Bactiguard (BACTI) Q2 2025 earnings summary

Executive summary

• Achieved fifth consecutive quarter of positive EBITDA, totaling SEK 4.4 million for Q2 2025, up from SEK 1.2 million in Q2 2024.

• Revenues for Q2 were SEK 52.1 million, down 14–14.4% year-over-year, mainly due to lower BD partnership revenues, negative USD currency impact, and declines in both License and Wound Management segments.

• Hydrocyn Aqua drove strong growth in the wound management portfolio, which grew 21% in the first half year-over-year, despite a Q2 decrease.

• Early feasibility work in cardiology was initiated, targeting a large addressable market.

• Strong partnership momentum with BD and Zimmer Biomet, though market approval delays persist.

Financial highlights

• Q2 total revenue was SEK 52.1 million, down from SEK 60.9 million in Q2 2024; adjusted for currency, the decrease was 9.4–10%.

• EBITDA for Q2 was SEK 4.4 million, up from SEK 1.2 million year-over-year; rolling 12-month EBITDA at around SEK 32 million.

• Net loss for Q2 was SEK 8.1 million, improved from SEK 14.3 million last year; Q2 operating loss was SEK 7.3 million, an improvement of SEK 3.6 million.

• Cash flow from operating activities was positive at SEK 1.7 million in Q2; cash position at end of Q2 was SEK 46.1 million.

• Total operating costs (OPEX) decreased by 14% year-over-year, with savings in both external and personnel costs.

Outlook and guidance

• Focus remains on driving growth and profitability, maintaining cost discipline, and strengthening partnerships.

• Continued investment in business development, R&D, and regulatory capabilities to support future growth.

• Double-digit growth expected in Wound Management portfolio for the full year, especially from Hydrocyn Aqua.

• Financial targets for 2030: revenues of at least SEK 600 million, EBITDA of at least SEK 200 million, and at least ten application areas in exclusivity or license partnerships.

• Expectation of positive momentum in BD partnership as new market launches progress, despite current delays.