Slides
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Devyser Earnings call Q3 2026 November 3rd, 2026
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Jan Wahlström CEO Niklas Axelsson CFO T oday’s presenters
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Q3 2026: Improved profitability
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Q3 highlights & subsequent events · Considering inventory build-up effect at our largest distributor impacting sales in Q3, solid underlying sales performance at 59.7 MSEK · After one-off inventory effect in Q2, bounce back to a healthy gross margin at 83% · Thanks to an enhanced organizational efficiency, significantly improved operating result (+18 MSEK in EBIT YTD, and our sixth quarter in a row with positive EBIT) · Strengthened cash position, and cash flow from operating activities · Launch of One Lambda Devyser Chimerism Plus with Thermo Fisher · First reagent rental agreement signed · Strengthened leadership team – appointment of Torben Thölix as new CCO · New tender win in Italy · Expansion of scope in transplant test to include heart and lung patients
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Growth continues in core segments · Sales of 181.7 MSEK generated during first nine months with growth driven by: · NGS product launches – CFTR and Thalassemia · Hereditary product sales in the US · Continued strengthened position in Italy, exemplified by recent renewed NGS tender win corresponding to 5.7 MSEK and an expected doubling of the test volumes compared to the previous agreement · Direct markets and other distributor markets continue to grow, despite inventory build-up at our largest distributor
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MolDx progress · MolDx application for kidney transplant follow up as a service in the US ongoing · Estimated approval before the end of the year · Preparations ongoing for commercialization and channel strategy ahead of approval
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Third quarter 2026
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8 ▪ Revenue • Sales 59.7 MSEK (56.4 MSEK) • Growth +5.8%, F/X adj. +5.7% 8 Third quarter
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9 Rolling 12 months net sales
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10 Sales by region Q3 2026 Q3 2025 % of Q3 2026 % of Q3 2025 % Growth QoQ EMEA 50,3 47,7 84,3% 84,6% 5,3% Asia-Pacific 2,3 1,7 3,9% 3,1% 33,0% North and South America 7,1 6,9 11,9% 12,3% 2,6% Total 59,7 56,4 100,0% 100,0% 5,8%
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11 Sales by sales channel Q3 2026 Q3 2025 % of Q3 2026 % of Q3 2025 % Growth QoQ Direct sales 45,1 42,5 75,5% 75,3% 6,0% Distributor sales 14,6 13,9 24,5% 24,7% 5,3% Total 59,7 56,4 100,0% 100,0% 5,8%
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12 ▪ Revenue • Sales 59.7 MSEK (56.4 MSEK) • Growth +5.8%, F/X adj. +5.7% ▪ Gross margin 83.0% (75.0%) 12 Third quarter
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13 ▪ Revenue • Sales 59.7 MSEK (56.4 MSEK) • Growth +5.8%, F/X adj. +5.7% ▪ Gross margin 83.0% (75.0%) ▪ EBIT • 7.1 MSEK (1.3) 13 Third quarter
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14 ▪ Revenue • Sales 59.7 MSEK (56.4 MSEK) • Growth +5.8%, F/X adj. +5.7% ▪ Gross margin 83.0% (75.0%) ▪ EBIT • 7.1 MSEK (1.3) ▪ Cash • 88.7 MSEK in liquidity (84.9) • Cash flow from operating activities: +22.0 MSEK (-0.5) 14 Third quarter
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Highlights Q3 and Commercial outlook
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Q3 commercial recap • Overall, solid sales performance • Strong development in hereditary sales (both in EU & US) • Transplant products still impacted by inventory build-up at our largest distributor • High growth in US sales with our direct business • Launched One Lambda Devyser Chimerism Plus with Thermo Fisher • First reagent rental agreement signed • Strengthened leadership team – new CCO in place • New tender win in Italy; test volumes to double • Expansion of scope in transplant test to include heart and lung patients
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· First commercial reagent rental agreement signed in August with a lab in Italy, within the Illumina collaboration · The customer replaces an upfront capital investment with a multi-year commitment to buy reagents, which gives us recurring revenue with higher predictability · We expect it to serve as a reference for further agreements in Europe, and we already have several similar opportunities in progress · Normal contract length: 3-5 years Reagent rental deals
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Update on Thermo Fisher Scientific ▪ Since quarter-end, launched One Lambda Devyser Chimerism Plus with Thermo Fisher – a next-generation chimerism monitoring solution that reduces workflow-related error risk while improving lab efficiency and usability ▪ Weak sales both in Q2 and Q3 due to distributor inventory build-up ▪ Thermo Fisher continues to bring in more customers, and end- market sales have shown good growth over the last year ▪ We continue to accelerate customer onboarding as well as market adoption ▪ In Europe we are making significant progress related to having cfDNA become recognised and endorsed as the preferred rule-out test of biopsies and supported by new reimbursement schemes
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Accept Heart & Lung – Expansion of the addressable market Heart & Lung transforms Accept from a kidney-focused product into a broader solid-organ transplant monitoring platform Importance ▪ Potential to reduce reliance on invasive biopsies ▪ High relevance in heart transplantation, including pediatric patients ▪ Same core platform and workflow across multiple organs ▪ Creates recurring testing potential across a larger base Market impact Number of annual transplants: Kidney: ~27k Heart & Lung: ~5.5k Number of tests per patient first year after transplantation: Kidney: 4 Heart & Lung: 12
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20 Going forward • Underlying demand remains strong in our direct and other distributor markets • One-time inventory correction at our largest distributor: weaker sales for the rest of 2026, then more normal levels during 2027 • Our aim: profitable growth, faster than the underlying market • Focus on our core markets, the US and Western Europe, with continued cost efficiency • Two partnerships, Thermo Fisher and Illumina, strengthen our market presence, and a new commercial leader is in place • Milestones: goal to announce a MolDx decision before year-end, FDA process progressing, continued work on IVDR certifications • Continued focus on cash flow generation 20
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21 Q&A 21
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