Q4 hit by US snowstorms and one-off items
Probi reported a weak quarter again, with -27% organic growth and EBITDA of 10.9%, 68% below our expectations. This is partly explained by delayed deliveries caused by snowstorms in the US and one-offs (personnel-related, i.e., change of CEOs, and business development costs). In the US, sales were SEK 108.1m (vs. 127.8m in Q4'21) due to the snowstorms paralysing part of the country, halting deliveries amounting to SEK 18m (goods already delivered in the first week of January). In the EMEA region, sales were SEK 21.6m (vs. 30.9m in Q4'21), caused by the Swedish distributor reducing stock of Probi's products, as Probi will take over distribution from April '23. On the positive side, APAC market growth continues to outpace its peer regions with sales coming at SEK 14.3m, 26.5% higher vs. SEK 11.3m in Q4'21.
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