Prolight Diagnostics (PRLD) Q3 2024 earnings summary

Executive summary

• Continued development of the Psyros point-of-care (POC) system, with a pre-validation study supported by a SEK 17 million UK grant and collaboration with St. Thomas' Hospital in London.

• No net sales as the company remains in the product development phase; focus on R&D and preparation for clinical validation in 2025.

• Raised SEK 12.6 million in October 2024 through the exercise of warrants, with strong participation from management and the board.

• Psyros system showcased at major international congresses, increasing visibility and interest among potential partners.

Financial highlights

• Net sales were SEK 0 for both Q3 and the nine-month period, unchanged from the previous year.

• Other operating income rose to SEK 3.7 million in Q3 (SEK 28 thousand last year), mainly from grants.

• Q3 loss after tax was SEK -8.8 million (improved from SEK -9.8 million year-over-year); nine-month loss was SEK -28.9 million (widened from SEK -25.4 million).

• Cash flow from operations was SEK -12.6 million in Q3 (SEK -9.3 million last year); SEK -21.5 million for nine months (improved from SEK -23.3 million).

• Cash and equivalents at September 30, 2024, were SEK 15.0 million (SEK 17.6 million last year).

Outlook and guidance

• Pre-validation study results expected to drive partner interest and support transition to commercial production.

• Clinical performance study planned for 2025, with regulatory and commercial scale-up preparations underway.

• Focus remains on developing the Psyros platform for acute cardiac diagnostics, with potential for expansion into other biomarkers.