The company’s revenue declined by 15.6% to 495.5 million SEK (587.2) with an organic sales growth of -12.6% (16.7). CEO Maria Forss expressed confidence in the company’s new strategy, stating, "We believe we are heading in the right direction, but the market for instrument sales remains weak, particularly in the segments of Academia & Research and Diagnostics, as customers continue to be cautious about capital expenditures. Additionally, fewer project starts in Lab Automation have hindered our sales during Q3."
Forss acknowledged the ongoing challenges in the market, citing uncertainties in both demand and macroeconomic and geopolitical factors. The EBITDA result was 37.0 million SEK (89.5), with an EBITDA margin of 7.5% (15.2). Adjusted EBITDA stood at 39.6 million SEK (94.7), with an adjusted EBITDA margin of 8.0% (16.1). The operating result was -49.5 million SEK (-32.8), while the net result from continuing operations was -247.5 million SEK (-40.1). Earnings per share from continuing operations amounted to -3.49 SEK (-0.57).
In comparing the financials for Q3-2024 with Q3-2023, the table below highlights the key changes:
| Metrics | Q3-2024 | Q3-2023 | Change |
|——————————|————-|————-|————|
| Net Sales | 495.5 Mkr | 587.2 Mkr | -15.6% |
| Organic Sales Growth | -12.6% | 16.7% | |
| EBITDA | 37.0 Mkr | 89.5 Mkr | -58.7% |
| EBITDA Margin | 7.5% | 15.2% | |
| Adjusted EBITDA | 39.6 Mkr | 94.7 Mkr | -58.2% |
| Adjusted EBITDA Margin | 8.0% | 16.1% | |
| Operating Result | -49.5 Mkr | -32.8 Mkr | |
| Net Result | -247.5 Mkr | -40.1 Mkr | |
| Earnings Per Share (SEK) | -3.49 | -0.57 | |
Despite the challenging market conditions, Maria Forss remains optimistic about the company’s trajectory and is committed to navigating through the uncertainties ahead. This narrative underscores the resilience and strategic focus of the organization amidst a volatile economic landscape.