Odinwell (ODIN) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 was 1,222 KSEK, up from 1,017 KSEK in Q2 2023; H1 2024 revenue reached 2,651 KSEK, up from 2,470 KSEK year-over-year.

• Operating loss for Q2 2024 was -1,670 KSEK, similar to -1,654 KSEK last year; H1 2024 operating loss was -3,687 KSEK, nearly unchanged from -3,713 KSEK.

• EPS for Q2 2024 was -0.05 SEK, improved from -0.06 SEK; H1 2024 EPS was -0.12 SEK, unchanged year-over-year.

• Marcus Andersson appointed as interim CEO; company is advancing sensor technology for bacterial growth detection in wounds.

Financial highlights

• Cash and cash equivalents at June 30, 2024, were 7,562 KSEK, down from 9,906 KSEK a year earlier.

• Short-term investments totaled 2,623 KSEK at period end.

• Cash flow from operating activities for H1 2024 was -2,491 KSEK.

• Equity ratio remained high at 96% as of June 30, 2024.

Outlook and guidance

• Focus remains on completing design and testing of wound infection sensor solution, targeting completion in H2 2024.

• Additional resources will be allocated to regulatory planning as product and company mature.