Devyser Diagnostics (DVYSR) Q2 2026 earnings summary

Executive summary

• Q2 2026 sales declined due to inventory buildup at the largest distributor, mainly impacting transplant products, while hereditary products and direct sales showed robust growth, especially in the US and Italy.

• EBIT remained positive for the fifth consecutive quarter, reflecting improved profitability and cost control.

• The CyberGene acquisition was completed in April, strengthening the product portfolio in aneuploidy and male infertility diagnostics; a new CFO, Niklas Axelsson, will start in Q3/H2 2026.

• Launched One Lambda Devyser Chimerism Plus in partnership with Thermo Fisher, expected to enhance competitive positioning and support further account wins.

• Won a SEK 8.9 million tender in Italy, boosting annual revenue and market position.

Financial highlights

• Q2 2026 revenue was SEK 60.2 million, down 10.7% year-over-year, mainly due to distributor effects; H1 2026 revenue was SEK 122 million, nearly flat year-over-year.

• Gross margin for Q2 was 76.0%, impacted by a one-off inventory adjustment; underlying gross margin year-to-date is 80%.

• EBIT for Q2 was SEK 0.5 million, positive for five consecutive quarters.

• Cash position at quarter-end was SEK 81 million, with SEK 12.3 million cash flow from operating activities.

• Direct sales grew 14% year-over-year in Q2, while distributor sales declined 53%.

Outlook and guidance

• Sales to the largest distributor are expected to remain weak through 2026 due to inventory adjustments, with normalization and growth anticipated in 2027.

• MolDx application for kidney transplant follow-up in the US is ongoing, with approval expected before year-end.

• Focus remains on cost control, core business, and growth in the US and Western Europe, with ongoing R&D and product launches planned for 2026.

• The launch of new products and Illumina reagent rental model are expected to drive future growth.