Interim report January 1 – June 30, 2022

22-07-2022   Regulatory press release

April-June 2022

Orders received for the period was SEK 260.9 million (122.8), an increase of 112.5 %. Organic growth was 22.3 %.

Net revenue for the period was SEK 231.9 million (117.6), an increase of 97.1 %. Organic growth was 3.1 %.

Adjusted EBITDA for the period was SEK 31.8 million (15.5)

EBITDA for the period was SEK 34.3 million (15.8)

Profit/loss for the period was SEK 19.1 million (0.1)

Basic earnings per share for the period amounted to SEK 0.11 (0.00)

Cash flow from Operations for the period was SEK 20.3 million

January-June 2022

Orders received for the period was SEK 391.7 million (220.3), an increase of 77.8 %. Organic growth was 6.0 %.

Net revenue for the period was SEK 394.3 million (205.4), an increase of 92.0 %. Organic growth was 3.5 %.

Adjusted EBITDA for the period was SEK 53.1 million (23.5)

EBITDA for the period was SEK 55.5 million (24.6)

Profit/loss for the period was SEK 19.1 million (2.6)

Basic earnings per share for the period amounted to SEK 0.11 (0.02)

Cash flow from Operations for the period was SEK 22.1 million

CEO’s comments

A strong quarter of continued growth

Demand in Q2 was an improvement on Q1, with orders received amounting to SEK 260.9 million (122.8), an increase of 112.5 % on Q2 2021. We saw a strong level of organic growth, amounting to 22.3 %.

Net revenue also increased during the quarter and amounted to SEK 231.9 million (117.6), an increase of 97.1 % on the same period last year. In organic terms, the increase was 3.1 %.

We have systematically worked on improving our margins. Despite a challenging environment characterized by inflation and price increases, we have been able to strengthen our gross margin. The Group’s gross margin during the quarter increased to 60.3 % (44.5). This was partly thanks to operational improvements, but also a result of us consolidating acquisitions with a higher gross margin.

The final figure for adjusted EBITDA margin was a strong 13.7 % (13.2), and as mentioned in the previous report, we will see a gradual improvement in the EBITDA margin during the course of 2022.

The Group’s annual turnover on a rolling 12 month pro forma net revenue basis is SEK 927.5 million in with an adjusted EBITDA margin of SEK 150.1 million, which means an adjusted EBITDA margin of 16.2 %. The annual turnover is based on all acquired companies being included on a pro forma rolling 12-month basis in Q2 2022.

Our growth brings improved profitability. Thanks to a combination of organic and acquired growth, we continued to grow in Q2, and I firmly believe that we will keep doing so for the rest of the year. We had some currency tailwind during the quarter.

Both the disruption to our supply chains that we saw at the beginning of the year as well as sick leave in our own production units and at our subcontractors that resulted in us having to maintain higher inventory safety margins was reduced somewhat during Q2. The Group’s factoring limit was phased out during the year, reducing current liabilities, but this has also had some negative impact on cash flow. Cash flows started to normalize during Q2 and will continue to improve once the effects of Omicron and restrictions have completely subsided. Our cash flows are currently affected by interest expenses for loans intended for acquisitions that have not yet been converted to EBITDA and generating cash flows. Once our acquisition loan financing is fully employed, we will see clear improvements in our cash flows.

The acquisition of Surplus Diabetics and Seebreath means that we achieved pro forma EBITDA of SEK 150 million in Q2, which was one of our previous financial targets. The financial targets recently updated and adopted by the Board mean that we now have a goal of achieving pro forma net revenue of SEK 1 billion in 2022 with an adjusted EBITDA margin of SEK 200 million, both pro forma rolling 12 months.

Healthcare business unit

Despite continued disruption to the supply chains, net revenue for the Healthcare business unit was SEK 170.0 million, an increase of 229.4 % on Q2 2021, when it was SEK 51.6 million. Gross margin amounted to 66.0 % (50.2). EBITDA was SEK 33.9 million, an increase on Q2 2021, when it was SEK 8.3 million. Growth in the quarter has to some extent been held back by postponed sales in patient management, particularly in the US, alongside continued challenges with material availability and logistics.

Lab business unit

The Lab business area’s gross margin was 45.0 % compared with Q2 2021 (40.4).

Net revenue amounted to SEK 62.0 million (66.1), while EBITDA amounted to SEK 6.1 million (8.2). There was a good level of demand for the Lab segment’s products during the quarter, but the development in net revenue and EBITDA was affected in part by increasing variation between companies and geographies, and in part due to strong comparative figures. The market demand remains at a good level, and my view is that growth will gradually increase during the last two quarters of the year.


In April, we completed our largest acquisition to date, Surplus Diabetics, which has an excellent platform on the US diabetes market—a market where needs are great and growing. In May, we acquired Seebreath, a leading supplier of carbon dioxide indicators for intubation in emergency healthcare. Although it is a smaller acquisition, it has a strong market position and great margins.

We are continuing to work with our disciplined acquisition strategy, only evaluating companies in the lab and healthcare segment. In addition, all companies we evaluate should have exposure toward structural demographic changes, an approach that makes our underlying business insensitive to the economic cycle and market fluctuations. The purpose of our companies’ mission is to save and extend people’s lives, and we are very proud of this.

Despite increased market uncertainty, we expect the M&A potential during the rest of 2022 to remain positive. The pricing of companies in the segments and geographies we look at remains attractive. This means that we have good opportunities to continue our growth journey as long as there is a functioning capital market. We have a high level of activity in our acquisition pipeline and work continuously to increase our capacity, giving us a framework for continued, value-creating acquisitions.


We operate in a very large and growing market, and we have a strong offering. We have continued to work hard in 2022 with both existing and new companies within the Group, while having a promising acquisition pipeline. Supply chains disruption and rising inflation are contributing to a higher business risk going forward, but the strong second quarter added comfort to sales and earnings trends in the short term.

Our mission is to improve, prolong and in the end, save human lives and doing so in a profitable, sustainable way. As part of this work, the board recently adopted 2030 sustainability goals which together with our financial goals steer the company towards a long-term profitable and sustainable growth.

ADDvise’s long-term revenue growth is driven mainly by demographic changes, such as a growing and aging population, increased prevalence of chronic illnesses, and greater investment in health and healthcare as well as in research and development. Our business model has historically shown good resilience, and the senior management of our subsidiaries are skilled at navigating challenging market conditions. The Group’s decentralized structure with fast and flexible companies, together with a strong order book, constitutes a stable platform for continued sustainable and profitable growth in the longer term.

Rikard Akhtarzand, CEO, ADDvise Group AB (publ)

For further information, please contact:

Rikard Akhtarzand, CEO

+46 (0)8-128 766 08

Sebastian Robson, CFO

+46 (0)70-441 84 48

ADDvise Group AB (publ), Grev Turegatan 30, SE-114 38 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 July 22, 2022 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 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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