Miris (MIR) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2025 reached 4.6 MSEK, a 28% increase year-over-year, with recurring revenues up 24% and instrument sales up 37%.

• Result after tax improved by 35% to -1.9 MSEK compared to Q1 2024, with a positive monthly result in March.

• Strong growth in order inquiries (up 31% year-over-year) and service contracts (up 68%).

• No competitors with equivalent regulatory-approved human milk analyzers globally; Miris HMA® is FDA-approved and ISO 13485:2016 re-certified.

• Notable new orders from Hong Kong, USA, New Zealand, Canada, and Sweden, with repeat business from existing Swedish customers.

Financial highlights

• Net sales: 4,585 tkr (Q1 2024: 3,582 tkr).

• Result after tax: -1,925 tkr (Q1 2024: -2,953 tkr).

• Operating result: -1,660 tkr (Q1 2024: -2,660 tkr).

• Cash at period end: 22 tkr; full use of 5 MSEK credit line.

• Earnings per share: -0.013 SEK (Q1 2024: -0.154 SEK).

Outlook and guidance

• Company expects to reach cash flow positivity in 2026, supported by growing recurring revenues and order pipeline.

• Sales forecast for 2025 and 2026 is based on strong order inquiry trends.

• Capital injection from a 13.6 MSEK rights issue is expected to secure liquidity through the transition to profitability.