Q2 2024 Sedana Medical AB (publ) Earnings Call Transcript
Key Points
- Completed enrollment of both clinical trials in the U.S., marking significant progress towards U.S. market approval.
- Acquisition of main supplier expected to improve bottom line by approximately two percentage points over time.
- Highest sales ever recorded in Q1 and Q2 of 2024, with a 20% increase compared to the previous year.
- Strong performance in other direct markets like Spain and the UK, with the UK being the fastest-growing market.
- Positive cash flow expected from the acquisition starting in 2025, with a net positive effect from 2028.
- Negative EBITDA of 14 million SEK, with ex-U.S. EBITDA at negative EUR11 million.
- Weak performance in Germany, particularly in June, due to a low number of mechanically ventilated patients.
- Seasonal fluctuations affecting sales, with Q2 and Q3 typically being weaker quarters.
- High administrative costs due to legal fees related to the acquisition and a new long-term incentive program.
- Significant cash burn from U.S. clinical trials, although expected to decrease in the second half of the year.
Hello, and welcome to today's presentation with Sedana Medical. With us presenting today, we have the CEO, Johannes Doll; and CFO, Johan Spetz. We'll do a Q&A after the presentation. (Operator Instructions)
And with that said, please go ahead with your presentation.
Thank you, and a warm welcome to Sedana Medical's half-year report 2024. I know that some of you are dialing in during your vacation, so I'm glad that you're taking the time with us today. Thank you very much for that. With me today, I have our CFO, Johan Spetz, who will take us through our financial update.
Let's start with page 3, please, with the highlights of the second quarter. Focus is very important for us. Of course, the three strategic priorities that we are steering the company towards have stayed the same. First to bring Sedana back on a steady growth path in our ex-US business. Second, to reach breakeven in our ex-US business as a first important step towards our longer-term profitability
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