Odinwell (ODIN) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was 987 KSEK, down from 1,036 KSEK in Q3 2023; operating loss improved to -1,434 KSEK from -1,489 KSEK.

• For the first nine months, revenue rose to 3,638 KSEK from 3,507 KSEK year-over-year; operating loss narrowed to -5,121 KSEK from -5,202 KSEK.

• EPS for Q3 was -0.05 SEK (vs. -0.07 SEK); nine-month EPS was -0.17 SEK (vs. -0.19 SEK).

• Test series production started and a new patent application for optical sensors in wound care was submitted.

• CEO transition completed; interim CEO appointed as permanent.

Financial highlights

• Q3 revenue: 987 KSEK; nine-month revenue: 3,638 KSEK.

• Q3 operating loss: -1,434 KSEK; nine-month operating loss: -5,121 KSEK.

• Q3 net loss: -1,211 KSEK; nine-month net loss: -4,151 KSEK.

• Cash and cash equivalents at period end: 5,592 KSEK; short-term investments: 2,762 KSEK.

• Equity ratio at 95% as of September 30, 2024.

Outlook and guidance

• Product development milestones achieved, including successful test series and improved sensor node.

• Company plans to initiate discussions with potential partners in Q4 2024.

• Continued focus on refining product, advancing research, and strengthening production chain.