Lifecare reported revenues of NOK1.3m (-75% y/y growth). The OPEX was elevated at NOK-32.1m compared to NOK-19.3m last year and NOK-21m last quarter. This led to a higher loss on the EBIT level than the previous quarter, coming in at NOK-32.6m, compared to NOK-12.6m one year ago. The end-of-year cash position amounted to NOK61.6m.

Since start of Q4 Lifecare has maintained a high activity issuing several press releases. Notably, it announced a five-fold increase in Sencell's glucose sensor sensitivity, achieved through a new generation of proprietary chemistry. The company expects Sencell’s MARD to surpass all currently available CGMs, potentially even falling below 8%. Additionally, the first implant in Lifecare's longevity study demonstrated durability, biocompatibility, and no adverse reactions over 12 weeks, supporting continued testing and future clinical trials for CE mark approval. Lifecare also submitted its phase-end report to Sanofi in Q4 2024, triggering development funding, which we estimate at cNOK0.5–1m.

While our view of the case remains largely unchanged following the year-end report, we find it warranted to update our 2025e/2026e forecasts to reflect a lower revenue and cost base compared to our previous assumptions. This, along with general model adjustments, revises our fair value range to SEK10–80 (previously 10–98), with a base case of SEK32 (36).