Boule Diagnostics Ab · OMXSTO:BOUL
Boule Diagnostics Ab — Q1 2025 Earnings Presentation
16 slides from Boule Diagnostics Ab's earnings presentation, Apr 28, 2025
Slide 1: Boule Diagnostics Q1 2025
Boule Diagnostics Q1 2025 Torben Nielsen CEO Holger Lembrér CFO April 28 2025
Slide 2: Q1 Highlights
Q1 Highlights ● Total sales declined by 25,1% organically ● Hematology sales down due to unfavorable comparison YoY and delayed payments from key customers holding back deliveries ● OEM sales continue strong growth. Renewed and expanded supply agreement with a global IVD company ● Significant improv
Slide 3: New instrument portfolio strategy
New instrument portfolio strategy Current portfolio Future portfolio M32M - 3-part M32C - 3-part M32S - 3-part M51 - 5-part VitalScientific - Chemistry Q3 2025, US only Human + H400 – 4-part H50V – 5-part C200 – Chemistry Veterinary + Proprietary Technology Partner Future focus on building portfolio
Slide 4: Summary Q1 2025
Summary Q1 2025 Sales SEK 113 M (148) -23.6% -25.1% organic growth +1.5% currency Gross profit SEK 53.5 M (68.3) -21.7% Gross margin 47.4% (46.2%) Adj. EBIT SEK 17.0 M (19.1) Adj. Operating margin 15.1% (12.9%) Cash flow from operating activities SEK -7.8 M (12.5) Available liquidity at the end of q
Slide 5: Sales Growth by Quarter
Sales Growth by Quarter Quarter, SEK M 40% 600 30% 550 524 20% 500 10% 450 0% 400 -10% 350 -20% 300 -23,6% -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 Total growth quarter, % Sales 12-months rolling, MSEK 5 Boule Diagnostics AB
Slide 6: Sales Growth by region Q1 2025
Sales Growth by region Q1 2025 15 12 12 -9 37 -9 Sales by product area 24 -44 5 -53 Instruments; 19% 7 -31 OEM; 26% Other; 12% Consumables; 43% Share of sales % Total growth % 6 Boule Diagnostics AB
Slide 7: Hematology sales Q1 2025
Hematology sales Q1 2025 No instruments SEK M 1 400 350 • Sales declined with -31% • Instruments sold 543 (1377) 1 200 300 • Decline in sales for 3-part instruments due to changed business model for 1 000 250 India and very high comparison • India reagent sales declined because of 800 200 the switch
Slide 8: OEM sales Q1 2025
OEM sales Q1 2025 SEK M SEK M 45 +166% 140 • Strong sales growth +7% 40 120 • Sales funnel for new projects continue 35 to grow and mature creating significant 100 30 growth opportunities going forward 25 80 20 60 15 40 10 20 5 0 0 OEM sales R12 OEM sales 8 Boule Diagnostics AB
Slide 9: Financial summary
Financial summary SEK M Jan-Mar 2024 Jan-Mar 2025 Net sales 147.8 112.9 Organic growth,% 5.4% -25.1% COGS -79.5 -59.3 Gross profit 68.3 53.5 Gross margin, % 46.2% 47.4% Adjusted Operating expenses -45.9 -36.3 Adjusted Other operating income/expenses -3.3 -0.2 Adjusted Operating profit 19.1 17.0 Adju
Slide 10: Operating margin, Percentage
Operating margin*, Percentage % % 15,1 16 16 14 14 12,9 11,8 12 12 10 10 8,5 8 7,8 8 8 6 6 4 4 2 2 0 0 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 Quarter, % Rolling 12-months, % *) Excluding items affecting comparability. 10 Boule Diagnostics AB
Slide 11: Operating profit, MSEK
Operating profit*, MSEK SEK M SEK M 24 70 21 60 19,1 18 17 50 15 40 12 30 9 20 6 3 10 0 0 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 Quarter, MSEK Rolling 12-months, MSEK *) Excluding items affecting comparability. 11 Boule Diagnostics AB
Slide 12: Adjusted Cost breakdown as % of sales Q1 2025
Adjusted Cost* breakdown as % of sales Q1 2025 % Q1´2024 Q1´2025 Δ Cost of goods sold -53.8% -52.6% 1.2% Adjusted gross profit 46.2% 47.4% 1.2% Selling & marketing expenses -19.0% -19.0% 0.0% Administrative expenses -6.1% -6.6% -0.5% Research and development expenses -6.0% -6.5% -0.5% Other oper
Slide 13: Cash flow from operating activities
Cash flow from operating activities SEK M SEK M 50 100 72,9 40 80 30 60 20 40 26,3 10 20 0 0 -10 -20 -20 -40 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 Cash flow operating Cash flow 12-month rolling 13 Boule Diagnostics AB
Slide 14: Liquidity & Credit
Liquidity & Credit Liquidity & Credit Facilities, SEK M 160 140 120 • Cash position at SEK 20 M • Additional SEK 18 M in credit facilities available 100 • Net cash / adj. EBIT (R12), times -1.2 80 58 60 • Loan of 20 MSEK added in April 2025 40 • Ambition to be operational cash flow neutral in Q2´25
Slide 15: 2025 Strategic Priorities – Q1 updates
2025 Strategic Priorities – Q1 updates Focus on transforming Boule into a higher growth and higher margin company Expand operating margins • Site consolidation in Spånga, optimized for LEAN operations through disciplined execution • 13M SEK incremental annual spend reduction in Q1 and reductions in
Slide 16: Thank you! Q&A
Thank you! Q&A