Q4 negatively impacted by one-offs
Boule Diagnostics delivered another quarter with positive organic growth in Q4, and adj. EBIT (excluding non-recurring items) of SEK 15.1m was 19% better than what we had expected (ABGSCe was SEK 12.6m). The earnings beat In Q4 was to a large degree due to higher gross margin (44.5% vs ABGSCe of 42.0%). Cash flow generation was strong in Q4 with OCF of SEK 29.2m, equal to a cash conversion (OCF/EBITDA) of 142%, helped by improved net working capital in Q4. However, Boule Diagnostics continues to re-invest a large part of its OCF in R&D (capitalised) in its new 5-part system, which is scheduled to be launched later in 2024.
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