1,433 KSEK year-over-year); cash and equivalents at period end: 1,762 KSEK (3,365 KSEK year-over-year).

• Result per share before dilution for H1: -0.03 SEK (-0.08 SEK year-over-year).

Outlook and guidance

• Focus remains on early-stage investments and supporting portfolio companies toward commercialization and global launches.

• Continued evaluation of further distributions from the portfolio to create shareholder value while awaiting operational cash flow.