Mentice (MNTC) Q2 2025 earnings summary

Executive summary

• Q2 net sales were SEK 63.4 million, a 33–37% organic decline year-over-year due to a strong prior-year comparison and cautious market conditions.

• Rolling 12 months net sales reached SEK 261 million, down 7% from the previous period, mainly due to weaker demand in APAC.

• Strategic workforce realignment and consolidation of operations to Denver, targeting SEK 25 million in annual savings and affecting 18% of staff, with full expenses recognized in Q2 2025.

• Rights issue of up to 10% of shares, underwritten at 66%, to raise approximately SEK 32 million for growth investments, expected to complete by September 2025.

• Regulatory clearances for Ankyras in the US and Brazil support product expansion and future growth.

Financial highlights

• Q2 net sales: SEK 63.4 million, down 33–37% year-over-year; six-month net sales at SEK 117.7 million, down 20%.

• Order intake: SEK 58 million, an organic decrease of SEK 40 million, mainly impacted by Americas and APAC.

• Q2 EBITDA was SEK -8.1 million, including SEK 7.6 million in strategic realignment costs; adjusted EBITDA near break-even.

• Net income for Q2 was SEK -17.6 million; EPS at -0.69 SEK.

• Gross margin improved to 90.8% in Q2, supported by cost reductions and a favorable product mix.

Outlook and guidance

• Anticipates positive impact from cost reductions and new product clearances in Q3 and H2 2025.

• Expects solid activity and deal closures in the medical device industry in the second half of the year.

• Healthcare systems business under strategic review to develop scalable, value-driven propositions.

• APAC market remains under review with ongoing efforts to stimulate growth.

• Strategic focus on clinical growth areas and recurring software revenue, with continued investment in neurovascular interventions.