Boule Diagnostics (BOUL) Q3 2026 earnings summary

Executive summary

• Q3 net sales fell 24.4% YoY to SEK 96.2m as component shortages constrained instrument deliveries and weak demand weighed on sales; recurring consumables and OEM were steadier.

• Adjusted operating loss was SEK 4.5m; a SEK 7.3m reversal of a prior Russia asset impairment lifted reported operating profit to SEK 2.8m.

• Priorities include securing components, fulfilling the SEK 76m backlog and strengthening the financial position.

Financial highlights

• Net sales were SEK 96.2m versus SEK 127.2m; organic growth was -19.4% and currency impact was -5.0%.

• Gross profit was SEK 39.5m versus SEK 52.4m; gross margin was 41.1% versus 41.2%, supported by a higher consumables and OEM mix.

• Reported operating profit was SEK 2.8m versus SEK 16.7m; adjusted operating loss was SEK 4.5m versus adjusted profit of SEK 12.0m.

• Net loss was SEK 2.5m versus net profit of SEK 10.9m; basic and diluted EPS were -SEK 0.06 versus SEK 0.28.

• Operating cash flow was SEK 6.9m versus SEK 1.0m, mainly reflecting improved customer receivables, which offset higher inventory.

Outlook and guidance

• Component supply disruptions may continue into Q4; supplier coordination and production planning aim to improve deliveries and restore instrument delivery capacity.

• Near-term priorities include securing components, fulfilling the SEK 76m order backlog and developing recurring reagent and OEM business.

• Further cost reductions have been implemented and are planned during 2026; management and the Board are evaluating options to strengthen the financial position.

• Financing to support continued operations was not secured, creating significant uncertainty around the going-concern assumption.