Interim report 2021, January 1 – March 31

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January - March 2021

Net revenue for the period was SEK 87.7 million (83.7)

EBITDA for the period was SEK 8.9 million (5.4)

EBITA for the period was SEK 6.9 million (3.4)

Profit/loss for the period was SEK 2.5 million (-2.5)

Basic earnings per share for the period amounted to SEK 0.02 (-0.02)

Orders received for the period totaled SEK 91.7 million (137.3)

Operating cash flow for the period was SEK -1.3 million (8.7)

CEO’s comments

ADDvise entered the first quarter in a strong position, carrying momentum from the fourth quarter of 2020 into the new year with solid organic growth.

The first quarter of 2021 was characterized by organic growth and strong margin improvements. It was driven by continued positive development in our core areas of patient positioning, X-ray, emergency care products and equipment for research laboratories. Net revenue was SEK 87.7 million, a solid organic increase of 4.8% compared with the first quarter of 2020 when the net revenue was SEK 83.7 million. The EBITDA margin for the first quarter was 10.1%, a significant improvement vs. 6.4% achieved in the first quarter of 2020. Sales growth, coupled with continued savings in OPEX have transformed the business in terms of profitability, giving us a strong platform for an exciting year ahead. On our rolling 12 numbers we are approaching SEK 50 million in EBITDA, with an EBITDA margin of 13.7 percent.

Orders received during the quarter amounted to a strong SEK 91.7 million. Orders received during the same quarter in 2020 was SEK 137.3 million, but included a one-time order of SEK 50 million to be delivered over 2020, 2021 and 2022.  Excluding that order, the increase in orders received was about 5%.

The additional equity generated from the warrant program during the quarter, generated SEK 27.8 million in cash before transaction costs. Holders of warrants in series 2019/2021 exercised 42,787,137 warrants, corresponding to 99.41% of the number of outstanding warrants. This, combined with a continuation of strong underlying profitability, brought our long-term financial target of a net debt-to-EBITDA ratio of 3.0, down to 2.6 in the first quarter – a great achievement.

Lab business unit

Net revenue within the Lab business unit totalled SEK 37.9 million, an increase of 20,7% compared to the first quarter for 2020 when it was SEK 31.4 million. There are positive signs from our laboratory customers moving away from low margin consumables and into equipment and laboratory projects like clean rooms and laboratory interiors which carry better margins.

EBITDA for the Lab business unit was SEK 4.6 million, an increase compared to the first quarter of 2020 when it was SEK 0.8 million. The EBITDA margin in the quarter reached 12,1 % which is the strongest margin ever for the Lab segment.

Healthcare business unit

Net revenue within the Healthcare business unit totalled SEK 49.8 million, a decrease of 4.7% compared to the first quarter of 2020 when it was SEK 52.3 million. The Covid-19 pandemic lingered within some of our businesses in the Healthcare business unit during the first part of the quarter in 2021, but towards the end of the quarter we started to see an improvement in net revenue. While the near-term US economic outlook has dimmed somewhat in the first half of the year, and elective procedures remain delayed, our core US business is benefiting from insights gained from a historic previous year, and have to an extent, outperformed the general market conditions.

EBITDA for the Healthcare business unit was SEK 4.6 million, an increase compared to the first quarter of 2020 when it was SEK 4.0 million. In comparable units, OPEX decreased by 13 percent vs the same period in 2020 as we continued to focus and streamline our cost base.


We continue to work proactively to expand our product portfolio through new and interesting acquisitions within both our business units. On February 16, 2021, we acquired MRC Systems, which is set to be consolidated during the second quarter 2021. MRC specializes in clean rooms and climate-controlled rooms for hospitals and the pharmaceuticals industry. Bringing MRC into the ADDvise Group enables us to create excellent business opportunities within the Lab business unit, and I am sure that we will fill the gap between our organic growth, and our financial target of 20% growth in the upcoming years.


Our assessment is that demand within our product segment will remain high, despite the on-going pandemic, and our diverse portfolio of products will benefit us during 2021.

ADDvise’s long-term revenue growth is driven mainly by a growing and ageing population, increased prevalence of chronic illnesses and greater investment in healthcare and in research and development. The global population is expected to grow by two billion over the next 30 years. By 2050, as many as one in six people could be over the age of 65.

We are very proud that our balanced product portfolio continues to deliver. We are in no doubt that we will see a marked increase in the willingness to invest in MedTech and research equipment worldwide in the medium to long term. Our clear target is to reach one billion SEK in revenue with a corresponding EBITDA of SEK 150 million within 4−5 years in line with our long-term financial targets.

Rikard Akhtarzand, CEO, ADDvise Group AB (publ)

For further information, please contact:

Rikard Akhtarzand, CEO

+46 8-128 766 08

Aaron Wong, CFO

+46 8-128 766 03

ADDvise Group AB (publ), Grev Turegatan 3, SE-114 46 Stockholm, Sweden

Important information:

This information is information that ADDvise Group AB is required to disclose under the EU Market Abuse Regulation and pursuant to the Swedish Securities Market Act. The information was submitted for publication on April 23, 2021 at 08:45 CEST.

ADDvise’s financial reports are available on ADDvise’s website,

The interim report is published in Swedish and English. The Swedish version represents the original.

About ADDvise Group

ADDvise Group AB (publ) is a leading supplier of equipment to healthcare and research facilities. The group consists of approximately 10 subsidiaries organized into two business areas, Lab and Healthcare. Sales are global. The Group has a clear acquisition strategy with the aim of raising shareholder value and expand the business – both geographically and product wise. ADDvise Group’s shares are listed on Nasdaq First North Growth Market and Mangold Fondkommission AB, +46 8 503 015 50,, is the Company's Certified Adviser. Additional information is available at