Fermentalg (FALG) H1 2024 earnings summary

Executive summary

• Achieved €6.3m in sales for H1 2024, a 2.7-fold increase year-over-year, marking the best half-year since DHA Origins® launch in 2018.

• Commercial relaunch and new market entries, including premium dietary supplements and petfood, drove growth.

• Strategic alliances with Huvepharma and Givaudan advanced, supporting industrial scale-up and product innovation.

Financial highlights

• Net sales rose to €6.3m in H1 2024 from €2.3m in H1 2023.

• Net income remained stable at -€5.7m, with operating income before non-recurring items at -€4.4m, slightly improved from -€4.7m year-over-year.

• Gross cash position increased to €21.3m at June 30, 2024, up €10.1m in six months.

• Gross financial debt decreased by €1.5m to €14.0m, mainly comprising repayable advances and convertible bonds.

• Earnings per share at -€0.10, improved from -€0.13 in H1 2023.

Outlook and guidance

• Annual sales target of at least €12m for 2024, triple 2023 sales, reaffirmed despite challenging market conditions.

• Expansion into human and animal nutrition segments to continue in H2 2024.

• FDA approval for Everzure™ expected between late 2024 and early 2025.