Boule Diagnostics: Uncertainty due to macro situation - ABG

• Macroeconomic situation impacts top-line
• Gross profit -11% vs. ABGSCe, due to non-favourable prod. mix
• Sales from new 5-part patform delayed to 2025

Q2 results
Net sales came at SEK 140.5m (-3% vs. ABGSCe 145.3m). Organic growth was -9.9%, compared to ABGSCe at -2%. The gross margin was 42.7%, +4.9pp vs. Q2'22, but -3.5pp below ABGSCe at 46.2%, mainly due to a less favourable product mix favouring instrument sales. Boule mentioned that an order of about SEK 10m from the Middle East and Africa was not accounted for the quarter due clients from this regions being unable to pay due to bank restrictions on the exchange of foreign currencies. The orders remain active for Q3. Operating expenses were SEK -51.2m, fairly in line with ABGSCe at SEK -50m. This resulted in an EBIT margin of 6.2% (-5.6pp vs. ABGSCe 11.8%). Net profit was 4.1m (-26% vs. ABGSCe 11.7m). 999 instruments were delivered; fairly in line with our expectations at 1060, but at a higher-than-expected average selling price of SEK 46.6k (ABGSCe 39.7k). Asia and Western Europe stand out on the positive side with 28% and 25% growth y-o-y, respectively; while Eastern Europe and Latin America were on the weak side with -31% and -27% decline, respectively

Länk till analysen i sin helhet: https://cr.abgsc.com/contentassets/6506d5f136b94d5c9ab06884e7f65b91/pdf/uncertainty-due-to-macro-situation.pdf