Corline Biomedical (CLBIO) Q2 2024 earnings summary

Executive summary

• Focused on supporting Kardium's US market launch and expanding customer projects in advanced product areas.

• Revenue declined as major customer projects entered clinical evaluation phases, leading to losses and negative cash flow.

• Upgrading Uppsala production facility to meet stricter regulatory requirements ahead of commercial launch.

• Renaparin® project for transplantation and regenerative medicine progressing, with extended development timelines.

Financial highlights

• Q2 2024 net sales: 2,255 KSEK (6,078 KSEK Q2 2023); H1 2024 net sales: 5,993 KSEK (13,476 KSEK H1 2023).

• Q2 2024 result after financial items: -4,368 KSEK (-2,407 KSEK Q2 2023); H1 2024: -6,037 KSEK (-1,388 KSEK H1 2023).

• Q2 2024 EPS: -0.20 SEK (-0.11 SEK Q2 2023); H1 2024 EPS: -0.28 SEK (-0.06 SEK H1 2023).

• Cash and cash equivalents at June 30: 12.7 MSEK (21.3 MSEK June 30, 2023).

• Equity at period end: 87,503 KSEK (93,737 KSEK June 30, 2023); equity ratio: 86.6% (92.0%).

Outlook and guidance

• Expected that cash and anticipated sales from current contracts will cover capital needs through at least Q4 2024.

• Management and board are actively working to ensure appropriate financing for future needs.