9M 2025 FINANCIAL RESULTS
November 7, 2025
9M 2025 AT A GLANCE
FINANCIAL REVIEW
OUTLOOK
Q&A
HIGHLIGHTS AND ACHIEVEMENTS
Positive sales growth despite supply chain interruptions and thanks to high development activity as well as further stabilization in molecular system demand
Margin development held back by product mix effects and FX headwinds
Progress in development partnerships and significant upturn in demand in the area of system development
Lower end of 2025 margin guidance confirmed despite lowered sales outlook as efficiency measures unfold momentum
FINANCIALS AT A GLANCE1
€ 000s | 9M/2025 | 9M/20242 | Change | Q3/2025 | Q3/20242 | Change |
Sales | 175,588 | 172,958 | +1.5% (cc: +2.5%) | 56,998 | 60,267 | -5.4% (cc: -3.4%) |
Adjusted EBITDA | 24,235 | 26,623 | -9.0% | 8,165 | 9,197 | -11.2% |
Adjusted EBITDA margin (%) | 13.8 | 15.4 -160 bps | 14.3 | 15.3 -100 bps | ||
Adjusted EBIT | 12,824 | 15,149 | -15.3% | 4,337 | 5,269 | -17.7% |
Adjusted EBIT margin (%) | 7.3 | 8.8 -150 bps | 7.6 | 8.7 -110 bps | ||
Adjusted consolidated net income | 7,104 | 8,434 | -15.8% | 2,126 | 2,831 | -24.9% |
Adjusted basic earnings per share (in €) | 0.58 | 0.69 | -15.9% | 0.17 | 0.23 | -26.1% |
Basic earnings per share IFRS (in €) | 0.34 | 0.39 | -12.8% | 0.13 | 0.06 | +116.7% |
bps = basis points
cc = at constant currency
1 To facilitate comparison, figures for 2025 have been adjusted to exclude amortization resulting from purchase price allocations in the context of acquisitions and other non-recurring items (including one-off advisory expenses, fees, and restructuring expenses). The figures for 2024 have additionally been adjusted to exclude one-off personnel expenses of € 1.7 million in connection with the departure of a member of the Board of Management.
2 Restated pursuant to IAS 8.
ADJUSTMENTS 9M/2025
EBIT
Consolidated net income
€ 000s 9M/2025 9M/20242 € 000s 9M/2025 9M/20242Adjusted EBIT | 12,824 | 15,149 |
Adjustments:
PPA amortization | -2,309 | -2,772 |
Other1 | -1,677 | -2,052 |
EBIT | 8,838 | 10,325 |
1 Including one-off advisory expenses, fees, and restructuring expenses
2 Restated pursuant to IAS 8
Adjusted consolidated net income | 7,104 | 8,434 |
Adjusted earnings per share in € (basic) | 0.58 | 0.69 |
Adjustments:
PPA amortization | -2,309 | -2,772 |
Other1 | -1,677 | -2,052 |
Taxes on income | 985 | 1,156 |
Consolidated net income | 4,103 | 4,766 |
Earnings per share in € (basic) | 0.34 | 0.39 |
1 Including one-off advisory expenses, fees, and restructuring expenses
2 Restated pursuant to IAS 8
SALES 9M/2025
€ 173.0
million
+2.5% at cc
YOY
€ 175.6
million
9M/2025 sales +2.5% yoy in constant currency to € 175.6 millionDouble digit growth with Development and service sales due to high development activity and high number of active customer projects
9M/2024 9M/2025
cc = at constant currency
9M/2024 restated pursuant to IAS 8 As of September 30
Subdued ramp-up curves for newly launched products
Supply chain driven delivery shortfalls
Volatile customer order behavior
Low but stabilizing demand for MDx systems following pandemic related disruptions
ADJUSTED EBIT AND EBIT MARGIN 9M/2025
9M 2025 adj. EBIT -15.3% to 12.8 million € Margin -150 bps YoY to 7.3%-150 bps YoY
Margin 7.3%
Margin 8.8%
-15.3%
YoY
€ 12.8
million
€ 15.1
million
9M/2024 9M/2025
9M/2024 restated pursuant to IAS 8 As of September 30
cy measures and structural changes taking effect
•
E
fficien
Gross margin down due to subdued product mix in the systems business and lower share of high margin Service parts & consumables sales in Q3/2025
€ 000s
9M/2025
9M/2024
Research and development expenses
-7,012
-8,123
Sales-related expenses
-8,973
-9,992
General administrative expenses
-18,992
-18,597
Income / Expenses from impairment of financial assets and contract assets
-614
-11
Other operating income and expenses
-828
-238
Negative currency effects
CASH FLOW AND NET DEBT
€ 000s | 9M/2025 | 9M/2024 | Change |
Cash flow - operating activities | -1,435 | 25,430 | nm |
Cash flow - investment activities | -13,375 | -12,432 | nm |
Cash flow - financing activities | -8,971 | -13,482 | nm |
Free cash flow | -14,810 | +12,998 | nm |
€ 000s | 9M/2025 | FY/2024 Change |
Cash | 22,396 | 47,164 -52.5% |
Equity ratio (%) | 55.7 | 54.5 +120 bps |
Net debt | 109,846 | 87,096 +26.1% |
Operating cash flow dynamics 9M/2025 burdened by high cash tax payments, decrease in trade payables and not yet materialized inventory reduction; Positive operating cash flow of € 4.4 million in Q3/2025
Strong focus to reduce still elevated inventory levels going forward
€ 000s
9M/2025
FY/2024
Inventories
126,389
121,818
Trade receivables
41,947
41,578
Trade payables
14,418
18,447
Investment ratio1 at 7.3% of sales below projected corridor for FY 2025 of 8.0% to 10.0%
Net debt / LTM EBITDA at 2.4x (up from 1.9x at the end of FY 2024)
Negotiations on refinancing of bridge loan by a new € 125 million syndicated loan concluded and agreement signed in Q3/2025
1 Total investments in intangible and tangible assets in % of sales
FINANCIAL GUIDANCE FOR FISCAL YEAR 2025
Co
co
nsolidated sales for the 2025 financial year expected to approximately match the previous year's figure on a nstant currency basis
Adjusted EBIT margin: Lower end of forecast corridor of 10.0% to 12.0% (FY 2024: 13.0%) expected
Sequential improvement expected in Q4/2025:
− Higher earnings contribution from higher-margin development and services sales expected
− Better scale effects due to better utilization in the systems business despite upcoming supply chain interruptions
Investments in tangible and intangible assets combined expected to be slightly below originally targeted corridor of around 8.0% to 10.0% of sales (FY 2024: 7.1%)
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