Simris Group (SIMRIS) Q2 2024 earnings summary

Executive summary

• Net revenue for Q2 2024 decreased by 6% year-over-year to SEK 634k; H1 2024 revenue down 1% to SEK 1,153k.

• EBITDA loss improved by 5% in Q2 to SEK -6,117k and by 8% in H1 to SEK -11,442k; EBIT loss also narrowed.

• Strategic focus on ADC payload technology and bioconjugate innovation, with new collaborations in cancer and pest control research.

• Operating costs reduced due to paused production at Hammenhög facility; team expansion planned for Simris Biologics.

Financial highlights

• Q2 net revenue: SEK 634k (down 6% YoY); H1 net revenue: SEK 1,153k (down 1% YoY).

• Q2 EBITDA: SEK -6,117k (improved 5% YoY); H1 EBITDA: SEK -11,442k (improved 8% YoY).

• Q2 EBIT: SEK -9,822k (improved 5% YoY); H1 EBIT: SEK -18,859k (improved 5% YoY).

• Cash at period end: SEK 1,736k, down 23% YoY.

• One-off costs of SEK 1,008k in Q2 related to inventory and receivables write-downs.

Outlook and guidance

• Focus on expanding bioconjugate platform, securing new collaborations, and licensing opportunities.

• License agreements expected to generate milestone payments and future royalties.

• Lower operating costs anticipated in coming quarters due to paused algae production.