Bactiguard’s Q1 net sales of SEK 54m were 9% better than SEB with organic net sales decline of 3.5% y/y (SEBe: -11% y/y) in the quarter. License revenues are behind the Q1 beat. Q1 EBITDA was SEK -1.5m (SEB at SEK -4.2m). Cost of raw materials and consumables were in line with our estimate while opex items were only a tad higher. Bactiguard’s financial targets remain. A step in the right direction for Bactiguard.

https://research.sebgroup.com/corporate/reports/126880

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