Boule Diagnostics AB (BOUL) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everybody, and welcome to the third quarter's earnings call for Bull Diagnostics. I'm Holger Lambert, CFO for Bull Diagnostics, and with me, I have our CEO, Torben Nilsson. After the presentation, we will open up for questions. Please also feel free to ask questions in the chat field. With that, I'm handing over to our CEO, Torben Nilsson. Thank you, Holger. In the third quarter, we return to organic growth in a market that continues to face structural challenges. Although we still suffer from currency headwinds, we're starting to see early signs of stabilization with slightly more balanced pricing of instruments and improved demand in our key markets as government tender processes resume. Our instrument sales were strong as we continue our focus on strengthening our installed base. Reagent sales continue to suffer from unfavorable FX and delayed payments. We expect to see sales stabilizing as distributor inventories deplete. OEM sales was flat when adjusting for currency, and we maintain a positive outlook for the year. Despite high instrument sales, margin improved from last quarter, and we delivered positive operating cash flow for the second consecutive quarter. And finally this month, we signed the Technology Partner Supply Agreement for a new veterinary instrument, which will launch in 2026. Taking a closer look at the Q3 financials for the group. In summary, we reported Q3 sales of 127.2 million SEK, down 2.4%, and with a 4.1% unfavorable currency impact, leading to a positive organic growth of 1.7%. Gross profit landed at 52.4 million SEC, down from 61 million SEC, primarily due to lower instrument pricing and the impact of the weakened US dollars. Gross margin declined to 41.2% from 46.8%, however, showed a 2.4 point margin improvement over Q2....