Eevia Health Plc Reports Mixed Q1 2024 Results Amid Restatements and Market Challenges
Sammanfattning
Eevia Health Plc's Q1 2024 report shows mixed results with a significant decrease in net sales and gross profit compared to Q1 2023. The company has made several accounting adjustments, including revenue recognition changes and inventory write-downs, impacting its financial performance. Despite these challenges, Eevia is exploring new collaborations and secured additional financing.Analysis of Eevia Health Plc's Q1 2024 Financial Report
Eevia Health Plc has published its restated Q1 2024 interim report, highlighting several key financial metrics and adjustments made to previous figures. The adjustments stem from accounting changes agreed upon with the company's auditor, including revenue recognition shifts, product development cost reversals, and inventory write-downs.
Key Performance Indicators (KPIs)
| Metric | Q1 2024 | Q1 2023 | Change |
|---|---|---|---|
| Net Sales (KEUR) | 671 | 1,710 | -60.7% |
| Gross Profit (KEUR) | 372 | 989 | -62.4% |
| Gross Margin (%) | 55% | 58% | -3 pp |
| EBITDA (KEUR) | -103 | 260 | -139.6% |
| Net Result (KEUR) | -387 | 17 | -2376.5% |
| Cash Flow from Operations (KEUR) | -254 | 162 | -256.8% |
| Debt Ratio (%) | Not provided | Not provided | — |
| Interest Coverage Ratio | Not provided | Not provided | — |
Comparison with Previous Reports
The following table shows how each KPI has changed over the quarters:
| Metric | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Net Sales (KEUR) | 317 | 671 | 111.7% |
| Gross Profit (KEUR) | 355 | 372 | 4.8% |
| Gross Margin (%) | 63% | 55% | -8 pp |
| EBITDA (KEUR) | -148 | -103 | 30.4% |
| Net Result (KEUR) | -388 | -387 | 0.3% |
| Cash Flow from Operations (KEUR) | 115 | -254 | -320.9% |
Conclusion
The adjustments in Eevia Health's financial accounts for 2023 and Q1 2024 have had a significant impact on the company's financial performance. The decline in net sales and gross profit, along with negative EBITDA and net results, indicate challenges in maintaining profitability. However, the company's efforts to secure additional financing and explore new collaborations, such as the potential partnership for the Retinari® eye-health product, show a proactive approach to addressing these challenges.
Investors should closely monitor Eevia Health's progress in executing its strategic initiatives and achieving operational efficiencies to improve financial performance in the coming quarters.
