Devyser Diagnostics AB (publ)

Welcome to Divisor Diagnostics Q4 Report 2025 presentation. During the Q&A session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now, I will hand the conference over to the speakers. CEO Jan Wallstrom, CFO Sabina Berlin, and CCO Thijs Kipling, please go ahead.

Good day and welcome to the Devizor Q4 2025 earnings call. I'm Jan Wallström, CEO of Devizor, and would like to thank you everyone for joining our call today. Today's presenters and on the call today we have, in addition to myself, also our CFO Sabina Berlin and our CCO Thijs Kipling. I will start with a short summary of our quarterly result and then recap our recent activities that resulted in a record profitable quarter as well as a record sales quarter. I will give you an update on the recent product launches and present some additional highlights from the quarter before handing over to Sabine now for a more detailed review of our financial results in Q4 2025 and then to Thijs for an update on our recent commercial activities. As headlines, I would say that we have started a new journey in the beginning of this year and focused the company towards profitable growth. For the full year, we now deliver EBIT profitability and we will continue to focus on costs at the same time as we drive to growth at a high pace. Looking at the fourth quarter highlights, we are turning the company around on a path to profitability. We had another record quarter based on revenue with 72 million in sales, representing a growth of 20% compared to Q4 last year in local currencies. In important currencies, it was lower as we are facing currency headwinds. Gross margins came in at 79%. It's a disappointment and we will continue to work on improving the margins in 2026. What we are most satisfied with in the report is that EBIT came in at 18 million, delivering 25% EBIT margin in the last quarter. Last year, EBIT was minus 3.7 million. Our cash position is now 77.5 million crops. If I then move over to year-to-date financials, Sales year to date reached 250.5 million SEC, up 15.5% overall or 20.2% in local currencies. Gross margin exceeded our target on 80%. The February reorganization we did supported ongoing improvements to costs and sustainable growth, giving us an EBIT for the year with 10.1 million compared to last year's minus 62 million. In the second half, we have maintained strong growth. We have controlled costs and had new product launches, as well as signed recent agreements with partners like Quest and Illumina. This quarter, EBIT exceeded 20%. Our collaboration with Thermo remains robust, showing positive trends in both the sales and lead development. And we've also seen in Italy, our largest market, achieving double-digit growth and continue to gain market share. As you might have seen that yesterday, we announced that Divisor has entered into agreement to acquire 100% of the shares in Cybergene AB, a Swedish company within the label Bio AB Group. The acquisition is subject to Devizor obtaining customer regulatory clearance and the purchase price was 12 million based on an enterprise value of 8.9. Cybergene is a Stockholm-based diagnostic company and has operated in the same markets as Devizor for many years, providing Devizor with an in-depth knowledge of Cybergene's products and customers. Cybergene has demonstrated steady growth driven by a strong product offering, and consistent market expansion and will contribute positive positively to our gross profit as well as our gross margin the transaction is scheduled for completion on april 1st of this year and i expect transition and integration to be a smooth process we then move over to product launches in q4 and full year during IVDR are most significant internal projects so far. Not only did we secure IVDR approval for an important product, but we also established a solid foundation to replicate this process for several other products. The products that we launched in Q2, genomic blood typing and HLA loss, have performed well in the market, and Thais will provide further detail on this later in the call. Finally, on more highlights, I would like to add a couple of other activities from the quarter. Work continues on the MAL-Dx evaluation for a post-transplant test in the US. We got feedback on our application at the end of October that requested additional supporting data. This required more clinical data that we have now gathered since November. and we are now analyzing those clinical samples. We expect to be able to file a new application to MobX after the summer. At the same time, we continue to work on our FDA project in transportation, and we have very positive development in this work. We now have six sites in the US where we gather patient data, and we'll continue to do so during 2026 and 2027, to be able to file in 2028 if everything develops in a positive way. With that, I would like to hand over to Sabina to share more details on our financial results for Q4 2025.

Thank you, Jan. I will then continue with some more details on the financials for Q4. Revenue for the period October to December, as Jan said, came in at 72 million SEK compared to the 64 million SEK in the same quarter of last year. That amounts to a quarter-over-quarter growth of 12%, equaling 21% in local currency. This quarter has been heavily impacted by FX, as has the past year, but we could still present our strongest quarter ever in this report. Our sales growth continues to be clear in the rolling 12 curve. Q2 and Q4 quarters tend to be stronger based on our distributor purchasing patterns, so a 12-month rolling view is always interesting and relevant to highlight for us. We have a stable underlying growth that is very clear when we work with our growth numbers in local currencies. EMEA had a good Q4 with 20% growth when most of our direct markets contributing strong together with the Q4 order from Thermal. The Americas doubled in the full year, combining revenue from partner sales, our kit business, and our TLA. The region is continuing to step by step make up a larger portion of our business. The lower sales number in Q4 compared to last year is due to Thermo ordering their year-end inventory to Europe instead of U.S. So that is a facing only. APAC continues to be an interesting future market with high potential, but still less of a focus for us in the short term. Q4 saw direct sales grow by 19% during the quarter and 11% during full year. Distributor sales had a strong Q4 both this year and last year, and we saw a healthy annual growth during the full year. Gross margin in the isolated quarter was 79.5%, supported by the large sales growth, but also impacted by a lower than average number of hours booked into inventory due to production scheduling. Year-to-date was 80.6% above our financial target. Our EBIT for the quarter was 80 million SEC positive, taking the full year to EBIT positive at 10 million SEC. The strong EBIT was driven by a combination of the strong revenue in the quarter and the lowered cost-run rate, driven by the right-sizing of a cost structure that we started a year ago and have continued to maintain since. I see this as a strong indication of our ability to run Divisor as a long-term, sustainable cash flow positive business. We closed the quarter with 77 million SEC in cash. The thermal order we received in Q4 came in quite late in the quarter, and we received payment on this side of the new year. Cash flow from operating activity was 12 million positive for the quarter and 8 million for the full year. And with that, I hand over to Tyson.