Bactiguard (BACTI) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw continued profitability with adjusted EBITDA of SEK 4.9 million, supported by disciplined cost control and a scalable business model, despite lower reported revenues due to timing effects and currency impacts.

• Strategic partnerships with BD and Zimmer Biomet advanced, with BD launching coated Foley catheters in Europe and Zimmer Biomet operating under an updated agreement.

• The company maintained focus on key therapeutic areas, expanded business development in orthopedics, cardiology, neurology, urology, and vascular access, and strengthened its leadership team.

• Wound Management portfolio showed resilience, with Hydrocyn Aqua driving growth and suture sales stabilizing.

Financial highlights

• Total revenue for Q1 2026 was SEK 46.9 million, down 16–25% year-over-year depending on currency effects; net sales were SEK 42.4 million, down 17–28%.

• Adjusted EBITDA was SEK 4.9 million (margin 10.5–11%), down from 15% last year.

• Operating result was SEK -7.2 million (vs. SEK 2.6 million last year); net result SEK -5.6 million (vs. SEK 4.7 million last year).

• Cash at quarter-end was SEK 35.3 million; operating cash flow was SEK -7.4 million, an improvement over last year.

• Equity ratio was 58.0%; net debt SEK 126.0 million.

Outlook and guidance

• Strategic targets for 2030 remain unchanged: ≥ SEK 600 million revenue, ≥ SEK 200 million EBITDA, and ≥10 application areas in partnerships.

• Focus remains on partnerships, regulatory progress, and long-term value creation, with Wound Management expected to deliver double-digit growth.

• Quarterly revenues expected to fluctuate due to currency, regulatory timing, and license agreements.

• No significant further reductions in people costs anticipated; slight reductions in external expenses expected.