Mentice (MNTC) Q2 2024 earnings summary

Executive summary

• Net sales exceeded 100 MSEK for the first time in a quarter, up 36% year-over-year to 101 MSEK in Q2 2024.

• EBITDA reached a record 24.5 MSEK, with net income at 17.2 MSEK, both all-time highs for a single quarter.

• Order intake for Q2 was 71 MSEK, down 8% year-over-year, and the order book ended at 114 MSEK, down 9%.

• CEO Göran Malmberg will step down at year-end, transitioning to an advisory role in 2025.

• Americas remained the largest contributor, APAC saw significant growth, while EMEA lagged slightly.

Financial highlights

• Q2 net sales: 101 MSEK (up 36% year-over-year); H1 net sales: 146 MSEK (up 5%).

• Q2 EBITDA: 24.5 MSEK (up from 10.7 MSEK); H1 EBITDA: 6.1 MSEK (down from 17.9 MSEK).

• Q2 net income: 17.2 MSEK (up from 1.5 MSEK); H1 net income: -7.4 MSEK (down from 0.0 MSEK).

• Q2 EPS: 0.67 SEK (up from 0.06 SEK); H1 EPS: -0.29 SEK (down from 0.0 SEK).

• Cash at period end: 57.1 MSEK, up from 35.0 MSEK year-over-year.

Outlook and guidance

• Management expects a strong year for the medical device industry business and positive development in the hospital segment.

• Americas will continue as the main growth driver, with APAC and EMEA as significant contributors.

• Financial targets: 20–30% annual net sales growth and 20% EBITDA margin within three years.