Eevia Health Plc Reports Mixed Q1 2024 Results Amid Restatements and Market Challenges
Eevia Health Plc has released its restated Q1 2024 interim report, reflecting adjustments following the annual audit and discussions with auditors. This article provides an in-depth analysis of the latest financial results and compares them with previous reports.
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.
Källa
Sammanfattning
Eevia Health Plc published a restated Q1 2024 Interim Report due to discrepancies between the 2023 statutory Financial Statements released on June 7 and the 2023 Year-End figures in the Interim Report Q1 2024 published on May 22. These discrepancies arose from accounting adjustments agreed upon with the company's auditor. The adjustments included recognizing revenue of 263 kEUR in January 2024 instead of December 2023, reversing 113 kEUR of product development costs from the balance sheet to the income statement in 2023, and an extraordinary write-down of 426 kEUR in inventory value. As a result of these adjustments, the Q1 2024 figures changed, increasing sales revenues and improving EBITDA for the quarter. Key financial metrics for Q1 2024 include net sales of 671 kEUR, gross profit of 372 kEUR, EBITDA of -103 kEUR, and a net result of -387 kEUR. Cash flow from operations was -254 kEUR. Additionally, Eevia is in discussions for potential collaborations and secured a credit line of 640 kEUR, drawing 265 kEUR in Q1 2024. The company also filed a final report for a business development grant and started negotiations for a contract manufacturing arrangement for 2025. Eevia Health Plc, founded in 2017, produces bioactive compounds from wild-harvested plants, primarily for dietary supplements and food brands. The company operates a green-chemistry production facility in Finland and is listed on the Spotlight Stock Market in Sweden. For more information, visit their website or follow them on LinkedIn.
