Bactiguard (BACTI) Q2 2026 earnings summary

Executive summary

• Achieved 16% net sales growth year-over-year in Q2 2026, driven by strong recovery in BD revenues and record performance in Wound Management, with broad-based growth across all business segments and improving EBITDA and cash flow.

• Renewed and deepened a 35-year partnership with BD, signing a new long-term global agreement that modernizes partnership terms and expands global reach.

• Strategic focus on expanding partnerships, advancing toward 2030 targets, and leveraging new licensing rights, especially in orthopedics.

• Wound Management revenues surged 67% in Q2, led by Hydrocyn aqua, with growth across all regions.

Financial highlights

• Total revenue reached SEK 57.1 million in Q2 2026, up from SEK 52.1 million in Q2 2025; net sales grew 16% year-over-year excluding currency effects.

• Adjusted EBITDA was SEK 5.6 million (margin 9.9%), up from SEK 4.4 million (8.4%) a year ago.

• Cash flow from operations improved to SEK 12.4 million from SEK 1.7 million in Q2 2025; cash and equivalents at quarter end were SEK 43.5 million.

• Net loss for the quarter was -SEK 8.2 million, nearly flat year-over-year.

• Operating loss was SEK 8.3 million, compared to SEK 7.3 million in Q2 2025.

Outlook and guidance

• Management expects continued double-digit growth in Wound Management, especially from Hydrocyn aqua, with stable contributions from sutures.

• Strategic targets for 2030 remain unchanged: SEK 600 million in revenue and SEK 200 million EBITDA, with focus on partnership strengthening and regulatory advancement.

• Expect less volatility in BD revenues going forward, with new market launches supporting future expansion.