Cardeon (CARDEO) Q3 2024 earnings summary

Executive summary

• Cardeon AB focuses on early-stage investments in medtech and life science, with a portfolio of ten companies, four listed and six unlisted, mainly Swedish.

• The company distributed 51% of its holding in TEQCool to shareholders and is now debt-free after repaying a 4.1 MSEK loan.

• A letter of intent was signed to acquire 25–30% of AcroPharma, targeting diabetes and cardiovascular drug development.

Financial highlights

• Net sales for Jan–Sep 2024 were 3,817 KSEK, up from 2,532 KSEK year-over-year.

• Operating loss for Jan–Sep 2024 was -19,539 KSEK, improved from -31,386 KSEK year-over-year.

• Net result after financial items for Jan–Sep 2024 was -2,934 KSEK, compared to 946 KSEK year-over-year.

• Cash flow for the period was 476 KSEK, down from 1,174 KSEK year-over-year.

• Cash and cash equivalents at period end were 1,371 KSEK, compared to 3,106 KSEK last year.

Outlook and guidance

• Cardeon continues to focus on investments in companies with potential to address major diseases, emphasizing proximity to research and flexibility to adapt to market changes.

• The company is open to further distributions of holdings if beneficial for shareholders.