Bactiguard Holding AB (publ)

Thank you, Operator, and welcome everyone to Back to Guard's presentation of the first quarter of 2026. Patrick and I will go through the presentation together today. I'll start with an overview of the quarter and our strategic progress, and Patrick will then walk you through our financials in more detail. We will, of course, open up for questions at the end. The title of today's presentation is Building Momentum Through Partnerships, Regulatory Progress, and Organizational Strength, and that reflects how we view this quarter, not driven by a single event, but by continued execution across several areas that are important for Back to Guard's long-term development. I'm actually joining you today from the U.S., where the Heart Rhythm Society meeting starts in Chicago later today. And with that, let me start with a high-level overview of the quarter. Next slide, please. Starting with the key figures and highlights, from a financial perspective, we delivered continued profitability with adjusted EBITDA of 4.9 million SEC. Reported revenues were lower compared with the same quarter last year, and we will come back to the underlying drivers behind that as we move through the presentation. Strategically, however, the quarter has been an important one. We saw increased sales of back-to-guard coded products across our collaborations, and BD has initiated sales of the back-to-guard coated Foley in parts of Europe, marking another step in expanding the reach of our technology. This was also the first reported quarter under the updated business setup with Zimmer Biomet that we announced in late December, and which has been an important transition point for that partnership. During the quarter, we also continue to invest in regulatory-related activities, which are critical for supporting both existing partners and future collaborations. and we delivered a solid performance in our wound management portfolio with Hydrosyn Aqua continuing to be the main driver. Overall, this reflects the steady execution of our strategy, even in a quarter where reported numbers continue to be impacted by external factors such as currency. Next slide, please. Our focus remains on a defined set of strategic therapeutic areas. orthopedics, vascular access, cardiology, neurology, and urology. These are areas where the unmet medical need is clear and where our technology has the potential to deliver both clinical and commercial value. During the quarter, we maintained a high level of engagement across all of these areas. These include early stage discussions with potential partners, work in application development areas, and technical evaluations, again, with potential partners. An important part of this engagement has been our presence at multiple international congresses where we meet with potential partners and with clinicians in the field. These interactions have been critical for building relationships, understanding our potential partners' needs, and validating where our infection prevention technology can create the most value, thus allowing us to initiate meaningful discussions with potential relevant partners. And this is one of the reasons why I am in Chicago. As it takes typically several years from development to commercialization, we should not expect all of these early stage activities to translate into significant short-term revenues, but they are essential for building a pipeline that supports our long-term growth in our licensed business. Next slide, please. Turning now to our partnership with BD. This is a long-standing relationship that continues to evolve and expand the reach of BD back-to-guard coated Foley catheters into new markets. During the quarter, sales of the back-to-guard coated urinary catheters began in parts of Europe, and preparations are ongoing for further expansion into additional markets. A key element of this expansion is our close operational collaboration with our partner BD. During the quarter, back to guard teams have been involved in training and support activities together with BD, particularly for new markets. This includes project education, technical training, and support for both distributors and BD sales organizations to ensure that the clinical value of the coded Foley catheters is clearly understood. These activities are an important part of how we work with partners across the entire value chain. not only licensing our technology, but also actively supporting successful market introductions. While revenues from the BD Partnership were lower in the quarter compared with last year, the underlying momentum remains positive, and we continue to see in-market unit sales growth of back-to-guard coded FOLIs. The partnership is strategically important for both of us, and we continue to see long-term potential as additional markets come online. Moving on to Biomet. As mentioned earlier, this quarter represents the first reported period under the updated business setup for the ZNN back-to-guard trauma nail system. The focus during the quarter has been on two main activities. First, advancing the MDR transition in Europe, which is a necessary step to ensure continued and expanded commercialization under the current regulatory framework. And secondly, continuing post-market clinical studies, These studies are also critical for strengthening the clinical evidence base and supporting future commercial developments. While this existing phase in the Zimmer Biomate Partnership is about building the foundation more than delivering immediate volume growth, it is an important step towards increasing transparency and predictability in our revenues over time. Beyond the operational progress, I want to emphasize that the collaboration with Zimmer Biomed remains constructive and forward-looking with a shared commitment to strengthening the clinical and regulatory position of back-to-card coded trauma implants as a meaningful pillar in the Zimmer Biomed infection prevention category. Next slide, please. Turning to wound management, The portfolio delivered a solid performance in the quarter with Hydrus and Aqua continuing to be the main contributor while Sutra sales are now stabilizing. Revenues were lower compared with the strong first quarter last year due to periodization effects of certain tenders in certain markets, but the underlying development does remain positive. During the quarter, we continued onboarding distributors entering new markets and received encouraging feedback related to both demand and clinical relevance of our products across both our existing and our new markets. We also continued activities related to MDR for this portfolio as well and ensuring that the portfolio is well positioned to support future growth. When management remains an important complementary part of the back to guard portfolio, providing diversification and opportunities to apply our infection prevention expertise in additional areas. And with that, I will hand back to Patrick who will take you through the financials in more detail.

Thank you very much, Christine. For Q1, we report lower revenues while continued EBITDA profitability and positive momentum across our businesses despite timing effects. In short, we deliver an adjusted EBITDA of 4.9 million and a margin of approximately 11 million versus 15, sorry, of approximately 11% versus 15% last year, explained by a lower revenue quarter, notably on BD due to timing effects. Total revenue decreased 16%, excluding currency effects, while the full reported revenue amounted to 46.9 million for the quarter. Our net sales were down 17%, excluding currency, and reported at 42.4 million for the quarter. For both license and wound management, we report lower revenues versus our first quarter last year, partly due to timing effects, while we do see positive momentum across our businesses and customer relations. For our license business, we report a decrease of 20% excluding currency in a total reported revenue of $25.1 million. again driven by lower BD revenues, while we reported higher revenues on Zimmer. Looking closer at the management portfolio, we saw a decrease in revenues of about 8% for the first quarter, excluding currency effects against a very high base of last year. In this quarter, we continue to see strong underlying growth for HydroSyn. In addition, we also see a positive stabilization within sutures. We continue to see great demand for our portfolio and onboarding of new partners and distributors in attractive markets. And our expectation is still that the wound management portfolio will deliver double-digit growth going forward. Now, looking closer at our core business, we saw licensed partner revenues decrease by 22%, excluding the currency effects, and reported at 24.2 million. Obviously, notably down for this quarter, driven by BD, while the similar revenues were reported higher than last quarter. Looking at BD, we saw revenues coming in 16% lower than last quarter when we exclude the currency effects and reported at 21.1 million. While we see positive momentum at BD across all markets, as Christine mentioned, we did see notably lower shipments of our concentrate to BD in this quarter alone. As this constitutes the majority of our revenues in the isolated quarter, this obviously affected our results. We see, however, positive continued growth on the actual royalties on sellout volumes of back-to-guard coated catheters across BD markets. And in fact, we observed the second highest royalty amount from BD over the last three years. with the highest amount, in fact, being our most recent Q4. So this supports our continued view on a positive and growing partnership with BD. And we are excited and busy about collaborating on future launches in 2026. On CIMR, we reported Q1 revenues of 4.1 million, which represents our new mutual agreement on the CNN back to glad nail system announced in December and our continued partnership. Overall, across our partnerships, we see continued positive in-market volume growth for both BD and CIMR, and we see additional future demand for customers and clinicians for our technology. On our operating expenses, we continue to demonstrate diligent cost control. In Q1, our total OPEX was 39 million, approximately 8% decrease versus our Q1 last year. While reducing cost and complexity, which we have been doing over the last year in particular, We have at the same time continued to invest in our business, including strengthening of the organization, which Christine also has mentioned. While we do continue to exercise cost control, we do not expect continued reductions on people costs. However, we do expect small reductions on other external expenses going forward. As mentioned, despite a decline in revenues, we continue to deliver positive EBITDA profitability with 4.1 million for the quarter in EBITDA and 4.9 million in adjusted EBITDA. The reduction in profitability is driven by the lower revenues, as mentioned, while our continued cost control and scaling our licensed business enables us to continue to deliver positive results. Our adjusted EBITDA reflects non-recurring external NBR costs, which we have expected for this quarter and continue to expect in the coming quarters. Our operating result for Q1 amounted to minus 7.2 million versus the 2.6 last Q1. And our net result was minus 5.6 versus the 4.7 million last year. Looking at cash flow, we see total cash flow for the period of approximately 10 million and operating cash flow of about minus 7.4 million. This was driven by change in working capital. And while being negative, it was an improvement versus our first quarter last year. And all in all, total cash at the end of Q1 amounts to 35 million Swedish kroner. With that, back to you, Christine.

Thank you, Patrick. I want to communicate that factors impacting our financial results this quarter do not change our strategic direction or the underlying fundamentals of the business, and our targets for 2030 are unchanged. We remain focused on strengthening our partnerships, advancing our regulatory pathways, and building long-term value through disciplined execution across our portfolios. And with that, I would like to open up for questions.