Slide 1: Boule Diagnostics Q2 2025
Boule Diagnostics Q2 2025 Torben Nielsen CEO Holger Lembrér CFO July 18 2025
Slide 2: Q2 Highlights
Q2 Highlights ● Stable quarter, -3,3% organic decline ● 17% growth in instrument sales, 5-part sales doubled ● Reagent sales was soft driven by delayed payments ● OEM sales continue strong performance ● Gross Margin adversely impacted by mix and lower instrument pricing ● Returning to positive opera
Slide 3: Instrument portfolio strategy updates
Instrument portfolio strategy updates Current portfolio Future portfolio M32M - 3-part M32C - 3-part M32S - 3-part M51 - 5-part VitalScientific - Chemistry Human + Commercialized Unit sales doubled in Q2 YTD H400 – 4-part H50V – 5-part C200 – Chemistry Veterinary + Successful validation completed Pr
Slide 4: Summary Q2 2025
Summary Q2 2025 Sales SEK 129 M (137) -5.6% -3.3% organic growth -2.3% currency Gross profit SEK 50.0 M (59.1) -15.4% Gross margin 38.7% (43.1%) Adj. EBIT SEK 5.8 M (9.9) Adj. Operating margin 4.5% (7.2%) Operating cash flow SEK 2.9 M (-4.4) Available liquidity at the end of quarter was SEK 39 M 4 B
Slide 5: Sales Growth by Quarter
Sales Growth by Quarter Quarter, SEK M 40% 600 30% 550 20% 500 10% 450 0% 400 -10% -5,6% 350 -20% 300 -30% 250 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Total growth quarter, % Sales 12-months rolling, MSEK 5 Boule Diagnostics AB
Slide 6: Sales Growth by region Q2 2025
Sales Growth by region Q2 2025 12% 35% 12% -4% 32% -17% Sales by product area 26% 5% 13% -5% Instruments; 28% 5% -34% OEM; 25% Other; 9% Consumables; 38% Share of sales % Total growth % 6 Boule Diagnostics AB
Slide 7: Hematology sales Q2 2025
Hematology sales Q2 2025 No instruments SEK M 1 400 350 • Sales declined with -6% due to lower 1 200 300 instrument ASP and delayed payments on reagents 1 000 250 • Instruments sales closed at 1029 (883), representing +17% growth 800 200 600 150 400 100 200 50 0 0 No of instruments R12 instrument sa
Slide 8: OEM sales Q2 2025
OEM sales Q2 2025 SEK M SEK M 45 +166% 140 • OEM sales declined -3% in the quarter primarily driven by timing of orders and 40 120 a lower USD 35 • Sales funnel for new projects continue 100 to grow and mature creating significant 30 growth opportunities going forward 25 80 20 60 15 40 10 20 5 0 0 O
Slide 9: Financial summary
Financial summary SEK M Apr-Jun 2024 Apr-Jun 2025 Net sales 137.0 129.3 Organic growth,% -3.6% -3.3% COGS -77.2 -79.3 Gross profit 59.1 50.0 Gross margin, % 43.1% 38.7% Operating expenses -80.9 -43.1 One-off cost restructuring 8.5 - Adj. Other operating income/expenses -0.3 -1.1 Adjusted operating p
Slide 10: Adjusted Cost breakdown as % of sales Q2 2025
Adjusted Cost* breakdown as % of sales Q2 2025 % Q2´2024 Q2´2025 Δ Cost of goods sold -56.9% -61.3% -4.4% Gross margin 43.1% 38.7% -4.4% Unfavorable sales mix and Selling & marketing expenses -21.2% -19.8% 1.4% lower price on instruments impacted gross margin. Administrative expenses -6.2% -5.3
Slide 11: Operating Cash flow
Operating Cash flow* 15 30 10 7,4 20 5,9 5 2,9 10 0 0 -1,5 -5 -10 -4,4 -10 -21 -7,9 -20 -9,8 -9,8 -9,8 -11,6 -15 -30 -34 -20 -18,8 -40 -21,7 -25 -50 -24,9 -30 -60 -30,2 -35 -72 -70 -40 -80 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 *) Operating cash flow is t
Slide 12: Liquidity & Credit
Liquidity & Credit Liquidity & Credit Facilities, SEK M 160 140 120 • Cash position at SEK 23 M • Additional SEK 16 M in credit facilities available 100 • Net cash / adj. EBIT (R12), times -1.4 80 60 40 20 0 Q1´23 Q2´23 Q3´23 Q4´23 Q1'24 Q2'24 Q3'24 Q4´24 Q1'25 Q2'25 12 Boule Diagnostics AB
Slide 13: 2025 Strategic Priorities – Q2 updates
2025 Strategic Priorities – Q2 updates Focus on transforming Boule into a higher growth and higher margin company Expand operating margins • Back to positive cash flow through disciplined execution • Operating spend reduced with 47% from last year and reductions in structural cost Accelerate growth
Slide 14: Thank you! Q&A
Thank you! Q&A