Boule Diagnostics
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Boule Diagnostics (BOUL) investor relations material

Boule Diagnostics Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Q4 sales declined 16% year-over-year, mainly due to currency headwinds and the transition to licensed manufacturing in India, while OEM sales remained stable and operational improvements led to better profitability and cash flow.

  • Gross margin improved to 48.1% from 44.6% year-over-year, driven by a favorable product mix and higher reagent sales.

  • Adjusted EBIT for Q4 was SEK 12.9 million, with a positive operating cash flow of SEK 5.5 million, marking the third consecutive quarter of positive cash flow.

  • New headquarters in Sweden were inaugurated, consolidating two sites to improve efficiency and strengthen the operational platform for future growth.

  • Full-year sales were SEK 489.7 million, down organically by 7.2% year-over-year, with significant profitability improvement compared to the prior year.

Financial highlights

  • Q4 sales were SEK 120.2 million, down 16% year-over-year, with an 11.7% organic decline and a 4.3% negative currency impact.

  • Q4 gross profit was SEK 57.8 million, down from SEK 63.8 million; gross margin improved to 48.1% from 44.6% year-over-year.

  • Adjusted EBIT for Q4 was SEK 12.9 million; full-year adjusted EBIT was SEK 46.2 million.

  • Q4 operating cash flow was SEK 5.5 million, up from SEK -7.9 million last year; available liquidity at year-end was SEK 35 million (SEK 20 million cash, SEK 15 million unused credit facility).

  • Full-year profit was SEK -3.8 million, a substantial improvement from SEK -296.6 million in 2024.

Outlook and guidance

  • Structural margin improvements are expected to be repeatable due to manufacturing initiatives and cost control, with continued focus on expanding operating margins through cost reductions and efficiency improvements.

  • New OEM projects and a veterinary hematology instrument are planned for launch in 2026, with new blood control products launching in 2027.

  • Renewed and expanded supply agreements are expected to increase annual sales by SEK 5 million from 2027.

  • Continued headwinds from a strong SEK against the USD are anticipated to impact gross margin in coming quarters.

  • Investments in digital marketing, lead generation, and portfolio development will continue.

Strategy to reduce net debt and related party loans
Offset instrument sales decline with new products?
Timeline and financial impact of Russia divestment
What are the long-term gains from India transition?
Justify increased OEM OpEx for future growth
Where will further cost base reductions come from?
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Frequently asked questions

Boule Diagnostics designs and manufactures instruments and consumables for use in laboratories around the globe to provide fast, accurate blood diagnostics. The company develops new technology platforms that offer improved speed, performance and reliability, broaden range and applicability of tests, and increase automation workflow efficiency through more effective diagnostics.

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