Group performance January-March 2024

Net sales

The net sales for the period amounted to SEK 147.8 million (143.1), representing an increase of 3.3 percent. The organic growth of 5.4 percent is mainly attributed to increased sales of instruments in India and within the veterinary segment. The number of instruments sold increased by 32.5 percent, and the net sales of instruments increased by 19.7 percent.

Net sales by region, SEK million Jan-Mar 2024 Jan-Mar 2023 change Apr 23 - Mar 24 Apr 22 - Mar 23 change
USA 46.3 48.6 -5% 196.8 215.4 -9%
Asia 49.2 44.9 10% 173.7 151.2 15%
Eastern Europe 14.8 8.8 69% 44.6 54.0 -17%
Latin America 11.0 13.8 -20% 48.7 47.0 4%
Western Europe 14.7 9.2 60% 56.3 42.9 31%
Africa / Middle East 11.7 17.8 -34% 55.9 71.8 -22%
Total 147.8 143.1 3% 576.0 582.4 -1%
Net sales by product, SEK million            
Instruments 49.4 41.3 20% 191.6 159.6 20%
Consumables, own instruments 56.7 61.7 -8% 228.4 248.9 -8%
Consumables, OEM and CDS Brand 27.8 29.5 -6% 112.3 134.4 -16%
Other 14.0 10.7 30% 43.7 39.4 11%
Total 147.8 143.1 3% 576.0 582.4 -1%

Gross profit

Gross profit during the period amounted to SEK 68.3 million (66.1), an increase of SEK 2.2 million. The gross margin during the period amounted to 46.2 per cent (46.2).

The gross margin was negatively affected by a larger delivery to India with a lower margin and currency effects, but was positively affected by increased efficiency in production.

Dynamisk graf: Net sales and gross profit, rolling 12 months


Operating expenses for the period excluding other operating income and expenses amounted to SEK 49.6 million (49.5). Operating expenses were unchanged regardless of the one-off expenses of SEK 3.7 million attributable to the change of CEO.

Selling expenses amounted to SEK 29.8 million (27.1). The increase is mainly attributable to increased personnel expenses.

Administrative expenses amounted to SEK 10.9 million (8.7). The increase is attributable to expenses for the change of CEO.

Research and development expenses, including expenses for the quality organization, amounted to SEK 8.9 million (13.6), which corresponds to 6.1 percent (9.5) of net sales. The reduction is attributable to the decrease in expenses for the quality organization by SEK 3.4 million. Total development expenses increased by SEK 3.0 million, which is due to increased expenses for prototype materials and higher personnel expenses. Expenditures for product development have been capitalized with SEK 19.5 million (15.2). Total research and development expenses represent 16.2 percent (20.1) of net sales.

Net of other operating income and other operating expenses amounted to SEK -3.3 million (-4.5) and mainly relates to exchange rate effects when recalculating the working capital.

Operating profit

Operating profit amounted to SEK 15.4 million (12.1), corresponding to an operating margin of 10.5 percent (8.5).

The operating margin was positively affected by the increase in gross profit by SEK 2.2 million and the net of other operating income and expenses by SEK 1.2 million.

Adjusted for non-recurring expenses related to the change of CEO, the operating profit amounted to SEK 19.1 million (12.1), corresponded to an operating margin of 12.9 percent (8.5).

Dynamisk graf: Net sales and EBIT, rolling 12 months

Net financial items

Net financial items amounted to SEK -2.1 million (-1.5), primarily consisting of interest costs of SEK -2.8 million (-1.7).


Profit before tax amounted to SEK 13.3 million (10.6). The period's result amounted to SEK 9.8 million (7.9). The tax amounted to SEK -3.5 million (-2.8).

Financing and cash flow

The cash flow from operating activities during the quarter amounted to SEK 12.5 million (-9.0). Working capital was negatively affected by the increase in trade receivables by SEK 11.0 million and the increase in inventories by SEK 3.9 million.

The Swedish Export Credit Agency (EKN) guarantees a portion of Boule's accounts receivable at 75–95 percent of the total amount. Receivables can be pledged, and the debts are then reported as interest-bearing liabilities. Changes in trade receivables guaranteed by EKN are included in the cash flow from operating activities, while the change in other interest-bearing liabilities is reported under financing activities.

The cash flow from financing activities during the quarter amounted to SEK 11.2 million (-8.0). This is mainly due to the fact that the financial liabilities (EKN financing) increased by SEK 15.0 million.

Cash flow for the quarter amounted to SEK 2.5 million (-33.4) and cash and cash equivalents as of March 31 amounted to SEK 40.9 million (62.6). The Group's available liquid funds, including unused overdrafts, amounted to SEK 100.1 million (121.5) as of March 31.


Total investments in the quarter amounted to SEK 21.4 million (16.4), of which capitalized development of new technology and product platforms accounted for SEK 19.5 million (15.2).

Equity and liabilities

As of March 31, equity amounted to SEK 498.0 million (467.3) and the equity/asset ratio was 62.4 percent (61.2).

The interest-bearing debts, excluding leasing, relate to pledged trade receivables guaranteed by EKN, as well as external bank loans. As of March 31, these debts totaled SEK 157.1 million (149.5). Of these, SEK 65.4 million (57.8) were non-current and SEK 91.7 million (91.7) current. As of March 31, the external bank loans amounted to a total of SEK 32.0 million (41.3). Of these, SEK 20.0 million (28.5) were non-current and SEK 12.0 million (12.7) current. As of March 31, the overdraft facility was utilized with SEK 0 million (0) and other current non-interest-bearing liabilities and trade payables amounted to SEK 111.3 million (102.8).

Lease liabilities as of March 31 amounted to SEK 21.3 million (32.4), of which SEK 8.0 million (19.2) refer to non-current liabilities and SEK 13.3 million (13.2) current liabilities.

Net cash as of March 31 amounted to SEK 10.5 million (6.2).

Deferred tax liabilities amounted to SEK 6.3 million (8.8) as of March 31. Non-current provisions relate to a direct pension provision of SEK 3.4 million (3.1).

Installed base of instruments

During the quarter 1,377 instruments were sold, compared to 1,039 instruments in the same quarter last year. The estimated life of instruments is 7.5 years for instruments produced since beginning of 2021. At the end of the quarter, the active installed base is estimated at 30,314 instruments.

Dynamisk graf: Estimated number of active instruments

¹ Estimated active installed base is based on an expected lifespan of 7.5 years.

² Accumulated number of instruments sold since 2006 amount to 54,126 as of March 31, 2024.

³ Number of instruments sold in 2024 refers to sales per rolling 12 month.

Significant risks and uncertainties

Boules operations are subject to risks and uncertainties that may, to a varying extent, affect the ability to achieve defined goals. Boule works continuously with managing the risks and uncertainty factors that exist, as well as with the risk inventory that is the basis for discovering new risks and uncertainty factors. The systematic work is aimed at identifying risks, limiting risk exposure and minimizing any impact should a risk materialize. 

In certain markets the central banks have introduced temporary restrictions on payment in foreign currencies, resulting in reduced purchases, delayed payments and postponed deliveries. 

The unrest in the Middle East entails increased political and economic risk in these countries, which can negatively impact sales.

Currently, the significant risks and uncertainties are assessed to be 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 IT systems, financing risks and future cash flows, health and safety in the workplace and dependence on key personnel. A more detailed description of risks and opportunities can be found on page 40 in the 2023 Annual report.

Uncertainties due to the war in Ukraine

Boule continues to operate in Russia. Immediately after Russia's attack on Ukraine in the spring of 2022, Boule put in place processes to ensure that all sales and transactions comply with all sanctions. Boule are regularly taking advantage of legal expertise to ensure knowledge of sanctions and their interpretation. Healthcare products are normally not subject to sanctions. Boule is making no new investments but maintaining current business.

However, purchases, transportation and financial transactions are limited by various practical problems, which is why Boule uses third country partners to carry out its activities. All such transactions are signed off by our legal experts to ensure that Boule is in no way in breach of sanctions. Sanctions are constantly changing, so this is a work in progress.

For the full year 2023, Boule’s sales to Russia amounted to 7 percent (10) of net sales. During the first quarter of 2024, the corresponding share was 6 percent of net sales. The Group has employees in Russia and a production facility for consumables distributed to the Russian market.

The market in Eastern Europe is very uncertain, given the war in Ukraine and the current sanctions against Russia. A discontinuation or confiscation of the operations in Russia could have a significant negative impact on the Group’s future earning capacity and profitability and entail a negative effect on earnings if the value of assets attributable to the Russian operations have to be written down in whole or in part. The consolidated net assets totaled approximately SEK 24 million, of which approximately SEK 2 million were cash and cash equivalents at March 31, 2024. It is estimated that any discontinuation would result in additional costs being incurred.

Tax audit 

On October 6th 2022 the Swedish tax authorities have decided to impose increased social security contributions and tax penalties on Boule amounting to approximately SEK 1.6 million, in relation to what they see as incorrectly valued warrants issued to senior executives in the Group. Boule has appealed the decision to the Swedish administrative court ("Förvaltningsrätten").

Boule has received approval of delayed payment and no provision has been recorded.  

For further information refer to the Annual report 2023 page 40. 

Related-party transactions

Other than remuneration of the Board and senior executives, no related-party transactions have taken place during the period.

 Events during the interim period

On March 14, 2024, the board appointed Torben Nielsen as the new CEO and Group President of Boule Diagnostics AB.

Events after the end of the interim period

Torben Nielsen took office on April 16 as CEO and Group President of Boule Diagnostics AB.

Annual General Meeting

Boule Diagnostics AB's Annual General Meeting will be held on May 8, 2024. Further information about the Annual General Meeting is available on Boule's website.

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 has been 233 (237), of which 9 (11) were in the Parent Company. Distributed by country, the average number in Sweden was 126 (132), the USA 94 (90), Mexico 2 (2), and Russia 10 (13). The average number of women in the group was 102 (101), and the average number of men was 131 (135). Employees in countries where Boule does not have a legal entity are not included in the number of employees, as they are employed through external companies and are instead included as consultant expenses.

Number of shares

The total number of shares and votes in Boule Diagnostics AB is 38,833,104.

Shareholders, Mar 31, 2024 (accord. to Euroclear) Number of shares,
Mar 31
Share of
AB Grenspecialisten 4,887,268 12.6%
Svolder AB 4,289,159 11.0%
Thomas Eklund incl. company 4,038,728 10.4%
Nordea Investment Funds 3,646,913 9.4%
Swedbank Robur Fonder AB 3,585,296 9.2%
Tredje AP-fonden 3,251,542 8.4%
Skandinaviska Enskilda Banken AB 1,624,432 4.2%
Andra AP-Fonden 1,369,948 3.5%
Tomas Wedel 1,062,170 2.7%
Sijoitusrahasto Aktia Nordic 992,540 2.6%
JP Morgan Chase Bank NA 854,688 2.2%
Avanza Pension 684,856 1.8%
Other shareholders (2,524) 8,545,564 22.0%
Total number of shares 38,833,104 100.0%

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 7, 2024
Boule Diagnostics AB 

Torben Jørgensen
Chairman of the Board

Thomas Eklund

Karin Dahllöf

Yvonne Mårtensson

Emil Hjalmarsson

Torben Nielsen



Auditor review

This interim report has not been subject to review of the Group's auditor. 

Latest updated: 4/30/2024 1:08:42 PM by Johan Engman