Nel: Slowdown starting FY24
This morning, Nel has reported Q1 2024 revenue at NOK387m, which is 30% below consensus (NOK550m). This was also sequentially slower than in Q4 2023 (-28% QoQ), but still higher on an annual basis (+14% YoY). While customer deliveries slowed in Q1, Nel benefited from the renegotiation of Nikola's sNEL ASA develops diagnostic tests for early detection of diseases. Co.'s patented method is based on identifying disease-specific gene expression signatures from sample materials, such as blood. Co.'s products in development phase include MCItect, for patients with Mild Cognitive Impairment (MCI) aimed to detect Alzheimer disease within two years prior to onset of dementia, and ADtect, for the detection of mild to moderate Alzheimer disease, as well as one project in discovery phase, namely AMYtect, for brain amyloid detection.
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