Integrum (INTEG) Q4 24/25 earnings summary

Executive summary

• Net sales for Q4 2024/25 were SEK 27.1m, up 4.2% year-over-year, with US sales driving growth and accounting for 80% of quarterly revenue.

• Full-year net sales declined 12.5% to SEK 91.1m, with the US market comprising 79% of annual sales.

• Operating loss for Q4 was SEK -11.7m (vs. SEK 2.6m profit last year); full-year operating loss was SEK -42.4m (vs. SEK 6.5m profit).

• Strategic shift initiated to accelerate commercialization of the OPRA® Implant System and achieve annual cost efficiencies up to SEK 20m.

• Cash flow improved significantly, with Q4 cash flow at SEK 25.0m (vs. SEK -11.5m) and full-year cash flow at SEK 22.7m (vs. SEK -25.0m), supported by a SEK 31m share issue.

Financial highlights

• Q4 net sales: SEK 27.1m (SEK 26.1m prior year); full-year: SEK 91.1m (SEK 104.1m).

• Q4 operating result: SEK -11.7m (SEK 2.6m); full-year: SEK -42.4m (SEK 6.5m).

• Q4 net loss: SEK -9.0m (SEK 2.3m); full-year net loss: SEK -30.9m (SEK 4.2m).

• Q4 EPS: SEK -0.42 (SEK 0.13); full-year EPS: SEK -1.45 (SEK 0.23).

• Gross margin for Q4: 64% (78%); full-year: 76% (82%), impacted by product mix and write-offs.

Outlook and guidance

• US market remains the primary growth engine, with focus on centers of excellence and increased S1 procedures.

• Expansion in EMEA continues, with new distribution agreements in Ukraine and Slovenia.

• Full implementation of cost efficiency program expected by Q4 2025/26, with full-year effect in 2026/27.

• Ongoing investments in data collection to support health economic evidence and payer discussions.