New share issue fully subscribed, reduced burn rate and additional customer buys Qlucore Diagnostics
Second quarter, 1 August - 31 October 2025
- Net sales amounted to SEK 1,792k (1,855k).
- Operating result (EBIT) amounted to SEK -23,135k (-6,007k) of which non-cash items amount to SEK -19,497k.
- Net result for the period amounted to SEK -23,212k (-5,951k).
- Earnings per share before dilution amounted to SEK -0.78 (-1.48). Earnings per share after dilution amounted to SEK -0.78 (-1.48).
- Cash flow from operating activities amounted to SEK -4,793k (-6,145k).
- Net cash flow amounted to SEK 8,965 (-9,537k).
- The rights issue has provided a net contribution of approximately SEK 14.3m.
- Intangible assets amounting to approximately SEK 19,542k have been discarded.
- Subsequent events: Qlucore Diagnostics has been sold to Sahlgrenska University Hospital.
First half year, 1 May - 31 October 2025
- Net sales amounted to SEK 2,603k (3,530k).
- Operating result (EBIT) amounted to SEK -29,686k (-13,627k) of which non-cash items amount to SEK -19 484k.
- Net result for the period amounted to SEK -29,831k (-13,480k).
- Earnings per share amounted to -1.76 (-3.35) SEK. Earnings per share after dilution amounted to -1.76 (-3.35) SEK.
- Cash flow from operating activities amounted to SEK -2,866k (-3,665k).
- Net cash flow amounted to SEK 9,739k (-9,746k).
CEO's statement
With funding secured, we have continued to focus on completing cost-saving measures and executing the other two parts of the updated business plan. Firstly, continued work on developing new diagnostic tests within the framework of the EU-funded accelerator project. Secondly, increased market presence by establishing collaboration with various market players such as agents and distributors.
The work with cost savings, mainly through personnel reductions, was completed in October and is expected to have full effect in November. The cost savings during the second quarter are approximately 34 percent and for the first six months approximately 22 percent.
Net sales during the second quarter amounted to SEK 1,792 (1,855) k, which is a decrease of 3 percent. We now also report on the ARR measure for Qlucore Omics Explorer (annual recurring revenue) to provide a better accrual of revenue from multi-year deals. As of last October, ARR was SEK 9,705k (11,794k), compared to the previous quarter of SEK 10,019k. The reductions are due partly to increased competition from free solutions such as open-source projects (R and Python) and a result of prioritized development in the diagnostics area over a longer period.
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. In early August, we received the first order for Qlucore Insights with the lung model. The customer, Mubadala Health Dubai, ordered both the leukemia and lung cancer models, demonstrating the scalability of the solution. After the end of the period, Sahlgrenska University Hospital ordered Qlucore Diagnostics. Two major Nordic hospitals have purchased our solution to diagnose children with leukemia.
Our product, Qlucore Diagnostics, 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 cancers we focus on represent strategically important therapeutic areas with a high 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.
Global landscape
It is difficult to assess how the geopolitical situation and the weaker global economy have affected Qlucore's operations during the period. We are experiencing restrictive purchasing behavior. When possible, customers are also postponing renewal for a couple of months. Cuts in American research funding and the shutdown of the American government have had a negative impact on us.
Disposal
As the updated business plan is implemented, we are adjusting the value of our intangible assets. The adjustments are due in part to the postponement of development projects, the discontinuation of the Qlucore Omics Explorer cloud solution, and increased caution regarding long-term sales trends in the diagnostics area. The result has been negatively affected by approximately SEK 19,542k.
___________________
It is very satisfying that we have secured funding and can continue to develop the business.
Carl-Johan Ivarsson, CEO
Certified Advisor
FNCA Sweden AB
Web: www.fnca.se
Contacts
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 20 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 2025-11-27 08:30 CET.