Boule Diagnostics AB (publ) Interim report January-March 2016

Year starts with strong first quarter

Quarter January–March 2016

  • Net sales amounted to SEK 84.4 million (75.3), up 12.1 percent. Adjusted for changes in the USD and EUR exchange rates, this represents an increase of 11.5 percent.
  • Cash flow from operating activities amounted to SEK 6.1 million (-0.7).
  • Operating profit was SEK 8.4 million (8.9).
  • Net profit amounted to SEK 6.3 million (6.6).
  • Earnings per share before dilution amounted to SEK 1.33 (1.40), and after dilution to SEK 1.33 (1.39).

Significant events during the quarter

  • Agreement on the sale of a clinical chemistry system in the US. An agreement was reached in January with American company Medica Corporation Inc. to market and sell their EasyRA® product in the US. Boule began to market the product during the end of March.
  • New chairman of the board. At the Board of Directors meeting held on January 25, Board Member Peter von Ehrenheim was elected as Chairman, a post he will retain until the Annual General Meeting. He succeeds Lars-Olof Gustavsson, who left the Board after the company he represented, Siem Capital AB, sold its stock.

Significant events after the period

  • Boule wins big tender in India. In early May, Boule won a tender for 136 Medonic systems in the state of Uttar Pradesh in North India, in partnership with its Indian distributor. The instruments will be installed in 136 hospitals around the state starting in quarter two 2016.

Comments from the CEO

First quarter sales amounted to SEK 84 million, a 12 percent increase compared to the corresponding quarter in 2015. Sales successes in our biggest markets, Asia and USA, continue to compensate for weak demand for instruments in Russia and Brazil in particular. It is worth noting that sales in India grew by 97 percent in the quarter compared to the same period in 2015.

The agreement of January this year with the American company Medica is part of our investment in the new product area of clinical chemistry. It gave us the right to market Medica's EasyRA® system via our sales organisation in the USA. The first system was sold in March. These products will make a small contribution in this current year. In the medium term, we expect these and other products within clinical chemistry to make significant contributions to growth in sales.

Gross earnings for the first quarter are the highest ever, in both absolute figures and in relation to sales. The past quarter was better than the end of 2015 in every respect, which is pleasing. It should be noted that no development costs were activated in the first quarter of 2016. Despite this, plus increased marketing efforts, operating profit was in line with quarter one, 2015.

For more information, please contact: Ernst Westman, President and CEO, Boule Diagnostics AB, tel +46 708-60 88 63

About Boule Diagnostics AB (publ) Boule Diagnostics AB is a rapidly growing diagnostics company that develops, manufactures and markets systems and consumables for hematology diagnostics. The company is primarily oriented to small and medium sized hospitals, clinics and laboratories and to diagnostics companies within both human and veterinary hematology. The company operates via subsidiary companies in Sweden, USA and China. Boule Diagnostics shares have been listed on the Nasdaq Stockholm Exchange since 2011. www.boule.se

The information in this interim report is such that Boule Diagnostics AB (publ) is obligated to publish under the Swedish Securities Market Act. The information was submitted for publication in Swedish on May 12, 2016 at 16:00 am (CET).

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