Price adjustments and better supply chain lift the quarter
Leaving behind a turbulent 2022, it seems that Boule is back on track. Net sales in Q1 were SEK 143.1m, fairly in line with ABGSCe at SEK 144.0m. Importantly, the gross margin (GM) was 46.2%, 2.2pp higher than ABGSCe at 44%. The better-than-expected GM comes as a result of 1) the price adjustments implemented in previous quarters materialising, and 2) an improved supply chain situation, where the supply of electronic components is finally normalising (no purchases in the spot market were needed in Q1). Boule's product mix for the quarter favoured instrument sales, which came in above our expectations (1039 units vs. ABGSCe of 830), however, revenue from this segment was only 9% above our expectations due to a lower average selling price (ASP) per instrument (SEK 39.7k vs. ABGSCe of SEK 45.5k). EBIT was SEK 12.1m, 15% above Q1'22, but 24% below ABGSCe. However, the result included non-recurring costs of SEK 2m for the staff reductions in January.
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