Sleep Cycle interim report April – June 2024: Laying the foundation for continued sustainable and profitable growth
The second quarter in summary (April-June 2024)
- Net sales totaled tSEK 65,442 (57,952) and increased by 12.9% (11.0%). Currency-adjusted net sales growth amounted to 10.5% (1.1%).
- Operating profit amounted to tSEK 20,964 (12,732), with an operating margin of 32.0% (22.0%).
- Adjusted operating profit totaled tSEK 20,964 (17,265) and adjusted operating margin was 32.0% (29.8%).
- The total number of paying subscribers at end of period was 898k (877k).
- ARPU in the quarter amounted to SEK 282 (263). Currency adjusted ARPU was SEK 277.
- Earnings per share before and after dilution for the quarter amounted to SEK 0.84 (0.51).
Important events during the reporting period
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 office April 15.
Hans Skruvfors was elected as a new member of the Board of Directors at Sleep Cycle’s Annual General Meeting April 11. Rasmus Järborg and Olof Nilsson declined re-election. The AGM also resolved on a new warrant program and an ordinary dividend of SEK 1.30 per share and an extraordinary dividend of SEK 1.00 per share for 2023.
On April 12, it was announced that Sleep Cycle has recruited Elisabeth Hedman as new CFO after the current CFO Per Andersson wished to continue his career outside Sleep Cycle. Elisabeth took up her position on June 1.
Important events after the period end
No significant events took place after the end of the period.
Commenting on the quarter, CEO Erik Jivmark says:
“We close the second quarter with continued revenue growth of 13 percent and an operating margin of 32 percent. This is an increase of 3 percent from the first quarter and an increase of 13 percent from the previous year. The growth comes from the increase in the number of subscribers in recent months, but also from the fact that we have managed to grow our existing partnerships.”
“With the recruitment of Elisabeth Hedman and Petter Höglander, the management team is now complete, and I see that our collective expertise makes us well equipped for Sleep Cycle’s next phase. We have a strong team in place to continue our growth journey and as we now enter the third quarter, we have a clear idea of our priorities and what we need to achieve in the periods ahead.”
The full interim report is available on https://investors.sleepcycle.com
Sleep Cycles CEO Erik Jivmark and CFO & Head of IR Elisabeth Hedman will give a presentation on Friday 26 July at 9:30 CET. The presentation can be followed on https://ir.financialhearings.com/sleep-cycle-q2-report-2024/register. Written questions can be sent in to the webcast.
This information offered is such that Sleep Cycle AB is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the care of the below contact person, for publication on 26 July 2024 at 8:30 CET.
For more information please contact:
Elisabeth Hedman
CFO & Head of IR | [email protected]
Erik Jivmark
CEO | [email protected]
Jonna Grenfeldt
PR and Communication | [email protected]
+46 70 735 7539
About Sleep Cycle
With millions of daily active users and over two billion nights analyzed in more than 150 countries, Sleep Cycle is the leading sleep tracking application and one of the most widely used solutions worldwide to improve sleep health. Sleep Cycle’s mission is to improve global health by empowering people to sleep better. Since its launch in 2009, Sleep Cycle has helped millions of people understand their sleep habits and improve their sleep. The mobile application helps users fall asleep more easily, tracks and analyses sleep during the night, wakes the user in a light sleep phase and provides insight into how sleep quality is best improved. Sleep Cycle is one of the world’s most comprehensive sources for statistics on sleep and contributes to research and reporting on sleep worldwide. Sleep Cycle is listed on Nasdaq Stockholm under the ticker SLEEP. The head office is located in Gothenburg, Sweden.
