Interim report 2023, January 1-June 30

20-07-2023   Regulatory press release

April-June 2023

Net revenue for the period was SEK 344.4 million (231.9), an increase of 48.5%. Organic growth was 10.4%.

Orders received for the period was SEK 319.3 million (260.9), an increase of 22.4%. Organic growth was 15.7%.

EBITDA for the period was SEK 121.6 million (34.3)

Profit/loss for the period was SEK 3.2 million (19.1)

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

Cash flow from Operations for the period was SEK 102.2 million (20.3)

Updated 2023 forecast, SEK 500 million EBITDA pro forma and SEK 1.7 billion net revenue pro forma

January-June 2023

Net revenue for the period was SEK 654.9 million (394.3), an increase of 66.1%. Organic growth was 14.6%.

Orders received for the period was SEK 659.6 million (391.7), an increase of 68.4%. Organic growth was 39.1%.

EBITDA for the period was SEK 205.8 million (55.5)

Profit/loss for the period was SEK 38.8 million (19.1)

Earnings per share for the period amounted to SEK 0.21 (0.11)

Cash flow from Operations for the period was SEK 225.5 million (22.1)

CEO’s comment

Strong quarter and increased 2023 forecast

The second quarter of 2023 showed a continued trend of increasing orders received, net revenue and profit, both compared to the same period last year and sequentially. EBITDA increased by 254.5% to SEK 121.6 million, with a cash conversion of 84.0%. Net revenue increased by 48.5% to SEK 344.4 million. Organic growth was 10.4%. Orders received continued to be strong during the quarter and increased 22.4%, organically 15.7%. Net financial items in the second quarter were negatively affected by non-recurring costs of SEK 37.1 million due to refinancing of the outstanding bond loan, of which SEK 14.1 million did not affect cash flow.

The Lab business unit continued to grow due to a platform with better margins and product mix. The business unit increased its net revenue by 133.5% and orders received by 38.8% in the quarter. Laboratory equipment orders for clinical studies, one of the Group’s high margin product segments, have been delivered faster than expected and contributed to both net revenue growth and margin expansion. We continue to focus on a product mix with higher margins and actively choosing more profitable projects. Overall, these activities improved the EBITDA margin to 50.8% (9.8) and EBITDA reached SEK 73.6 million (6.1).

During the quarter, we saw continued demand in the Healthcare business unit, in particular pharmaceutical and medical equipment products in the US. Orders received increased 17.8% and net revenue 17.5% compared to the same period last year. Organic net revenue growth amounted to 10.5% during the quarter.

We are proactively working to improve our margins and have been able to continue to strengthen our EBITDA margin by working with pricing. The Lab business unit has particularly contributed to the improved margin and the Group’s adjusted EBITDA margin amounted to 35.3% (13.7) in the quarter. Both business units have seen strong performance in recent quarters, and we continue to see demand for our products, although the operating margin may fluctuate between quarters due to the product mix.

The Group’s Cash flow from Operations in the quarter remained strong. We have continued to optimize our balance sheet, inventory management and accounts receivable/payable. At the end of the second quarter, the interest-bearing net debt amounted to 1.5 times EBITDA compared to 2.1 times EBITDA at the end of Q1 2023.

During the quarter, we refinanced our outstanding bond loan of SEK 0.65 billion with a new three-year bond loan of SEK 1.0 billion with a framework of SEK 2.0 billion. The loan was issued with a lower interest rate, decreasing our borrowing costs and provides us with ample opportunities to continue to deliver on our long-term goals.

In addition to the acquisitions already announced this year, we have a well-filled pipeline of add-on acquisitions to our existing product segments. The price of acquisitions has come down somewhat because of several players finding it more difficult to finance their acquisitions. With that, sellers price expectations has gone down, lowering price multiples.

At the end of the second quarter, we reached our profitability target for the full year 2023. The target was SEK 330 million in EBITDA on a pro forma basis by the end of the year. At the end of the second quarter of 2023, EBITDA on a pro forma basis amounted to SEK 353 million. We have therefore increased our pro forma EBITDA target for 2023 to SEK 500 million. The new target is based on completing the acquisitions already communicated during the second half of the year. At the same time, we are also raising the net revenue target for the year from SEK 1.6 billion to SEK 1.7 billion pro forma. No additional financing is needed to reach the new target and my view is that we can reach the targets and still be below a net debt of 3.0x EBITDA.

Our overall goal is to extend, improve and save people’s lives by developing and providing products and services for healthcare and research that extend people’s lives. Our financial position remains good, and we are well equipped to be able to carry out complementary acquisitions in prioritized markets with a focus on high-quality research and healthcare products.

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 July 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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