All time high Net Sales in 2024, 72% growth compared to last year
Group
The period in brief
| Q4 2024 | Q4 2023 | Full Year 2024 | Full Year 2023 | |
| Net Sales | 12 040 | 9 555 | 39 961 | 23 227 |
| Total revenue | 13 319 | 12 101 | 44 788 | 30 851 |
| Gross profit | 4 113 | 3 314 | 15 233 | 15 563 |
| EBITDA | -8 132 | -15 527 | -39 433 | -50 049 |
| EBIT | -9 088 | -16 076 | -42 191 | -54 161 |
| Result after tax | -8 500 | -22 043 | -44 042 | -61 276 |
| Cashflow from operating activities | -6 686 | -9 364 | -62 636 | -61 160 |
| Cash at the end of period | 31 402 | 25 063 | 31 402 | 25 063 |
| Earnings per share (SEK) | -0.04 | -0.13 | -0.20 | -0.37 |
| All numbers are kSEK | ||||
Jon Berg, CEO comments:
We ended 2024 on a very positive note. We have made substantial progress in our operations and extended our clinical studies. In addition, 2025 has started in an encouraging way.
BrainCool delivered 39 BrainCool System during the fourth quarter of 2024, which generated SEK 12.0 million in sales during the period. It is an all-time high and corresponds to an increase of 72 per cent compared to previous year as well as an increase of 36 per cent vs the third quarter. Sales included deliveries of single-use cooling pads.
The cost reduction program has progressed according to plan with the main focus on the single-use products for BrainCool/IQool System. The transfer from manual gluing to automatic robot gluing of pads was almost completed during the fourth quarter and we have more than doubled the production of pads to around 10 000 in 2024. Tools for injection moulding were installed, and injection moulding will be operational in the first quarter of 2025 which will further improve our gross margin.
The first program has had positive effect in terms of lower costs per produced unit and the gross margin has successively improved to 23.5 per cent in fourth quarter for BrainCool System including cooling pads. We expect to see continuously improved gross margins over the course of 2025. The effect is expected to be more pronounced from the second quarter 2025, with the aim to reach around 50 per cent during 2026.
We have lowered the overhead cost in the fourth quarter compared to the same period last year. In the quartal the overhead costs decreased with SEK 6.6 million corresponding to 35 per cent compared to the same period last year. For the full year overhead cost decreased by SEK 10.9 million corresponding to 17 per cent compared to 2023. The major part refers to the US organization and we expect to see further reduction in overhead cost as we close down US operations by the second quarter.
Our firm actions on cost in combination with increased gross profits have substantially improved the company's cash flow from operations including investments. The negative cash flow has decreased from SEK 25 million in the second quarter and SEK 17 million in the third quarter to SEK nine million in the fourth quarter.
BrainCool System received market approval in Malaysia in the beginning of the year. In Asia, the system has previously market approval in Thailand, Vietnam and South Korea. In the fourth quarter 2024 we delivered two BrainCool System to Vietnam and one to South Korea.
The pace of including patients in our two clinical studies has accelerated. The COTTIS 2 study engaged an additional two hospitals in Germany in November and the number of stroke patients that have been included in the study has increased to 22. The aim is to have at least 5 hospitals in the study in 2025. With the acceleration of patient inclusion in the study and additional centres to open, the first interim analysis in COTTIS 2 will be made possible during the second half of 2025.
The PRINCESS 2 study, which is sponsored by Karolinska Institutet, expanded the clinical study by adding three countries outside Sweden in December. Germany, Spain and Slovenia have now started including patients. Recently, the study was expanded to Austria and to date, 44 cardiac arrest patients have been included in the study.
Overall, we have stabilised our operations and organisation in the course of last year and I am optimistic about the outlook for further improvements during 2025. So far, we have received orders for 36 BrainCool System to be delivered in the first quarter. Cost of goods sold continues to be trimmed and overhead cost will decrease as the U. S organisation is closed down during the first six months of the year.
Increased sales and lower cost imply higher gross profits and better cash-flow. We are in the final phase of the investment program for BrainCool System. In addition, around SEK ten million will be released by lowering inventories in the first half of 2025. Together with other measures, BrainCool will be able to manage its cash position until the company shows overall positive cash-flow.
In conclusion, we foresee continued momentum in revenue growth and a substantially improved operating result in 2025.
Contact
For more information
Jon Berg - CEO
+46 722 50 91 19
E-mail: jon.berg@braincool.se
About Us
BrainCool AB (publ) is an innovative medical device company that develops, markets, and sells leading medical cooling systems for indications and areas with significant medical benefits within the healthcare sector. BrainCool AB (publ) is based in Lund, Sweden, and its share is listed on Nasdaq First North Growth Market, named "BRAIN".
Eminova Fondkommission AB is the company's Certified Adviser.
This information is information that BrainCool 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 2025-02-11 08:00 CET.
