Boule Diagnostics (BOUL) Investor update summary

Strategic refocus

• End in-house development and manufacture of hematology instruments, plus sales of new proprietary and third-party instruments; focus on consumables, service for ~31,000 installed instruments, and OEM CDS.

• OEM CDS and reagent manufacturing in Spånga are unaffected by the decision.

• RFID-protected reagents link the installed base to recurring consumables sales throughout instrument lifetimes.

Rationale and financial impact

• Three-part technology is older as the market shifts to five-part instruments; BM950 development ended in 2025 after technical problems, while Chinese entrants pressured five-part pricing.

• Required investment to compete in hematology instruments was assessed as disproportionate to expected returns; the refocus centres on areas with competitive advantages and good margins.

• Annual cost-base reduction expected at SEK 90–100m when fully effective, with full savings expected in early 2028; transition includes Diagnostics workforce reductions and union negotiations.

Business metrics and continuity

• 2025 net sales were SEK 490m; consumables, OEM and service represented ~78%, while instruments accounted for ~22%.

• OEM CDS had 2025 sales of SEK 134.6m and an adjusted operating margin of 22.7%; sales increased 128% since 2020, supported by multi-year manufacturing agreements.

• Ongoing support for existing instruments includes reagents, controls, spare parts and technical support, with established distributor relationships continuing.