Boule Diagnostics: Earnings beat on adj. EBIT in Q4 - ABG

Underlying earnings better than expected
4.2% organic sales growth in Q4
Near-term uncertainty persists, but long-term potential unchanged


Q4 negatively impacted by one-offs

Boule Diagnostics delivered another quarter with positive organic growth in Q4, and adj. EBIT (excluding non-recurring items) of SEK 15.1m was 19% better than what we had expected (ABGSCe was SEK 12.6m). The earnings beat In Q4 was to a large degree due to higher gross margin (44.5% vs ABGSCe of 42.0%). Cash flow generation was strong in Q4 with OCF of SEK 29.2m, equal to a cash conversion (OCF/EBITDA) of 142%, helped by improved net working capital in Q4. However, Boule Diagnostics continues to re-invest a large part of its OCF in R&D (capitalised) in its new 5-part system, which is scheduled to be launched later in 2024.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/boule-diagnostics/Equity-research/2024/2/boule-diagnostics---earnings-beat-on-adj.-ebit-in-q4/