Scandinavian ChemoTech (CMOTEC) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw continued progress and strategic initiatives, with robust sales in Animal Care and ongoing international expansion, especially in the U.S., Germany, Canada, Belgium, Turkey, and Scandinavia.

• Management changes and divisional restructuring were implemented to reduce costs and optimize cash flow, with Animal Care transitioning to the U.S. subsidiary and Human Care to Vetiqure AB.

• Clinical trial in Human Care at AIIMS Jodhpur resumed, though patient enrollment is slower than expected due to strict inclusion criteria.

Financial highlights

• Net sales increased to 2,472 KSEK in Q1 2025 from 1,345 KSEK in Q1 2024, all from Animal Care.

• Operating loss was -2,567 KSEK (Q1 2024: -2,798 KSEK); net loss was -3,322 KSEK (Q1 2024: -3,203 KSEK), impacted by 235 KSEK in exchange losses.

• EBITDA for the group was -2,143 KSEK (Q1 2024: -2,369 KSEK); Animal Care EBITDA was 66 KSEK (Q1 2024: 73 KSEK).

• Cash flow from operating activities improved to -1,239 KSEK from -4,853 KSEK year-over-year.

• Cash and cash equivalents at period end were 1,017 KSEK (Q1 2024: 1,655 KSEK); equity was 3,697 KSEK (Q1 2024: 7,887 KSEK).

Outlook and guidance

• Focus remains on accelerating business development, securing regulatory approvals, and expanding TSE technology in both human and veterinary oncology.

• Management expects continued growth in Animal Care, with reinvestment of cost savings into this segment.

• Additional funding will be required to maintain operations over the next twelve months.