European Institute of Science (EURI) Q2 2024 earnings summary

Executive summary

• Q2 2024 saw a 39% year-over-year increase in sales of proprietary products, driven by new distribution channels and strong demand in the Swedish market.

• Net sales for H1 2024 reached 507 tSEK, up from 342 tSEK in H1 2023; gross profit was 257 tSEK, with a gross margin of 51% (down from 63%).

• Net result improved to -1,274 tSEK for H1 2024 from -1,339 tSEK a year earlier, mainly due to higher sales.

• CEO Kirstin Kriz will step down by July 31, 2024, but remain on the board and as a major shareholder.

Financial highlights

• Net sales for Q2 2024 were 290 tSEK (212 tSEK in Q2 2023); H1 2024 net sales were 507 tSEK (342 tSEK in H1 2023).

• Net result for Q2 2024 was -676 tSEK (-703 tSEK in Q2 2023); H1 2024 net result was -1,274 tSEK (-1,339 tSEK in H1 2023).

• Earnings per share for H1 2024 were -3.26 SEK (-3.86 SEK in H1 2023); Q2 2024 EPS was -1.52 SEK (-2.03 SEK in Q2 2023).

• Cash and cash equivalents at June 30, 2024, were 949 tSEK (3,010 tSEK at June 30, 2023).

• Equity at period end was 1,289 tSEK (3,301 tSEK a year earlier); equity ratio was 89% (92%).

Outlook and guidance

• Demand for veterinary diagnostics is expected to continue growing, supporting future sales growth.

• The company aims to accelerate sales growth by focusing on distributor partnerships in all markets, including Sweden.

• Management plans to propose a new rights issue of at least 2.0 MSEK to secure working capital for the next 12 months.