Boule Diagnostics: Beat driven by cost savings on opex - ABG

Adj. EBIT +85% vs ABGSCe
Soft cash flow generation
Estimates likely up 10% on adj. EBIT


Q4 results

Net sales came at SEK 143.2m (+2% vs. ABGSCe 140.6m) with organic growth of -1.8% (ABGSCe -4.3%). The gross margin was 44.6% (ABGSCe 47.1%). Q4 adj. EBIT of SEK 19.5m (+85% vs. ABGSCe 10.5m). The beat on adj EBIT was driven by higher sales and lower underlying opex. The positive deviation on sales relates mainly to higher Instrument sales, driven by a larger number of instruments but at a lower ASP. Instrument sales in Q4 was SEK 41.0m (+24% vs. ABGSCe 33.2m) and total consumables sales was SEK 87.2m (-7% vs. ABGSCe 93.9m). The NRI of -14.8m (ABGSCe 0m) relates to restructuring charges of -7.6m and a write down of SEK 7.2m related to assets in Russia. Operating cash flow of SEK 15.1m was lower than expected (ABGSCe 35.3m).

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/boule-diagnostics/Equity-research/2025/2/boule-diagnostics---beat-driven-by-cost-savings-on-opex/