Accelerating performance validates our partnership model
Third quarter 2026 (July – September)
- Total revenue amounted to SEK 58.4 (48.4) million, an increase of SEK 10.0 million corresponding to 20.6%.
- Net sales amounted to SEK 55.1 (45.5) million, an increase of SEK 9.7 million corresponding to 21.2%. Adjusted for currency effects of SEK 1.1 million, net sales increased by 23.6%.
- Operating profit amounted to SEK 6.8 (-6.4) million.
- EBITDA amounted to SEK 17.5 (5.3) million with a margin of 30.0% (10.9%).
- Adjusted EBITDA amounted to SEK 20.0 (5.3) million with a margin of 34.3% (10.9%).
- Net profit for the period amounted to SEK 7.3 (-7.5) million.
- Profit per share, before and after dilution, amounted to SEK 0.25 (-0.21).
- Cash flow from operating activities amounted to SEK 14.0 (-2.8) million corresponding to SEK 0.39 (-0.08) per share.
- Net debt excluding lease liabilities amounted to SEK 64.2 (83.0) million.
The period January – September
- Total revenue amounted to SEK 162.4 (163.2) million, a decrease of SEK 0.8 million corresponding to 0.5%.
- Net sales amounted to SEK 151.6 (152.8) million, a decrease of SEK 1.2 million corresponding to 0.8%. Adjusted for currency effects of SEK 7.9 million, net sales increased by 4.4%.
- Operating loss amounted to SEK 8.6 (16.3) million.
- EBITDA amounted to SEK 24.3 (19.1) million with a margin of 15.0% (11.7%).
- Adjusted EBITDA amounted to SEK 30.6 (19.1) million with a margin of 18.8% (11.7%).
- Net loss for the period amounted to SEK 6.5 (20.4) million.
- Loss per share, before and after dilution, amounted to SEK 0.14 (0.59).
- Cash flow from operating activities amounted to SEK 18.7 (-13.2) million corresponding to SEK 0.53 (-0.38) per share.
CEO statement Q3 2026
Accelerating performance validates our partnership model
We are pleased to report a very strong third quarter, following the solid second quarter, demonstrating the scalability of the partnership business model and the results our execution delivers.
Advancing the building blocks for partnership growth and new partnership generation
Demand for Bactiguard-coated products remained strong, and during the quarter we carried out further commercialization activities together with our partners. We work across the value chain from coating technology through commercialization encompassing process and product development, regulatory approvals and sales & marketing training to help partners bring products successfully to patients.
We continued to advance regulatory programs that support product approvals, market access and future commercialization. Over the past two years we have expanded our regulatory expertise and direct dialogue with authorities, including the FDA, to facilitate an efficient product approval process for partners. Our growing involvement in this work shows how the value we bring to partners increasingly extends beyond the noble metal technology itself. We also strengthened our scientific evidence including new publications. In September we presented new data at leading orthopedic congresses demonstrating both the durability of the coating and the differentiation of the technology, which has no market equivalent.
Within business development, orthopedics remains the area where partner engagement is strongest, reflecting the well-recognized need for infection prevention in implant surgery and increasing focus among payers on the economic burden of infections. During the quarter, we deepened our engagement and made meaningful headway across several initiatives, further reinforcing the significant avenues for future partnership development within this therapeutic area.
Strong market demand lifts profitability
Revenues from our Becton, Dickinson & Company (BD) partnership were the key contributor to the performance in the third quarter with a growth of more than 30 percent. The long-standing markets continued to perform well, and markets launched over the past two years are now generating increasing order volumes, reflecting the cumulative impact of our cooperation and development efforts. The growth in the partnership with BD is the strongest we have seen in a decade.
Under the amended agreement with Zimmer Biomet, royalty generation is now more closely linked to underlying market performance. During the quarter we saw double-digit growth from royalties based on product sales driven by a growing market demand.
After a very strong second quarter, Wound Management had a softer third quarter, reflecting the inherent quarterly variability of the business as well as product phasing. Despite this Wound Management grew double digits organically over the first nine months, led by Hydrocyn aqua.
Because our business is built to run lean, our growth translated into strong underlying earnings in the third quarter. Adjusted EBITDA of 20 million SEK in the quarter and 55 million SEK over the last twelve months is our strongest profitability since the shift to a license-based business. Cash flow from operating activities was equally strong at SEK 14 million for the quarter, and 30 million SEK over the last twelve months, further demonstrating the strength and scalability of our business model.
Outlook: building on our momentum
We see good reasons for optimism. The progress with BD and our collaboration with Zimmer further strengthens our conviction in the long-term potential of the partnerships and their strategic importance to Bactiguard. We expect continued positive growth within our license business, supported by growing market traction and increasing demand in recently launched markets. Across our ongoing new partner dialogues, we see an interest that reinforces our confidence in the opportunities ahead and our efforts in business development remain firmly focused on advancing these discussions towards agreements. The long-term outlook for Wound Management remains equally positive. We believe that the underlying market dynamics, together with the continued expansion of Hydrocyn aqua, provide a solid foundation for future profitable growth. We remain committed to disciplined cost management while investing in the priorities that enable our long-term growth ambitions.
Christine Lind
CEO
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