First quarter 2026 (January – March)

• Total revenue amounted to SEK 46.9 (62.7) million, a decrease of SEK 15.8 million corresponding to 25%.
• Net sales amounted to SEK 42.4 (59.1) million, a decrease of SEK 16.6 million corresponding to 28%. Adjusted for currency effects of SEK -5.9 million, net sales decreased by 17%.
• Operating loss amounted to SEK 7.2 (2.6) million.
• EBITDA amounted to SEK 4.1 (9.4) million with a margin of 8.8% (15.0%).
• Adjusted EBITDA amounted to SEK 4.9 million (9.4) with a margin of 10.5% (15.0%).
• Net loss for the period amounted to SEK 5.6 (4.7) million.
• Loss per share, before and after dilution, amounted to SEK 0.16 (0.13).
• Cash flow from operating activities amounted to SEK -7.4 (-12.1) million corresponding to SEK -0.21 (-0.35) per share.

CEO statement
The first quarter of 2026 was marked by continued progress in executing Bactiguard’s strategy, with a strong focus on deepening partnerships, advancing regulatory-related activities, and strengthening the foundations for long‑term growth.

Adjusted EBITDA for the quarter amounted to SEK 4.9 million, reflecting continued profitability in a period with lower revenues compared with the same quarter last year. The development was influenced by substantial negative currency effects, which reduced reported net sales by SEK 5.9 million and, in turn, affected profitability. At the same time, our disciplined cost base and scalable business model continued to support resilient EBITDA.

Total license revenues excluding currency effects amounted to SEK 30.2 million. While lower year on year, this reflects a combination of timing in the license business and a particularly strong comparison quarter last year. Importantly, the underlying fundamentals of our license model remain solid, supported by stable partner relationships, ongoing commercial activity, and continued expansion of the clinical and regulatory evidence base for our technology.

Our partnership with BD continues to develop positively. Although revenues in the quarter were lower than last year, the collaboration is progressing well and remains strategically important for both parties. Sales of Bactiguard‑coated products have now begun in parts of Europe, and preparations are underway for further expansion into additional European markets. The close and constructive dialogue between our teams, combined with increasing market presence, reinforces our confidence in the long‑term growth potential of the partnership.

For Zimmer Biomet, the first quarter represents the first reported period under the updated business setup for the ZNN Bactiguard trauma nail system. During the quarter, focus was on advancing the MDR transition in Europe and continuing postmarket clinical studies. These activities are essential to support future commercial development and to gradually increase transparency around inmarket performance. Beyond the operational progress, the collaboration with Zimmer Biomet is characterized by a strong and forward-looking working relationship, with shared commitment to strengthening both the clinical and regulatory position of Bactiguard-coated trauma implants.

The Wound Management portfolio generated revenues of SEK 18.2 million, excluding currency effects, which is lower than the strong first quarter last year but still represents a solid performance. Hydrocyn aqua remains the main contributor, supported by ongoing distributor onboarding, entry into additional markets, and encouraging feedback on demand and clinical relevance. We continue to see Wound Management as an important complementary growth driver with clear potential to deliver profitable growth over time.

A key priority during the quarter was continued investment in regulatory-related activities to support future market approvals. Clear and well defined regulatory pathways are central to our value proposition for both existing and new partners. Our work to clarify and advance regulatory routes, including those related to the US FDA, is aimed at reducing complexity, shortening development timelines, and increasing the attractiveness of Bactiguard’s technology across multiple therapeutic areas. In parallel, the ongoing MDR process with Zimmer Biomet remains a critical enabler for sustained growth in orthopedic trauma.

In addition, we maintained a high level of business development activity across our strategic therapeutic areas. Through broad engagement with potential partners, clinicians, and industry stakeholders, we continue to build visibility, validate interest, and progress early‑stage opportunities that support our long‑term growth ambitions.

Strengthening the leadership team
During the quarter, we also strengthened our leadership team to support the next phase of Bactiguard’s development. In addition to the existing competences in the management in our core technology areas, we have added Communications, Business Development & Alliance Management, Regulatory & Quality, and Wound Management in our most senior leadership. We have been able to achieve this through a combination of external recruitment and internal promotion and this team represents our capabilities in areas that are critical to executing our strategy and supporting continued growth.

Outlook
Infection prevention remains a critical global healthcare priority, and the relevance of Bactiguard’s technology continues to increase. While quarterly revenues will vary due to currency movements, regulatory timing, and the nature of license agreements, our strategic direction is unchanged. We will continue to strengthen partnerships, advance regulatory pathways, deepen business development activities, and drive profitable growth in Wound Management.

With a solid foundation in place, we remain confident in our ability to create long‑term value through disciplined, step‑by‑step execution of our strategy.

Christine Lind
CEO