Linc (LINC) Q3 2024 earnings summary

Executive summary

• Substantial increase in net asset value (NAV) by 1,090.5 MSEK for the nine months, with a 30.9% return per share year-over-year; Q3 saw a slight NAV decrease of 11.8 MSEK and a -0.2% return per share.

• Major exit from Calliditas Therapeutics generated a realized gain of 991 MSEK, representing 5x the invested amount.

• MedCap and Stille delivered strong operational and value growth, while biotech holdings faced market headwinds despite positive clinical data.

Financial highlights

• Q3 2024: Management result -18.4 MSEK (Q3 2023: -27.9 MSEK); EBIT -21.1 MSEK (Q3 2023: -30.1 MSEK); net result -11.8 MSEK (Q3 2023: -39.2 MSEK); EPS -0.2 SEK (Q3 2023: -0.7 SEK).

• 9M 2024: Management result 1,082.6 MSEK (9M 2023: 171.5 MSEK); EBIT 1,074.2 MSEK (9M 2023: 164.1 MSEK); net result 1,090.5 MSEK (9M 2023: 128.8 MSEK); EPS 18.8 SEK (9M 2023: 2.2 SEK).

• NAV per share at period end: 79.8 SEK (Q3 2023: 52.5 SEK).

• Portfolio value at period end: 2,962 MSEK (Q3 2023: 2,415 MSEK).

• Cash and equivalents: 1,557.5 MSEK (Q3 2023: 591.2 MSEK); net debt: -1,557.5 MSEK.

Outlook and guidance

• Well-capitalized after Calliditas exit, enabling continued high investment pace and flexibility to seize new opportunities.

• Biotech sector faces financing challenges and market caution, while medtech remains robust with more accessible capital.

• Anticipation for upcoming topline data from Sedana’s US phase III studies, with secondary endpoints seen as key for commercialization.