Sales and earnings growth – EBITDA increased by 32%

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  • The Group’s net sales amounted to SEK 241.5 (202.3) million, an increase of 19 percent.
  • The Group’s EBITDA was SEK 69.7 (49.5) million, an increase of 41 percent. The increase was 32 (24) percent adjusted for non-recurring items.
  • The EBITDA margin was 29 (24) percent. Adjusted for non-recurring items, the margin was 21 (19) percent.
  • Profit after tax amounted to SEK 36.6 (25.7) million.
  • Earnings per share amounted to SEK 2.5 (1.8).
  • Cash flow from operating activities was SEK 43.8 (23.2) million.


  • The Group’s net sales amounted to SEK 788.5 (658.4) million, an increase of 20 percent.
  • The Group’s EBITDA was SEK 185.3 (136.0) million, an increase of 36 percent. The increase was 33 (21) percent adjusted for non-recurring items.
  • The EBITDA margin was 24 (21) percent. Adjusted for items affecting comparability, the margin was 21 (19) percent.
  • Profit after tax amounted to SEK 77.4 (57.3) million.
  • Earnings per share amounted to SEK 5.2 (3.8).
  • Cash flow from operating activities was SEK 124.5 (73.7) million.

“Growth, increased earnings and a strong balance sheet”

Continued growth

Sales continued to develop well in both business areas and increased by 19% for the Group in the third quarter.

Sales growth was particularly strong in the Specialty Pharma business area, which grew by 25%. The business area comprises two companies. Unimedic Pharma’s registered portfolio showed continued growth, while demand for unlicensed pharmaceuticals was strong in the quarter. The market for unlicensed pharmaceuticals is characterised by large fluctuations in demand partially driven by supply chain disturbances which has been a recurring theme the last year.

Contract manufacturing in Unimedic AB increased sales significantly compared with the low level of the previous year.

The MedTech business area grew by 16%. Demand was generally strong for the companies. Abilia’s sales of assistive technology grew in the company’s largest markets. Cardiolex ECG products increased sales mainly in vacuum systems. Sales of ECG products were stable, while the German market showed some signs of caution. Both Multi-Ply and Inpac continued to have strong sales, with a slight fall in the high volume of orders for Multi-Ply. In the quarter, Inpac signed a lease for a modern new production plant to which operations are planned to be relocated in 2024.

Increased profitability

Consolidated EBITDA increased by 32% and the margin was strengthened. Both business areas contributed to the increase in earnings.

The Specialty Pharma business area increased its margin as a result of sales growth.

The MedTech business area grew with a slightly weaker margin.

Cost increases for goods, transport and energy have been partly offset by price increases. Although a large share of the group’s sales is set in tendered prices in longer agreements.

In the third quarter, a product right was sold within the Specialty Pharma segment, which generated a revenue of SEK 20 million. The third quarter 2021 also included a positive non-recurring effect, related to an acquisition within the MedTech segment. Even when adjusting for these positive non-recurring effects, both EBITDA and the EBITDA margin increased compared to the same quarter last year.

Strong financial position

MedCap is working actively and with great discipline to identify and evaluate acquisition candidates. The Group’s good earnings trend and strong balance sheet provide capacity for acquisitions.

In conclusion

The Group delivered a quarter of strong sales growth and earnings growth. The Group’s companies are well positioned in their market segments, and the balance sheet is strong. We continue to develop the companies – by means of investments in marketing, product development, regulatory certification and production – while evaluating acquisitions.

Anders Dahlberg, CEO, Stockholm, 28 October 2022

This disclosure contains information that MedCap AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 28-10-2022 06:30 CET.

For more information, contact:

Anders Dahlberg, CEO, Mobile 46 704 269 262,  e-mail

About MedCap

MedCap builds successful life sciences companies to improve people's lives. MedCap unites the strengths of a larger the company with the smaller companies' entrepreneurial power, agility, and business acumen. MedCap is publicly listed on NASDAQ Stockholm OMX, with the symbol MCAP. More information is available on the company web site