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Boule Diagnostics AB
(BOUL)
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Rating:40Underperform
Price Target:
kr1.00
Action:Downgraded
Date:10/27/26
The score is primarily weighed down by deteriorated profitability with sustained losses and rising leverage, reinforced by very weak technical momentum (price far below key moving averages, negative MACD, and deeply oversold readings). The main offset is the recent improvement in operating and free cash flow in TTM 2026, but the negative P/E underscores that profitability has not yet recovered.
Positive Factors
Recurring Consumables Model
The installed-base model can create recurring consumables revenue after analyzer placement, improving customer retention and revenue visibility. Service and support activities add another ongoing revenue stream, giving Boule a durable monetization layer beyond one-time instrument sales.
Negative Factors
Sustained Revenue Decline
Three consecutive periods of declining revenue signal persistent pressure on demand, pricing, or market execution rather than a single-quarter setback. Continued contraction can weaken scale benefits, reduce reinvestment capacity, and make recovery in operating profitability more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Consumables Model
The installed-base model can create recurring consumables revenue after analyzer placement, improving customer retention and revenue visibility. Service and support activities add another ongoing revenue stream, giving Boule a durable monetization layer beyond one-time instrument sales.
Read all positive factors
Boule Diagnostics AB (BOUL) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr40.19M
Dividend Yield1.06%
Average Volume (3M)115.82K
Price to Earnings (P/E)―
Beta (1Y)0.93
Revenue Growth-16.09%
EPS Growth78.68%
CountrySE
Employees200
SectorGeneral
Sector StrengthN/A
IndustryMedical - Specialties
Share Statistics
EPS (TTM)-0.45
Shares Outstanding38,833,103
10 Day Avg. Volume261,375
30 Day Avg. Volume115,823
Financial Highlights & Ratios
PEG Ratio0.50
Price to Book (P/B)1.11
Price to Sales (P/S)0.38
P/FCF Ratio-45.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.25
Revenue Forecast (FY)kr453.10M
Boule Diagnostics AB Business Overview & Revenue Model
Company Description
Boule Diagnostics AB (publ) develops, manufactures, and markets instruments and consumable products for blood diagnostics in the United States of America, Asia, Eastern Europe, Latin America, Western Europe, Africa, and the Middle East. The compan...
How the Company Makes Money
Boule Diagnostics makes money primarily by selling hematology instruments (analyzers) and by generating recurring revenue from consumables and related products used with those instruments. A typical model in hematology includes (1) upfront revenue...
Boule Diagnostics AB Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
42
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 430.20M | 489.70M | 558.60M | 571.33M | 548.09M | 463.34M |
| Gross Profit | 185.30M | 213.80M | 252.40M | 249.71M | 227.91M | 198.63M |
| EBITDA | 14.20M | 23.12M | -255.90M | 65.98M | 57.84M | 55.69M |
| Net Income | -17.20M | -3.80M | -223.30M | 24.98M | 12.73M | 23.27M |
Balance Sheet | ||||||
| Total Assets | 463.50M | 469.60M | 590.20M | 755.11M | 759.96M | 572.03M |
| Cash, Cash Equivalents and Short-Term Investments | 13.50M | 19.60M | 22.70M | 37.28M | 96.90M | 38.18M |
| Total Debt | 216.50M | 223.76M | 195.00M | 166.17M | 189.97M | 155.44M |
| Total Liabilities | 298.60M | 301.90M | 320.60M | 280.01M | 297.46M | 276.30M |
| Stockholders Equity | 164.70M | 167.60M | 269.60M | 475.10M | 462.50M | 295.74M |
Cash Flow | ||||||
| Free Cash Flow | 21.00M | -4.13M | -39.30M | -31.30M | -86.31M | -13.09M |
| Operating Cash Flow | 26.90M | 829.00K | 46.60M | 51.38M | -11.35M | 43.28M |
| Investing Cash Flow | -6.50M | -5.00M | -85.90M | -82.71M | -74.96M | -56.37M |
| Financing Cash Flow | -27.50M | 3.30M | 24.40M | -25.51M | 140.55M | 15.75M |
Boule Diagnostics AB Technical Analysis
Negative
―
Price Trends
2.44
Negative
3.01
Negative
3.53
Negative
Market Momentum
-0.38
Positive
17.23
Positive
8.78
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BOUL, the sentiment is Negative. The current price of undefined is equal to the 20-day moving average (MA) of 1.93, equal to the 50-day MA of 2.44, and equal to the 200-day MA of 3.53, indicating a bearish trend. The MACD of -0.38 indicates Positive momentum. The RSI at 17.23 is Positive, neither overbought nor oversold. The STOCH value of 8.78 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:BOUL.
Boule Diagnostics AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
Performance Comparison
Boule Diagnostics AB Corporate Events
Boule Diagnostics Hit by Instrument Shortfall but Recurring Revenues Hold Margins
Oct 23, 2026
Boule Diagnostics AB reported a weak third quarter, as group net sales fell 24.4 percent to SEK 96.2 million due to a sharp 56.5 percent drop in instrument volumes, driven by component shortages and subdued demand in several markets. While these d...
Boule Diagnostics Deepens Strategic Partnership to Drive Growth in Indian Diagnostics Market
Oct 6, 2026
Boule Diagnostics AB has updated its licensing agreement with long-time partner Q-Line Biotech Limited covering diagnostic reagents, consumables, and hematology analyzers in India, streamlining the commercial structure and aligning growth incentiv...
Boule Diagnostics Secures Shareholder Loan at Extraordinary Meeting
Aug 31, 2026
Boule Diagnostics AB, a global provider of near‑patient human and veterinary diagnostic instruments, reagents, and controls, operates through its Diagnostics and OEM CDS segments. The company serves healthcare providers and diagnostic manufa...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.