Solid performance driven by revenue growth
Second quarter 2026 (April – June)
- Total revenue amounted to SEK 57.1 (52.1) million, an increase of SEK 4.9 million corresponding to 9%.
- Net sales amounted to SEK 54.0 (48.2) million, an increase of SEK 5.8 million corresponding to 12%. Adjusted for currency effects of SEK 2.0 million, net sales increased by 16%.
- Operating loss amounted to SEK 8.3 (7.3) million.
- EBITDA amounted to SEK 2.6 (4.4) million with a margin of 4.6% (8.4%).
- Adjusted EBITDA amounted to SEK 5.6 (4.4) million with a margin of 9.9% (8.4%).
- Net loss for the period amounted to SEK 8.2 (8.1) million.
- Loss per share, before and after dilution, amounted to SEK 0.23 (0.24).
- Cash flow from operating activities amounted to SEK 12.4 (1.7) million corresponding to SEK 0.36 (0.05) per share.
First half-year 2026 (January – June)
- Total revenue amounted to SEK 104.0 (114.9) million, a decrease of SEK 10.9 million corresponding to 9%.
- Net sales amounted to SEK 96.5 (107.3) million, a decrease of SEK 10.8 million corresponding to 10%. Adjusted for currency effects of SEK 7.8 million, net sales decreased by 3%.
- Operating loss amounted to SEK 15.4 (9.9) million.
- EBITDA amounted to SEK 6.8 (13.8) million with a margin of 6.5% (12.0%).
- Adjusted EBITDA amounted to SEK 10.6 (13.8) million with a margin of 10.1% (12.0%).
- Net loss for the period amounted to SEK 13.8 (12.8) million.
- Loss per share, before and after dilution, amounted to SEK 0.39 (0.37).
- Cash flow from operating activities amounted to SEK 5.0 (-10.4) million corresponding to SEK 0.14 (-0.30) per share.
CEO statement Q2 2026
Solid performance driven by revenue growth
We are pleased to report second-quarter net sales growth (excluding currency) of 16%. The main driver was a recovery in BD revenues alongside one of the strongest quarters our Wound Management portfolio has ever recorded. The quarter confirms that the softer start to the year was a matter of timing, not a change in trend – our strategy execution is on track.
Adjusted EBITDA for the quarter amounted to SEK 5.6 million, lifted by sales growth and continued cost discipline. The way topline growth flows through to earnings shows the scalability of our license business model – and gives us room to keep investing in future growth. Cash flow from operations amounted to 12.4 million.
Updated agreement deepens the global BD partnership
During the quarter, we signed a new long-term agreement with BD, deepening a partnership that goes back to 1990 – more than 35 years. Few things illustrate better the long-term value our coating technology creates for partners, or how embedded Bactiguard-coated products become in patient care once adopted. The move from a collaboration covering only certain markets to a true global partnership has progressed steadily. Today, the partnership spans the full value chain, from technology development to global market execution, and is focused on expanding adoption of Bactiguard’s infection prevention technology.
The restated agreement modernizes the partnership terms and strengthens this foundation further. It builds on the December 2023 extension, under which BD was granted worldwide exclusivity for Bactiguard-coated Foley catheters outside of China. Over the past two years, our shared focus has been on transitioning new markets to BD and building a stable platform for growth. This platform has enabled recent launches in the Nordics and Poland as well as selected Middle Eastern markets. We have supported each launch with technology training across the regions and continue to transition our key opinion leader relationships and former customers to support market access and commercial execution.
In the quarter, BD revenues came in 50% above the weak second quarter of last year and are up 8% so far this year. As in prior quarters, BD revenues are shaped by the timing of concentrate shipments into their supply chain, which can create variation from one quarter to the next. We continue to see underlying growth from existing as well as new markets.
Growing adoption of Bactiguard-coated implants with Zimmer Biomet
Our partnership with Zimmer Biomet continued to focus on driving commercial adoption. Bactiguard continues to drive the MDR transition and supports the post-market clinical studies. The first portion of the ongoing multi-center clinical study is now complete – an encouraging step, with the key comparative portion of the study continuing to progress according to plan. We are especially pleased to see the Bactiguard-coated implants being used in a growing number of patients. Given the high need for infection prevention solutions and the small share of trauma implants that Bactiguard-coated implants represent today, we continue to see meaningful headroom for future adoption. Overall, we view the partnership as financially stable, with revenues in line with our expectations, double-digit growth in product sales and clear long-term potential as adoption continues to build.
Hydrocyn aqua drives return to double-digit growth
Our Wound Management portfolio showed very strong performance indeed with 67% revenue growth for the quarter and 25% for the six-month period. The Hydrocyn aqua product lines led the way, supported by a stabilization in sutures. We saw growth across regions, with each of the Middle East, Europe and Asia contributing. Tender business in select regions gave positive effects in the quarter. In addition to the strong commercial execution, we continue to strengthen our product portfolio, invest in product availability in new markets and in our operational setup in Penang, Malaysia. As previously communicated, we continue to expect double digit growth from the combined Wound Management portfolio, again fueled by high-double digit growth from Hydrocyn aqua and a stable contribution from our sutures line.
Strong momentum in early partner dialogues
We also spent a good part of the quarter on new business development, meeting potential future partners at conferences and in direct discussions, in both the US and Europe. Since launching our five focus therapeutic areas in March 2025, we have now completed a full annual calendar of business development conferences across all of these. We see Bactiguard’s coating as an important addition to the healthcare practitioner’s armamentarium to reduce the risk of infections. We hear a high acceptance for the need for infection prevention solutions especially for orthopedic implants and accordingly see the strongest engagement with potential partners in this area. Our focus is on advancing these discussions, while recognizing that our license business model means dialogues can take considerable time to mature into signed agreements.
Outlook
With growth across all of our businesses including the Wound Management double-digit increase, our focus is on converting our continued investments into sustained traction. We are on the right track – and we will keep executing towards our strategic targets.
Christine Lind
CEO
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