Navigating through component shortages and with testing volumes remaining negatively impacted by the pandemic, Boule delivered record high sales in Q4 growing 50% organically (ABGSCe 27%) for sales 20% above our expectations. We believe the record-high instrument deliveries of 1,326 (ABGSCe 1,100) was particularly impressive considering the currently tougher supply chain environment. This impacted the gross margin negatively by SEK 6m (~430bps), and together with strong instrument sales to India and higher OEM sales, it took the gross margin to 41.2% (ABGSCe 46.0%). The reported EBIT margin was 9.9% (ABGSCe 12.8%), but when adj. for higher component and logistics costs, the underlying EBIT margin was 14.1%. The OEM/CDS business continues to perform very well with >100% y-o-y growth, and following the long-term agreements it signed last year it has now delivered more than SEK 20m in sales for three quarter in a row.
Strong outlook going into 2022
The outlook for 2022 remains positive and Boule consumables sales is set for a rebound as testing volume normalizes. Despite delivering an all-time high number of instruments, the order backlog remains unusually high going into 2022, which bodes well for continued strong instrument sales. Furthermore, it announced that it is raising prices to offset higher input costs, which should help normalize gross margins. Due to access to components, the launch of the new product platform has been pushed into early 2023, but remains another solid growth opportunity with expansion into the higher growth five-part market segment.
Estimates up 6-5% - ’21-’24e EBIT CAGR of 49%
We raise estimates by 6-5% on the back of higher instrument volumes and consumables sales. We forecast Boule to deliver a ’21-’24e CAGR in sales and EBIT of 13% and 49%, respectively
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