Interim report January – March 2015

Substantially improved earnings and a new product area

Quarter January–March 2015

  • Net sales amounted to SEK 75.3 million (73.3), up 2.7 percent. Adjusted for changes in the USD and EUR exchange rates, this represents a decrease of 10.9 percent.
  • Cash flow from operating activities amounted to SEK -0.7 million (9.1).
  • Operating profit was SEK 8.9 million (6.3).
  • Net profit amounted to SEK 6.6 million (4.3).
  • Earnings per share before dilution amounted to SEK 1.40 (0.91) and after dilution to SEK 1.39 (0.91).

Significant events during the quarter

Strategic sale to region Östergötland

As already communicated, Boule beat off fierce international competition to win a contract for the procurement of blood cell counting instruments within primary care in Östergötland. The procurement comprised 35 instruments of the recently launched Swelab Alpha Plus generation of instruments. Installation will begin during the second quarter of 2015.

Significant events after the period

Initial delivery of the new generation of instruments

The new generation of instruments, a total of 20, were delivered according to plan at the beginning of May. Sales will gradually extend to more markets as registration approvals are obtained.

New product area

At the beginning of the second quarter, Boule started to develop a new product area – clinical chemistry – to be sold alongside Boule’s current products in the company’s global distribution network. It is anticipated that the sale of these products could begin during 2015.

Comments from the CEO

Turnover and earnings

Turnover for the first quarter rose 2.7 percent compared to the corresponding quarter in 2014, amounting to SEK 75.3 million. Adjusted for exchange rate fluctuations, this represents a decrease of 10.9 percent.

Short-term variations in our customers’ demand for instruments can be ascribed to the fact that investments and procurements are not evenly distributed over time. The strength of our business model is that fluctuations in instrument sales become less noticeable as the proportion of sales of consumables increases. During the first quarter of 2015, consumables constituted just under 59 percent of Boule’s sales, compared to 52 percent during the first quarter of 2014. The increase in gross margin from 45.6 percent to 46.8 percent reflects both the increased proportion of consumables sold and a stronger US dollar.

Delivery of new products according to plan

It is pleasing to note that the new product generation is progressing as planned. It will gradually contribute to increased sales as the products are approved and rolled out in our distribution network over the course of the next few quarters.

Efficiency project P20

Profitability lies at the heart of our P20 efficiency project that was initiated in 2014 and will continue to run throughout 2015. The project covers all functions, from development to production and sales. The programme has contributed greatly to us increasing our operating income from SEK 6.3 million to SEK 8.9 million.

Broadened offerings supports growth strategy

Our growth target is that sales shall grow by at least 10 percent per year over a five-year period. We continuously evaluate opportunities to expand our offering within hematology with complementary products within and without the field of hematology. After the end of the reporting period, we started small scale development and marketing of new products in the area of clinical chemistry. The ambition is that these shall supplement our range of hematology products. It is expected that the first products will go on sale during 2015.


Boule continues to work on a broad front with strategies to achieve its financial targets, using efficiency programme P20 and new initiatives to broaden the company’s offering and strengthen our market position. The development during the first quarter has given us every reason to feel confident about our business model and our ability to implement our strategies.

Ernst Westman, President and CEO

For further information, please contact:

Ernst Westman 
President and CEO 
+46-8-744 77 00

Fredrik Alpsten 
+46-8-744 77 00

The information in this interim report is such that Boule Diagnostics AB (publ) is obligated to publish under the Swedish Securities Market Act. The information was submitted for publication in Swedish on May 12 at 16:30 p.m. (CET).


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