Lifecare (LIFE) Q1 2025 earnings summary

Executive summary

• Advanced toward market launch of next-generation implantable CGM for diabetes, optimizing design and manufacturability, with improved sensor sensitivity and accuracy validated in lab and in vivo studies.

• Strategy emphasizes a capital-efficient B2B model, leveraging early veterinary market entry for operational learning and revenue, while scaling for human market launch by 2027.

• Intellectual property is protected by patents, with digital integration enhanced through collaboration with OneTwo Analytics AB.

• Collaboration with TTP (UK) has strengthened implant design and manufacturability.

• Addressable market estimated at USD 5 billion, with ambitions for $200 million+ annual revenue by 2030 and peak revenue potential over $1 billion.

Financial highlights

• Q1 2025 revenue was NOK 4,000, reflecting limited external sales as the company remains in development phase.

• Operating expenses for Q1 totaled NOK 25 million, up year-over-year due to increased R&D and production readiness.

• Operating loss for the quarter was NOK 25 million, with net loss after tax at NOK 20.3 million.

• Net cash outflow was NOK 21.2 million, with cash position at quarter-end of NOK 40.4 million.

• Equity ratio declined to 60% from 77% year-over-year, reflecting increased liabilities and investments.

Outlook and guidance

• Finalizing design freeze and manufacturability to enable scalable production, with new Mainz facility operational in Q3 2025.

• Pre-CE study filing planned for Q2 2025, pivotal human study to start late 2025, with human market entry targeted for 2027.

• Veterinary market launch prioritized for Q4 2025, providing early commercialization and operational feedback.

• Upcoming warrant exercise in June 2025 is a key funding milestone.

• Targeting 75,000 patients by 2030, equating to $200M+ annual revenue and 35% EBITDA margin.