• Reduced cost base following implementation of restructuring programme
• Ongoing regulatory process targeting 510(k)-clearance Episealer® MTP-System
• Largest distribution agreement to date in the US with Performance Orthopaedics of the Carolinas, Inc., an exclusive distributor for DePuy Synthes Reconstruction products for North Carolina and South Carolina

"During the first quarter, our transition towards a higher degree of distributor sales continued. Of course, this change has affected our sales negatively in the short term, but it is the right step to take to reach out on a broader scale and create the conditions for growth globally. We have aimed for a significantly lower cost base, and our personnel costs amounted to SEK 8.5m (11.8) during the first quarter, which is SEK 3.3m lower than the corresponding period last year. Adjusted for accounting technical effects from share-related programs, personnel costs amount to SEK 8.1m, which on a comparable basis is SEK 3.8m better than the previous year. Furthermore, we have a not inconsiderable share of regulatory costs, which we estimate will decrease significantly after 2024. Despite undergoing this transition, growth continues, and we are now positioning ourselves for continued growth through a distributor-focused organization. We ended the first quarter with a gross order intake growth rate of 41% on a rolling 12-month basis, and we continue to grow our customer base and improve our pricing, although the big lift we're aiming for is still ahead of us. We are expecting a continued cost reduction and a continued revenue increase," says Pål Ryfors, CEO Episurf Medical.
First quarter 2024 compared to 2023, Group
» Group net sales amounted to SEK 3.1m (2.5)
» Gross order intake amounted to SEK 2.7m (2.6)
» Loss for the period amounted to SEK -20.5m (-23.2)
» Earnings per share amounted to SEK -0.08 (-0.09)
Significant events during the first quarter 2024
» Results from up to 10 years follow-up of Episealer® patients were accepted for presentation
Significant events after the quarter
» Episurf Medical announced a partially secured rights issue of units of up to approximately SEK 120m and notice of Extraordinary General Meeting on 22 May 2024
» Episurf Medical enters into distribution agreement with exclusive distributor of DePuy Synthes, the orthopaedic arm of the Johnson & Johnson Group, for two US states