Mid-year performance on track for 2025 plan
The quarter April - June 2025
- Net sales amounted to SEK 1.1 (0.2) million.
- Operating result (EBIT) of SEK -47.3 (-65.3) million.
- Profit after tax amounted to SEK -48.2 (-65.7) million.
- Earnings per share (EPS) before and after dilution amounted to SEK -0.02 (-0.56).
- Cash flow from operating activities totaled SEK -36.4 (-44.1) million.
- Cash flow for the period totaled SEK 17.7 (-8.5) million.
The period January - June 2025
- Net sales amounted to SEK 4.8 (1.6) million.
- Operating result (EBIT) of SEK -91.9 (-121.2) million.
- Profit after tax of SEK -93.4 (-121.7) million.
- EPS before and after dilution amounted to SEK -0.04 (-4.33).
- Cash flow from operating activities totaled SEK -85.4 (-125.9) million.
- Cash flow for the period totaled SEK 61.3 (-61.1) million.
Significant events during the quarter
- Five contracted instruments during the quarter, total fleet of 14 ASTars (2024: 4, Q1 2025: 5, Q2 2025: 5), on track to achieve 30 - 40 instruments by end 2025.
- Five major U.S. institutions presented ASTar-related posters at ASM Microbe 2025, including Quest, Baylor Scott & White, Memorial Sloan Kettering Cancer Center, PennState University, and GWU.
- Capital raise was successfully completed in May for SEK 250.3 million after transaction costs.
- Johan Bygge was elected Chairman of the Board and Sebastian Backlund was elected to the Board.
- The Annual General Meeting resolved, among other things, on the extension of loan from a large shareholder as well as on the reverse share split and reduction of share capital in accordance with the Board's proposal.
Significant events after the end of the period
- EMEA consumables orders totaling 420 KSEK from UK and new Italian sites coming online.
- Q-linea signs agreements with two major pharmaceutical manufacturer to sponsor development of new antibiotics on the ASTar platform.
- The ASM released strong recommendations for US hospitals to adopt rapid diagnostics for bloodstream infections.
Comments by the CEO
Building momentum
Accelerating commercial activity
Q2 2025 marked a significant step forward in Q-linea's commercial progress as we continue to gain traction with ASTar®, our flagship rapid AST platform. From expanding our installed base to securing independent clinical validation across key markets, we are transitioning from clinical curiosity to customer adoption.
Strong placements and growing pipeline
Our top priority is building the ASTar installed base to drive long-term recurring revenue. In Q2, we secured five new contracted instruments, bringing our total to 14 placements. We remain on track to achieve 30-40 placements by year-end and see potential for 60-90 more units in 2026, supported by an expanding pipeline.
The U.S. had a particularly active quarter, with five new evaluations and more scheduled following ASM Microbe in June. We are now engaged in five contract discussions, including multi-site and multi-system opportunities. Planning is also underway with a major national reference lab network, with six locations prioritized for initial implementation. Additionally, we held constructive meetings with all the other leading U.S. national reference labs.
Italy continues to lead in clinical adoption, with five new placements this quarter and eight since January. The country is emerging as a reference market for ASTar and rapid AST more broadly. Notably, we secured our first-ever "direct-to-validation" contract in Italy, bypassing the traditional in-lab evaluation - a strong endorsement of ASTar's credibility. We are also awaiting the outcome of the nine-lab Tuscan tender expected in July.
Looking ahead to Q3, we expect the ten contracted systems from H1 to go live and begin generating consumables revenue. While there is a natural lag between contracting and revenue generation due to installation and training, each new deployment improves our ability to optimise time and resource needs as we solve for the various lab information systems and workflows.
Expanding commercial footprint
International expansion is progressing steadily, with commercial activity underway across Europe and the Middle East. Following strong interest at ESCMID (Europe, April) and CACMID (Canada, May) conferences, we've initiated early discussions with potential partners in India, broader Asia, and Canada.
Leading the field
ASTar was featured in seven posters at ASM, five of which were authored by top U.S. healthcare institutions. This level of independent clinical evidence is unmatched in our field and reinforces ASTar's credibility.
Our multi-site LIFETIMES study continues to deliver compelling results: ASTar provides results more than 30 hours faster than current standard of care, enabling optimized treatment 1.3 days sooner. Most notably, nearly one in three patients experiences a treatment change based on ASTar results - a clear demonstration of clinical impact.
Meanwhile, the competitive landscape is starting to clarify. We anticipate the market will mature with 2 - 3 established players in rapid AST, and ASTar already stands out as the most complete solution across workflow, clinical performance and economic criteria. Some competitors appear to be pausing to regroup and evaluate their market approach as the race accelerates.
Securing resources for growth
In May, we successfully completed our 250 MSEK rights issue, with over 90% participation. This strong investor support provides the financial flexibility to expand our commercial presence and selectively invest in innovation. We remain committed to pursuing non-dilutive funding to support our long-term goals.
We extend our sincere thanks to Erika Kjellberg Eriksson for her leadership as Chair since 2018 and to our outgoing Board members Finn Albrechtsen and Hans Johansson for their important contributions.
We're pleased that Öresund, a respected Swedish value investor, has increased their stake and will take a position on our Board. We also welcome Johan Bygge as our new Chair - his experience and track record in delivering shareholder value will be invaluable. Additionally, Natalie Brown has joined Q-linea's Executive Management Group, further strengthening our leadership team.
Q-linea's transformation from a development-stage company to a trusted partner for hospitals and labs is taking shape.
Uppsala, 9 July 2025, Stuart Gander, CEO
The report has been prepared in a Swedish original and an English translation. In the event of any discrepancies between the two, the Swedish version is to apply. This report has not been reviewed by the auditor of the Company.
Presentation
Q-linea invites investors, analysts and the media to an audiocast and teleconference (in English) today, 10 July 2025, at 1:00 to 2:00 p.m. (CEST). CEO Stuart Gander and CFO Christer Samuelsson will present Q-linea, comment on the interim report for the January to June 2025 period and respond to questions.
To participate via webcast, please visit the following link: https://q-linea.events.inderes.com/q2-report-2025
There will be an opportunity to ask questions in writing at the webcast.
If you would like to ask questions verbally via conference call, please register at the following link:
https://events.inderes.com/q-linea/q2-report-2025/dial-in
You will receive a telephone number and a meeting ID to log into the conference call after registering. There will be an opportunity to ask questions verbally during the conference call.
For more information, please contact:
Stuart Gander, President & CEO, Q-linea
Stuart.Gander@qlinea.com
+1 857 409 7463
Christer Samuelsson, CFO /IR, Q-linea AB
Christer.Samuelsson@qlinea.com
+46 (0) 70-600 15 20
About Q-linea
Q-linea's rapid AST system, ASTar®, accelerates and simplifies the time-sensitive workflows faced during the treatment of patients with bloodstream infections and sepsis. Hospitals use ASTar to vastly reduce the time to optimal antimicrobial therapies and ensure that patients receive the correct treatments sooner - when time matters most. We are helping to create sustainable healthcare, now and in the future, and safeguard the effectiveness of antibiotics for generations to come.
Q-linea is headquartered in Uppsala, Sweden and has regional offices in Italy and the USA, with partnerships worldwide.
ASTar Instrument and ASTar BC G- Consumable kit are CE-IVD marked and FDA 510(k) cleared. For more information, please visit www.qlinea.com
This information is information that Q-linea is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-07-10 07:30 CEST.
