Marinomed Biotech AG Reports Preliminary Financial Figures for H1 2024

Marinomed Biotech AG (VSE:MARI) announced a revenue decline of 53% for the first half of 2024, amounting to EUR 2.5 million compared to EUR 5.2 million in H1 2023. The drop is attributed to high inventory levels at partners and fewer orders. Despite this, Q2 revenues more than doubled from EUR 0.7 million to EUR 1.7 million.

The company's operating result (EBIT) was EUR -3.2 million, a slight increase in losses compared to EUR -2.9 million in H1 2023. Cash and cash equivalents dropped to EUR 0.9 million by June 30, 2024, from EUR 2.6 million at the end of 2023. Consequently, court restructuring proceedings without self-administration were initiated on August 14, 2024.

New partnerships and product developments, such as Carragelose expansion and Coldamaris Allergie nasal spray, underscore the company's ongoing efforts to stabilize and potentially grow revenue. Marinomed is also engaged in negotiations with investors to secure liquidity and maintain operational stability during the restructuring process.