Fluicell (FLUI) Q2 2024 earnings summary

Executive summary

• Revenue and operating income declined significantly due to a strategic shift toward regenerative medicine and tissue-based screening products, with a focus on type 1 diabetes and human heart and kidney tissue models for drug screening.

• Key partnerships and collaborations were established, including with a top-10 pharmaceutical company and Cellectricon AB, and the Nexocyte platform received a US patent.

• The company completed the final delivery of heart tissue models to a pharma partner and launched the INTEC project with industry support.

• Capital was strengthened through a rights issue and exercise of warrants, raising approximately SEK 9.4 million after costs.

Financial highlights

• Q2 2024 revenue was SEK 958k, down 31% year-over-year; net sales SEK 500k, down 53%.

• Q2 EBITDA was SEK -5,016k (improved from -7,159k); operating result SEK -5,129k (from -7,324k).

• H1 2024 revenue was SEK 1,444k, down 59% year-over-year; net sales SEK 820k, down 71%.

• H1 EBITDA was SEK -12,747k (vs. -12,373k); operating result SEK -12,981k (vs. -12,729k).

• Cash flow from operations improved to SEK -4,763k in Q2 (from -5,904k) and SEK -13,247k in H1 (from -15,326k).

Outlook and guidance

• Focus remains on converting development progress and strengthened positioning into commercial agreements, especially leveraging the Nexocyte platform.

• The company aims to secure further research and development funding and to sign up to two new collaboration agreements for tissue-based screening models in 2024.

• Continued emphasis on cost control and commercializing internal projects, with additional capital expected from TO6 warrants in autumn.