European Institute of Science (EURI) Q3 2024 earnings summary

Executive summary

• Acquired apotek365.se, an e-commerce platform for self-tests, marking a strategic shift to "Euris 2.0" with expanded product range and market reach in human and veterinary diagnostics.

• Q3 2024 sales increased by 147% compared to the same quarter last year, driven by the new e-commerce business and expanded distribution channels.

• Focus on launching new products and expanding into additional geographic markets, leveraging proprietary test development.

Financial highlights

• Net sales for Jan–Sep 2024 were 784 tSEK, up from 454 tSEK year-over-year; Q3 sales were 277 tSEK, up from 112 tSEK.

• Gross profit for Jan–Sep 2024 was 446 tSEK (278 tSEK prior year); gross margin was 57% (61%).

• Net result for Jan–Sep 2024 was -1,907 tSEK, an improvement from -2,040 tSEK year-over-year; Q3 net result was -633 tSEK, up from -701 tSEK.

• Earnings per share for Jan–Sep 2024 were -4.21 SEK, compared to -5.88 SEK prior year.

• Cash and cash equivalents at period end were 354 tSEK, down from 2,196 tSEK last year.

Outlook and guidance

• Anticipates continued sales growth and market expansion, with new product launches in both human and veterinary diagnostics.

• Expects increased revenue, more proprietary products, and further geographic expansion.