Nosa Plugs (NOSA) Q4 2024 earnings summary

Executive summary

• Achieved 55% year-over-year organic sales growth to 16,097 TSEK for 2024, with Q4 sales up 31% to 4,776 TSEK, driven by new and existing healthcare customers and product launches.

• Bruttomarginal improved to 70% for the year and 73% in Q4, reflecting production efficiencies and new automated line.

• Operating loss narrowed to -10,320 TSEK for 2024 from -46,541 TSEK in 2023, with prior year including a 32,404 TSEK non-cash IPO-related item.

• Major product launches in Switzerland, Italy, and France, and a new international patent application for Drug Delivery technology.

• Ended year with 4,314 TSEK in cash, supported by a 18.7 MSEK capital raise in early 2024.

Financial highlights

• Full-year net sales: 16,097 TSEK (10,393), up 55% year-over-year; Q4 net sales: 4,776 TSEK (3,634), up 31%.

• Operating result (EBIT): -10,320 TSEK (-46,541); Adjusted EBIT (excluding IPO item): -10,320 TSEK (-14,137).

• EBITDA: -8,440 TSEK (-45,056); Adjusted EBITDA: -8,440 TSEK (-12,652).

• EPS: -0.05 SEK (-0.29) for the year; Q4 EPS: -0.01 SEK (-0.03).

• Cash flow from operations: -10,027 TSEK (-17,499) for the year; -3,424 TSEK (-5,150) in Q4.

• Cash position at year-end: 4,314 TSEK (1,185).

Outlook and guidance

• Expects continued sales growth in France, Spain, and Italy, with new product launches and expanded pharmacy presence.

• Focus on regaining UK market momentum and further scaling Drug Delivery partnerships.

• Confident in sufficient liquidity for the next 12 months; no dividend proposed until stable profitability is reached.