Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Forum
  • About Us
    • Our Coverage
    • Team
Third party research

Boule Diagnostics: A new round of boule(s) with lower costs - ABG

Boule Diagnostics

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
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 gross margin of 44.6% (ABGSCe 47.1%) and improved opex. Excluding one-off restructuring charges, the gross margin in Q4 was 45.9%. While the ASP was lower than expected (SEK 35.8k vs. ABGSCe 42.5k), the number of instruments sold was higher (1,144 vs. ABGSCe 780), resulting in a small beat on sales. Management's recent focus on improving opex is starting to bear fruit, with opex 7% below our expectations. Operating cash flow improved sequentially in Q4 to SEK 15.1m (SEK 5.2m in Q3'24), but with total capex in Q4 of SEK 22.8m (SEK 20.8m in R&D capitalisation), FCF continues to be held back. As of 31 December, the company had SEK 22.7m in cash and an additional SEK 34.8m in credit facilities.
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Forum
  • About Us
    • Our Coverage
    • Team