Group performance January-March 2022

Net sales

Net sales for the quarter amounted to SEK 132.5 (100.6) million, an increase of 31.7 percent. After adjustment for currency effects, the increase was 23.3 percent. Instrument sales increased by 20 percent, sales of consumables increased by 29 percent and OEM and CDS brand sales increased by 99 percent compared with the same period the previous year.

Increased growth is a result of increased vaccination rates and less restrictions and growth in all regions. Growth in US is driven by OEM-business and growth in Asia is driven by strong sales in India where we saw an increase in both instruments and consumables.

Net sales by region, SEK million Jan-Mar 2022 Jan-Mar 2021 change Apr 21-
Mar 22 (R12)
Apr 20-
Mar 21 (R12)
change (R12)
USA 44.4 33.0 35% 164.0 126.8 29%
Asia 43.4 20.3 114% 144.4 95.0 52%
Eastern Europe 16.7 13.4 25% 64.4 50.4 28%
Latin America 10.3 13.2 -23% 34.7 33.6 3%
Western Europe 8.2 7.5 10% 33.0 34.1 -3%
Africa/Middle East 9.5 13.2 -28% 54.8 42.8 28%
Total 132.5 100.6 32% 495.2 382.7 29%
Net sales by product, SEK million            
Instruments 41.4 34.5 20% 155.6 118.8 31%
Consumables, own instruments 53.9 41.7 29% 205.6 166.9 23%
Consumables, OEM and CDS brand 27.6 13.9 99% 98.4 59.7 65%
Other 9.6 10.5 -8% 35.7 37.3 -4%
Total 132.5 100.6 32% 495.2 382.7 29%

Gross profit

Gross profit for the fourth quarter was SEK 56.8 (44.7) million, with a gross margin of 42.9 (44.4) percent. The gross margin was negatively affected by the regional and product mix with a high share of instrument sales to Asia and a high share of OEM-sales, as well as increased costs in the supply chain due to component shortages and logistics challenges.

Dynamisk graf:



Operating expenses for the period amounted to SEK 45.1 (38.3) million. Selling expenses increases compared to last year and includes recruitment expenses and cost for trade fairs.

Research and development expenses, including costs related to the quality assurance organization, amounted to SEK 11.7 (10.4) million, corresponding to 8.8 (10.3) percent of net sales. Expenses includes redesign of components due to shortages. Development expenses of SEK 17.9 (13.0) million were capitalized. Total research and development expenses correspond to 22.4 (23.3) percent of net sales.

The net of other operating income and other operating expenses for the period amounted to SEK -1.3 (0.4) million and consists of positive and negative exchange differences.

Operating profit

Operating profit amounted to SEK 10.3 (6.8) million, corresponding to an operating margin of 7.8 (6.8) percent.

Inventory of installed base

During 2021 an inventory of instrument installed base was carried out in collaboration with our distributors. The previous assumptions about longevity and use of the instruments have been confirmed with an average life expectancy slightly lower in certain regions than the global average of 8 years. Smaller clinics with very low test volumes have closed down due to the pandemic. This results in an adjustment of the estimated life of instruments from previously 8 years to 7.5 years from 2021. At the end of 2021, active installed base is estimated at 29,000.

Dynamisk graf:

¹ Estimated number of active instruments is based on an expected lifespan of 8 years, changes to 7.5 years from 2021.

² Accumulated number of instruments sold since 2006 was 45,844 at March 31, 2022.

³ Number of instruments sold in 2022 refers to sales on a rolling 12-month basis.


Net financial items

Net financial items amounted to SEK -3.4 (-3.0) million, mainly currency effects and interest expenses.


Profit before tax was SEK 6.9 (3.9) million. Profit for the period was SEK 4.6 (0.3) million.

Financing and cash flow

Cash flow from operating activities for the fourth quarter was SEK -1.3 (12.6) million.


The Swedish Export Credit Agency (EKN) guarantees some of Boules trade receivables at up to 75-95 percent of the receivables’ total amount. Receivables may be pledged, in which case the liabilities are reported as interest-bearing liabilities.

The change in trade receivables guaranteed by EKN is included in cash flow from operating activities, while the change in other interest-bearing liabilities is reported under cash flow from financing activities.

Cash flow for the period was SEK -1.8 (-3.0) million and cash and cash equivalents at March 31 amounted to SEK 36.2 (31.5) million.

The Group’s available cash and cash equivalents, including unutilized credit facilities, was SEK 67.1 (83.5) million at March 31.


Total investments amounted to SEK 19.2 (14.5) million, with investments in future product platforms accounting for SEK 17.9 (13.7) million of the figure.

Equity and liabilities

The Group’s equity at March 31 was SEK 303.6 (277.5) million and the equity/assets ratio was 49.8 (54.0) percent.

Interest-bearing liabilities excluding leases are primarily related to pledged trade receivables guaranteed by EKN and amounted to SEK 149.6 (91.3) million at March 31, of which SEK 39.3 (19.5) million of these liabilities were non-current and SEK 110.3 (71.8) million were current. At March 31, SEK 34.4 (5.4) million of the credit facility had been used and other current non-interest-bearing liabilities and trade payables amounted to SEK 117.6 (91.2) million.

Lease liabilities at March 31 amounted to SEK 24.4 (36.1) million, of which SEK 13.0 (23.5) million liabilities were non-current liabilities and SEK 11.4 (12.6) million were current liabilities .

Net debt at March 31 amounted to SEK 20.0 million compared to last year where net cash was SEK 3.2 million.

Deferred tax liabilities were SEK 10.0 (15.1) million at March 31.

Non-current provisions consist of direct pension provisions of SEK 3.9 (3.3) million.

Significant risks and uncertainties

The Group's operations are subject to risks and uncertainties that may, to a varying extent, affect the Company’s ability to achieve defined goals. Boule works continuously on management of existing risks and uncertainties and on the risk inventory that forms the basis for detecting new risks and uncertainties. The systematic and internally coordinated work is aimed at identifying risks, limiting risk exposure and minimizing any impact should a risk materialize. Currently, primary risks and uncertainties have been identified in the following areas: regulatory risks, product portfolio risks, distributor risks, production and quality risks, counterfeit reagents, price pressure, supplier risks, market risks and competition, bribery, and corruption, currency risks, IT security and systems, financing risks and future cash flows, health and safety in the workplace, dependence on key personnel and the effects of Covid-19.

Boule is currently exposed to exchange rate changes. A change of +/- 10 percent in the USD/SEK exchange rate affects net sales by +/- SEK 20 million and operating profit by +/- SEK 4 million. Boule works constantly to reduce the Group’s currency exposure in its operations.

A more detailed description of risks, risk management and related opportunities can be found on page 36 in the 2021 Annual Report.

Uncertainties due to the war in Ukraine

In 2021, Boule's sales in Eastern Europe amounted to 13 percent of net sales, with the majority referring to Russia. During the first quarter, sales amounted to 13 percent (13%) of net sales. The company has employees in Russia and a production facility for consumables that are distributed to the Russian market. Future sales in Eastern Europe is uncertain due to the war in Ukraine and the current sanctions against Russia. The company monitors the situation on an ongoing basis.


Like other companies, Boule faced new challenges related to the spread of covid-19. There has been a slowdown in sales as a result of the lockdown in many markets. Initially healthcare visits decreased affecting the number of blood samples and also new sales of instruments as the care providers prioritized covid-19 patients. Both sales and order intake have recovered during 2022.

Problems with components and raw material shortages, logistics and distribution to customers have arisen and continue to arise due to a lack of transport capacity and obstacles related to border closures. The disruptions have escalated during 2021, which may lead to a levershorter or longer production stop. Boule is taking active measures to mitigate the impact by working closely with the Group’s subcontractors, redesign of components and planning and booking deliveries well in advance.

Future sales impact and delivery capacity will continue to be difficult, as there is still uncertainty related to market recovery, shut-downs and other disruptions in the supply chain. In the longer term the assessment is continued stable growth for the decentralized patient-centered market that Boule target.

Related-party transactions

No related-party transactions have taken place during the period that have affected the groups financial position and result.

Significant events during the interim period

There are no significant events to report for the period.

Events after the end of the interim period

Annette Colin joined as the new CFO effective April 4, 2022.

Parent Company

Boule Diagnostics AB (publ), corporate ID 556535-0252, is a Swedish limited liability company with its registered office in Stockholm. The address of the head office is Domnarvsgatan 4, SE-163 53 Spånga, Sweden.

The Parent Company's revenue is derived from Group-wide services.

Risks and uncertainties for the Parent Company indirectly correspond with those for the Group.


The average number of employees in the Group during the quarter was 225 (213), including 6 (7) employees at the Parent Company. The average number of employees by country was as follows: Sweden 122 (121), United States 90 (81), Mexico 2 (2) and Russia 11 (9). The average number of women in the Group was 101 (94) and the average number of men was 124 (119). Personnel in countries where Boule does not have a legal entity are not included in the number of employees as they are employed via external companies and therefore included as consultancy costs. 

Number of shares

The total number of shares and votes in Boule Diagnostics AB is 19,416,552 and has remained unchanged in 2022. After full dilution, the number of shares amounts to 19,949,349.

Shareholders, Mars 31, 2022 (accord. to Euroclear) Number of shares,
Mars 31
Share of
Svolder AB 2,414,194 12.4%
AB Grenspecialisten 2,274,332 11.7%
Thomas Eklund inkl bolag 1,956,055 10.1%
Swedbank Robur Fonder AB 1,929,181 9.9%
Nordea Fonder 1,786,223 9.2%
Tredje AP-fonden 1,625,771 8.4%
Länsförsäkringar Fonder 470,685 2.4%
Andra AP-Fonden 684,974 3.5%
Skandinaviska Enskilda Banken UK 565,879 2.9%
Société Générale 463,234 2.4%
Sijoitusrahasto Aktia Nordic 496,270 2.6%
CBNY-Norges Bank 284,988 1.5%
Fondita Nordic 354,000 1.8%
Other shareholders (2,702) 4,110,766 21.2%
Total number of shares 19,416,552 100.0%

Warrant programs

The Board of Directors believes that it is important and in the interest of all shareholders that the CEO and key employees, who are considered important to the Company’s further development, have a long-term interest in good value growth for the Company's shares. A personal, long-term shareholder commitment would be expected to contribute to increased interest in the Company’s operations and financial performance, and to increase the CEO’s and key employees’ motivation and affinity with the Company and its shareholders.

The warrants have been allotted and purchased by employees at market conditions. The market value has been determined using the Black & Scholes option valuation model.

If a warrant holder’s employment ceases, Boule has the right of first refusal and may choose to exercise that right. The Board has decided to exercise the right of first refusal regarding former employees who purchased warrants in the 2019 program, and 110,638 warrants have accordingly been repurchased since allotment. There are no restrictions on transferring warrants in the programs.

  Outstanding warrants    
Outstanding programs CEO Key employees Total Corresponding shares Proportion of total no. of shares Exercise price Exercise period
2019/2022 0 352,797 352,797 352,797 1.8% 67.50 1 Juni 2022-
30 Dec 2022
2020/2023 130,000 50,000 180,000 180,000 0.9% 86.70 1 juni 2023-
30 dec 2023
  130,000 402,797 532,797        

The Board of Directors and the CEO certify that this interim report provides a true and fair view of the operations, financial position and earnings of the Parent Company and the Group and describes the material risks and uncertainties faced by the Parent Company and the other Group companies.

Stockholm, May 4, 2022

Boule Diagnostics AB

Peter Ehrenheim
Chairman of the Board

Thomas Eklund
Board member

Karin Dahllöf
Board member

Jon Risfelt
Board member

Charlotta Falvin
Board member

Yvonne Mårtensson
Board Member

Torben Jörgensen
Board Member

Jesper Söderqvist



Audit Review

This interim report has not been reviewed by the company’s auditor.

Latest updated: 5/3/2022 2:20:19 PM by Kenni Christoffersen