Scibase (SCIB) Q4 2025 earnings summary

Executive summary

• Net sales for Q4 2025 reached SEK 12.5 million, up 45% year-over-year; full-year sales grew 36% to SEK 40.5 million, driven by strong US and German markets and expanded collaboration with Castle Biosciences.

• US sales surged 148% for the year and 84% in Q4, with Germany also showing double-digit growth; electrode sales volume increased 38% for the year.

• Gross margin declined to 63.0% in Q4 and 67.0% for the year, impacted by currency effects, production ramp-up, and low-margin deliveries to Castle Biosciences.

• Loss after tax widened to SEK 87.1 million for the year, with negative cash flow from operations of SEK 84.6 million.

• Financing strengthened through a SEK 80 million rights issue and a SEK 20 million loan from Castle Biosciences.

Financial highlights

• Q4 net sales: SEK 12.5 million (+45% y/y); full-year: SEK 40.5 million (+36% y/y).

• Q4 gross margin: 63.0% (vs. 68.5% prior year); full-year: 67.0% (vs. 71.0%).

• Q4 loss after tax: SEK 25.3 million; full-year loss after tax: SEK 87.1 million.

• Cash and cash equivalents at year-end: SEK 22.6 million.

• Electrode sales: 28,634 units in Q4 (+67% y/y); 86,180 units for the year (+38% y/y).

Outlook and guidance

• Expectation of continued strong growth in the US and Germany, with reimbursement decisions anticipated in 2026.

• Gross margin projected to recover in H2 2026 as production capacity utilization improves.

• Ongoing expansion in the skin barrier segment, with new clinical studies and product launches planned.