Ortivus (ORTI) Q2 2025 earnings summary

Executive summary

• Net sales for April–June 2025 increased by 11% to 19.7 MSEK year-over-year, with gross margin rising to 51% from 30%.

• Adjusted EBITDA turned positive at 0.4 MSEK versus -7.7 MSEK last year, while net result after tax improved to -6.5 MSEK from -8.3 MSEK.

• Several major contract extensions were secured in the UK, totaling over 50 MSEK in future revenues.

• A project in Estonia was mutually terminated, negatively impacting Q2 results by -5.1 MSEK.

• An extraordinary general meeting is proposed for a fully guaranteed rights issue of approximately 54 MSEK to strengthen capital and support product development.

Financial highlights

• Q2 net sales: 19.7 MSEK (up 11% YoY); H1 net sales: 37.8 MSEK (down 5% YoY).

• Q2 gross margin: 51% (30% last year); H1 gross margin: 46% (36% last year).

• Q2 EBITDA: -4.7 MSEK; Adjusted EBITDA: 0.4 MSEK (improved from -7.7 MSEK).

• Q2 net result after tax: -6.5 MSEK; H1: -8.9 MSEK.

• Q2 cash flow from operations: -4.8 MSEK; H1: -9.6 MSEK.

Outlook and guidance

• No formal forecast provided, but management expresses confidence in continued growth and market expansion, especially with the launch of MobiMed 5 and increased demand for e-health solutions.

• The rights issue aims to improve liquidity, reduce financial costs, and enable further product development.