CE-marked Qlucore Diagnostics sold to first customer
Fourth quarter, 1 February - 30 April 2025
- Net sales amounted to SEK 3,461k (3,217k).
- Operating result (EBIT) amounted to SEK -1,796k (-5,001k).
- Net result for the period amounted to SEK-1,938k (-4,668k).
- Earnings per share before dilution amounted to SEK -0.48 (-1.16). Earnings per share after dilution amounted to SEK -0.48 (-1.16).
- Cash flow from operating activities amounted to SEK -4,947k (-2,194k).
- Net cash flow amounted to SEK -6,582k (-6,005k).
- Qlucore Diagnostics has been sold to the first customer.
- After the reporting period. In May, the first report was submitted to the EU-funded Accelerator project for the development of Qlucore Diagnostics and Qlucore Insights for bladder cancer and adult acute myeloid leukemia (AML). The next payment of just over SEK 5 million will be made no later than 60 days from the approved report.
- Financing. Work to secure financing has been ongoing during the period. Together with our financial advisor, interactions with existing and potential new owners are ongoing to ensure financing during the summer of 2025.
1 May 2024 - 30 April 2025
- Net sales amounted to SEK 10,208k (14,369k).
- Operating result (EBIT) amounted to SEK -20,514k (-16,822k).
- Net result for the period amounted to SEK -20,535k (-15,681k).
- Earnings per share amounted to -5.10 (-3.89) SEK. Earnings per share after dilution amounted to -5.10 (-3.89) SEK.
- Cash flow from operating activities amounted to SEK -14,154k (-16,949k).
- Net cash flow amounted to SEK -23,560k (-40,746k).
- Liquid funds amounted to SEK 5,258k on the closing day.
- The Board of Directors proposal to the general meeting is that no dividend is distributed for the financial year.
CEO's statement
During the period, focus has been on securing financing. Intensive discussions are underway, both with new investors as well as with existing owners to ensure financing during the summer of 2025. The planned liquidity injection will ensure stable operations and thus a continued focus on developing products within the EU-funded accelerator project as well as increasing sales of Qlucore Diagnostics and Qlucore Insights.
Net sales during the fourth quarter amounted to SEK 3,461k (3,217k), which is an increase of 8 percent. Total sales for the year amounted to SEK 10,208k (14,369k), which corresponds to a decrease of 29%. Sales of Qlucore Omics Explorer were weak during the first nine months of the year but increased during the fourth quarter. We believe this is largely due to several years of prioritizing the development of Qlucore Diagnostics to meet the schedule on time. One effect of this has been less development resources for Qlucore Omics Explorer, and this has affected sales.
Previous cost savings, mainly in the form of staff and consultant reductions, will reach full effect in May.
As previously communicated, we need to secure strengthened liquidity during the summer.
Diagnostics
Sales and marketing are actively underway with both the leukemia model and the lung cancer model. We have decided to supplement our own sales organization with distributors and agents and the work of identifying and securing contracts is ongoing.
Our product is unique and there are no comparable IVDR approved products on the market. CE marking according to the IVDR regulations for medical devices is a requirement for use in diagnostics within healthcare in Europe.
We are at the forefront of using genetic information to classify patients with regulatory approved products. Now we have a stable regulatory-approved platform to broaden our product portfolio. The degree of reuse, of both documentation and code invested in Qlucore Diagnostics, is high for future diagnostic models. This means that we can work in parallel with the projects within the Accelerator project; bladder cancer and acute myeloid leukemia in adults (AML).
These cancers represent strategically important therapy areas with a large medical need for improved diagnostics. Together, they constitute approximately 16% of all cancer cases. In figures, this amounts to approximately 1 million cases per year in Europe and the USA, increasing to just under 2.5 million when China, India and parts of South America are included.
After the reporting period
In May, the first report was submitted in the EU-funded Accelerator project for the development of Qlucore Diagnostics and Qlucore Insights for bladder cancer and adult acute myeloid leukemia (AML). The next payment of just over SEK 5 million will be made no later than 60 days from the approved report.
Global landscape
In March, a US court ruled that the FDA's intention to regulate "lab developed tests" (LDTs) is not consistent with the legislation and thus the US diagnostics market will continue to function in the same way as before for the time being.
It is difficult to assess how the geopolitical situation has affected Qlucore's operations during the period. We are experiencing restrictive purchasing behaviors. When possible, customers are also postponing renewal for a couple of months. There is a clear risk that cuts in American research funding will negatively affect us.
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The fact that we secured the first customer soon after the launch of Qlucore Diagnostics 1.0 is a significant success and is a good indicator of the product value for improved diagnostics.
Carl-Johan Ivarsson, CEO
Certified Advisor
FNCA Sweden AB
Web: www.fnca.se
Contacts
Press contact:
Maria Falck Miniotis, Marketing & Communications Manager
Phone: +46 (0) 736 10 26 65
Email: maria.falck@qlucore.com
Carl-Johan Ivarsson, CEO
Phone: +46 (0) 46 286 31 10
Email: carl-johan.ivarsson@qlucore.com
About Qlucore
Qlucore is a leading provider of new generation intuitive bioinformatics software for research and precision and companion diagnostics. Qlucore's mission is to make it easier to analyze the huge amounts of complex data generated by innovations in the fields of genomics and proteomics by providing powerful visualization-based bioinformatics data analysis tools for research and precision diagnostics. Qlucore Omics Explorer software is a easy to use bioinformatics software for research in the life science, plant- and biotech industries, as well as in academia. Qlucore Diagnostics and Qlucore Insights are software platforms with built in AI-based machine learning for multi-omics companion and precision diagnostics. Qlucore was founded in 2007 in Lund, Sweden and has customers in about 25 countries around the world, with sales offices in Europe and North America, and distribution in several countries in Asia. Qlucore is listed on the Nasdaq First North Growth market. www.qlucore.com
This information is information that Qlucore is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-06-18 18:30 CEST.
