Slides
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Boule Diagnostics Q2 2025 Torben Nielsen CEO Holger Lembrér CFO July 18 2025
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● Stable quarter, -3,3% organic decline ● 17% growth in instrument sales, 5-part sales doubled ● Reagent sales was soft driven by delayed payments ● OEM sales continue strong performance ● Gross Margin adversely impacted by mix and lower instrument pricing ● Returning to positive operating cash flow ● Strengthened leadership team in place ● Clinical Chemistry distribution agreement in the US commercialized ● Successful validation of new Veterinary Hematology analyzer Boule Diagnostics AB 2 Q2 Highlights
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Instrument portfolio strategy updates Boule Diagnostics AB 3 Current portfolio Future portfolio H400 – 4-part C200 – ChemistryH50V – 5-part M32M - 3-part VitalScientific - ChemistryM51 - 5-partM32C - 3-part M32S - 3-part HumanVeterinary Proprietary Technology Partner + + Future focus on building portfolio through Technology Partners Access to the latest technology - faster to market - significantly less investment Commercialized in Q2 Successful validation completed Unit sales doubled YTD
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Summary Q2 2025 Sales SEK 129 M (137) -5.6% -3.3% organic growth -2.3% currency Gross profit SEK 50.0 M (59.1) -15.4% Gross margin 38.7% (43.1%) Adj. EBIT SEK 5.8 M (9.9) Adj. Operating margin 4.5% (7.2%) Operating cash flow SEK 2.9 M (-4.4) Available liquidity at the end of quarter was SEK 39 M Boule Diagnostics AB 4
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Sales Growth by Quarter Boule Diagnostics AB 5 -5,6% 250 300 350 400 450 500 550 600 -30% -20% -10% 0% 10% 20% 30% 40% Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 SEK M Total growth quarter, % Sales 12-months rolling, MSEK Quarter,
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Boule Diagnostics AB 6 Sales Growth by region Q2 2025 32% -17% 12% 35% 5% -34% 26% 5% 13% -5% Share of sales % Total growth % 12% -4% OEM; 25% Consumables; 38% Other; 9% Instruments; 28% Sales by product area
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Hematology sales Q2 2025 0 50 100 150 200 250 300 350 0 200 400 600 800 1 000 1 200 1 400 No of instruments R12 instrument sales R12 consumables & other Boule Diagnostics AB 7 • Sales declined with -6% due to lower instrument ASP and delayed payments on reagents • Instruments sales closed at 1029 (883), representing +17% growth SEK MNo instruments
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OEM sales Q2 2025 0 20 40 60 80 100 120 140 0 5 10 15 20 25 30 35 40 45 OEM sales R12 OEM sales Boule Diagnostics AB 8 • OEM sales declined -3% in the quarter primarily driven by timing of orders and a lower USD • Sales funnel for new projects continue to grow and mature creating significant growth opportunities going forward SEK MSEK M +166%
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SEK M Apr-Jun 2024 Apr-Jun 2025 Net sales 137.0 129.3 Organic growth,% -3.6% -3.3% COGS -77.2 -79.3 Gross profit 59.1 50.0 Gross margin, % 43.1% 38.7% Operating expenses -80.9 -43.1 One-off cost restructuring 8.5 - Adj. Other operating income/expenses -0.3 -1.1 Adjusted operating profit excl. capitalization -13.6 5.8 Adjusted Operating margin, % -9.9% 4.5% Capitalized RnD 23.5 - Adjusted Operating profit* 9.9 5.8 Reported Operating margin, % 7.2% 4.5% Operating Cash flow -4.4 2.9 Available cash and cash equivalents 82 39 Boule Diagnostics AB 9 Financial summary *) Excluding write-down of assets in Russia.
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Boule Diagnostics AB 10 Adjusted Cost* breakdown as % of sales Q2 2025 % Q2´2024 Q2´2025 Δ Cost of goods sold -56.9% -61.3% -4.4% Gross margin 43.1% 38.7% -4.4% Selling & marketing expenses -21.2% -19.8% 1.4% Administrative expenses -6.2% -5.3% 0.9% Research and development expenses -25.6% -8.2% 17.4% Other operating income and expenses -0.1% -0.9% -0.8% Adj. operating margin excl. capitalization, % -9.9% 4.5% 14.4% Capitalization of RnD 17.2% - -17.2% Adj. operating margin, % 7.2% 4.5% -2.7% Unfavorable sales mix and lower price on instruments impacted gross margin. Closure of development project BM950 reduced RnD Full impact from restructurings in the last 12 reduced operating expenses. *) Excluding write-down of assets in Russia.and items affecting comparability.
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Operating Cash flow* -18,8 -21,7 -30,2 -1,5 -24,9 -9,8 5,9 7,4 -9,8 -4,4 -11,6 -7,9 -9,8 2,9 -80 -70 -60 -50 -40 -30 -20 -10 0 10 20 30 -40 -35 -30 -25 -20 -15 -10 -5 0 5 10 15 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Boule Diagnostics AB 11 -34 -21 -72 *) Operating cash flow is the cash flow for the period excluding cash flow from financing activities and income tax paid.
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Liquidity & Credit • Cash position at SEK 23 M • Additional SEK 16 M in credit facilities available • Net cash / adj. EBIT (R12), times -1.4 Boule Diagnostics AB 12 0 20 40 60 80 100 120 140 160 Q1´23 Q2´23 Q3´23 Q4´23 Q1'24 Q2'24 Q3'24 Q4´24 Q1'25 Q2'25 Liquidity & Credit Facilities, SEK M
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Boule Diagnostics AB 13 Focus on transforming Boule into a higher growth and higher margin company 2025 Strategic Priorities – Q2 updates • Back to positive cash flow • Operating spend reduced with 47% from last year Expand operating margins through disciplined execution and reductions in structural cost • Strengthened leadership team within R&D and LEAN execution • 17% growth in instrument sales with new IB growth strategy Accelerate growth through strategic organic investments • Successful validation of new Vet hematology instrument • Clinical Chemistry sales in US commercialized Building a better, stronger, growth-oriented portfolio
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Thank you! Q&A