Devyser Diagnostics AB (publ)

Welcome to Divisor Diagnostics Q2 Report 2026 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 and CFO Sabina Berlin, please go ahead.

Good morning and welcome to Devizor's Q2 2026 earnings call. I'm Jan Wallström, CEO of Devizor and would like to thank you everyone for joining our call today. On the call today we have in addition to myself also our CFO Sabina Berlin. I will start with a short summary of highlights for the quarter before handing over to Sabina for a more detailed review of our financial results. for April to June and then we'll go through an update on our recent commercial activities. Second quarter had a setback in sales due to lower than expected sales to our biggest distributor. However, despite this, we had positive EBIT earning for the fifth consecutive quarter and for the first half year improved profitability when we had flat sales. In the second quarter of the year, we had weak sales in transplant products, as I said, as lab onboarding has taken more time and the volume buildup is therefore delayed. The underlying growth the last year has been really good and we are positive to see a strong growth in 2027. Underlying gross margin was in line with our target of 80%. The reason for the lower margin in the quarter is inventory effects. We made profit on EBIT this quarter too, showing that we control our costs in a good way and can deliver positive results. We, as we communicated before, finalized the Cybergene acquisition April 1. In the quarter, we signed Niklas Axelsson as new CFO and he will start in the third quarter. We also won a tender in Italy, an existing customer, where the volumes increased significantly compared to previous years. Finally, we just a few days ago launched a new version of our Chimeris product that will strengthen our competitive position, help Thermal Scientific win more accounts. We had good development in hereditary products, growing in several key markets, including US. We also won a new tender in Italy with increased volumes. When it comes to MALDI-X, as we spoke about last quarter, we continue the ongoing MALDI-X application for a post-transplant kidney test as a service in the US. We are hopeful we can have an approval approved product before the end of the year. Our FDA project in transplantation continues as planned. And with that, I would like to hand over to Savina to share more details on our financial results for the second quarter of 2026.

Thank you, Jan. I'll continue with the summary then of the financials for Q2. Revenue for April to June came in at 60 million SEK compared to 67 million SEC in the same quarter last year. Q2 2025 was our strongest quarter ever at that time and included a large order from Thermo Fisher. This landed us in the current quarter at negative 11% growth with quite little FX impact in the quarter. Year to date, we are at 122 million SEC revenue, which is flat compared to last year. Our revenue growth shows a small dent in the rolling 12 curve due to the weaker Q2, but the underlying growth remains strong. There have been historical minor adjustments to the growth pattern, but as you can see, the trend picks up again shortly after. We are certain they will do so again, also this time with sales returning to historical growth levels in 2027. North America was the region most impacted by the lower distributor orders this quarter, but hidden in these numbers, there is continued growth in the hereditary portfolio as well as the CLIA lab. EMEA was also impacted by the lower order intake on the distributor side, but the hereditary portfolio continued to grow at the expected rate with most of the countries in our direct markets performing well. Asia Pacific saw a small upswing in the quarter. Our direct sales in Q2 saw 14% growth in the quarter compared to last year, increasing 8% from Q1. Italy makes up a large portion of our direct sales and with their strong market position, their sales growth is lower in the hereditary field with high single digit growth. Other markets are performing stronger with several regions above 30% growth. The distributor sales were, as mentioned, impacted by a single distributor this quarter, but all other distributor markets are continuing to plow. Gross margin came in at 76% in the quarter, affected by a one-off inventory impact related to the lower distributor sales. We do not expect to see any similar adjustments in the future related to this. Without the inventory effect, year-to-day gross margin would have been at 80% in line with our financial targets and also historical performance. We're constantly working on supply chain efficiency and pricing strategies to improve our gross margin. Our EBIT for the quarter was 0.5 million SEK, the fifth consecutive positive quarter. Cost efficiency and a strong organization has continued to show in the numbers by allowing us to keep a tight cost control and the right prioritization. and we can see a significant reduction in cost compared to a year ago. We closed the quarter with 81 million SEC in cash with a cash flow impact from operating activities of 12.3 million SEC. During July, Divisor signed a loan agreement with SEB that allows us to borrow up to 70 million SEK on market conditions. This loan will give us a greater strategic freedom as opportunities arise and will also form a buffer for unexpected events. Any drawdowns that we make from this loan will of course be made with both cash flow and EBIT in mind. And with that, I hand back over to Jan.