#Sweden #Stockholm #dermatology #Nevisense #SciBase

Company Overview

SciBase is a leading global medical technology firm focused on enhancing early detection and prevention in dermatology. Established upon over 20 years of research at Stockholm's Karolinska Institute, SciBase’s notable product is Nevisense, an innovative point-of-care platform that effectively integrates artificial intelligence with advanced Electrical Impedance Spectroscopy (EIS) technology. This union bolsters diagnostic accuracy, aiming to improve preventive skin health management and reduce healthcare costs.

Q2 2025 Financial Highlights

In the recently published interim report for the second quarter of 2025, SciBase achieved remarkable net sales of TSEK 8,791, marking a 32% increase in comparison to the same period last year. After adjusting for currency fluctuations, the sales growth surges to an impressive 40%. However, despite this significant growth, the company reported a loss after tax amounting to TSEK 26,589, relatively higher than the prior year's figure of TSEK 15,050.

Key metrics from the issued report include:

• - Loss per Share: SEK 0.08
• - Loss from Operating Activities: TSEK -20,466
• - Gross Margin: 66.2%, slightly lower than last year’s 69.1%.

Additionally, the sales volume of electrodes – a crucial product for the company – saw an increase of 30%, totaling 18,390 units sold in this quarter compared to 14,016 units during the previous period.

First Half Insights

For the first half of 2025, SciBase reported net sales of TSEK 17,648, up 39% from TSEK 12,699 in 2024, and a loss after tax of TSEK 54,100 compared to TSEK 25,911 in the prior year. These results indicate a broader trend of growth accompanied by financial challenges. The gross margin for this period also saw a slight decline to 68.4% from 69.5% in the previous year.

Significant Developments

During the quarter, several significant events unfolded, reflecting the company’s proactive approach:

• - Sales within the skin cancer segment in Germany grew by 5%, while the U.S. market for skin cancer experienced a remarkable increase of 308%.
• - A partnership was established through a Collaboration and License Agreement with Castle Biosciences to create diagnostics for dermatology. This collaboration included a directed share issue that raised approximately MSEK 30, with Castle Biosciences subscribing around MSEK 19.
• - A pivotal order was received from an Italian dermatology practice, marking an essential step in SciBase’s European expansion efforts, following the registration of Nevisense in Italy.
• - The launch of Nevisense version V was announced, featuring both hardware updates and new capabilities tailored towards skin cancer diagnostics and research.
• - A Nevisense Self-Pay Program was also introduced in the U.S., aimed at increasing patient access to Nevisense testing regardless of insurance limitations, enhancing the potential for better diagnostic care.

Future Growth Perspective

As SciBase continues to navigate through growth challenges, the company achieved a major milestone by surpassing 300,000 Nevisense melanoma detection tests used worldwide. Following the quarter's conclusion, additional key achievements were reported:

• - A new U.S. client, Palm Beach Dermatology Group, made an initial order for six Nevisense units.
• - A pilot program for Nevisense was launched at a leading university in Southeast Florida.

Conclusion

Looking ahead, SciBase remains committed to minimizing patient suffering through innovative technology in dermatology and aims to keep enhancing its product offerings and market presence. By focusing on both growth and sustaining operational capabilities, the company positions itself for a promising future despite the financial hurdles faced in the interim reporting period. The firm is dedicated to refining its strategies, ensuring long-term success in a competitive medical technology landscape.