The first quarter in summary (January-
- Net sales totaled tSEK 63,457 (56,162) and increased by 13.0% (12.8%). Currency-adjusted net sales growth amounted to 11.1% (3.0%).
- Operating profit amounted to tSEK 13,843 (10,914), with an operating margin of 21.8% (19.4%).
- Adjusted operating profit totaled tSEK 19,599 (11,212) and adjusted operating margin was 30.9% (20.0%).
- The total number of paying subscribers at end of period was 893k (881k).
-
ARPU in the quarter totaled
SEK 276 (251). Currency-adjusted ARPU totaledSEK 271 (243). -
Earnings per share before and after dilution for the quarter amounted to
SEK 0.57 (0.44).
Important events during the reporting period
- On
January 23 , it was announced thatSleep Cycle is reorganizing and consolidating its operations to the head office inGothenburg . The company's CPO and CHRO,Samuel Cyprian and Cecilia Mikkov, chose not to relocate toGothenburg and will leave the company during the second quarter. -
On
February 26 ,Sleep Cycle adopted a new business strategy that focuses on user growth, user engagement, and creating new revenue streams through the company's technology and data. -
On
February 27 , it was announced thatPeter Alsterberg had been recruited to the newly created role of CCO. The newly created role increases the company's commercial focus. Peter took officeApril 8 . -
On
March 20 ,Sleep Cycle held a capital markets presentation where updated financial targets were presented. The new targets are a doubling of revenues in the mid-term and an annual operating margin of approximately 25%. The dividend policy remains unchanged.
Important events after the period end
- On
April 8 , it was announced that Petter Höglander had been recruited as CPO. Petter has a background in subscription-based businesses in the consumer sector. Petter took officeApril 15 . -
The Hans Skruvfors was elected as a new member of the Board of Directors at
Sleep Cycle's Annual General MeetingApril 11 . Rasmus Järborg andOlof Nilsson declined re-election. The AGM also resolved on a new warrant program and an ordinary dividend ofSEK 1.30 per share and an extraordinary dividend ofSEK 1.00 per share for 2023. -
On
April 12 , it was announced thatSleep Cycle has recruitedElisabeth Hedman as new CFO after the current CFO Per Andersson wished to continue his career outsideSleep Cycle . Elisabeth takes officeJune 1 .
Commenting on the quarter, CEO
"In the first quarter of 2024 revenues increased 13 % and we saw a stronger underlying growth compared to previous quarters, also adjusted for exchange rate effects. The efforts previously made to increase user acquisition continued to yield results and the number of subscriptions increased 1.4 % to 893 000 compared to the previous year. With an adjusted EBIT-margin of 31 % we are in a good position when gearing up for increased revenue growth".
"My focus now, and for the remainder of the year, is to execute the new strategy we presented in the first quarter. I am confident in the profitability of our business, and we will therefore increase the investments in three areas; user growth, user engagement and platform and data. With new investments in these areas, I am convinced we can increase the revenue growth and reach our targets".
This information offered is such that
The full interim report is available on https://investors.sleepcycle.com
Sleep Cycles CEO
For more information please contact:
Erik Jivmark
CEO
erik.jivmark@sleepcycle.com
Per Andersson
CFO
per.andersson@sleepcycle.com
Jonna Grenfeldt
PR and Communication
jonna.grenfeldt@sleepcycle.com
+46 70 735 7539
About
With millions of daily active users and over two billion nights analyzed in more than 150 countries,
https://news.cision.com/sleep-cycle/r/sleep-cycle-interim-report-january-march-2024-increased-underlying-growth-and-new-strategy,c3971966
https://mb.cision.com/Main/18579/3971966/2773565.pdf
(c) 2024 Cision. All rights reserved., source