ProstaLund (PLUN) Q3 2024 earnings summary

Executive summary

• Net sales for Q3 2024 were SEK 3.5 million, down 27.8% year-over-year, but sales volume improved sequentially from Q2, driven by CoreTherm treatments and Schelin Catheter sales.

• The launch of CoreTherm Eagle, with 10 machines manufactured, is expected to enable higher sales volumes and new customer acquisition in the Nordics and internationally.

• Marketing activities in Sweden and Denmark have increased incoming patient inquiries, supporting optimism for future growth.

Financial highlights

• Q3 2024 net sales: SEK 3.5 million (Q3 2023: SEK 4.8 million); 9M 2024 net sales: SEK 9.8 million (9M 2023: SEK 15.6 million).

• Q3 2024 operating loss (EBIT): SEK -4.4 million (Q3 2023: SEK -6.2 million); 9M 2024 operating loss: SEK -16.3 million (9M 2023: SEK -13.4 million).

• Q3 2024 loss after tax: SEK -4.5 million (Q3 2023: SEK -6.3 million); 9M 2024 loss after tax: SEK -16.5 million (9M 2023: SEK -13.5 million).

• Q3 2024 gross margin: 62.9% (Q3 2023: 73.2%), impacted by SEK 250k inventory write-down; underlying margin excluding write-down was 70.0%.

• Cash and cash equivalents at September 30, 2024: SEK 12.1 million (September 30, 2023: SEK 22.5 million).

Outlook and guidance

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

• Anticipates positive liquidity effects from new pricing models and contract structures for CoreTherm Eagle.

• Management and Board believe conditions for positive development are good, with new financing possible if needed.