Interim report 2023, January 1-March 31

20-04-2023   Regulatory press release

January-March 2023

Net revenue for the period was SEK 310.5 million (162.4), an increase of 91.2%. Organic growth was 19.7%.

Orders received for the period was SEK 340.3 million (130.8), an increase of 160.2%. Organic growth was 86.5%.

EBITDA for the period was SEK 84.2 million (21.2)

Profit/loss for the period was SEK 35.6 million (0.1)

Earnings per share for the period amounted to SEK 0.20 (0.00)

Cash flow from Operations for the period was SEK 125.8 million (1.8)

Pareto Securities AB and Skandinaviska Enskilda Banken AB (publ) are mandated to investigate a potential refinancing with a new senior secured bond

CEO’s comment

Improved margins, strong cash flow and high activity in our markets

Net revenue increased organically by 19.7% during the first quarter, and orders received increased organically by 86.5%. The quarter was characterized by high activity in several of our markets, with growth driven by the Healthcare segment. The best performing region during the quarter was the USA, where out patient facilities was a particularly strong market segment. Both gross margin and EBITDA margin were improved during the quarter. Gross margin amounted to 63.6%, and EBITDA margin to 27.1%. The margin improvement was largely the result of a favorable product mix, an active pricing strategy, and a consolidation of higher-margin acquisitions during the quarter. We have also strengthened our proprietary products’ position, which maintain a higher margin than products for which ADDvise is a distributor. During the quarter, 60% of income came from proprietary products. Our pharmaceuticals income has continued to grow, which is also a contributor to the improved margins. Pharmaceuticals income during the quarter amounted to almost a quarter of the Group’s sales.

Cash flow has continued to improve. We have prioritized working to optimize our balance sheet and improve the inventory management and trade receivables/payables processes, which has delivered results. Cash flow from Operations amounted to SEK 125.8 million during the quarter, compared with SEK 1.8 million during the same quarter in 2022. However, the first quarter of 2022 was still subject to strong negative effects from covid-19. Cash conversion in the first quarter of this year amounted to 149%. Our strong cash flow, combined with margin expansion and growth, has resulted in a net debt-to-EBITDA ratio of 2.1. This offers us a good opportunity to refinance our outstanding bond loan on competitive terms. We have therefore mandated Pareto Securities AB and Skandinaviska Enskilda Banken AB (publ) to investigate a potential refinancing with a new senior secured bond.

We believe that the opportunities to continue making complementary acquisitions within our existing product segments are good. Our acquisition pipeline is well filled, and pricing of potential target companies remains attractive.

Given the strong financial performance, the Board will review the long-term financial targets, with the ambition to communicate the outcome to the market during the second quarter of this year. Our goal for 2023 remains, to reach net revenue of SEK 1.6 billion and EBITDA of SEK 330 million, both on a pro forma basis.

Sustainability continues to be a focus area, and ADDvise has taken important steps toward achieving the long-term sustainability goals. An important initiative has been identifying the Group’s Scope 3 emissions as a way of gaining insight into where the impact is greatest and which measures are appropriate so we can reduce this impact in the future. Sustainability is a fundamental part of the drive to achieve better business outcomes for the Group.

For 2023, I look forward to continuing our mission of supplying healthcare and research with the necessary products to help save and extend people’s lives.

Rikard Akhtarzand, CEO

For further information, please contact:

Rikard Akhtarzand, CEO

+46(0)76-525 90 71

Sebastian Robson, CFO

+46 (0)70-441 84 48

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 April 20, 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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