Annual Report • Feb 6, 2025
Annual Report
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* The difference mainly pertained to the SEK 42 million provision for inventory, accounts receivables, and project related items, made in the second quarter 2023.
| Key figures | Oct-Dec | Jan-Dec | |||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| Total revenue¹,MSEK | 68.3 | 61.3 | 261.9 | 223.2 | |
| Operating profit/loss¹,MSEK | -3.2 | -23.8 | -28.9 | -131.9 | |
| EBITDA²,MSEK | 8.4 | -4.2 | 18.0 | -76.1 | |
| EBITDA margin²,% | 12.4 | -6.9 | 6.9 | -34.1 | |
| Net profit/loss for the period¹,MSEK | -0.9 | -27.2 | -29.8 | -138.4 | |
| Earnings per share¹,SEK | -0.03 | -0.78 | -0.85 | -3.95 | |
| Cash flow from operating activities ¹,MSEK | 18.9 | 10.1 | 25.0 | -52.3 | |
| Cash flow from operating activities, per share²,SEK | 0.54 | 0.29 | 0.71 | -1.49 | |
| Equity ratio²,% | 50.1 | 53.3 | 50.1 | 53.3 | |
| Net debt²,MSEK | 111.0 | 109.9 | 111.0 | 109.9 |
1 Defined according to IFRS.
2 Alternative performance measure. For definition and reconciliation, see pages 16-17.
Total revenue for Q4 amounted to SEK 68.3 million (Q4 2023: SEK 61.3 million), including net sales of SEK 63.1 million (Q4 2023: SEK 56.3 million). For 2024 total revenue increased by 17.3 percent and came in at SEK 261.9 million (2023: SEK 223.2 million) with net sales of SEK 241.7 million (2023: SEK 201.5 million). The Q4 EBITDA amounted to SEK 8.4 million (Q4 2023: SEK -4.2 million) and for 2024, SEK 18 million (2023: SEK -76 million). OPEX totaled SEK 54.4 million for Q4 (Q4 2023: SEK 50.1 million) and for 2024 SEK 207.9 million (2023: SEK 235.2 million). Total cash flow for the quarter amounted to SEK 9.5 million (Q4 2023: SEK 0.2 million) and for 2024 SEK -10.9 million.
Q4 was another profitable quarter and for the full year we delivered an EBITDA of SEK 18 million. During 2024 we executed on the strategic shift announced in October 2023. We have strengthened the organization and ways of working to embrace the opportunities within the license business, as well as discontinued own sales of the BIP portfolio of medical devices and the transition of Bactiguard's BIP Foley catheter markets to BD (Becton, Dickinson & Company) continues. We have a pipeline of early-stage projects for potential partners with feasibility studies ongoing across multiple therapeutic areas and the Wound Management product portfolio has stable growth.
Delivering sustainable profitability is not only a key milestone for Bactiguard, it will also empower us to develop our business and infection prevention technology further. Importantly, it is a validation of the effectiveness of our business model and license-focused strategy.
Total license revenues for Q4 amounted to SEK 44.2 million (Q4 2023: SEK 32.2 million) and for 2024 SEK 164.7 million (2023: SEK 117.2 million). Revenues from BD were SEK 35.8 million for Q4 and SEK 124.7 million for the full year, an increase of 33.9 percent compared to the full year 2023. We continue to collaborate on the market registrations for BD, which are required to enable their launches in former BIP Foleys markets. We are pleased with our enhanced partnership with BD which is reflected in the financial results from this partnership.
The wound-down BIP portfolio had revenues in Q4 of SEK 3.2 million (Q4 2023: SEK 10.2 million) and for 2024 SEK 16.0 million (2023: SEK 30.5 million). The anticipated SEK 25 million in cost savings associated with the strategic shift has been delivered in 2024 and we do not expect any additional BIP revenues in 2025.
Revenues from Zimmer Biomet for Q4 amounted to SEK 3.6 million (Q4 2023: SEK 3.1 million) and full-year revenues were SEK 27.7 million (2023: SEK 21.5 million). Revenues were mainly related to the final payments under the terminated multiple orthopedic products agreement. While the termination was a disappointment, the work in the partnership gave us a deeper understanding of US approval requirements within these segments. We are currently defining Bactiguard's US regulatory strategy to ensure we can better work with partners to capitalize on the opportunities of our infection prevention technology. Notably, Bactiguard owns the commercial rights to all coated orthopedic medical devices outside of trauma, and we are actively seeking new license partners in this therapeutic area. Within the trauma segment our agreement with Zimmer Biomet remains in force and they are committed to the commercialization of the Bactiguard-coated orthopedic trauma implants, ZNN Bactiguard.
The Wound Management portfolio continued its growth in Q4 with revenues of SEK 15.6 million (Q4 2023: SEK 13.9 million). For the full-year, Wound Management grew by 13.2 percent and amounted to SEK 60.9 million, boosted by the regulatory approval of Hydrocyn aqua in India. The strategy for Wound Management remains focused on profitable growth and expansion into new markets, primarily in Asia.
As announced in Q3 2024, we are conducting a review of the financial targets. This work encompasses a comprehensive analysis of the market potential and partnership opportunities for our technology, involving an indepth evaluation of key strategic therapeutic areas including targeted application areas, associated infection rates, regulatory approval timelines, and commercial scale up through licensing partners. All these aspects must be balanced with the operational leverage of our business model. We will revert no later than the end of Q1 2025.
During the year, we have strengthened our capabilities throughout the organization. In January 2025, Kajsa Björklund joined as new Executive VP of R&D. Kajsa is an experienced life science executive with a PhD in Organic Chemistry. She brings a wealth of leadership competence in R&D and innovation and will be part of the Executive Management Team. We have also retained our interim Head of R&D Nathaniel Bachrach who will transition into a new role as Chief Scientific Officer. He remains a member of the Executive Management Team and will work on new license business development with a primary focus on the US.
Looking ahead, we are working to deepen existing licensing partnerships, while leveraging our R&D capabilities and unique infection prevention technology to deliver new partnerships. Our goal is to transform promising earlystage projects into exclusive license agreements with leading MedTech companies. This is a journey that requires both time and commitment, but the potential for our technology across multiple therapeutic areas is high. The interest from potential partners is strong and reflects the growing recognition of infection prevention as a critical global medical need.
Christine Lind, CEO
Bactiguard is a global MedTech company developing safe and biocompatible technology to prevent medical device related infections. The company's unique technology is based on an ultra-thin noble metal coating that prevents bacterial adhesion and biofilm formation on medical devices.
Bactiguard's infection prevention solutions decrease patient suffering, save lives, and unburden healthcare resources while also fighting against antimicrobial resistance, one of the most serious threats to global health and modern medicine.
Bactiguard operates through license partnerships with leading global MedTech companies that apply the technology to their medical devices and sell them under their own brand or co-branded with Bactiguard. The company also has a portfolio of wound management products.
Bactiguard's revenues have two main components: firstly, charging license partners for the right to use our coating technology on their medical devices within a specific application and geographical area, and secondly, royalties; a variable remuneration once the license partners' products reach the market. Bactiguard's business model is scalable and has a high-margin potential. The revenues are generated across three phases of partnerships: application development partners, exclusivity partners and license partners.
An application development partner participates in a development project where we test the coating technology to different medical devices, surfaces, and materials. Bactiguard's coating development team works in close collaboration with the partner. Some application development projects will not materialize, and this is a natural part of our business.
An exclusivity partner gets an exclusive right to apply our coating technology to a certain medical device but has no products in the market yet, for instance due to pending regulatory approvals.
A license partner has the right to market and sell medical devices with Bactiguard's coating technology, in a certain region or globally. Most of our revenues are generated through partnerships at this phase. BD and Zimmer Biomet (their trauma implant ZNN Bactiguard) are examples of license partners.
Not all partnerships will follow all three phases. An agreement with a partner can generate revenues from different phases and streams simultaneously.
| Partnerships | Application area | Market* |
|---|---|---|
| Becton Dickinson & Company (BD) | Urinary catheters (Foley) | Global excl. China |
| Zimmer Biomet | Trauma implants | Global excl. Southeast Asia, China, India, and South Korea |
| Zimmer Biomet** | Orthopedic implants | Global excl. Southeast Asia, China, India, and South Korea. |
| Well Lead Medical | Urinary catheters | China |
*Black: With approved products on these markets, Green = rights.
** Zimmer Biomet informed Bactiguard in October 2024 that they terminate the agreement for multiple orthopedic product segments.
| Oct-Dec | |||
|---|---|---|---|
| MSEK | 2024 | 2023 | |
| Total license revenue | 44.2 | 32.2 | |
| License partners | 41.2 | 29.5 | |
| Exclusivity partners | 2.5 | 2.6 | |
| Application development partners | 0.6 | - | |
| Wound Management portfolio | 15.6 | 13.9 | |
| BIP portfolio | 3.2 | 10.2 | |
| Net sales | 63.1 | 56.3 | |
| Other operating revenues | 5.2 | 5.1 | |
| Total revenue | 68.3 | 61.3 |
Total revenue for the fourth quarter amounted to SEK 68.3 (61.3) million, an increase of SEK 6.9 million, corresponding to 11.3 percent. Adjusted for currency effects of SEK 2.0 million, revenue increased by 7.9 percent.
Net sales amounted to SEK 63.1 (56.3) million, an increase of SEK 6.8 million, corresponding to 12.1 percent. Adjusted for currency effects of SEK -0.2 million, net sales increased by 12.4 percent.
Total license revenue amounted to SEK 44.2 (32.2) million, an increase of SEK 12.1 million, corresponding to 37.4 percent. Adjusted for currency effects of SEK -0.2 million, license revenues increased by 38.0 percent. Revenues from Becton Dickinson & Company (BD) amounted to SEK 35.8 (29.1) million, an increase of SEK 6.7 million, corresponding to 23.0 percent. Adjusted for currency effects of SEK -0.3 million, revenues from BD increased by 23.9 percent. Revenues from Zimmer Biomet amounted to SEK 3.6 (3.1) million, an increase of SEK 0.5 million, corresponding to 16.1 percent. Adjusted for currency effects of SEK 0.1 million, revenues from Zimmer Biomet increased by 16.0 percent. These revenues pertain mainly to exclusivity revenues from the multiple orthopedic products agreement, as well as license revenues from the Trauma product segment agreement.
Revenues from license partners amounted to SEK 41.2 (29.5) million, an increase of SEK 11.7 million, corresponding to 39.5 percent. Adjusted for currency effects of SEK -0.3 million, revenues from license partners increased by 40.4 percent.
Revenues from exclusivity partners amounted to SEK 2.5 (2.6) million, a decrease of SEK 0.2 million.
Revenues from application development partners amounted to SEK 0.6 (0.0) million, an increase of SEK 0.6 million.
Revenues from Wound Management portfolio amounted to SEK 15.6 (13.9) million, an increase of SEK 1.7 million, corresponding to 12.3 percent with and without currency effects.
Revenues from the BIP portfolio amounted to SEK 3.2 (10.2) million, a decrease of SEK 6.9 million, corresponding to 68.4 percent with and without currency effects. We do not expect any additional BIP revenues in 2025.
Other revenues amounted to SEK 5.2 (5.1) million, an increase of SEK 0.1 million, corresponding to 1.9 percent. Currency effects amounted to SEK 2.2 (2.8) million and the remaining revenue primarily relates to rent income.
Costs for raw materials and consumables for the fourth quarter amounted to SEK -5.9 (-15.7) million, a decrease of SEK 9.8 million, corresponding to 62.5 percent. Other external costs amounted to SEK -21.7 (-22.0) million, a decrease of SEK 0.3 million, corresponding to 1.1 percent. Personnel costs amounted to SEK -30.0 (-25.0) million, an increase of SEK 4.9 million, corresponding to 19.7 percent. Other operating expenses are related to currency exchange losses/gains, which amounted to SEK -2.7 (-3.1) million. Total operating expenses (OPEX) amounted to SEK -54.4 (-50.1) million, an increase of SEK 4.2 million, corresponding to 8.5 percent.
The operating loss amounted to SEK 3.2 (23.8) million, a decrease of SEK 20.6 million, corresponding to 86.5 percent. The improved operating result mainly pertained to the increase in total license revenues while keeping costs under control.
EBITDA for the fourth quarter amounted to SEK 8.4 (-4.2) million, an increase of SEK 12.7 million. The EBITDA margin was 12.4 (-6.9) percent.
Depreciation and amortisation amounted to SEK -11.6 (-19.5) million, a decrease of SEK 7.9 million, corresponding to 40.5 percent. Amortization of intangible assets amounted to SEK -7.4 (-14.7) million, attributable primarily to amortization of SEK -6.4 (-6.4) million related to Bactiguard's technology. Depreciation of tangible assets amounted to SEK -4.2 (-4.9) million, primarily attributable to depreciation on leasing of SEK -3.7 (-2.8) million.
Financial items amounted to SEK 0.8 (-7.2) million. Financial income amounted to SEK 4.1 (3.5) million which pertained mainly to exchange rate effects. Financial expenses amounted to SEK -3.3 (-10.7) million which mainly pertained to interest expenses of SEK -3.2 (-3.6) million.
Tax for the period amounted to SEK 1.4 (3.8) million. Change in deferred tax amounted to SEK 1.4 (4.1) million attributable to the intangible assets and leases, which is calculated at the Swedish tax rate of 20.6 percent. Income tax in foreign subsidiaries is calculated on the basis of a tax rate of 24.0 percent.
Net loss for the fourth quarter of 2024 amounted to SEK 0.9 (27.2) million.
| Jan-Dec | ||||
|---|---|---|---|---|
| MSEK | 2024 | 2023 | ||
| Total license revenue | 164.7 | 117.2 | ||
| License partners | 155.4 | 104.3 | ||
| Exclusivity partners | 7.7 | 9.7 | ||
| Application development partners | 1.5 | 3.2 | ||
| Wound Management portfolio | 60.9 | 53.8 | ||
| BIP portfolio | 16.0 | 30.5 | ||
| Net sales | 241.7 | 201.5 | ||
| Other operating revenues | 20.2 | 21.6 | ||
| Total revenue | 261.9 | 223.2 |
Total revenue for the period January to December amounted to SEK 261.9 (223.2) million, an increase of SEK 38.7 million, corresponding to 17.3 percent. Adjusted for currency effects of SEK 10.0 million, revenue increased by 12.9 percent.
Net sales amounted to SEK 241.7 (201.5) million, an increase of SEK 40.1 million, corresponding to 19.9 percent. Adjusted for currency effects of SEK -1.1 million, net sales increased by 20.5 percent.
Total license revenue amounted to SEK 164.7 (117.2) million, an increase of SEK 47.5 million, corresponding to 40.5 percent. Adjusted for currency effects of SEK -1.0 million, license revenue increased by 41.4 percent. Revenues from Becton Dickinson & Company (BD) amounted to SEK 124.7 (93.1) million, an increase of SEK 31.6 million, corresponding to 33.9 percent. Adjusted for currency effects of SEK -0.7 million, revenues from BD increased by 34.7 percent. Revenues from Zimmer Biomet amounted to SEK 27.7 (21.5) million, an increase of SEK 6.2 million, corresponding to 29.0 percent. Adjusted for currency effects of SEK -0.3 million, revenues from Zimmer Biomet increased by 30.7 percent. These revenues consist of license revenues from royalties, exclusivity revenues and application development revenues.
Revenues from license partners amounted to SEK 155.4 (104.3) million, an increase of SEK 51.1 million, corresponding to 49.0 percent with and without currency effects.
Revenues from exclusivity partners amounted to SEK 7.7 (9.7) million, a decrease of SEK 2.0 million, corresponding to 20.2 percent with and without currency effects.
Revenues from application development partners amounted to SEK 1.5 (3.2) million, a decrease of SEK 1.6 million, corresponding to 51.1 percent with and without currency effects.
Revenues from Wound Management portfolio amounted to SEK 60.9 (53.8) million, an increase of SEK 7.1 million, corresponding to 13.2 percent with and without currency effects.
Revenues from the BIP portfolio amounted to SEK 16.0 (30.5) million, a decrease of SEK 14.5 million, corresponding to 47.5 percent with and without currency effect. We do not expect any additional BIP revenues in 2025.
Other revenues amounted to SEK 20.2 (21.6) million, a decrease of SEK 1.4 million, corresponding to 6.6 percent. Currency effects amounted to SEK 11.1 (12.4) million and the remaining revenue primarily relates to rent income.
Costs for raw materials and consumables for the period January to December amounted to SEK -36.1 (-65.6) million, a decrease of SEK 29.5 million, corresponding to 44.9 percent. Other external costs amounted to SEK -87.6 (-97.9) million, a decrease of SEK 10,3 million, corresponding to 10,5 percent. Personnel costs amounted to SEK -111.5 (-123.5) million, a decrease of SEK 12.0 million, corresponding to 9.7 percent. Other operating expenses are related to currency exchange losses/gains, which amounted to SEK -8.9 (-13.9) million. In total operating expenses (OPEX) amounted to SEK -207.9 (-235.2) million, a decrease of SEK 27.3 million, corresponding to 11.6 percent.
The operating loss amounted to SEK 28.9 (131.9) million, a decrease of SEK 103.1 million, corresponding to 78.1 percent. The decrease mainly pertained to the SEK 42 million provision made in the second quarter 2023, and the increase in total license revenues, as well as decrease in total operating expenses (OPEX).
EBITDA for the period January to December amounted to SEK 18.0 (-76.1) million, an increase of SEK 94.1 million. EBITDA margin was 6.9 (-34.1) percent.
Depreciation and amortisation amounted to SEK -46.9 (-55.9) million, a decrease of SEK 9.0 million, corresponding to 16.1 percent. Amortization of intangible assets amounted to SEK -28.7 (-39.6) million, attributable primarily to amortization of SEK -25.4 (-25.4) million related to Bactiguard's technology. Depreciation of fixed assets amounted to SEK -18.2 (-16.3) million, primarily attributable to depreciation on leasing of SEK - 14.6 (-11.3) million.
Financial items amounted to SEK -7.7 (-15.2) million. Financial income amounted to SEK 7.8 (13.4) million which pertained mainly to exchange rate effects. Financial expenses amounted to SEK -15.6 (-28.6) million which mainly pertained to interest expenses of SEK -14.0 (-13.5) million.
Tax for the period amounted to SEK 6.8 (8.8) million. Change in deferred tax amounted to SEK 6.8 (8.9) million attributable to the intangible assets and leases, which is calculated at the Swedish tax rate of 20.6 percent. Income tax in foreign subsidiaries is calculated on the basis of a tax rate of 24.0 percent.
Net loss for the period January to December 2024 amounted to SEK 29.8 (138.4) million.
Cash flow from operating activities for the quarter amounted to SEK 18.9 (10.1) million and for the period January to December to SEK 25.0 (-52.3) million. Change in working capital for the quarter amounted to SEK 11.7 (8.4) million and for the period January to December to SEK 16.5 (13.8) million.
Cash flow from investing activities for the quarter amounted to SEK -1.7 (-6.0) million and for the period January to December to SEK -14.8 (-8.6) million.
Cash flow from financing activities for the quarter amounted to SEK -7.6 (-3.8) million and for the period January to December to -21.2 (-11.8).
Cash flow for the quarter amounted to SEK 9.5 (0.2) million and for the period January to December to SEK -11.0 (-72.8) million. Cash and cash equivalents at the end of the period of 31 December 2024 amounted to SEK 116.7 (123.2) million.
Equity on 31 December 2024 amounted to SEK 328 (353) million and net debt to SEK 111 (110) million. Total assets on 31 December 2024 amounted to SEK 656 (662) million.
As of 31 December 2024, the parent company's liabilities with SEB amounted to SEK 171 (171) million. As of 31 December 2024, the approved overdraft facility from SEB of SEK 30 million was not utilized. As of 31 December 2024, foreign subsidiaries had credit facilities amounting to SEK 3.6 (3.3) million.
At the end of the year Bactiguard Holding has a bank loan of SEK 171 million with a maturity according to agreement until May 2025 and which are reported as current liabilities to credit institution. At the beginning of February 2025, a new loan was agreed amounting to SEK 120 million, which replaces the previous loan at maturity, the loan runs for two years and with an option to extend for another year. The Board of Directors assesses that there is no material risk of a liquidity shortage for the next 12-month period.
Full-time equivalents in the Group during the period January to December averaged to 177 (217) of which 108 (133) are women. On 31 December 2024, the number of full-time equivalents was 160.
Bactiguard's B share is listed on Nasdaq Stockholm with the short name "BACTI B". The closing price for the B share was SEK 35.3 (61.8) on 31 December 2024 and the market capitalization amounted to SEK 1,237 (2,166) million.
The share capital in Bactiguard on 31 December 2024 amounted to SEK 0.9 (0.9) million divided into 31,043,885 Class B shares with one vote each (31,043,885 votes) and 4,000,000 Class A shares with ten votes each (40,000,000 votes). The total number of shares and votes in Bactiguard on 31 December 2024 was 35,043,885 shares and 71,043,885 votes.
| Shareholders | No. of A shares |
No. of B | shares Total number | % of capital | % of votes |
|---|---|---|---|---|---|
| TomBact AB¹ | 2,000,000 | 4,443,787 | 6,443,787 | 18.4 | 34.4 |
| GIDL Invest AB² | 2,000,000 | 4,179,326 | 6,179,326 | 17.6 | 34.0 |
| Jan Ståhlberg | 3,605,150 | 3,605,150 | 10.3 | 5.1 | |
| Nordea Funds | 3,524,877 | 3,524,877 | 10.1 | 5.0 | |
| The Fourth Swedish National Pension Fund | 3,475,992 | 3,475,992 | 9.9 | 4.9 | |
| Handelsbanken Fonder | 2,080,726 | 2,080,726 | 5.9 | 2.9 | |
| TomEnterprise Public Capital AB¹ | 1,885,384 | 1,885,384 | 5.4 | 2.7 | |
| AMF - försäkring och fonder | 1,706,340 | 1,706,340 | 4.9 | 2.4 | |
| Insurance company Avanza Pension | 1,246,737 | 1,246,737 | 3.6 | 1.8 | |
| Lancelot Asset Management AB | 465,000 | 465,000 | 1.3 | 0.7 | |
| Total, major shareholders | 4,000,000 | 26,613,319 | 30,613,319 | 87.4 | 93.7 |
| Total, others | 4,430,566 | 4,430,566 | 12.6 | 6.3 | |
| Total number of shares | 4,000,000 | 31,043,885 | 35,043,885 | 100.0 | 100.0 |
1 Company controlled by Thomas von Koch.
2 Company controlled by Christian Kinch.
Per 31 December 2024 Bactiguard had 2,979 (3,441) shareholders.
The Board of Directors will propose to the Annual General Meeting that no dividend is paid for 2024.
The 2025 Annual General Meeting will take place on Thursday 15 May 2025, in Posthuset Vasagatan 7A at 09:00 am.
Zimmer Biomet has informed Bactiguard that they terminate the license agreement signed in 2022 covering multiple orthopedic product segments. The reason stated is the more complex and lengthier path with the US Food and Drug Administration (FDA) than initially expected by Zimmer Biomet. The partnership with Zimmer Biomet within the trauma product segment, related to the agreement signed in 2019, remains in effect.
At the beginning of February 2025, a new loan was agreed amounting to SEK 120 million, which replaces the previous loan at maturity, the loan runs for two years and with an option to extend for another year.
The company's financial targets relate to growth and profitability and are expected to be delivered by year-end 2028. The financial and strategic targets should not be perceived as a forecast but rather reflect what Bactiguard's Board of Directors and Executive Management consider to be reasonable mid-term expectations given the sharpened license focused strategy.
Due to the termination of the multiple orthopedic agreement by Zimmer Biomet, we have decided to review our 2028 financial targets, set in October 2023, and the outcome of the review will be announced during Q1 2025.
The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS). The interim report has been prepared in accordance with IAS 34 Interim Reporting and the Annual Accounts Act. Disclosures in accordance with IAS 34 Interim Reporting are submitted both in notes and elsewhere in the interim report. The parent company's financial statements have been prepared in accordance with the Annual Accounts Act and the Financial Reporting Board's recommendation, RFR 2 Accounting for Legal Entities.
Accounting and valuation principles are stated in the annual report 2023. The accounting principles are unchanged from previous periods, except for a new assessment model of clients' risk classification, where more clients are assessed individually as a consequence of the change.
An operating segment is a component of an entity that engages in business activities from which it may derive revenues and incur expenses, whose operating results are regularly reviewed by the chief operating decision maker and for which there is separate financial information. The company's reporting of operating segments is consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker is the function that assesses the operating segment performance and decides how to allocate resources. The company has determined that the Group's executive management constitutes of the chief operating decision maker. The company is considered in its entirety to operate within one business segment.
During the period, the parent company has received compensation for services and interest on its receivables from group companies. No investments were made during the period.
Companies within the Group are exposed to various types of risk through their activities. Bactiguard continually engages in a process of identifying all risks that may arise and assessing how each of these risks shall be managed. The Group is working to create an overall risk management program that focuses on minimizing potential adverse effects on the company's financial results. The company is primarily exposed to market related risks, operational risks, and financial risks. A description of these risks can be found on page 16 and 45–47 in the annual report 2023.
In addition to identified risks, the macro situation and its impact is continuously monitored. The global healthcare challenges have a significant impact on society. The need for more efficient and safe healthcare is driven by both economic and demographic developments, as well as increased political unrest, conflicts, wars, and natural disasters. Particularly prominent are healthcare-associated infections and antimicrobial resistance where we see an increased interest in infection prevention.
Bactiguard does not have suppliers in or sales to any of Russia, Belarus, or Ukraine. However, the global economy is affected by the situation of the war, and we follow developments closely and continuously evaluate the operational and financial effects as the global situation may change and affect the company's financial position. Bactiguard has a subsidiary in Israel. We are closely following the developments there and our primary focus is to ensure the staff's well-being and security. We make the assessment that the conflict in Israel will have a negligible effect on the group's result and financial position.
While we see falling inflation levels, inflation and higher prices can continue to affect the company negatively as it is not always possible to change the price to the customers, all of which can affect the financial position negatively. The falling inflation levels can lead to lower interest rates, which can positively impact the interest costs. Some countries are now in or close to recession, which can lead to a decreased ability for customers to pay their invoices. The company also has a large exposure to the USD and EUR, see the annual report 2023.
| Oct-Dec | Jan-Dec | |||||
|---|---|---|---|---|---|---|
| TSEK | Note | 2024 | 2023 | 2024 | 2023 | |
| Revenues | 1 | |||||
| Net sales | 63,074 | 56,252 | 241,678 | 201,545 | ||
| Other operating revenue | 5,182 | 5,082 | 20,200 | 21,628 | ||
| Sum | 68,256 | 61,335 | 261,877 | 223,174 | ||
| Change in inventory of finished goods and products in progress | 438 | 268 | 148 | 1,000 | ||
| Capitalized production | - | 8 | - | 563 | ||
| Raw materials and consumables | -5,897 | -15,735 | -36,117 | -65,572 | ||
| Other external expenses | -21,715 | -21,966 | -87,567 | -97,854 | ||
| Personnel costs | -29,964 | -25,034 | -111,462 | -123,456 | ||
| Depreciation and amortization | -11,640 | -19,549 | -46,883 | -55,865 | ||
| Other operating expenses | -2,682 | -3,118 | -8,857 | -13,923 | ||
| Sum | -71,460 | -85,126 | -290,738 | -355,107 | ||
| Operating profit/loss | -3,204 | -23,791 | -28,860 | -131,933 | ||
| Profit/loss from financial items | ||||||
| Financial income | 4,107 | 3,497 | 7,844 | 13,428 | ||
| Financial expenses | -3,263 | -10,739 | -15,566 | -28,649 | ||
| Sum | 844 | -7,242 | -7,722 | -15,221 | ||
| Profit/loss before tax | -2,360 | -31,033 | -36,585 | -147,154 | ||
| Current tax | - | -303 | - | -136 | ||
| Deferred tax | 1,440 | 4,118 | 6,769 | 8,908 | ||
| NET PROFIT/LOSS FOR THE PERIOD | -920 | -27,218 | -29,815 | -138,382 | ||
| Attributable to: | ||||||
| The parent company´s shareholders | -920 | -27,218 | -29,815 | -138,382 | ||
| Earnings per share, before and after dilution, SEK | -0.03 | -0.78 | -0.85 | -3.95 |
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| TSEK | Note | 2024 | 2023 | 2024 | 2023 |
| Net profit/loss for the period | -920 | -27,218 | -29,815 | -138,382 | |
| Other comprehensive income: | |||||
| Items that will not be reclassified to profit or loss for the year | - | - | - | - | |
| Items that will be reclassified to profit or loss for the year | |||||
| Translation differences | 886 | -3,170 | 4,979 | -4,149 | |
| Other comprehensive income, after tax | 886 | -3,170 | 4,979 | -4,149 | |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | -34 | -30,388 | -24,834 | -142,531 | |
| Attributable to: | |||||
| The parent company´s shareholders | -34 | -30,388 | -24,834 | -142,531 | |
| Number of shares at the end of period ('000) | 35,044 | 35,044 | 35,044 | 35,044 | |
| Weighted average number of shares ('000) | 35,044 | 35,044 | 35,044 | 35,044 |
| TSEK Note |
2024-12-31 | 2023-12-31 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Intangible fixed assets | ||
| Goodwill | 251,817 | 248,103 |
| Technology Brands |
48,179 25,602 |
73,304 25,729 |
| Customer relationships | 3,856 | 5,107 |
| Capitalized development expenditure | 1,619 | 2,953 |
| Patents | 962 | 1,345 |
| Sum | 332,035 | 356,541 |
| Tangible assets | ||
| Right of use lease assets | 52,685 | 50,426 |
| Buildings | 25,588 | 13,766 |
| Improvements, leasehold | 18,513 | 4,991 |
| Machinery and other technical plant | 6,554 | 15,583 |
| Equipment, tools and installations | 5,837 | 9,092 |
| Sum | 109,177 | 93,858 |
| Financial assets | ||
| Other non-current accounts receivable | 2,937 | 2,885 |
| Sum | 2,937 | 2,885 |
| Deferred tax assets | 17,517 | 10,763 |
| Total non-current assets | 461,669 | 464,047 |
| Current assets Inventories |
||
| Accounts receivable | 26,231 25,046 |
29,646 17,249 |
| Other current receivables 2 |
12,960 | 8,118 |
| Prepaid expenses and accrued income | 13,279 | 19,898 |
| Cash and cash equivalents | 116,727 | 123,217 |
| Total current assets | 194,243 | 198,127 |
| TOTAL ASSETS | 655,911 | 662,174 |
| EQUITY AND LIABILITIES | ||
| Equity attributable to shareholders of the parent | ||
| Share capital | 876 | 876 |
| Translation reserve | 4,124 | -855 |
| Other capital | 930,680 | 930,680 |
| Retained earnings including net profit for the period | -607,338 | -577,523 |
| Total equity | 328,342 | 353,178 |
| Non-current liabilities | ||
| Liabilities to credit institutions | - | - |
| Leasing liability | 40,694 | 42,306 |
| Provisions | 5,257 | 5,257 |
| Other long-term liabilities | - | 28 |
| Total non-current liabilities | 45,951 | 47,590 |
| Current liabilities | ||
| Liabilities to credit institutions | 170,893 | 178,569 |
| Leasing liability | 16,180 | 12,224 |
| Accounts payable | 22,925 | 16,695 |
| Provisions | 18,104 | 10,256 |
| Other current liabilities 2 |
3,312 | 4,570 |
| Accrued expenses and prepaid income | 50,204 | 39,093 |
| Total current liabilities | 281,618 | 261,406 |
| TOTAL LIABILITIES | 327,569 | 308,996 |
| TOTAL EQUITY AND LIABILITIES | 655,911 | 662,174 |
| Retained | |||||
|---|---|---|---|---|---|
| earnings including net |
|||||
| Share | Other | profit for the | |||
| TSEK | capital | capital | Reserves | period | Total equity |
| Opening balance 2023-01-01 | 876 | 930,680 | 3,294 | -439,141 | 495,709 |
| Net profit/loss for the period | -138,382 | -138,382 | |||
| Other comprehensive income: | |||||
| Translation differences | -4,149 | -4,149 | |||
| Total comprehensive income after tax | -4,149 | -138,382 | -142,531 | ||
| Closing balance 2023-12-31 | 876 | 930,680 | -855 | -577,523 | 353,178 |
| Opening balance 2024-01-01 | 876 | 930,680 | -855 | -577,523 | 353,178 |
| Net profit/loss for the period | -29,815 | -29,815 | |||
| Other comprehensive income: | |||||
| Translation differences | 4,979 | 4,979 | |||
| Total comprehensive income after tax | 4,979 | -29,815 | -24,836 | ||
| Closing balance 2024-12-31 | 876 | 930,680 | 4,124 | -607,338 | 328,342 |
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| TSEK | Note | 2024 | 2023 | 2024 | 2023 |
| Net profit/loss for the period | -920 | -27,218 | -29,815 | -138,382 | |
| Adjustments for depreciation and amortization and other non-cash | 8,096 | 28,936 | 38,255 | 72,288 | |
| items | |||||
| Increase/decrease inventory | 5,901 | 9,532 | 12,858 | 8,252 | |
| Increase/decrease accounts receivable | 10,965 | 19,600 | -7,290 | 28,455 | |
| Increase/decrease other current receivables | 5,522 | -4,846 | -5,031 | -10,450 | |
| Increase/decrease accounts payable | -8,873 | -1,657 | 6,230 | -17,127 | |
| Increase/decrease other current liabilities | -1,830 | -14,238 | 9,782 | 4,632 | |
| Cash flow from changes in working capital | 11,685 | 8,391 | 16,549 | 13,762 | |
| Cash flow from operating activities | 18,860 | 10,110 | 24,989 | -52,331 | |
| Investments in intangible assets | - | 0 | - | -1,420 | |
| Investments in tangible assets | -1,707 | -6,041 | -14,781 | -7,189 | |
| Cash flow from investing activities | -1,707 | -6,041 | -14,781 | -8,609 | |
| Amortization of financial leasing liability | -3,673 | -2,806 | -13,522 | -11,139 | |
| Amortization of loan | -3,957 | -696 | -7,676 | -696 | |
| Change in bank overdraft | - | -332 | - | - | |
| Other financing activities | - | - | - | - | |
| Cash flow from financing activities | -7,630 | -3,835 | -21,198 | -11,835 | |
| Cash flow for the period | 9,523 | 235 | -10,990 | -72,775 | |
| Cash and cash equivalents at the beginning of the period | 106,421 | 124,415 | 123,217 | 197,727 | |
| Exchange difference in cash and cash equivalents | 786 | -1,433 | 4,501 | -1,735 | |
| Cash and cash equivalents at end of period | 116,727 | 123,217 | 116,727 | 123,217 |
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| TSEK | Note | 2024 | 2023 | 2024 | 2023 |
| Net sales | 1,251 | 1,314 | 3,423 | 3,062 | |
| Sum | 1,251 | 1,314 | 3,423 | 3,062 | |
| Other external expenses | -1,074 | -680 | -4,277 | -3,176 | |
| Personnel costs | -742 | -752 | -3,096 | -3,295 | |
| Sum | -1,816 | -1,432 | -7,373 | -6,471 | |
| Operating profit/loss | -565 | -118 | -3,949 | -3,409 | |
| Interest income and similar profit/loss items | 4,759 | 5,599 | 20,846 | 19,625 | |
| Interest expenses and similar profit/loss items | -2,839 | -3,267 | -12,717 | -12,016 | |
| Sum | 1,920 | 2,332 | 8,130 | 7,609 | |
| Income after financial items | 1,355 | 2,214 | 4,180 | 4,200 | |
| Deferred tax | - | 10 | - | 10 | |
| Net profit/loss for the period | 1,355 | 2,224 | 4,180 | 4,210 |
The parent company presents no separate statement of comprehensive income since the company has no items in 2024 or 2023 recognized in other comprehensive income. Net profit/loss for the period for the parent company thereby also constitutes of the comprehensive income for the period.
| TSEK Note |
2024-12-31 | 2023-12-31 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Financial assets | ||
| Shares in subsidiaries | 625,191 | 575,191 |
| Receivables from group companies | 351,757 | 368,803 |
| Deferred tax assets | 15,255 | 15,255 |
| Total non-current assets | 992,202 | 959,249 |
| Current assets | ||
| Current receivables | ||
| Other current receivables | 1,767 | 1,639 |
| Prepaid expenses and accrued income | 52,887 | 32,806 |
| Sum | 54,654 | 34,446 |
| Cash and bank balances | 3,562 | 1,811 |
| Total current assets | 58,216 | 36,256 |
| TOTAL ASSETS | 1,050,418 | |
| 995,506 | ||
| EQUITY & LIABILITIES | ||
| Equity | ||
| Restricted equtiy | ||
| Share capital | 876 | 876 |
| Total restricted equity | 876 | 876 |
| Non-restricted equity | ||
| Retained earnings | -29,347 | -33,556 |
| Non-restricted share premium | 727,969 | 727,969 |
| Net profit/loss for the period | 4,180 | 4,210 |
| Total non-restricted equity | 702,803 | 698,623 |
| Total equity | 703,679 | 699,499 |
| Non-current liabilities | ||
| Liabilities to credit institutions | - | - |
| Total non-current liabilities | - | - |
| Current liabilities | ||
| Liabilities to credit institutions | 170,941 | 170,941 |
| Liabilities to group companies | 174,000 | 124,000 |
| Accounts payable | 178 | 86 |
| Other current liabilities | 321 | 407 |
| Accrued expenses and prepaid income | 1,300 | 572 |
| Total current liabilities | 346,740 | 296,007 |
| Total liabilities | 346,740 | 296,007 |
| TOTAL EQUITY AND LIABILITIES | 1,050,418 | 995,506 |
Bactiguard presents certain financial measures in its annual report that have not been defined in line with IFRS (referred to as alternative key performance indicators as set forth in the ESMA guidelines). It is the opinion of the company that these measures provide useful supplementary information to investors and the company's management as they allow for the evaluation of the company's performance. Since not all companies calculate the measures in the same way, these are not always comparable to measures used by other companies. These performance measures should therefore not be considered a substitute for measures as defined under IFRS.
The definitions and tables below describe how the performance measures are calculated. The measures are alternative in accordance with ESMA's guidelines unless otherwise stated.
EBITDA presents the company's earning capacity from ongoing operations irrespective of capital structure and tax situation. The key figure is used to facilitate comparisons with other companies in the same industry. The company considers this performance measure to be the most relevant, since the company's technology is depreciated by large amounts, which does not impact cash flow negatively. Bactiguard's patented, unique technology can be applied to a broad range of products in the licensing business.
The company defines EBITDA as operating profit/loss excluding depreciation and amortization of tangible and intangible assets.
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| TSEK | 2024 | 2023 | 2024 | 2023 | |
| Operating profit/loss | -3,204 | -23,791 | -28,860 | -131,933 | |
| Depreciation | 11,640 | 19,549 | 46,883 | 55,865 | |
| EBITDA | 8,436 | -4,242 | 18,023 | -76,068 |
Presents the company's earning capacity from ongoing operations, irrespective of capital structure and tax situation, in relation to revenues. The key figure is used to facilitate analysis of the company's result in comparison with comparable companies.
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| TSEK | 2024 | 2023 | 2024 | 2023 | |
| EBITDA | 8,436 | -4,242 | 18,023 | -76,068 | |
| Revenues | 68,256 | 61,335 | 261,878 | 223,174 | |
| EBITDA margin % | 12.4 | -6.9 | 6.9 | -34.1 |
Net debt is a measure used to describe the Group's indebtedness and its ability to repay its debt with cash generated from the Group's operating activities if the debts matured today. The company considers this key figure interesting for creditors who want to understand the Group's debt situation.
The company defines net debt as interest-bearing liabilities minus cash and cash equivalents at the end of the period.
| Jan-Dec | ||||
|---|---|---|---|---|
| TSEK | 2024 | 2023 | ||
| Non-current liabilities to credit institutions | - | - | ||
| Current liabilities to credit institutions | 170,893 | 178,569 | ||
| Short-term lease debt | 40,694 | 42,306 | ||
| Long-term lease debt | 16,180 | 12,224 | ||
| Interest-bearing debt | 227,767 | 233,099 | ||
| Cash and cash equivalents | -116,727 | -123,217 | ||
| Net debt | 111,040 | 109,882 |
Equity ratio is a measure the company considers important for creditors who want to understand the company's long-term ability to pay. The company defines equity ratio as equity and untaxed reserves (less deferred tax), in relation to the balance sheet total.
| Jan-Dec | ||
|---|---|---|
| TSEK | 2024 | 2023 |
| Equity | 328,342 | 353,178 |
| Balance sheet total | 655,911 | 662,174 |
| Equity ratio, % | 50.1 | 53.3 |
Cash flow per share calculated as the cash flow from operating activities divided by the average number of shares outstanding during the period. The key figure is presented because it is used by analysts and other stakeholders to evaluate the company – it shows operating cash flow per share.
Financial income minus financial expenses. Direct reconciliation against financial report is possible.
This performance measure implies the twelve months before and including a certain date.
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| TSEK | 2024 | 2023 | 2024 | 2023 | |
| License partners | 41,205 | 29,544 | 155,397 | 104,322 | |
| Exclusivity partners | 2,477 | 2,639 | 7,746 | 9,709 | |
| Application development partners | 551 | 0 | 1,548 | 3,164 | |
| Wound Management portfolio | 15,628 | 13,917 | 60,942 | 53,818 | |
| BIP portfolio | 3,213 | 10,152 | 16,045 | 30,533 | |
| Sum | 63,074 | 56,252 | 241,677 | 201,546 | |
| Time for revenue recognition | |||||
| Performance commitment is met at a certain time |
60,046 | 53,613 | 232,384 | 188,673 | |
| Performace commitment is met during a period of time |
3,028 | 2,639 | 9,294 | 12,873 | |
| Sum | 63,074 | 56,252 | 241,677 | 201,546 |
The table below shows the breakdown of financial assets and financial liabilities recognized at fair value in the consolidated balance sheet. Distribution of how fair value is determined is based on three levels.
Level 1: according to prices quoted on an active market for the same instrument.
Level 2: based on directly or indirectly observable market data not included in level 1.
Level 3: based on input data that is not observable on the market.
For description of how real values have been calculated, see annual report 2023, note 4. Fair value of financial assets and liabilities is estimated to be substantially consistent with posted values. The balance sheet contains receivables and liabilities from the business that are held to maturity. These are reported at amortized cost, which also constitutes an approximation to fair value.
| TSEK | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | RTM 2024 |
|---|---|---|---|---|---|---|---|
| License partners | 41,205 | 46,639 | 35,129 | 32,424 | 29,544 | 17,960 | 155,397 |
| Exclusivity partners | 2,477 | - | 2,678 | 2,591 | 2,639 | 2,696 | 7,746 |
| Application development partners | 551 | 866 | - | 131 | - | 153 | 1,548 |
| Wound Management portfolio | 15,628 | 17,880 | 14,700 | 12,733 | 13,917 | 17,501 | 60,942 |
| BIP portfolio | 3,213 | 1,939 | 4,847 | 6,046 | 10,152 | 7,148 | 16,045 |
| Other operating revenues | 5,182 | 6,611 | 3,540 | 4,867 | 5,083 | 4,029 | 20,200 |
| Total revenue | 68,256 | 73,936 | 60,893 | 58,793 | 61,334 | 49,486 | 261,880 |
| EBITDA | 8,436 | 9,877 | 1,211 | -1,501 | -4,242 | -9,529 | 18,023 |
| EBITDA margin (%) | 12.4 | 13.4 | 2.0 | -2.6 | -6.9 | -19.3 | 6.9 |
| EBIT | -3,204 | -1,943 | -10,846 | -12,867 | -23,791 | -21,592 | -28,860 |
| Net profit/loss for the period | -920 | -4,674 | -14,318 | -9,901 | -27,218 | -24,602 | -29,813 |
| Earnings per share, before and after dilution, SEK |
-0.03 | -0.13 | -0.41 | -0.28 | -0.78 | -0.70 | -0.85 |
| Operating cash flow | 18,860 | 8,342 | 16,843 | -19,056 | 10,110 | -35,008 | 24,989 |
| Operating cash flow per share, SEK | 0.54 | 0.24 | 0.48 | -0.54 | 0.29 | -1.00 | 0.71 |
| Net debt | 111,040 | 128,961 | 134,020 | 145,690 | 109,882 | 111,533 | 111,040 |
| Total shares (pcs) | 35,043,885 35,043,885 35,043,885 35,043,885 35,043,885 35,043,885 35,043,885 |
The Board of Directors and the CEO certify that the interim report, to the best of their knowledge, provides a fair overview of the parent company's and the Group's operations, financial position and results and describes the material risks and uncertainties faced by the parent company and the companies included in the Group.
Thomas von Koch Richard Kuntz Chairman of the Board Board Member
Board Member Board Member
Anna Martling Magdalena Persson
Jan Ståhlberg Christine Lind Board Member CEO
This interim report has not been reviewed by the company auditors.
This information is information that Bactiguard Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on 6 February 2025, at 07:00 a.m. CET.
This is a translation of the Swedish Interim report. In the event of any discrepancy, the Swedish version applies.
Bactiguard is a global MedTech company developing safe and biocompatible technology to prevent medical device related infections. The company's unique technology is based on an ultra-thin noble metal coating that prevents bacterial adhesion and biofilm formation on medical devices.
Bactiguard's infection prevention solutions decrease patient suffering, save lives, and unburden healthcare resources while also fighting against antimicrobial resistance, one of the most serious threats to global health and modern medicine.
Bactiguard operates through license partnerships with leading global MedTech companies that apply the technology to their medical devices and sell them under their own brand or cobranded with Bactiguard. The company also has a portfolio of wound management products.
Bactiguard is headquartered in Stockholm and listed on Nasdaq Stockholm.
Read more about Bactiguard bactiguard.com
Follow Bactiguard on LinkedIn
| 17 April 2025 | Annual Report 2024 |
|---|---|
| 24 April 2025 | Interim report first quarter 1 January – 31 March 2025 |
| 15 July 2025 | Interim report second quarter 1 April – 30 June 2025 |
| 23 October 2025 | Interim report third quarter 1 July – 30 September 2025 |
For additional information, please contact: Patrick Fruergaard Bach, CFO: +46 8 440 58 80 Nina Nornholm, Head of Communication & Investor Relations: +46 708 550 356
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