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Boule Diagnostics: Analyst - ABG

Q4'23 results due 6 February
Instrument sales to drive growth in Q4e
27-33% below historical NTM P/E and NTM EV/EBITDA


Q4'23e expectations

We expect Boule Diagnostics to report +2.4% organic sales growth and an EBIT margin of 8.2% in Q4'23e, up from 6.7% in Q4'22. Sales growth in Q4 is expected to come from instrument sales, with sales of consumables facing tough comps in Q4'23 ahead of an expected decline in Q4'23. Given the expected sales mix, i.e. tilted more towards instruments in Q4 and thus holding back the gross margin, we forecast an improved EBIT margin in Q4 on good cost control.
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