Cardeon (CARDEO) Q3 2024 earnings summary

Executive summary

• Cardeon AB focuses on early-stage investments in medtech and life science, supporting both listed and unlisted portfolio companies, with a strategy to actively develop and commercialize innovative healthcare solutions.

• The company distributed 51% of its holding in TEQCool to shareholders, reduced its debt to zero, and signed an LOI to acquire 25–30% of AcroPharma, targeting diabetes therapeutics.

• The listed portfolio declined by 15.7% in Q3, underperforming OMXSPI and First North indices, while the company remains committed to identifying high-potential research projects.

Financial highlights

• Net sales for Jan–Sep 2024 were 3,817 KSEK, up from 2,532 KSEK year-over-year; Q3 sales were 1,283 KSEK, up from 788 KSEK.

• Operating loss for Jan–Sep was -19,539 KSEK, improved from -31,386 KSEK year-over-year; Q3 operating loss was -2,831 KSEK.

• Net result after financial items for Jan–Sep was -2,934 KSEK, compared to -30,441 KSEK year-over-year.

• Cash flow for the period was 476 KSEK, down from 1,174 KSEK year-over-year; cash at period end was 1,371 KSEK.

• Equity at period end was 70,014 KSEK, with a solid equity ratio of 94%.

Outlook and guidance

• Cardeon continues to seek new investment opportunities in medtech and life science, focusing on companies with potential to address major health challenges.

• The company is open to further portfolio distributions if beneficial for shareholders and remains agile to adapt to changing market conditions.