Ortivus (ORTI) Q3 2024 earnings summary

Executive summary

• Net sales for Q3 2024 rose 17% year-over-year to SEK 19.4 million, with gross margin improving to 47% from 29%.

• EBITDA for Q3 was -0.2 MSEK, a significant improvement from -8.6 MSEK in Q3 2023.

• Profit after tax for Q3 was -4.5 MSEK, compared to -10.9 MSEK a year earlier; EPS was -0.10 SEK.

• For Jan–Sep 2024, net sales declined 9% year-over-year to SEK 59.2 million, with a stable gross margin of 40%.

• Cost reduction measures led to a 23% decrease in quarterly costs and 12% year-to-date.

Financial highlights

• Q3 net sales: SEK 19.4m (up 17% YoY); Jan–Sep: SEK 59.2m (down 9% YoY).

• Q3 gross margin: 47% (29% YoY); Jan–Sep: 40% (unchanged YoY).

• Q3 EBITDA: -0.2 MSEK (-8.6 MSEK YoY); Jan–Sep: -9.2 MSEK (-10.7 MSEK YoY).

• Q3 profit after tax: -4.5 MSEK (-10.9 MSEK YoY); Jan–Sep: -15.0 MSEK (-15.5 MSEK YoY).

• Cash and cash equivalents at period end: SEK 2.1m (SEK 1.3m at end 2023).

Outlook and guidance

• Major project deliveries in Estonia and Jönköping expected to strengthen cash flow in Q4.

• Transition to a new ERP system in Q4 2024 aims to improve efficiency and reduce costs.

• No formal forecasts provided; forward-looking statements subject to risks and uncertainties.