Boule Diagnostics (BOUL) Q1 2026 earnings summary

Executive summary

• Returned to organic growth in Q1 2026, achieving 3% organic sales growth despite a 10% decline in reported sales due to significant currency headwinds and lower OEM volumes.

• Achieved fourth consecutive quarter of positive operating cash flow, reflecting improved working capital management and cost actions.

• Completed site consolidation in Sweden, supporting future margin improvement and operational efficiency.

• BSI and FDA audits of Swedish operations completed with no findings, confirming strong quality and compliance.

Financial highlights

• Net sales were SEK 101.6–102 million, down 10% year-over-year, mainly due to a -13% currency effect.

• Gross profit was SEK 42.2 million (gross margin 41.6%), down from 47.4% last year; adjusted gross margin was 44.5% excluding SEK 3 million in one-off costs.

• Adjusted EBIT was -SEK 1.4 million (margin -1.3%), compared to SEK 15.1 million last year; adjusted EBIT would be SEK 1.6 million excluding one-off costs.

• Operating cash flow reached SEK 17.7 million, up from negative SEK 9.8 million last year.

• Liquidity at quarter-end was SEK 31.5 million, with SEK 19 million in cash and SEK 13 million in unused credit facilities.

Outlook and guidance

• OEM business expected to recover in coming months after order timing effects; full-year outlook remains strong.

• Margin pressures are seen as temporary and non-structural, with cost actions and strategic priorities for 2026 focused on margin expansion, automation, digitization, and global sales growth.

• Continued focus on cost reductions and operational robustness to support sustainable growth.