Egetis Therapeutics

Mendus

Medivir

Genovis

Bioinvent International

Karolinska Development

Saniona

Q-linea

- ASTar is still experiencing long sales cycles in the European market
- ASTar is still not proven on the crucial US market 
- Q-linea has not established a new commercial partner after Thermo Fisher.

- ASTar is approved and clinically proven both in the US and in Europe
- ASTar is a fully developed system
- Q-linea is validated both clinically, regulatory and commercially following the earlier partnership with Therma Fisher.

- Q-linea is still far from break-even sales 
- Q-linea has limited access to growth capital and the current rights issue is very important. 
- Sales cycles are long, especially in Europe.

- ASTar is a fully developed system
- ASTAr is addressing a very large global market
- THe US market is likely to be significantly more dynamic and receptive compared with the European market.

- Q-linea has a substantial OPEX base, and the company is still far from break-even 
- Earlier sales target has not been achieved
- The senior management team has a limited shareholding

- Q-linea is transparent and the company has a strong leading owner in Nexttobe
- ASTar is a fully developed solution
- ASTar is addressing the more significant part of the market based on medium and larger hospitals and labs.

The US market is a significant part of Q-linea’s future sales ambitions, and the key channels are;
&nbsp;
<ul>
<li>National Reference Lab Networks</li>
<li>IDNs and Regional Reference Lab Networks</li>
<li>Large Independent Hospitals / Labs</li>
</ul>
&nbsp;
All these channels are in the process of contributing, and Q-linea has already established a pipeline that includes 250+ engaged labs, with over 60 in active ASTar discussions.
&nbsp;
Q-linea’s objectives will be driven by installations and reaching the stage where each installed ASTar contributes with at least 1,000 tests yearly. The ambitions for 2025 and 2026 include the following:
&nbsp;
<ul>
<li>At least five contracts are expected in Q1 2025 (four have already been confirmed).</li>
<li>30+ ASTar instruments contracted by end-2025, supporting over 30,000 annual tests.</li>
<li>At least double the 2025 level of contracted instruments, or 60 – 90 units in 2026</li>
<li>The average recurring revenue of SEK is 1.2 – 1.8m per installed ASTar, with a run-in period of two to three months following the installation.</li>
</ul>
&nbsp;
&nbsp;
Q-linea also refers to a cash need of less than SEK 15m per month through 2025 to reach breakeven during 2027, as communicated previously. Q-linea has identified 1,200 – 1,600 labs best suited to the current ASTar proposition. At this stage, the company has engaged with over 250 of these labs, covering about 25% of US AST bloodstream infection test volumes.
&nbsp;
When comparing our estimates and base case, these targets correspond very well with our base case. From now on, securing further market reach by extending the sales resources (partners and networks) will be very important, as will the ability to ensure a positive outcome of network site-specific evaluations (the technical assessment is already completed). We expect Q-linea to press release both the process of extending the sales partners exploring the established key sales channels and additional ASTar contracts.
&nbsp;
In terms of actual recorded sales and cash contributions from these contracts, there is also the vital process of supporting customers and securing a fast transformation into recurring clinical use. A timely and efficient post-installation process is a critical challenge in reaching a timely breakeven based on the current and future additional growth capital. Q-linea is also already exploring different venues to secure non-dilutive additional growth capital.
&nbsp;
The first test for executing this market update is to ensure a fifth contract during Q1 2025.