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Bactiguard Q3: Strong Q3 with mid-term target set to change in Q1/25 - SEB

Bactiguard’s Q3 net sales of SEK 67m were well ahead of SEB (SEK 50m) with organic net sales growth of 58% y/y (SEBe: 11% y/y) in the quarter. License revenue is the main explanation of the Q3 beat, but wound management is also stronger. Q3 EBITDA was SEK 10m (SEB at SEK -1m). Bactiguard will review its 2028 financial targets, set in October 2023; outcome to be announced in Q1/25. As a reminder, we forecast sales of SEK 388m 2028 vs the current target of SEK 1bn.

Bactiguard’s Q3 net sales of SEK 67m were well ahead of SEB (SEK 50m) with organic net sales growth of 58% y/y (SEBe: 11% y/y) in the quarter. License revenue is the main explanation of the Q3 beat, but wound management is also stronger. Q3 EBITDA was SEK 10m (SEB at SEK -1m). Bactiguard will review its 2028 financial targets, set in October 2023; outcome to be announced in Q1/25. As a reminder, we forecast sales of SEK 388m 2028 vs the current target of SEK 1bn.
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