Qlucore: Delayed CE approval suggests upcoming need for additional financing - Emergers

With BSI as Notified Body, Qlucore now expects to obtain CE certification for its Qlucore Diagnostics ALL application in February 2025. Qlucore now has four classification models ready for research use in Qlucore Insights, and just released promising results for the lung cancer diagnosis model. However, the CE certification delay pushes our expected sales ramp-up and positive cash flow one year into the future. Combined with the increasing costs stemming from a planned strengthening of the organization, the current SEK 69.7m cash position will likely not be sufficient to reach positive cash flow. With OPEX in 22/33 at SEK 49m, our model suggests that Qlucore will need to raise some SEK 50m in 2024/25. Adjusted for a rights issue we now find support for a fair value at SEK 20-26 (34-46) in 12-24 m.

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