Boule Diagnostics AB (BOUL) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everybody, and welcome to the fourth quarter's earnings call for Bull Diagnostics. I'm Holger Lembree, CFO for Bull Diagnostics. With me, I have our CEO, Torben Nielsen. And after our presentation, we will open up for questions. Please also feel free to write questions in the chat field. With that, I'm handing over to our CEO, Torben Nielsen. Thank you, Holger. Good morning, everybody. The fourth quarter brought a challenging market environment. with currency headwinds from a weakened US dollar and lower instrument sales in India as a direct consequence of our planned transition to a licensed manufacturing model in India. At the same time, our OEM sales continue to perform steadily, providing stability and demonstrating the resilience of this part of the business. While sales performance reflects these external factors, I'm pleased with the sequential operational improvements we've made. From a profitability and cash perspective, there were several positive developments. Rossmargin improved year on year, supported by a more favorable product and geographical mix. We also delivered our third consecutive quarter of positive operating cash flow, which reflects improved operational discipline and working capital management. Finally, during the quarter, we inaugurated our new headquarters in Sweden, an important milestone that strengthens our operational platform and supports future growth. In summary, while Q4 had some short-term top-line pressure, we see progress in margins, operating cash flow, and strategic execution, positioning bull well going into the next period. Taking a closer look at the Q4 financials for the group, We reported Q4 sales of 120.2 million SEC down organically by 11.7%, primarily driven by lower instrument sales from the planned tran...