Boule Diagnostics Ab · OMXSTO:BOUL
Boule Diagnostics Ab — Q1 2024 Earnings Presentation
17 slides from Boule Diagnostics Ab's earnings presentation, May 7, 2024
Slide 1: Boule Diagnostics Q1 2024
Boule Diagnostics Q1 2024 Torben Nielsen CEO Holger Lembrér CFO May 7 2024
Slide 2: Introduction new CEO Torben Nielsen
Introduction new CEO Torben Nielsen Torben Nielsen, CEO Born: 1973, Danish citizen Education: Exp. Tech., Copenhagen Business School Previous assignments: o SVP Analytical Solutions & Customer Enablement EMEAI PerkinElmer o VP Orthodontics Business EMEA, Envista o VP Envista Business System Office f
Slide 3: Q1 Highlights
Q1 Highlights • Good organic sales growth of 5.4% • Growth driven by a larger order of instrument to India • Continued strong growth in Europe for veterinary instruments • Significant efficiency improvements in our operation offset dilution from strategic order to India • Strong operating profit imp
Slide 4: Summary Q1 2024
Summary Q1 2024 January – March 2024 • Sales SEK 147.8 M (143.1) +3.3% 20 150 • +5.4% organic growth Sales EBIT • -2.1% currency +3.3% +27% 16 148 • Gross profit SEK 68.3 M (66.1) +3% • Gross margin 46.2% (46.2) 12 146 • One-time cost for CEO change 3.7 MSEK 8 144 • EBIT SEK 15.4 M (12.1) +27% • Adj
Slide 5: Sales growth by quarter
Sales growth by quarter Quarter, % MSEK 60% 600 576 50% 575 40% 550 30% 525 20% 500 10% 475 3,3% 0% 450 -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 Total growth quarter, % Sales 12-months rolling, MSEK 5 Boule Dia
Slide 6: Sales by region Q1 2024
Sales by region Q1 2024 10 +60 10 +69 Sales by product area 31 -5 33 +10 8 -34 OEM; 19% Instruments; 33% 8 -20 Other; 9% Consumables; 38% Share of sales % Total growth % 6 Boule Diagnostics AB 20.11.12
Slide 7: High instrument sales in Q1 2024
High instrument sales in Q1 2024 ● Sold 1377 instruments ● 3-part instruments sales increased thanks to strategic deal in India ● Veterinary instruments increased in Europe ● India reagent revenue start to decline as we switch to reagent license business model 7 Boule Diagnostics AB 6 February 2024
Slide 8: OEM consumables sales decline in Q1
OEM consumables sales decline in Q1 ● OEM sales declined by 6% ● Sales funnel for new projects continue to grow and mature creating significant growth opportunities going forward 8 Boule Diagnostics AB 6 February 2024
Slide 9: Next-generation 5-part hematology system for humans Boule 950-series
Next-generation 5-part hematology system for humans Advanced system for the premium segment in the decentralized market with autoloader and retics Boule™ 950-series measurement ● Fully connected ● Robust and accurate ● Designed with the user in mind ● Tailored to multiple applications (oncology, ane
Slide 10: Financial summary
Financial summary MSEK Jan-Mar 2023 Jan-Mar 2024 Net sales 143.1 147.8 Organic growth,% 8.1% 5.4% COGS -77.1 -79.5 Gross profit 66.1 68.3 Gross margin, % 46.2% 46.2% Operating expenses -49.4 -49.6 Other operating income/expenses -4.5 -3.3 Operating profit 12.1 15.4 Operating margin, % 8.5% 10.5% Net
Slide 11: Operating margin, %
Operating margin, % % % 12 12 10,5 10 10 8,5 8 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 Quarter, % Rolling 12-months, % 11 Boule Diagnostics AB 6 February 2024
Slide 12: Operating profit, MSEK
Operating profit, MSEK MSEK MSEK 25 50 42,5 20 40 30,7 15,4 15 30 12,1 10 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 Quarter, MSEK Rolling 12-months, MSEK 12 Boule Diagnostics AB 6 February 2024
Slide 13: Cost breakdown as % of sales Q1 2024
Cost breakdown as % of sales Q1 2024 % Q1´2023 Q1´2024 Δ Cost of goods sold -53.8% -53.8% 0.0% Selling & marketing expenses -18.9% -20.2% -1.2% Administrative expenses -6.1% -7.4% -1.2% Research and development expenses -9.5% -6.0% 3.5% Other operating income and expenses -3.1% -2.2% 0.9% Operating
Slide 14: Cash flow from operating activities
Cash flow from operating activities MSEK MSEK Cash flow from operating activities, MSEK MSEK 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 Quarter, SEK Rolling 12-months 14 Boule Diagnostics AB 6 February 2024
Slide 15: Liquidity & credit facilities
Liquidity & credit facilities Liquidity & credit facilities, MSEK 160 140 ● Solid cash position with 41 MSEK 120 ● Additional 59 MSEK in credit facilities 100 available if needed 100 ● New technology platform BM 900 80 financed 60 ● Net cash / EBIT (R12), times 0.2 40 20 0 Q1´23 Q2´23 Q3´23 Q4´23 Q1
Slide 16: Conclusions
Conclusions ● Good start on the year ● Priority to complete the new 5-part instrument ● Continue to grow veterinary business ● Invest in OEM consumable business growth ● Further optimize working capital and efficiency in production BOULE ASPIRATION FINANCIAL TARGETS • Most satisfied customers • Oper
Slide 17: Thank you! Q&A
Thank you! Q&A