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Boule Diagnostics: Signs of improvement in Q4 - ABG

Stronger than expected sales but weak EBIT
FDA's observations in the US being addressed
Conference call today at 10:00


Q4 results

Net sales came at SEK 149.2 (+8% vs. ABGSCe 137.6m), but profitability disappointed with EBIT of SEK 10m, 27% below ABGSCe. It was mainly driven by higher opex, however, it seems to be largely driven by non-recurring costs. Organic growth was -8% compared to ABGSCe at -17%. The gross margin was 44.7%, above ABGSCe at 41.5% and 4% better sequentially, due to price increase and favourable product mix with higher share of consumables. Gross margins are still affected by high component costs, which dragged the margin down by ~3pp. Net profit was SEK 2.9m (-66% vs. ABGSCe 8.5m). Boule delivered 794 instruments, below of ABGSCe of 953. Geographically, US sales stand out as strong with 39% growth y-o-y, while Africa/Middle East was on the weak side.
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