Boule Diagnostics AB (BOUL) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everybody, and welcome to the first quarter's earnings call for Bull Diagnostics. I'm Holger Lambert, CFO for Bull Diagnostics, and with me, I have our CEO, Torben Nielsen. After our presentation, we will open up for questions, but please also feel free to type questions in the chat field. With that, I'm handing over to our CEO, Torben Nielsen. Yeah, thanks, Holger, and good morning to everyone, and thank you for joining this Q1 earnings call for 2025. We'll begin by taking a look at the highlights of the quarter. And overall, it was a bit of a mixed bag. Despite a satisfactory order intake in the quarter, we were unable to complete many of our orders in time for Q1 close, which led to declining sales of both instruments and consumables. Due to the geopolitical instability and uncertainty about the US tariff policy, many of our core markets in the Middle East and Africa restricted global access to US dollars, which led to delayed payments and ultimately delayed shipments of instruments and reagents. On top of that, we delivered an unusually big order of 600 instruments to India in Q1 of last year, which combined then led to an unfavorable year-on-year comparison of minus 25% total organic growth per quarter. This naturally looks dramatic. However, we are encouraged by the fact that we begin Q2 with a larger than expected backlog of orders. On a positive note, our OEM business delivered 7% organic growth in the quarter. and we managed to both extend and expand one of our supply agreements with a leading global IBD company. The quarter also saw significant improvements in operating margin driven by favorable mix and the full read-through of all the restructuring activities we had in 2024. As communicated earlier, expanding our operating margin remains a t...