This release is a summary of
The figures in parentheses refer to the corresponding period of the previous year. This interim report is unaudited.
Highlights in January–March 2024
- R&D pipeline with 28 (27) projects, the company concentrated on advancing projects already in phase 3. Implementation of the pay per treatment (PPT) business model expanded in several projects.
- Two new pharmaceutical companies became customers; additionally, in the biomedicine segment, a prototype order from a new customer for Modulight’s generic laser platform.
- Revenue was
EUR 1,059 (1,493) thousand. Revenue increased 4% quarter on quarter but decreased 29% year on year. - EBITDA was
EUR -1,314 (-1,429) thousand. Profitability improved due to improved efficiency despite increased investments in product development projects and geographical expansion. - EBITDA margin was -124.1 (-95.7) % of revenue.
- Operating result (EBIT) was
EUR -1,978 (-1,903) thousand. - Operating result (EBIT) margin was
EUR -186.8 (-127.5) % of revenue. - Earnings per share was
EUR -0.04 (-0.04).
Key figures
Group | 1–3/2024 | 1–3/2023 | 1–12/2023 1) |
Revenue | 1,059 | 1,493 | 4,025 |
EBITDA | -1,314 | -1,429 | -8,539 |
EBITDA-% | -124.1% | -95.7 % | -212.1% |
Operating result (EBIT) | -1,978 | -1,903 | -12,132 |
Operating result (EBIT) -% | -186.8% | -127.5 % | -301.4% |
Earnings for the period | -1,872 | -1,739 | -11,861 |
Earnings per share (EPS, EUR) | -0.04 | -0.04 | -0.28 |
Acquisition of fixed and intangible assets | -1,205 | -3,483 | -9,735 |
Free cash flow from operating activities | -2,519 | -4,912 | -18,274 |
Cash and cash equivalents 2) | 22,452 | 37,675 | 25,131 |
Net debt 2) | -16,444 | -29,811 | -18,586 |
Gearing ratio 2) | -30.5% | -45.3 % | -33.4% |
Equity ratio 2) | 87.0% | 86.6 % | 87.1% |
Headcount (FTE) 2) | 70 | 63 | 70 |
1) Audited
2) Figure refers to the end of the review period
Outlook for 2024
Seppo Orsila, CEO
Revenue in the first quarter amounted to
EBITDA was
At the beginning of the year, we have continued our work with several hospitals and clinics to expand the use of the PPT business model to various cancer treatments and treatments for age-related macular degeneration, for which we received an FDA approval in January last year. Our PPT model has grown in popularity, and customers who have adopted it are expanding their use of our services. The security audits related to the PPT model have gone faster, and based on the feedback we have received, the security of our cloud service has been excellently handled. At the beginning of the year, we also received the ISO 27001 information security management system certificate.
Our focus on expanding the business is in
At the beginning of the year, two new pharmaceutical companies joined our customers, one of them a major Japanese pharma. New customers may lead to growth in the product development pipeline in the future. We estimate that our co-operation will focus on the same cancer treatments where other customers are already using Modulight’s ML7710 cancer treatment platform. The first indications are likely to include brain, esophageal and lung cancers. Increasingly, customers are choosing our cloud-based technology for the same indications where we already work with one or more pharmaceutical companies. We are particularly happy to be able to take advantage of the diverse possibilities of our unique product platform and PPT business model with many new customers.
We continued to advance the 28 projects in our R&D pipeline. The customer projects that in 2023 progressed to research phase 3 are major investments for our customers and indicate that these projects have a good chance of progressing to the commercial phase. In the first quarter, we focused on promoting particularly these Phase 3 projects. The most significant progress in the development of the R&D pipeline is the accelerating expansion of PPT implementation in several indications and with several customers. In addition, our investments in the biolab will directly support the acceleration of product development for many customers and further strengthen our unique offering.
Our laser platform is also of interest to customers in laser-based microscopy used in biomedicine. In this segment, we received a prototype order from a new customer for both an existing production version and a future model.
A lot is also happening in ophthalmology, both in cancer and other indications. The FDA approval we have received for treatments for macular degeneration is also important for the future, as second- and third-generation drugs progress to widespread adoption and approval. Second and third generation photoimmunotherapy drug therapies are estimated to bring significant improvements in cancer treatment. In addition, we see new strategic opportunities in the development of drug delivery and substances.
Our previous investments in state-of-the-art laser technology and talent contribute to our opportunities for an increasing number of projects with significant commercial potential in the future. Our financial position allows us to maintain our research and development activities at a high level. This year, we will continue to focus on actions in line with our growth strategy, such as expanding our PPT model, advancing projects and leveraging technology more extensively in the short term, without forgetting long-term strategic opportunities. We believe that our actions and strengths in line with our growth strategy will contribute to our business returning to strong, profitable growth during our strategy period extending to the end of 2025.
Financial reporting in 2024
In 2024,
- Half-year report January–June 2024:
August 16, 2024 - Interim report January–September 2024:
October 18, 2024
Webcast
Questions are to be submitted in writing in the webcast portal. CFO
© Modular Finance, source