This article first appeared on GuruFocus .
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Revenue:SEK60 million for Q2 2026, down from SEK67 million in Q2 2025.
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Year-to-Date Revenue:SEK122 million, flat compared to last year.
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Gross Margin:76% for the quarter, affected by inventory impact; would have been 80% without the effect.
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EBIT:SEK0.5 million, marking the fifth consecutive positive quarter.
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Cash Position:SEK81 million at the end of the quarter.
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Cash Flow from Operating Activities:SEK12.3 million.
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Loan Agreement:Signed with SEB for up to SEK70 million.
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Direct Sales Growth:14% increase in Q2 compared to last year.
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Release Date: July 20, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Devyser Diagnostics AB ( STU:OL0 ) achieved positive EBIT for the fifth consecutive quarter, demonstrating effective cost control.
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The company finalized the acquisition of CyberGene, which is expected to enhance its market position.
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A new version of the Chimerism product was launched, strengthening competitive positioning and aiding Thermo Scientific in acquiring more accounts.
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Direct sales in the US showed strong development, particularly in hereditary products, with several regions experiencing over 30% growth.
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The company secured a loan agreement with SEB, providing strategic flexibility and a financial buffer for future opportunities.
Negative Points
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Sales in the second quarter were negatively impacted by lower than expected orders from the largest distributor, leading to an 11% decline in revenue compared to the previous year.
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The transplant product segment experienced weak sales due to delayed lab onboarding and volume buildup.
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Gross margin was affected by a one-off inventory impact, reducing it to 76% for the quarter, below the target of 80%.
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The company anticipates a weaker second half of the year, particularly in distributor sales, with a return to growth not expected until 2027.
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The inventory adjustment came as a surprise, indicating potential challenges in forecasting and managing distributor relationships.
Q & A Highlights
Q: On the Thermo Fisher collaboration, how much visibility do you have on expected distributor ordering for the remainder of the year? Do you expect distributor sales to be more back-end loaded with a meaningful step up in Q4? A: Jan Wahlstrom, CEO : We expect a weaker second half, with distributor sales typically stronger in Q2 and Q4. We cannot provide specific guidance on numbers due to lack of visibility. However, we anticipate growth in hereditary products and eventual sales pickup in the transplant business, mainly in 2027.
Q: Can you provide some additional color on the one-off effect in inventory in the quarter? Was this due to scrapping, and should we expect any more going forward? A: Sabina Berlin, CFO : The inventory effect was a one-off impact due to discussions with our largest distributor. We do not expect any further gross margin impacts related to this for the rest of the year.
Q: On financing, do you see a need to draw down on the loan facility in your current base scenario? A: Sabina Berlin, CFO : The loan facility provides strategic flexibility and security for unexpected events. Any drawdowns will be based on strong business cases and return on investment, not day-to-day cash needs.
Q: You mentioned expecting a weaker second half but cannot give exact numbers. What exactly do you know about the second half, and why are you confident it will be weaker? A: Jan Wahlstrom, CEO : Meetings with Thermo and inventory adjustments suggest it will take time to return to normal numbers. We expect growth to resume in 2027, based on customer numbers and the launch of new products.
Q: Regarding the transplant business, what would the underlying sustainable base level of demand be without inventory building? A: Jan Wahlstrom, CEO : It's difficult to provide an exact number, but we expect to return to a good growth level from previous sales levels, moving towards SEK40 million.
Q: Did the inventory build-up come as a surprise, or was it known for a while? A: Jan Wahlstrom, CEO : It was a surprise in the second quarter, and we did not expect it to happen in this way.
Q: On intangible investments, you have SEK26 million capitalized in the first half of the year. What should we forecast for the full year and 2027? A: Sabina Berlin, CFO : We are happy with our current R&D investment level, which will be sustainable going forward. Costs for our FDA clinical study will be included in 2026 and part of 2027, with stable investment levels over time.
Q: Will the FDA-related costs increase from the current run rate of SEK13 million per quarter? A: Sabina Berlin, CFO : The costs are spread over the clinical study period, so they should remain relatively stable, with some fluctuations between quarters.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
