Boule Diagnostics interim report Q1 2024

Tuesday 7 May 2024

Strong improvement in operating profit

Quarter January-March 2024

  • Net sales amounted to SEK 147.8 million (143.1), corresponding to an increase of 3.3 percent. Organic sales growth amounted to 5.4 percent, exchange rate effects amounted to -2.1 percent.
  • The number of instruments sold amounted to 1,377 (1,039), which is an increase of 32.5 percent.
  • The gross profit amounted to SEK 68.3 million (66.1), which corresponds to a gross margin of 46.2 percent (46.2).
  • The operating profit amounted to SEK 15.4 million (12.1), which corresponds to an operating margin of 10.5 percent (8.5).
  • Operating profit adjusted for non-recurring expenses (attributable to the change of CEO) amounted to SEK 19.1 million (12.1), which corresponds to an operating margin of 12.9 percent (8.5).
  • The profit for the period amounted to SEK 9.8 million (7.9).
  • Earnings per share before dilution amounted to SEK 0.25 (0.20) and after dilution to SEK 0.25 (0.20).
  • Cash flow from operating activities amounted to SEK 12.5 million (-9.0).
  • As of March 31, net cash amounted to SEK 40.9 million (62.6).

Comments by the CEO Torben Nielsen

Strong operating profit improvement

Despite challenging market conditions with uncertainties and geopolitical disturbance in some of our key markets, we had a good start to the year. Sales growth was 3.3% with organic growth of 5.4%. Western Europe and Asia delivered strong growth, US and Middle East was stable, while Africa and Latin America declined.

Gross margin was flat compared to last year 46.2% (46.2), with lower margins on continued deliveries to the strategic customer in India.

Operating expenses were in line with last year when including a one-time redundancy cost of SEK 3.7 million related to the CEO change. Excluding the one-time cost, the operating expenses decreased by 7%. Operating margin improved by 2 percentage points to 10.5% (8.5). Excluding the one-time cost the operating margin improved by 4.4 percentage points to 12.9% and operating profit increased with 58%. Cash flow from operating activities improved to SEK 12 million (-9). Liquidity strengthened in the quarter and cash and cash equivalents were SEK 41 million. Cash and available credit facilities amounted to SEK 100 million.

My first impressions as a new CEO

During my first 16 days, I was struck by the fact that Boule is a company with a good team focused on delivering great customer experience every day. The company enjoys strong brand recognition and a loyal customer base which makes a good foundation for future growth.

Within R&D, Boule has in recent years mainly focused on the development of a new 5-part instrument platform BM900. Based on our current timeline we expect that the instrument will be submitted for validation during the second half of 2024. However, FDA has requested more extensive test samples than initially planned and we now expect an FDA approval and CE marking to be completed during the second half of 2025. With this timeline we expect the first sales from our new platform BM900 to be reported in beginning of 2026.

Strategic direction

We remain committed to continue our relentless focus on meeting and exceeding the expectations of our customers, strengthening our market presence, develop innovative quality products and to drive cost efficiency.

Over the next few months I will be working with my team to review the current strategy together with the board, an update of what this work leads to will be presented later.

Please follow this link to attend!

For more information, please contact:
Torben Nielsen, CEO and Group President, Boule Diagnostics AB,

Holger Lembrér, CFO, Boule Diagnostics AB, phone +46 (0)72 230 77 10,

About Boule Diagnostics AB (publ)

Boule Diagnostics AB (publ) is a global diagnostics company specializing in near-patient, decentralized blood diagnostics and one of the few companies in the global diagnostics market that conducts its own development, manufacturing and marketing of instruments and consumables for blood diagnostics. The Company primarily serves hospitals, clinics, laboratories and other diagnostics companies to which it offers complete systems for blood diagnostics (hematology) in both the human and veterinary areas. Boule has strong positions in important emerging markets such as in Asia and in recent years has improved its position in the fast-growing veterinary market. Operations are conducted through operating subsidiaries in Sweden, the United States, Mexico and Russia. The Group reported net sales of SEK 571 million in 2023 and has more than 200 employees. Sales are conducted globally, predominantly through the company’s 200 or so distributors in over 100 countries, supported by Boule’s own local sales and service personnel. Boule has been listed on Nasdaq Stockholm since 2011.

This information is information that Boule Diagnostics AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:30 CET on May 7, 2024.

Interim Report Q1 2024

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