Devyser Diagnostics (DVYSR) Q1 2026 earnings summary

Executive summary

• Achieved fourth consecutive quarter of positive EBIT, reaching SEK 2.6 million in Q1 2026, reflecting a successful shift to profitable growth amid challenging external conditions.

• Revenue for Q1 2026 was SEK 61.8 million, up 12.9% year-over-year, with 24.4% growth in local currency, outpacing the market.

• Completed acquisition of Cybergene/CyberGene AB, strengthening commercial position and expected to enhance gross margin and product offering.

• Signed significant agreements with Illumina, including a reagent rental and supply agreement, and continued strong collaboration with Thermo Fisher.

• Launched IVDR products for cystic fibrosis and thalassemia, driving high test volume growth.

Financial highlights

• Q1 2026 revenue was SEK 61.8 million, up 12.9% year-over-year (24.4% in local currency).

• Gross margin reached 81.6%, reflecting low production costs, though down from 83.4% prior year.

• EBIT was SEK 2.6 million, a turnaround from negative SEK 14.8 million in Q1 last year.

• Cash flow from operating activities was SEK 12.1 million positive, with SEK 75.3 million in cash at quarter end.

• EPS was SEK 0.17, compared to SEK -1.24 prior year.

Outlook and guidance

• Expectation of continued profitable growth, positive cash flow, and organizational efficiency, including investments.

• Ongoing focus on expanding product portfolio, IVDR launches, and integration of acquisitions to drive future growth.

• Preparing for commercialization and channel strategy in anticipation of MolDX reimbursement approval for kidney test in the U.S. before year-end.

• Anticipate less lumpy order patterns from Thermo Fisher and increased opportunities from Illumina agreement.

• Business model expected to deliver sustained margin and cash flow improvements.