Cardeon (CARDEO) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 reached 1,601 KSEK, up from 1,345 KSEK year-over-year; H1 2025 net sales were 3,192 KSEK, up from 2,699 KSEK year-over-year.

• Operating loss improved to -1,613 KSEK in Q2 (from -2,457 KSEK) and -3,337 KSEK for H1 (from -5,031 KSEK).

• Cash flow for Q2 was -86 KSEK (vs. -2,338 KSEK); H1 cash flow was -185 KSEK (vs. 1,282 KSEK).

• Cash and cash equivalents at period end were 23 KSEK, down from 1,761 KSEK year-over-year.

• Portfolio companies achieved key milestones, including clinical progress, patent grants, and capital raises.

Financial highlights

• Net sales for Q2: 1,601 KSEK (Q2 2024: 1,354 KSEK); H1: 3,192 KSEK (H1 2024: 2,699 KSEK).

• Operating loss Q2: -1,613 KSEK (Q2 2024: -2,457 KSEK); H1: -3,337 KSEK (H1 2024: -5,031 KSEK).

• Result after financial items Q2: -1,563 KSEK (Q2 2024: -5,613 KSEK); H1: -3,096 KSEK (H1 2024: -8,490 KSEK).

• Cash flow from operations Q2: -968 KSEK (Q2 2024: -3,918 KSEK); H1: -2,328 KSEK (H1 2024: -6,681 KSEK).

• Equity at period end: 52,751 KSEK (2024: 84,563 KSEK); equity ratio 86% (2024: 90%).

Outlook and guidance

• Focus remains on building a diversified portfolio in medtech and life science with long-term growth potential.

• The planned acquisition of 25% of Insunova Diagnostics is expected to positively impact net asset value.

• The company is well positioned to create value for shareholders despite market uncertainty.