Interim report 2023, January 1-September 30

26-10-2023   Regulatory press release

July-September 2023

Net revenue for the period was SEK 321.1 million (237.0), an increase of 35.5%. Organic growth was 18.0%.

Orders received for the period was SEK 360.0 million (268.4), an increase of 34.1%. Organic growth was 30.1%.

EBITDA for the period was SEK 93.6 million (39.2)

Profit/loss for the period was SEK 34.8 million (33.9)

Earnings per share for the period amounted to SEK 0.19 (0.19)

Cash flow from Operations for the period was SEK 28.9 million (18.3)

January-September 2023

Net revenue for the period was SEK 976.0 million (631.3), an increase of 54.6%. Organic growth was 15.9%.

Orders received for the period was SEK 1,019.6 million (660.1), an increase of 54.5%. Organic growth was 35.4%.

EBITDA for the period was SEK 299.4 million (94.7)

Profit/loss for the period was SEK 73.6 million (53.0)

Earnings per share for the period amounted to SEK 0.40 (0.30)

Cash flow from Operations for the period was SEK 254.5 million (38.9)

CEO’s comment

A strong quarter marked by high growth and stable profitability

The third quarter of 2023 saw a continuation of the trend from earlier quarters. On an organic basis revenue grew by 18% while order intake grew by 34%. The US, which is our most important market and accounts for nearly 60% of Group revenue in the year to date, remains strong. Here we see considerable potential for continued growth, both organically and through add-on acquisitions. I am very pleased to see that by the end of the quarter we have exceeded our profitability target for the year of pro forma rolling twelve months EBITDA of 500 MSEK.

The Healthcare business unit remains the principal contributor to the Group’s positive revenue and profitability development, with key product categories being medical equipment and pharmaceuticals. Organic growth came in at 33%, gross margins were stable and EBITDA margins expanded year over year due to positive mix effects and ongoing cost base initiatives. The Lab business unit also delivered strong revenue growth, however not on an organic basis. This is a consequence of the unit’s partially project-based nature which results in an inherently lumpier revenue pattern. With 61% organic growth in order intake during the quarter, driven by several large customer orders, we remain upbeat about the prospects of this business unit over the coming quarters.

The Group’s EBITDA margin was 29% in the quarter, a normalisation from the levels observed in the second quarter. Operating cash flow amounted to 29 MSEK, corresponding to a cash conversion of 31%. This is below our long-term expectations and a result of working capital build-up due to strong organic growth, coupled with one-off effects from certain customer contracts.

Our financial position is strong and enables us to continue to act upon attractive acquisition opportunities within Healthcare and Lab which can broaden and complement our offering. An ample M&A pipeline notwithstanding we remain disciplined and continue to acquire at conservative multiples and with a focus on efficient capital allocation. During the quarter we made two acquisitions which both embody this strategy. Kolplast, based in Brazil, will give us a strong position in a large and rapidly growing market. The acquisition will strengthen the Healthcare business unit with a broad portfolio of proprietary medical equipment within women’s health which can be leveraged into other markets in which we operate. Diabetic Supplies is a US-based provider of medical equipment for diabetes patients. Here we see considerable potential for synergies with our existing diabetes offering.

We are entering the final quarter of 2023 against a backdrop of global unrest and uncertainty. In this environment we take comfort from our diversified exposure towards steadily growing and non-cyclical markets driven by long-term structural and demographic trends. We will continue to strengthen our offering to become an even more complete provider of products and services which save and extend people’s lives. A mission we do not take lightly.

Rikard Akhtarzand, CEO

For further information, please contact:

Rikard Akhtarzand, CEO

+46(0)76-525 90 71

Oliver Humlen, CFO

+46 (0)70-916 26 97

Important information:

This information is information that ADDvise Group AB is required to disclose under the EU Market Abuse Regulation. The information was submitted for publication on October 26, 2023 at 07:45 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 two business areas, Lab and Healthcare. Sales are global. The Group has a clear acquisition strategy with the aim of raising shareholder value and expanding the business – both geographically and product-wise. ADDvise Group’s shares are listed on Nasdaq First North Premier Growth Market and Mangold Fondkommission AB, +46 8 503 015 50,, is the Company's Certified Adviser. Additional information is available at

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