ProstaLund (PLUN) Q2 2024 earnings summary

Executive summary

• Net sales declined 47% year-over-year in Q2 2024 to SEK 2.8 million, with lower patient inflow impacting CoreTherm® treatments in Sweden and Denmark.

• Operating loss widened to SEK -7.2 million in Q2 2024 from SEK -4.0 million in Q2 2023; loss after tax was SEK -7.2 million.

• New management team in place since June 2024, focusing on marketing and international expansion, including the launch of CoreTherm® Eagle.

• Rights issue in June 2024 raised SEK 23 million (80% of target), and a SEK 4 million bridge loan was secured and repaid.

Financial highlights

• Q2 2024 net sales: SEK 2.8 million (Q2 2023: SEK 5.3 million); H1 2024 net sales: SEK 6.3 million (H1 2023: SEK 10.9 million).

• Gross margin improved to 74% in Q2 2024 (Q2 2023: 68%); H1 2024 gross margin: 71.7% (H1 2023: 67.9%).

• Operating loss Q2 2024: SEK -7.2 million (Q2 2023: SEK -4.0 million); H1 2024: SEK -11.9 million (H1 2023: SEK -7.2 million).

• Cash and cash equivalents at June 30, 2024: SEK 3.4 million (June 30, 2023: SEK 34.1 million).

• Earnings per share Q2 2024: SEK -0.09 (Q2 2023: SEK -0.07); H1 2024: SEK -0.16 (H1 2023: SEK -0.12).

Outlook and guidance

• Management expects a return to previous sales levels and new customer additions with the launch of CoreTherm® Eagle.

• Focus areas include boosting patient inflow, finalizing CoreTherm® Eagle, and resuming US FDA 510-K application.