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Boule Diagnostics AB (BOUL) AI Stock Analysis

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SE:BOUL

Boule Diagnostics AB

(Nasdaq OMX AB:BOUL)

Select Model
Rating:38Underperform
Price Target:SEK 1.50â–²(7.91% Upside)
Action:reiterated
Date:11/06/26

The overall score is weighed down primarily by declining revenue, continued losses, weak margins, negative returns, and elevated leverage. Positive free cash flow offers limited support, while bearish technical momentum and the negative P/E ratio further constrain the score.

Positive Factors
Recurring Consumables RevenueBoule’s installed base creates repeat consumables revenue after an analyzer is placed, adding an annuity-like element to the business model. This recurring stream can improve customer retention, revenue visibility, and lifetime economics as laboratories continue using the company’s instruments.
Negative Factors
Persistent Revenue DeclineRepeated sales declines point to continuing pressure on demand or pricing rather than a single weak quarter. Lower revenue reduces operating leverage and makes it harder to cover the company’s cost base, limiting the near-term path to a durable earnings recovery.

Boule Diagnostics AB (BOUL) vs. iShares MSCI Sweden ETF (EWD)

-100%-80%-60%-40%-20%0%20%SE:BOUL-74.64%EWD+15.49%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
SEK 53.98M
Dividend Yield
―
Average Volume (3M)
314.32K
Price to Earnings (P/E)
-3.1
Beta (1Y)
0.83
Revenue Growth
-16.09%
EPS Growth
78.68%
Country
Sweden
Employees
200
Sector
General
Sector Strength
55
Industry
Medical - Specialties

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 company p...

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 fr...

Boule Diagnostics AB Financial Statement Overview

Summary

Financial performance is weak overall: revenue declined 6.7% TTM after a 12.3% decline in 2025, the company reported a net loss of 17.2 million, margins remain thin, and leverage is elevated. Positive operating and free cash flow provide some support, but the overall profile remains below average.

Income Statement

25Negative

Balance Sheet

45Neutral

Cash Flow

50Neutral
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue430.20M489.70M558.60M571.33M548.09M463.34M
Gross Profit185.30M213.80M252.40M249.71M227.91M198.63M
EBITDA14.20M23.12M-255.90M65.98M57.84M55.69M
Net Income-17.20M-3.80M-223.30M24.98M12.73M23.27M
Balance Sheet
Total Assets463.50M469.60M590.20M755.11M759.96M572.03M
Cash, Cash Equivalents and Short-Term Investments13.50M19.60M22.70M37.28M96.90M38.18M
Total Debt216.50M223.76M195.00M166.17M189.97M155.44M
Total Liabilities298.60M301.90M320.60M280.01M297.46M276.30M
Stockholders Equity164.70M167.60M269.60M475.10M462.50M295.74M
Cash Flow
Free Cash Flow21.00M-4.13M-39.30M-31.30M-86.31M-13.09M
Operating Cash Flow26.90M829.00K46.60M51.38M-11.35M43.28M
Investing Cash Flow-6.50M-5.00M-85.90M-82.71M-74.96M-56.37M
Financing Cash Flow-27.50M3.30M24.40M-25.51M140.55M15.75M

Boule Diagnostics AB Technical Analysis

Technical Analysis SentimentNeutral
Last Price1.39

Price Trends

50DMA2.05Negative
100DMA2.79Negative
200DMA3.33Negative

Market Momentum

MACD-0.25Negative
RSI43.90Neutral
STOCH56.98Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BOUL, the sentiment is Neutral. The current price of 1.39 is above the 20-day moving average (MA) of 1.38, below the 50-day MA of 2.05, and below the 200-day MA of 3.33, indicating a neutral trend. The MACD of -0.25 indicates Negative momentum. The RSI at 43.90 is Neutral, neither overbought nor oversold. The STOCH value of 56.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:BOUL.

Boule Diagnostics AB Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

SE:BOUL against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
SE:BOULSE:BOUL38UnderperformSEK 48.35M-3.10-58.52%―-16.09%78.68%

* General Sector Average

Performance Comparison

-80%-60%-40%-20%0%SE:BOULDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
SE:BOUL and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
SE:BOULBoule Diagnostics AB1.39-4.13-74.82%

Boule Diagnostics AB Corporate Events

Boule Diagnostics Exits Instrument Business to Focus on Consumables and OEM

Nov 4, 2026

Boule Diagnostics is a global specialist in hematology diagnostics, supplying instruments, reagents, controls, spare parts and technical support through a broad international distributor network. Its OEM CDS business provides contract development and...

Boule Diagnostics Announces Fully Secured SEK 93 Million Rights Issue

Nov 4, 2026

Boule Diagnostics is a global hematology diagnostics specialist with more than 70 years of experience. Its market focus includes diagnostic instruments and a growing emphasis on consumables, service and original equipment manufacturer offerings, supp...

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 disr...

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 incentives....

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 manufacturers a...

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.

Date of analysis: Nov 06, 2026