Gradientech: Interim report January–March 2025

Gradientech AB (publ) interim report for Q1 2025 is now available on the company's website www.gradientech.se.

First quarter 2025

• Net sales amounted to SEK 943 thousand (485).
• Net profit/loss amounted to SEK -18,950 thousand (-15,648).
• Earnings per share before and after dilution were SEK -0.63 (-0.68).
• Cash flow from operating activities amounted to SEK -19,916 thousand (-14,813).
• Cash and cash equivalents amounted to SEK 35,571 thousand (21,336) as of March 31, 2025.
• Equity amounted to SEK 47,905 thousand (32,800) as of March 31, 2025.
• Gradientech announced in January to have started its third FDA 510(k) clinical study site in the US for the QuickMIC® system to ensure comprehensive clinical data collection for the regulatory FDA submission of the QuickMIC system and its gram-negative CSLI panel.
• In the beginning of February Gradientech announced the outcome of the new issue of shares with preferential rights for existing shareholders, resolved by the board on 17 December, 2024. The rights issue was fully subscribed, which meant that Gradientech received approximately SEK 60.6 million before deduction of issue costs. Part of the issue was registered on 11 February and affects the first quarter’s cash flow by SEK 31.7 million before deduction of issue costs. The registration increased the number of shares by 1,813,908 shares and the share capital by SEK 181,390.80. The registration meant that the share capital as of 31 March 2025 amounted to a total of SEK 3,068,108.10 and the number of shares to 30,681,081. For the second part registration, see further below under “Significant events after the end of the period”.
• Gradientech announced at the end of February that a.d.a. SRL, its exclusive distributor for the Italian market, is starting a multicenter study in the Milan area of Italy for the QuickMIC® system. The multicenter study will be performed at four hospitals in collaboration with the Italian Society for Clinical Microbiology (AMCLI) and aims at developing new recommendations for rapid AST for Italian healthcare.
• Gradientech announced in March that the company will present new study data from clinical, real-world evaluations with its QuickMIC® system for ultra-rapid antibiotic susceptibility testing (AST) at ESCMID Global 2025 in Vienna, Austria, April 11th-15th.
• During March Gradientech announced that Mark Lischeid was appointed as the company’s new Sales Manager for Central Europe. Mark has extensive knowledge from strategic sales and commercial organisations, with over 25 years of experience in the diagnostic sector.

Significant events after the end of the period

• In the beginning of April Gradientech announced that its new CU product that comes with its already award-winning QuickMIC® system has received the prestigious Red Dot Design Award: Product Design 2025.
• On 7 April, 2025, the second of two registrations was carried out with the Swedish Companies Registration Office regarding the rights Issue decided by the board on December 17, 2024. After the second registration, the cash flow of which affects the second quarter of 2025, the share capital amounts to SEK 3,233,123.20 and the number of shares to 32,331,232.
• Gradientech announced at the end of April that Prof. Gian Maria Rossolini, Professor of Microbiology and Clinical Microbiology at the University of Florence, joins as a new member of the company’s prominent international Scientific Advisory Board.

CEO statement

In April, over 15,000 clinicians, researchers, laboratory personnel and industrial players from nearly 150 countries gathered at ESCMID Global, the year’s largest congress in infectious diseases and clinical microbiology. We put a lot of effort into preparing ESCMID congresses, both the exhibition and booking meetings with existing and potential new customers, distributors, industrial players and suppliers. ESCMID Global is an important sales channel, and in addition, we send the important message that Gradientech is an international diagnostics player when we exhibit together with the major industrial players within the market. From this year’s congress in Vienna, we bring with us contacts from nearly 400 visits to our exhibition stand, and the realisation that rapid AST is becoming a well-known product category in clinical microbiology laboratories in general, not just the most innovation-oriented ones.

Our American distributor Hardy Diagnostics has begun preparations for a market introduction of the QuickMIC system in the US. Earlier this year, we had one of Hardy Diagnostics’ service engineers from the USA with us for a few weeks for complete training on instrument service and basic application support. This is an important first cornerstone as Hardy personnel can now help with support and installations of new instruments at the hospitals that perform tests as part of our ongoing clinical studies in the US. Our next major goal in the clinical studies is in mid-autumn to submit our application to the FDA on bacterial isolates as sample type. The study with blood culture samples is larger in scope. In connection with this, the plan is to introduce the QuickMIC system on the US market already this autumn. This will then be done with the restriction that the test results will not be used for diagnostic use and patients.

Clinical microbiology laboratories are rarely cinematically white and spacious, the reality is rather the opposite with a lack of bench space and well-stocked premises. In short, modular instruments that take up little space are highly preferred. We have therefore developed an integrated screen solution, QuickMIC CU (control unit), which replaces the need for an external computer and barcode scanner for our QuickMIC instruments. We took the opportunity to showcase the CU product in our exhibition stand at the ESCMID congress and the reception was warm ahead of our planned launch later in 2025. As a further testament to its success, our new CU was recently awarded the Red Dot Design Award 2025, one of the world’s leading industrial design awards, which is awarded to products that excel in functionality, user-friendliness, aesthetic expression and sustainability. We are delighted to add the award to our previous industrial design awards and to participate in the festivities in Essen, Germany this summer together with product developers from all corners of the world.

Finally, in addition to the Annual General Meeting on May 21, we have invited you, our shareholders, to listen to a digital company update. We hope to see you at one of these events!

Sara Thorslund, CEO Gradientech

For further information, please contact:
Sara Thorslund, PhD, CEO          
Tel: +46 736 29 35 80                  

Urban Adolfsson, CFO
Tel: + 46 708 20 72 09

About Gradientech
Gradientech is a leader in ultra-rapid antibiotic susceptibility testing, developing next-generation diagnostics for infectious disease medicine. Our product QuickMIC®, classified as a breakthrough device by the U.S. Food and Drug Administration, contributes to the effective management of sepsis patients by supporting antibiotic treatment decisions in record time. This helps save lives, reduce healthcare costs, and combat the spread of antibiotic resistance – one of our greatest global health threats. Gradientech is headquartered in Uppsala, Sweden. Visit www.gradientech.se for more information.