Bactiguard (BACTI) Q3 2026 earnings summary

Executive summary

• Q3 revenue was SEK 58.4m; net sales rose 23.6% excluding currency, driven by license growth. Adjusted EBITDA reached SEK 20.0m with a 34.3% margin, and net profit was SEK 7.3m.

• BD delivered its strongest partnership growth in a decade, while Zimmer Biomet product-sales royalties gained momentum.

• Nine-month revenue was SEK 162.4m, down 0.5%; net loss narrowed to SEK 6.5m and operating cash flow turned positive.

Financial highlights

• Q3 total revenue was SEK 58.4m versus SEK 48.4m, up 21.2% excluding currency; license revenue rose 40% excluding currency.

• Q3 operating profit was SEK 6.8m versus a SEK 6.4m loss; net profit was SEK 7.3m versus a SEK 7.5m loss.

• Operating cash flow was SEK 14.0m versus an outflow of SEK 2.8m; quarter-end cash was SEK 55.1m.

• Nine-month net sales fell 0.8% reported but rose 4.4% excluding currency; revenue was SEK 162.4m, down 0.5%.

• Nine-month net loss narrowed to SEK 6.5m from SEK 20.4m; loss per share was SEK 0.14 versus SEK 0.59.

Outlook and guidance

• License growth is expected to continue, supported by demand in recently launched markets, further BD launches and advancing new-partner discussions.

• Wound Management’s long-term outlook remains positive; Hydrocyn aqua expansion is a growth driver, with double-digit FY 2026 growth expected despite Q3 order phasing.

• 2030 targets are revenue of at least SEK 600m, EBITDA of at least SEK 200m, and partnerships in at least 10 application areas; targets are not forecasts.

• Priorities include expanding BD and Zimmer Biomet partnerships, developing orthopedic partnerships, clinical evidence and regulatory programs, Hydrocyn aqua expansion and Malaysia operations.

• No significant BIP revenue is expected in 2026, as planned; disciplined cost management remains a priority.