Slide 1: Boule Diagnostics Q4 2024
Boule Diagnostics Q4 2024 Torben Nielsen CEO Holger Lembrér CFO February 11 2024
Slide 2: Q4 Highlights
Q4 Highlights • Total sales declined by 1.8% organically • Instrument sales declined, driven by lower market pricing, while unit sales closed slightly above LY • Reagent sales declined, driven by switch to license manufacturing in India and timing of orders • Continued strong growth in OEM • Signifi
Slide 3: Exclusive Distribution Agreement for Clinical Chemistry in the US
Exclusive Distribution Agreement for Clinical Chemistry in the US ● VitalScientific is a leader in benchtop Clinical Chemistry ● 20 years of experience servicing Physician Office Labs (POL), clinics and small reference labs in the USA ● ENVOY® 500/500+ and Selectra Pro Series are a high-quality benc
Slide 4: Summary Q4 2024 FY 2024
Summary Q4 2024 FY 2024 Sales SEK 143.2 M (148.1) -3.3% -1.8% organic growth Sales Adj. Gross profit -1.5% currency SEK 559 M (571) SEK 255 M (250) organic -0.6% +2.2% Adj. Gross profit SEK 65.7 M (65.9) -0.3% Adj. EBIT Adj. Operating margin Adj. Gross margin 45.9% (44.5%) SEK 64 M (39) 11.4% (6.9)
Slide 5: Sales Growth by Quarter
Sales Growth by Quarter Quarter, SEK M 40% 600 559 550 30% 500 20% 450 10% 400 350 0% -3,3% 300 -10% 250 -20% 200 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Total growth quarter, % Sales 12-months rolling, MSEK 5 Boule Diagnostics AB
Slide 6: Sales Growth by region Q4 2024
Sales Growth by region Q4 2024 9 -25 11 50 34 -11 Sales by product area 30 -5 8 -13 8 52 Instruments; 29% OEM; 25% Other; 10% Consumables; 36% Share of sales % Total growth % 6 Boule Diagnostics AB
Slide 7: Hematology sales Q4 2024
Hematology sales Q4 2024 No instruments SEK M 1 400 350 • Sales declined with -11.9% • Instruments sold 1144 (1133) 1 200 300 • Decline in sales for 3-part instruments due to changed business model for 1 000 250 India and high comparison 800 200 • Strong growth for 5-part instruments with 101% 600 1
Slide 8: OEM sales Q4 2024
OEM sales Q4 2024 SEK M SEK M • Strong sales growth +10% 45 +162% 140 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 Oct-Dec 2023 Oct-Dec 2024 Jan-Dec 2023 Jan-Dec 2024 Net sales 148.1 143.2 571.3 558.5 Organic growth,% 4.3% -1.8% 4.2% -0.6% Adjusted COGS -82.2 -76.9 -321.6 -303.4 Adjusted Gross profit 65.9 65.7 249.7 255.1 Adjusted Gross margin, % 44.5% 45.9% 43.7% 45.7% Adjusted Operating
Slide 10: Operating margin, Percentage
Operating margin*, Percentage % % 13,6 14 14 12 11,4 12 10 10 8 7,1 8 6,7 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 Quarter, % Rolling 12-months, % *) Excluding items affecting comparability. 10 Boule Diagnostics AB
Slide 11: Operating profit, MSEK
Operating profit*, MSEK EBIT +62% since LY SEK M SEK M 21 70 19,5 18 60 15 50 12 40 10 10,5 9 30 6 20 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 Quarter, MSEK Rolling 12-months, MSEK *) Excluding items affecting comparability. 11 Boule Diagnostics AB
Slide 12: Adjusted Cost breakdown as % of sales Q4 2024
Adjusted Cost* breakdown as % of sales Q4 2024 % Q4´2023 Q4´2024 Δ Cost of goods sold -55.5% -54.1% 1.4% Adjusted gross profit 44.5% 45.9% 1.4% Selling & marketing expenses -22.1% -20.8% 1.3% Administrative expenses -5.7% -5.7% 0.0% Research and development expenses -10.1% -5.2% 4.9% Other operating
Slide 13: Cash flow from operating activities
Cash flow from operating activities SEK M SEK M 50 100 40 80 30 60 51,4 46,6 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 Q3'24 Q4´24 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 23 M • Additional SEK 35 M in credit facilities available 100 • Net cash / EBIT (R12), times -0.2 80 58 60 40 20 0 Q1´23 Q2´23 Q3´23 Q4´23 Q1'24 Q2'24 Q3'24 Q4´24 14 Boule Diagnostics AB
Slide 15: 2024/2025 Strategic Priorities – Q4 updates
2024/2025 Strategic Priorities – Q4 updates Focus on transforming Boule into a higher growth and higher margin company Expand operating margins • Comprehensive restructure in R&D and Operations to support through disciplined execution cost reductions and operational execution and reductions in struc
Slide 16: Conclusions
Conclusions • Stable performance YTD • Continued improvement in profitability • Focus on executing our strategic priorities BOULE ASPIRATION FINANCIAL TARGETS • Most satisfied customers • Operating Margin >15% • Highly valued employer • Long-term sales growth >10% • >500M tests yearly • Net debt to
Slide 17: Thank you! Q&A
Thank you! Q&A