CLS continues toward the goal of becoming cash flow positive by 2026
2024 was a pivotal year for CLS, as the company adopted a sharper strategy and launched the full market rollout of its laser ablation system for neurosurgery. Revenue more than doubled, and the operating result improved. The company is now focusing on strengthening sales and continuing toward its goal of becoming cash flow positive within two years.
On February 21, Clinical Laserthermia Systems (CLS) published its year-end report, revealing a net revenue of SEK 18.8 million for 2024. This represents an increase of 127 per cent compared to 2023.
The company’s full-year result after financial items amounted to SEK -47.8 million, indicating improved cost efficiency compared to 2023, when the result was SEK -79.6 million. At the same time, the gross margin improved to 52 per cent.
Continued focus on neurosurgery
A key factor in the improved margin was the decision to concentrate operations on the neurosurgery segment, where the company sees the greatest potential for growth.
Within neurosurgery, CLS is focusing on the sales of the Prism Neuro Laser Therapy System in the U.S. for focal treatment of brain injuries. The market launch is being carried out in collaboration with the company’s partner, ClearPoint Neuro. According to CEO Dan Mogren, the collaboration continues to develop well:
– Our partnership with ClearPoint Neuro Inc. continues to thrive, with our ClearPoint Prism portfolio for MRI-guided laser ablation already being marketed and sold successfully in the U.S.
Strengthened financial position
The continued market establishment is being financed through a capital injection in the fourth quarter, where the company raised SEK 22.4 million through the exercise of series TO 7 B warrants and a directed share issue. At the end of the quarter, the company’s cash balance stood at SEK 22.5 million.
The company’s goal is to achieve positive cash flow by 2026. During the fourth quarter, CLS reported a negative cash flow of SEK -10.1 million.
Other key milestones
In 2024, the company also made clinical and regulatory advancements. The Prism system received ISO certification under the Medical Device Regulation (MDR), an important step toward obtaining CE marking in Europe.
Additionally, the company completed its clinical study program in urology and published data from a prostate cancer study at Radboud University Medical Center in a leading medical journal.
Moreover, CLS strengthened its board with two new members: Chairman Peter Max and board member Peter Mantas, both of whom bring extensive experience in corporate development.
CEO Dan Mogren summarises:
– As we enter 2025 with a proven track record and a clear focus on neurosurgery, improved financials, and a solid regulatory foundation, we are well-prepared to scale our business and are continuously working on attracting strategic long-term investors to support our goal to become cash positive in 2026.
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