Stille (STIL) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 reached MSEK 142.6, up 89.9% year-over-year, with 7.4% organic growth; H1 net sales were MSEK 282.3, up 91.4% year-over-year.

• Strong growth driven by the acquisition and integration of Fehling, especially in Surgical Instruments; Fehling contributed MSEK 62.0 in Q2 revenue.

• Gross profit margin improved to 49.3% in Q2 (44.6% last year); operating profit before non-recurring items rose to MSEK 29.1 (11.9), margin 20.4%.

• Cash flow from operating activities in Q2 was MSEK 19.6 (11.8); cash and cash equivalents at period end were MSEK 90.9 (38.8).

• Earnings per share for Q2 were SEK 2.03 (1.18); H1 EPS was SEK 3.40 (1.86).

Financial highlights

• Q2 EBITDA before non-recurring items was MSEK 36.0 (15.7), margin 25.2% (20.9%).

• H1 operating profit before non-recurring items was MSEK 56.1 (22.4), margin 19.9% (15.2%).

• Net profit after tax for Q2 was MSEK 18.2 (5.9); H1 net profit was MSEK 30.6 (9.3).

• Equity/assets ratio improved to 65.0% (55.4%).

• Net investments in tangible and intangible assets for H1 totaled MSEK 6.7 (6.2).

Outlook and guidance

• Management remains confident for the remainder of 2024, citing strong demand, robust growth, and healthy cash flow.

• Strategic focus continues on organic growth, acquisitions, and premium niche segments in surgical instruments and tables.