Scibase (SCIB) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 increased by 31% year-over-year to SEK 6.6 million, driven by strong US and German performance and higher electrode sales.

• Loss after tax widened to SEK 15.1 million in Q2, mainly due to increased investments in US expansion and higher operating expenses.

• Gross margin improved to 69.1% in Q2, reflecting a favorable product mix and higher electrode sales.

• Significant capital was raised through a SEK 33 million directed share issue and a SEK 15 million rights issue, strengthening the balance sheet.

• New partnerships and market entries in Austria and the UAE, and a strengthened US commercial team, support future growth.

Financial highlights

• Q2 net sales: SEK 6.6 million (up 31% year-over-year); H1 net sales: SEK 12.7 million (up 24%).

• Q2 loss after tax: SEK 15.1 million (vs. SEK 11.4 million in Q2 2023); H1 loss after tax: SEK 25.9 million (vs. SEK 22.3 million in H1 2023).

• Q2 EPS: SEK -0.08 (vs. -0.16); H1 EPS: SEK -0.19 (vs. -0.31).

• Cash flow from operations: SEK -15.2 million in Q2; SEK -28.4 million in H1.

• Cash and cash equivalents at period end: SEK 43.3 million.

Outlook and guidance

• Management expects continued sales growth and strong gross margin for the remainder of 2024, supported by new market entries and expanded US operations.

• Short-term sales in the skin barrier segment expected to remain limited and fluctuate between quarters.

• Additional capital may be required within the next 12 months to support ongoing US investments and strategic plans.