Boule Diagnostics Interim Report Q3 2026

Quarter July-September 2026

• Net sales amounted to SEK 96.2 million (127.2), corresponding to a decrease of 24.4 percent. Organic sales growth amounted to -19.4 percent, exchange rate effects amounted to -5.0 percent.
• The number of instruments sold decreased by 56.5 percent to 363 (834).
• Gross profit amounted to SEK 39.5 million (52.4), corresponding to a gross margin of 41.1 percent (41.2).
• Adjusted operating profit amounted to SEK -4.5 million (12.0), corresponding to an adjusted operating margin of -4.7 percent (9.4).
• Non-recurring items had a positive impact of SEK 7.3 million (4.7) on operating profit for the quarter, attributable to the reversal of a previous impairment of the Group’s assets in Russia.
• Operating profit amounted to SEK 2.8 million (16.7), corresponding to an operating margin of 2.9 percent (13.1).
• Profit for the period amounted to SEK -2.5 million (10.9).
• Earnings per share before and after dilution amounted to SEK -0.06 (0.28).
• Operating cash flow amounted to SEK 6.9 million (1.0).
• The Group’s available cash and cash equivalents, including unutilised overdraft facilities, amounted to SEK 21.6 million (36.6) as of September 30.

Comments from the President and CEO

The third quarter was my first full quarter as CEO of Boule. It has given me a clear picture of both the company’s strengths and the challenges we need to deal with. Sales for the quarter were significantly weaker than we expected, mainly due to a sharp decline in instrument sales, while our recurring business in reagents and OEM developed steadily.

Operational and market performance
The Group’s net sales decreased by 24.4 percent compared to the same period last year, of which the organic decline amounted to 19.4 percent. The main explanation is instrument sales, where the number of instruments sold decreased from 834 to 363. The decline has two causes. A shortage of components has limited our delivery capacity, which primarily affected 3-part human instruments and 4-part veterinary instruments and meant that orders could not be delivered within the quarter. At the same time, demand was weak during the quarter, especially for 5-part human instruments and 5-part veterinary instruments, where we see restraint in several markets among both public and private customers. Restrictions in payment and currency flows in certain markets in the Middle East and Africa have further affected the development.
The component shortage has not been solved. We are working actively with our suppliers and with production planning, but we believe that there is a risk that the disruptions may also affect the fourth quarter.
In light of these challenges, it is gratifying to see that sales of consumables to our installed base of instruments are showing stability, with good development in Latin America and Southeast Asia, among other countries. The OEM business also contributed stably with sales of SEK 29 million during the quarter. The increased share of consumables and OEMs in the sales mix contributed to the gross margin being maintained at 41.1 percent, in line with the previous year, despite significantly lower volumes. The recurring business thus provides a stable foundation in a period when instrument sales are weak.
The order backlog at the end of the quarter amounted to SEK 76 million (55) and consists partly of orders that could not be delivered due to the component shortage.
Financial performance
Group sales amounted to SEK 96 million, compared with SEK 127 million in the previous year. The development was mainly affected by negative organic growth of -19.4 percent and negative currency effects of -5.0 percent.
Gross profit amounted to SEK 39.5 million, corresponding to a gross margin of 41.1 percent, compared to 41.2 percent last year.
Adjusted EBIT for the quarter amounted to SEK -4.5 million, compared to SEK 12.0 million last year, corresponding to an adjusted operating margin of -4.7 percent. The lower sales are the main reason for the deterioration, while operating expenses were in line with the previous year.
Operating cash flow was positive and higher than last year, mainly due to lower accounts receivable, while inventory build-up due to supply chain disruptions had a negative effect. Available cash and cash equivalents at the end of the quarter amounted to SEK 21.6 million, compared to SEK 36.6 million in the previous year.

Focus ahead
The outcome of the quarter and our liquidity situation require clear priorities. Our first priority is to secure the supply of components, so that we can deliver on the existing order backlog and restore the delivery capacity of our instruments. Our second priority is to continue to develop the recurring business in reagents and OEM, which today forms a solid foundation for the company.
With regard to the company’s liquidity situation, management and the Board of Directors are actively evaluating the opportunities to strengthen the company’s financial position in order to create good conditions for continued operations.
In parallel, we continue to work on costs and working capital. After the end of the period, we have also updated the license agreement with Q-Line Biotech for the Indian market.
I would like to thank our employees for your commitment during a demanding quarter and our customers, partners and owners for your continued confidence in Boule Group.

Johan Folkunger
CEO 
Boule Group