Prolight Diagnostics (PRLD) Q2 2024 earnings summary

Executive summary

• Continued development of the Psyros digital POC platform, targeting rapid myocardial infarction diagnosis, with clinical validation studies scheduled for 2025 and commercial launch planned for early 2026.

• Received SEK 17 million British government grant for pre-validation study at St Thomas' Hospital, London; initial patient data expected Q4 2024.

• Showcased Psyros system at major international congresses, generating increased interest from global diagnostic companies.

• Completed commercial cartridge design, optimized for cost and ease of use, with multiplex capability for multiple biomarkers.

Financial highlights

• Net sales remained at SEK 0 for both Q2 and H1 2024, unchanged from prior year.

• Q2 2024 profit after tax was SEK -11.2 million (vs. -8.0 million Q2 2023); H1 2024 profit after tax was SEK -20.2 million (vs. -15.6 million H1 2023).

• Earnings per share for Q2 2024: -0.02 SEK (Q2 2023: -0.03 SEK); H1 2024: -0.04 SEK (H1 2023: -0.06 SEK).

• Cash and cash equivalents at June 30, 2024: SEK 32.4 million (June 30, 2023: SEK 31.7 million).

• Equity ratio at June 30, 2024: 75% (Dec 31, 2023: 79%).

Outlook and guidance

• Pre-validation study results expected by end of 2024, with clinical validation study to begin in early 2025.

• Regulatory application and commercial launch of Psyros platform targeted for early 2026.

• Anticipates increased industrial partner interest following study results.