Slide 1: Boule Diagnostics Q2 2024
Boule Diagnostics Q2 2024 Torben Nielsen CEO Holger Lembrér CFO July 22 2024
Slide 2: 2024 Progress on focus areas
2024 Progress on focus areas Focus on transforming Boule into a higher growth and higher margin company • Q2 organizational restructure reducing 8 HC with an annual Expand operating margins gross saving of 8M SEK through disciplined execution • COGS savings program on BM850 3-part analyzer and reduc
Slide 3: Q2 Highlights
Q2 Highlights • Sales declined by 2.5% • Hematology sales declined • Strong growth for OEM +11.8% • Continued improvement of operating profit and margin • Good cash flow from operating activities and stable liquidity • Go-live of license reagent manufacturing plant in India • BM950 on track for perf
Slide 4: Summary Q2 2024
Summary Q2 2024 April - June 2024 • Sales SEK 137.0 M (140.5) -2.5% 14 Sales 160 • -3.6% organic growth -2.5% • +1.1% currency 12 140 • Adjusted gross profit SEK 59.8 M (59.9) -0.1% 10 120 • Adjusted gross margin 43.6% (42.7%) 8 EBIT 100 +13.8% • Adjusted EBIT SEK 9.9 M (8.7) +13.8% 6 80 • Adjusted
Slide 5: Sales Growth by Quarter
Sales Growth by Quarter Quarter, % MSEK 60% 600 573 50% 575 40% 550 30% 525 20% 500 10% 475 0% 450 -2,5% -10% 425 -20% 400 -30% 375 Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Total growth quarter, % Sales 12-months rolling, MSEK 5
Slide 6: Sales Growth by region Q2 2024
Sales Growth by region Q2 2024 8 -2 12 70 Sales by product area 37 1 23 -23 13 12 Instruments; 27% OEM; 25% 7 -24 Other; 8% Consumables; 40% Share of sales % Total growth % 6 Boule Diagnostics AB
Slide 7: Hematology sales Q2 2024
Hematology sales Q2 2024 No instruments MSEK 1 400 350 ● Sales declined with -5.4% ● Instruments sold 883 (981) 1 200 300 ● Good growth for 3-part instruments 1 000 250 in volume due to strategic order to India. 800 200 ● 5-part instrument volumes declined in the quarter. 600 150 ● Good growth for v
Slide 8: OEM sales Q2 2024
OEM sales Q2 2024 MSEK MSEK 40 140 +118% ● Strong sales growth +11.8% 35 120 30 100 ● Sales funnel for new projects 25 80 continue to grow and mature 20 creating significant growth 60 opportunities going forward 15 40 10 5 20 0 0 OEM sales R12 OEM sales 8 Boule Diagnostics AB
Slide 9: Financial summary
Financial summary MSEK Apr-Jun 2023 Apr-Jun 2024 Jan-Jun 2023 Jan-Jun 2024 Net sales 140.5 137.0 283.6 284.8 Organic growth,% -9.9% -3.6% -6.4% 1.0% Adjusted COGS -80.6 -77.2 -157.6 -156.7 Adjusted Gross profit 59.9 59.8 126.0 128.1 Adjusted Gross margin, % 42.7% 43.6% 44.4% 45.0% Adjusted Operating
Slide 10: Operating margin, Percentage
Operating margin*, Percentage % % 14 14 12 12 10 10 8,3 8 7,2 8 6 6 4 4 2 2 0 0 -2 -2 -4 -4 -6 -6 Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Quarter, % Rolling 12-months, % *) Excluding items affecting comparability. 10 Boule Diagn
Slide 11: Operating profit, MSEK
Operating profit*, MSEK MSEK MSEK 25 50 47,4 20 40 15 34,4 30 9,9 10 8,7 20 5 10 0 0 -5 -10 -10 -20 Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Quarter, MSEK Rolling 12-months, MSEK *) Excluding items affecting comparability. 11 Bou
Slide 12: Adjusted Cost breakdown as % of sales Q2 2024
Adjusted Cost breakdown as % of sales Q2 2024 % Q2´2023 Q2´2024 Δ Cost of goods sold -57.3% -56.4% 0.9% Selling & marketing expenses -22.3% -21.2% 1.1% Administrative expenses -6.4% -6.2% 0.2% Research and development expenses -8.4% -8.8% -0.4% Other operating income and expenses 0.7% -0.1% -0.8% Ad
Slide 13: Cash flow from operating activities
Cash flow from operating activities MSEK MSEK Cash flow from operating activities, MSEK MSEK 50 100 40 80 30 60 20 40 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 Quarter, SEK Rolling 12-months 13 Boule Diagnostics AB
Slide 14: Liquidity & credit facilities
Liquidity & credit facilities Liquidity & credit facilities, MSEK 160 140 ● Solid cash position with 35 MSEK 120 ● Additional 47 MSEK in credit facilities available 100 82 ● Net cash / EBIT (R12), times -0.0 80 60 40 20 0 Q1´23 Q2´23 Q3´23 Q4´23 Q1'24 Q2'24 14 Boule Diagnostics AB
Slide 15: Conclusions
Conclusions ● Stable performance YTD ● Continued improvement in profitability ● Priority to complete the new 5-part instrument ● Continue to grow veterinary business ● Invest in OEM consumable business growth BOULE ASPIRATION FINANCIAL TARGETS • Most satisfied customers • Operating Margin >15% • Hig
Slide 16: Thank you! Q&A
Thank you! Q&A