Bactiguard Q1: Low sales quarter as BD volumes remain low - SEB
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Bactiguard Q1: Low sales quarter as BD volumes remain low - SEB

Q1 net sales of SEK 42m came in much below SEB (SEK 49m) with organic net sales decline of 17% y/y in the quarter. Wound management revenue was 6% ahead so difference comes from license revenues driven by BD. Cost control is strong and Q1 EBITDA was SEK 4.9m, a tad above SEBe of SEK 3.5m. We will use the call later to understand what should be extrapolated reg. BD revenue. Sales likely to be cut mid-single-digits and with more neutral revisions for EBITDA FY'26E.

Q1 net sales of SEK 42m came in much below SEB (SEK 49m) with organic net sales decline of 17% y/y in the quarter. Wound management revenue was 6% ahead so difference comes from license revenues driven by BD. Cost control is strong and Q1 EBITDA was SEK 4.9m, a tad above SEBe of SEK 3.5m. We will use the call later to understand what should be extrapolated reg. BD revenue. Sales likely to be cut mid-single-digits and with more neutral revisions for EBITDA FY'26E.
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