Improved operating cash flow

Quarter October-December 2025

• Net sales amounted to SEK 120.2 million (143.2), corresponding to a decrease of 16.0 percent. Organic sales growth amounted to -11.7 percent, currency effects amounted to -4.3 percent.
• The number of instruments sold decreased by 41.5 percent to 669 (1144).
• Gross profit amounted to SEK 57.8 million (63.8), corresponding to a gross margin of 48.1 percent (44.6).
• Adjusted operating profit¹⁾ amounted to SEK 12.9 million (19.5), corresponding to an adjusted operating margin of 10.7 percent (13.6). The fourth quarter of 2024 was impacted with non-recurring costs of SEK 107.1 million, mainly attributable to impairment of intangible assets.
• Operating profit amounted to SEK 10.7 million (-87.6), corresponding to an operating margin of 8.9 percent (-61.2).
• Profit for the period amounted to SEK 8.9 million (-75.6).
• Earnings per share before and after dilution amounted to SEK 0.04 (-1.95).
• Operating cash flow²⁾ amounted to SEK 5.5 million (-7.9).
• The Group's available cash and cash equivalents, including unutilized overdraft facilities, amounted to SEK 35.3 million (57.5) as of 31 December.

Full year January-December 2025

• Net sales amounted to SEK 489.7 million (558.5), corresponding to a decrease of 12.3 percent. Organic sales growth amounted to -7.2 percent, currency effects amounted to -5.1 percent.
• The number of instruments sold decreased by 25.3 percent to 3075 (4119).
• Gross profit amounted to SEK 213.8 million (252.2), corresponding to a gross margin of 43.7 percent (45.2).
• Adjusted operating profit¹⁾ amounted to SEK 46.2 million (63.8), corresponding to an operating margin of 9.4 percent (11.4). Non-recurring costs in 2024 amounted to SEK 413.5 million, mainly attributable to impairment of intangible assets of SEK 357.2 million, restructuring costs of SEK 18.4 million and impairment of Russia assets of SEK 33.5 million.
• Operating profit amounted to SEK 20.8 million (-349.6), corresponding to an operating margin of 4.2 percent (-62.6).
• Profit for the period amounted to SEK -3.8 million (-296.6).
• Earnings per share before and after dilution amounted to SEK -0.10 (-7.64).
• Operating cash flow²⁾ amounted to SEK -0.3 million (-33.7).
• The Board of Directors proposes that no dividend be paid for the financial year 2025.

Comments from the President and CEO

Improved operating cash flow through disciplined work
The fourth quarter was a challenging market environment, with currency headwinds from a weakening US dollar and lower instrument sales in India due to the transition to license manufacturing. Sales amounted to SEK 120 million, corresponding to an organic decline of 11.7%. Although the sales result reflects these external factors, I am pleased with the progress we have made in profitability and operational improvements.

Gross margin improved in the quarter to 48.1%, up from 44.6% last year, as a result of favourable product mix with higher sales of reagents and licenses. We decreased operating spend by 36%, and we delivered a positive operating profit of SEK 12.9 million. Operating cash flow improved to 5.5 MSEK, despite major challenges with currency developments and accounts receivables. This is a result of our clear focus on cost optimization. 

Diagnostics operations continue to develop
The Diagnostics segment's sales of instrument units amounted to 669 units, which is lower than last year as a result of the transition to license manufacturing in India and lower sales of 5-part instruments in the quarter. Sales of consumables own instruments amounted to SEK 48.7 million, 7% lower than last year. In the quarter, we achieved great commercial success by being selected as the preferred supplier of hematology instruments in a national hematology procurement in Italy. This will strengthen our position in this important European market. In 2026, we plan to launch our new veterinary hematology instrument, and preparations are ongoing. At the same time, we are driving the work of validating and making decisions about the next generation of hematology instruments for the human market.

OEM business is growing and projects are increasing
The OEM segment (CDS) reported SEK 31.6 million in sales, a decrease of 15% year-on-year, which was mainly due to currency effects from a weaker US dollar. Some of the OEM projects we are working on are nearing commercialization and we have recently renewed and extended one of our supply agreements with a leading IVD company, which is expected to increase annual sales by approximately SEK 5 million when fully implemented, which is a clear sign of the growth potential in this segment. Our project to launch new generic 5-part blood controls in 2027 is progressing according to plan.

Continuous improvement activities
During the quarter, we completed the consolidation of our facilities in Sweden and inaugurated our new headquarters, designed for efficiency and collaboration. In connection with the move, we have completed a new instrument manufacturing line, which enables future scalability and increased efficiency.

Although the divestment reflects a difficult market, our focus on operational and strategic execution has never been stronger. These successes give us confidence as we head into 2026 with upcoming launches.

New CFO in place
Finally, I would like to take this opportunity to extend my sincere thanks to Holger Lembrér for his valuable contributions to Boule over the past years, and at the same time welcome Michael af Winklerfelt as our new CFO, who will take office as of today.

Thank you for your continued trust and support.

Torben Nielsen,
President and CEO