Fluicell (FLUI) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 increased 93% year-over-year to 517 KSEK, with total operating income up 602% to 4,132 KSEK, mainly due to a retroactive research tax deduction and higher consumables sales.

• Operating loss (EBITDA) improved to -921 KSEK from -5,928 KSEK in Q3 2023, reflecting cost savings and the tax deduction.

• Strategic focus shifted toward tissue-based products for diabetes therapy and human tissue models for drug screening, impacting sales mix.

• Financial position strengthened by successful rights issues and cost-saving measures, extending development runway into spring 2025.

• Notable progress in bioprinted heart tissue models and ongoing partnerships with top pharma companies.

Financial highlights

• Q3 2024 net sales: 517 KSEK (up 93% year-over-year); total operating income: 4,132 KSEK (up 602%).

• Q3 operating result: -1,025 KSEK (improved from -6,056 KSEK); net result: -1,056 KSEK.

• 9M 2024 net sales: 1,345 KSEK (down 57% year-over-year); total income: 5,576 KSEK (up 36%).

• Cash flow from operations Q3: -4,112 KSEK (improved from -5,349 KSEK); cash at period end: 17,575 KSEK.

• Equity at period end: 20,510 KSEK; equity ratio: 78%.

Outlook and guidance

• Management expects cost-saving measures and strategic repositioning to continue improving results.

• Ongoing focus on commercializing tissue-based models and therapies, with potential for new licensing and partnership agreements.

• Financial runway extended into spring 2025, but further external financing will be required for continued investment in regenerative medicine.