Chordate Medical (CMH) Q2 2024 earnings summary

Executive summary

• Net turnover for January–June 2024 increased to SEK 430,617 from SEK 283,737 year-over-year, with a net loss after tax of SEK -13,042,462, an improvement from SEK -14,405,401.

• The company received its first order from Switzerland, valued at approximately SEK 370,000, after making Switzerland a new focus market for Ozilia.

• The US Patent and Trademark Office granted a new patent, expanding the company's US intellectual property portfolio to four patents.

• Strong international interest in Ozilia was observed at investor congresses, with new leads generated in key European markets.

Financial highlights

• Net turnover for Q2 2024 was SEK 172,941, up from SEK 163,316 in Q2 2023.

• Cash flow from operating activities for H1 2024 was SEK -12,907,262, an improvement from SEK -14,800,251 year-over-year.

• Net loss after tax for H1 2024 was SEK -13,042,462, compared to SEK -14,405,401 in H1 2023.

• Earnings per share for H1 2024 were SEK -0.03, compared to SEK -0.06 in H1 2023, with 488,087,865 shares outstanding at period end.

• Cash and bank balances at June 30, 2024, totaled SEK 11,512,033, down from SEK 21,754,070 a year earlier.

Outlook and guidance

• The board assesses that current business plans are satisfactorily financed within the planning horizon, with contingency plans for additional financing if expansion accelerates.

• Focus for the remainder of 2024 includes further market development, ongoing product registrations, and advancing clinical studies PM009 and PM010.