Year-end report 2023, January 1-December 31

22-02-2024   Regulatory press release

October-December 2023

Net revenue for the period was SEK 397.0 million (320.3), an increase of 24.0%. On an organic basis, net revenue declined by 15.8%.

EBITDA for the period was SEK 126.1 million (90.4).

Profit/loss for the period was SEK 29.9 million (28.1).

Earnings per share for the period amounted to SEK 0.16 (0.16).

Cash flow from Operations for the period was SEK 77.9 million (75.4).

January-December 2023

Net revenue for the year was SEK 1,373.0 million (951.5), an increase of 44.3%. Organic growth was 5.0%.

EBITDA for the year was SEK 425.5 million (185.1).

Profit/loss for the year was SEK 103.5 million (81.1).

Earnings per share for the year amounted to SEK 0.56 (0.46).

Cash flow from Operations for the year was SEK 332.4 million (114.3).

Net debt to EBITDA was 2.3 (2.8).

The Board of Directors proposes that no dividend be paid in respect of the year 2023.

CEO’s comment

ADDvise surpasses financial targets for 2023 in our strongest quarter yet.

The fourth quarter saw continued strong revenue growth and record earnings in a fitting conclusion to what has been a remarkable year for the Group. Compared with 2022, we have grown revenue for the full year by 44% while more than doubling EBITDA to SEK 426 million, corresponding to a margin of 31%. For the first time we are reporting an annual net profit exceeding SEK 100 million. During the year we made four acquisitions, and our portfolio now spans 21 businesses across Healthcare and Lab, generating pro forma turnover and EBITDA of respectively SEK 1,851 million and SEK 579 million. This means that we have exceeded not only the financial targets we set ourselves for 2023, but also three out of four of our long-term financial targets.

Driven by the consolidation of recent acquisitions, fourth quarter revenue grew by 24% year-over-year and amounted to SEK 397 million. EBITDA came in at a record SEK 126 million, corresponding to a margin of 32%. Organic growth and order intake suffered from year-over-year comparison effects. During the fourth quarter of 2022 the Lab segment received its largest ever order while at the same time we saw the beginning of a period of exceptional demand within our pharmaceuticals business. We are now seeing a normalisation of volumes within this product category. For the full year, organic growth amounted to 5%, which is in line with our ambition to follow the growth trend of our underlying markets. 

The Lab segment delivered another solid quarter with revenue growth of 84%, of which 24% organic, driven by among others high activity levels within cleanrooms and clinical trial equipment. I am pleased to see continued sequential growth in order intake, also on an organic basis, and expect further positive revenue momentum as we consolidate our most recent acquisitions.

Cash flow from operations amounted to SEK 78 million in the quarter, corresponding to a cash conversion of 62%. For the full year, cash conversion came in at 78% which represents a significant improvement year-over-year. Our focused efforts to further improve cash generation will continue in 2024.

During the quarter we made two additions to the Lab segment. Axelerist is a US-based provider of tailored equipment rental and purchase solutions for clinical studies, serving CROs as well as the biotech and healthcare companies. The company is an existing partner to our subsidiary CliniChain and will make a great geographic addition to our offering in the clinical trials space. Labplan, based in Ireland, is a high value-add distributor of advanced instruments, consumables and service to the life science and biopharmaceutical industry. We continue to see ample opportunities to strengthen our offering and build density in selected verticals and will remain acquisitive – but selective – in the year to come.

Looking to 2024, we are entering the year with a broader and more diversified life science platform than ever before. We have strengthened our organisation to enable us to better support our group companies and drive further performance improvements through our operational playbook. Activity levels in our markets remain generally robust, supported by long-term demographic trends. Although we are facing some challenging comparables after a record 2023, I am confident that the Group is well positioned for continued profitable growth while delivering on our mission to extend, improve, and save people’s lives.

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 February 22, 2024 at 07:45 CET.

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

The year-end report is published in Swedish and English. The Swedish version represents the original.

About ADDvise

ADDvise is an international life science group. Operating a decentralised ownership model, we develop and acquire high quality companies within the business areas Lab and Healthcare. The Group comprises more than 20 companies and generates annual revenues of close to SEK 2 billion. ADDvise is listed on Nasdaq First North Premier Growth Market. Mangold Fondkommission AB, +46 8 503 015 50,, is the Company's Certified Adviser. Additional information is available at