Boule Diagnostics

Beat on adj. EBIT but lower OCF Adj. EBIT up 8.9-9.8% for '25e-'26e Trading at 5.6x '25e EV/EBIT Higher volume but lower ASP Boule Diagnostics ended the year with sales of SEK 143.2m (+2% vs. ABGSCe 140.6m), organic growth of -1.8% (ABGSCe -4.3%), a ...

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...

Q4'24 results due 11 February '25e-'26e adj. EBIT revised by 0.5-0.7% Share trading at '25e EV/EBIT of 6.3x Q4'24 expectations We expect Boule Diagnostics to deliver organic sales growth of -4% to SEK 141m in Q4'24e. Consumables performed well in Q3,...

- Adj. EBIT better but OCF down in Q3 - Transition in progress - Adj. EBIT up 7% in '24e, down 1% in '25e-'26e Mixed Q3 Boule Diagnostics reported a mixed set of numbers in Q3 with weaker-than-expected sales (-4% vs ABGSCe) but a higher gross margin ...

- Weak on sales but higher gross margin - More restrucrings to come - Estimates likely up 5-10% on adj. EBIT Q3 results Net sales came at SEK 130.4m (-4% vs. ABGSCe 136.3m) with organic growth of -2% (ABGSCe -1.0%). The gross margin was 46.8% (ABGSCe...

Q3'24 results due 25 October '24e-'26e adj. EBIT revised down 0.7%-1.3% We forecast -1% organic growth and 7.7% adj. EBIT margin Q3'24 expectations We expect Boule Diagnostics to report organic sales growth of -1% in Q3'24 and adj. EBIT of SEK 10.5m ...

- Weak Q2, -6% on sales and -25% on adj. EBIT vs ABGSCe - FCF generation held back by R&D capitalisation - We cut '24e adj. EBIT by 6.7% Soft Q2 numbers Boule Diagnostics reported weaker-than-expected Q2 results, mainly due to lower sales and gross margin...

- 25% miss on adj EBIT - Lower on sales and weaker gross margin - Estimates likely down 5-8% on adj. EBIT Q2 results Net sales came at SEK 137m (-6% vs. ABGSCe 146.4m) with organic growth of -3.6% (ABGSCe +3.3%). The gross margin was 43.1% (ABGSCe 45...

- Q2'24 results due 22 July- 24e-'26e EBIT revised down 1.0-2.1%- We expect 3.3% organic growth and 9.0% EBIT margin Q2'24 expectations We expect Boule Diagnostics to report an organic sales growth of 3.3% in Q2'24 and an EBIT margin of 9.0%, up from...