Back to organic growth
 
Quarter July-September 2025

• Net sales amounted to SEK 127.2 million (130.4), corresponding to a decrease of 2.4 percent. Organic sales growth amounted to 1.7 percent, currency effects amounted to -4.1 percent.
• The number of instruments sold increased by 16.4 percent to 834 (716).
• Gross profit amounted to SEK 52.4 million (61.0), corresponding to a gross margin of 41.2 percent (46.8).
• Adjusted operating profit¹⁾ amounted to SEK 12.0 million (15.3), corresponding to an adjusted operating margin of 9.4 percent (11.8).
• Operating profit amounted to SEK 16.7 million (-278.9), corresponding to an operating margin of 13.1 percent (-213.8). The third quarter of 2024 was impacted by non-recurring expenses of SEK 294.2 million, primarily attributable to the impairment of intangible assets.
• Profit for the period amounted to SEK 10.9 million (-229.2).
• Earnings per share before and after dilution amounted to SEK 0.28 (-5.90).
• Operating cash flow²⁾ amounted to SEK 1.0 million (-11.6).
• The Group's available cash and cash equivalents, including unutilised overdraft facilities, amounted to SEK 36.6 million (47.7) as of September 30.

Comments from the President and CEO

Back to organic growth
In the third quarter, we returned to organic growth in a market that continues to face structural challenges. However, we are starting to see early signs of stabilisation, with slightly more balanced pricing of instruments and improved demand in our key markets as government tender processes resumes. During the quarter, we also implemented price increases in selected markets.

Sales amounted to SEK 127.2 million, organic growth was 1.7% and currency headwinds from the weakened US dollar impacted by -4.1%. Instrument sales were strong, increasing by 16% from the previous year's quarter, a result of our increased focus on growth of the installed instrument base. Sales of 5-part instruments more than doubled in both the quarter and year-to-date, reflecting the continued higher demand for 5-part technology in the market.

Sales of diagnostic consumables decreased by 15 percent during the quarter because of negative currency effects and delayed customer payments that halted deliveries to some customers. Demand remains stable and we expect the one-off effects from late payments to decrease in the coming quarters as our distributors' inventories are now lower.

OEM sales decreased by 10 percent, mainly because of the weaker US dollar and some customers adjusting their orders and reducing their inventories. This was expected and we continue to have a positive outlook for our OEM segment going forward because of our ongoing projects that provide future opportunities for growth.

Stabilised profitability with continued operational improvements
Profitability stabilized, supported by cost initiatives that have reduced our operating expenses by 30% year-over-year. The gross margin improved to 41.2 percent, lower than last year but an improvement of 2.5 percentage points from the previous quarter despite high instrument sales, reflecting improved cost control and operational efficiency. The operating margin decreased from the previous year because of the lower gross margin. Operating cash flow was positive for the second quarter in a row.
 
Division of Boule into two business segments
To clarify our strategic direction and increase transparency, we will report our operations in two business segments going forward: Diagnostics and OEM. This change will clarify the drivers for each business area and will make it easier for investors to follow the progress towards our long-term goals. The two business segments are defined as follows:

Boule Diagnostics - a global provider of high-quality diagnostic solutions for the decentralized human and veterinary market, specialized in hematology.

Diagnostics' sales for Q3 were SEK 97.8 million, organic growth was stable at 1.8%, gross margin was 37.4% and adjusted operating margin was 8.6%. 

Over the past 18 months, Diagnostics' business has undergone a significant restructuring with an initial focus on reducing costs and a new strategic direction focused on building a broader and more growth-oriented portfolio exclusively through leading technology partners.

During the third quarter, we signed an agreement with a technology partner for a new hematology instrument for the veterinary segment and the product launch is planned for the beginning of 2026.
 
OEM Clinical Diagnostic Solutions – the business segment focuses on contract development and manufacturing specialized in OEM reagents, calibrators, and blood controls.

OEM reported sales of SEK 33.5 million, which decreased in the third quarter due to a weaker US dollar. The gross margin was stable at 47.4% and the operating margin was 19.3%. The operating margin was negatively impacted by ongoing investments in the development of new products and investments in the sales organization. 

Our focus is on the growing market for OEM reagents and blood controls. This market offers significant opportunities for stable and profitable growth going forward. We are convinced that with our ongoing investments and special expertise in these product areas, we can become a reliable partner for more diagnostics companies worldwide.

In the third quarter, we implemented our new OEM strategy aimed at expanding our pipeline of reagent projects and developing a product portfolio with high-quality differentiated blood controls. This will enable us to accelerate growth in this attractive segment. We will launch new generic blood control products in 2027.

Our strategic priorities are clear, and we are confident in our ability to navigate the environment and deliver value to our shareholders. Thank you for your continued trust and support.
 
Torben Nielsen,
President and CEO