Bactiguard (BACTI) Q4 2025 earnings summary

Executive summary

• Q4 delivered strong results with EBITDA of SEK 25 million, driven by an updated Zimmer Biomet agreement and cost discipline; full-year EBITDA reached SEK 44 million despite lower total revenues due to currency effects and discontinued business.

• Strategic transformation continued, focusing on licensed partnerships, wound management, and expansion into cardiology and neurology, with investments in regulatory and digital capabilities.

• Partnerships with BD and Zimmer Biomet were strengthened, supporting growth and market penetration.

• Focused on higher profitability products and enhanced R&D and regulatory expertise.

Financial highlights

• Q4 total revenue was SEK 65.6 million; full-year revenue was SEK 228.8 million, with Q4 net sales up 10% net of currency effects.

• Q4 EBITDA was SEK 24.7 million (up from 8.4 million YoY); full-year EBITDA was SEK 43.8 million (up from 18.0 million YoY).

• Q4 net profit was SEK 12.5 million; full-year net loss was SEK 7.8 million, an improvement from SEK 29.8 million loss YoY.

• Operating costs for the year decreased by over 25% to SEK 154 million, aided by a SEK 7 million reduction in provisions from the Zimmer agreement.

• Cash at year-end was SEK 44 million; positive Q4 cash flow, but full-year cash flow was negative due to SEK 51 million voluntary loan repayment.

Outlook and guidance

• Strategic targets for 2030 reiterated: at least SEK 600 million in revenue and SEK 200 million EBITDA, with more than 10 application areas in exclusivity or licensed partnership phases.

• Expectation of double-digit growth in wound management, led by Hydrocyn, and positive contributions from sutures going forward.

• Growth anticipated from BD as new markets (India, Europe) ramp up, with additional launches expected in 2026.