Scibase (SCIB) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 reached SEK 10.3 million, up 23% year-over-year, and SEK 28.0 million for the first nine months, up 33% year-over-year, with strong growth in the US and Germany.

• US skin cancer sales surged 97% in Q3 (116% in local currency), while Germany grew 17% (20% in local currency); skin barrier segment sales declined due to a large prior-year order.

• Gross margin declined to 60.0% in Q3 (from 75.7%) and 65.3% for the nine months (from 72.0%), impacted by currency effects, promotional device sales, higher gold prices, and production ramp-up.

• Operating loss increased to SEK 17.7 million in Q3 and SEK 59.7 million for the nine months, mainly due to higher sales and marketing expenses in the US and lower gross margin.

• Cash flow from operations was negative SEK 17.3 million in Q3 and SEK 63.8 million for the nine months; cash position at period end was SEK 24.8 million.

Outlook and guidance

• Expanded partnership and loan agreement with Castle Biosciences to support production capacity and future growth.

• Planned rights issue of SEK 83 million, with 85% secured through commitments, to fund ongoing operations and strategic initiatives.

• Management expects gross margins to recover as temporary effects subside and electrode sales accelerate.

Segment performance

• Skin cancer segment: Q3 sales in Germany up 17% (20% in local currency), US up 97% (116% in local currency); electrode sales volume up 24% in Q3 and 28% for nine months.

• Skin barrier segment: Q3 sales down 65% due to prior-year NIH order; nine-month sales down 54%.

• Electrode sales accounted for 95% of Q3 turnover; repeat sales to existing customers increased by 33% in Q3.