Kvartalsrapport Q1 2023

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Quarterly report, first quarter 2023 
 
 
 
1 
Bactiguard Holding AB | +46 8 440 58 80 | info@bactiguard.com | www.bactiguard.com 
Continued focus on growth and transformation  
First Quarter 2023, January-March  
  
• Revenues amounted to SEK 61.2 (55.2) million, an 
increase of 11%. Adjusted for currency effects, revenues 
decreased by 4%.  
• Operating loss amounted to SEK 18.7 (16.6) million, an 
increase of SEK 2.1 million.  
• EBITDA amounted to SEK -6.6 (-4.0) million, with an 
EBITDA margin of -10.8% (-7.2%). 
• Net loss for the period amounted to SEK 22.1 (16.5) 
million.  
• Loss per share1, before and after dilution, amounted to 
SEK 0.63 (0.47).  
• Cash flow from operating activities amounted to SEK   
-7.7 (-11.9) million, corresponding to SEK -0.22 (-0.34) 
per share.  
  
 
Key events during the quarter  Key events after the end of the quarter 
In January, the first MDR (Medical Device Regulations 
2017/745) product approval was announced, following 
a comprehensive authorization process. The MDR 
approval relates to the latex BIP Foley Catheter which 
is an indwelling urinary catheter with Bactiguard’s 
unique infection prevention technology.  
Bactiguard Wound Care was launched in UK and 
Ireland. 
 
 
Zimmer Biomet received ZNN Bactiguard regulatory 
approval in Japan. 
Mikael Sander was appointed Head of Bactiguard Product 
Portfolio BPP, joins Bactiguard's management team. 
 
  
 
 
1 Defined according to IFRS.  
2 Alternative performance measure. For definition and reconciliation, see pages 17-18. 
 
 
Key figures 2023 2022 2022 2023
Jan-Mar Jan-Mar Full year RTM
Revenues1, SEKm 61.2 55.2 253.5 259.5
Operating profit2, SEKm -18.7 -16.6 -55.7 -55.1
EBITDA2, SEKm -6.6 -4.0 -6.4 -9.0
EBITDA margin2, % -10.8% -7.2% -2.5% -3.5%
Net profit/loss for the period1, SEKm -22.1 -16.5 -52.9 -58.5
Earnings per share1, SEK -0.63 -0.47 -1.51 -1.67
Operating cash flow 1, SEKm -7.7 -11.9 3.1 7.3
Operating cash flow  per share2, SEK -0.22 -0.34 0.09 0.21
Equity ratio2, % 60.2% 62.6% 61.4% 60.2%
Net debt2, SEKm 55.4 42.9 41.0 55.4

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QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
 
CEO Statement 
Continued focus on growth and transformation 
Following an eventful 2022, revenues for the first quarter 2023 came in at SEK 61 million, an increase of 11 percent compared to 
Q1 2022 (-4 percent when adjusted for currency effects). EBITDA for the quarter amounted to SEK -6.6 million (Q1 2022: SEK -
4.0 million). Even with continued investments in organizational enhancements, indirect costs remained relatively flat at SEK -50 
million compared to Q4 2022. 
Positive progress within licensing 
We continue our efforts to further strengthen the license business, where the biggest potential for Bactiguard lies, and 
our strategic focus on new license partners and deepened collaborations is a crucial part of diversifying the long-term 
license revenue base and ultimately, reach more patients - the pipeline of potential license partnerships is strong and the 
goal to sign 1-2 more license partners per year stays firm. 
License revenues were stable and in line with Q1 2022. For five consecutive quarters, including Q1 2023, revenues from 
our largest license partner BD (Becton Dickinson) have been very strong. However, we anticipate an adjustment over 
the coming quarters as they have now built up a significant stock in-house. The trauma collaboration with Zimmer 
Biomet is progressing well and according to plan. The ZNN Bactiguard’s regulatory approval in Japan was an important 
milestone being a first step towards commercial launch in a market where preventing infections is a high priority. 
The Zimmer Biomet development project on their broader orthopaedics portfolio progresses well and according to plan 
and is an excellent example of how a successful collaboration and partnership, in this case within trauma orthopaedics, 
leads to a further expansion of our infection prevention technology. The development project with Dentsply Sirona is 
also progressing but the initial development phase will, however, take longer than estimated at the announcement in 
2022. In Q1, the license revenues from the new development projects in broader orthopaedics and dental were related 
to development work. It is important to note that royalty revenues are generated once the projects advance into formal 
license agreements and products are commercially launched. 
In January, we received our first MDR product approval. This is not only an important product approval, but it also 
signifies that Bactiguard’s Quality Management System fully complies with the rigorous standards set forth by the 
MDR. This is a competitive advantage for us, both in licensing and for future BIP product regulatory approvals. 
Bactiguard launches Wound Care in the UK and Ireland 
The aggregated BPP revenues increased by 6 percent in Q1 which is modest but we are confident that sales will pick up 
once the reorganized sales team structure settles. The investments made in the Nordics and India continue to pay off 
with yet another strong quarter. 
Bactiguard Wound Care extended their market reach by entering the UK and Ireland in Q1. A publication in the 
Wounds Asia journal confirmed enhanced wound healing when using Bactiguard’s Wound Care products which 
reinforces that Bactiguard’s purpose of preventing infections is relevant across our entire offering. 
Transformation journey continues 
Bactiguard’s transformation continues and to strengthen BPP and License, Mikael Sander has been appointed Head of 
Bactiguard Product Portfolio. Mikael will focus on BPP operational excellence and be a senior resource in the License 
team. He brings vast experience from over 30 years within the global medtech industry and joins Bactiguard’s 
Management Team. With the investments made in our Technology Development team last year, now under the 
leadership of Chief Technology Officer Sathish Subramaniam, we are even better equipped to further develop how we 
can apply Bactiguard’s coating to new medical devices and new materials.

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QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
 
 
Outlook 
A key focus in 2023 is to further develop the US go-to-market strategy for Bactiguard’s technology. We are investigating 
potential avenues, whether it be through forging collaborations with current and future license partners or with 
distribution partners. We will also continue our efforts to gain FDA approvals for products with Bactiguard’s infection 
prevention coating, including our own portfolio (for example central venous catheters and endotracheal tubes). All this 
combined are both key drivers and prerequisites for achieving Bactiguard’s future growth and profitability. 
With the organizational investments made in 2022, we are confident in our strategy and about seizing the opportunities 
behind the global healthcare trends within our strategic therapeutic areas which in total has a market size of around 
USD 80 billion. 
Anders Göransson, CEO

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QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
Business model 
Bactiguard’s vision is to prevent infections, increase patient safety and save lives. The basis for our business model is a 
unique technology for infection prevention, which we offer to other manufacturers of medical devices through 
licensing agreements. We also offer our own product portfolio of catheters with Bactiguard’s coating technology and 
wound care products. 
License revenues 
Bactiguard licenses the patented coating technology to medical technology global companies that apply it to their 
products and sell them under their own brand. License revenues include upfront fees related to the right to use 
Bactiguard's coating technology for products in a specific application-and geographical area. Licensees gain access to 
Bactiguard's process know-how, while the coating – the concentrate of noble metals – is a trade secret. License revenues 
also include royalties, i.e., a variable remuneration when the products reach the market and generate sales revenue, and 
revenues related to contract manufacturing. “New license” revenues include upfront license fees as well as remuneration 
linked to milestones and product development. 
 
License partner Applications area Geography**  
Becton Dickinson and Company 
 (BD, former C.R. Bard) Urinary catheter (Foley) US, Japan, UK, Ireland, 
Canada and Australia 
 
Zimmer Biomet Trauma implants 
Global excluding South-East 
Asia, China, India and South 
Korea 
  
Zimmer Biomet Orthopedic implants 
Global excluding South-East 
Asia, China, India and South 
Korea 
 
Dentsply Sirona*  Part of Dental Global  
Well Lead Medical Urinary catheters, ETT and CVC China  
Smartwise Sweden AB Advanced vascular injection 
catheters Global  
* Development agreement with option on license agreements. Black: products in the market 
 
Bactiguard product Portfolio (BPP) (former BIP) 
Bactiguard has a broad portfolio of products that protect against and prevent infections. The portfolio includes the 
Bactiguard infection protection products for the urinary, blood and respiratory tracts as well as our Bactiguard Wound 
Care product line with wound wash, Gel and dressings, as well as Sutures.

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QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
Development in the first quarter 
Revenue 
 
Total revenue for the first quarter amounted to SEK 61.2 (55.2) million, an increase of SEK 6.0 million, or 11 percent. 
Adjusted for the positive currency effect of SEK 8.4 million, revenue decreased with 4 percent. Net sales amounted to 
SEK 55.6 (51.8) million, corresponding to an increase of 7 percent. Adjusted for the positive currency effect of SEK 4.8 
million, net sales decreased by 2 percent.  
License revenue amounted to SEK 37.7 (33.6) million, an increase of 12 percent. After taking the positive currency 
effects into account the growth corresponded to 1 percent. License revenue from BD amounted to SEK 36.3 (31.2) 
million, which is an increase of 16 percent compared with the same period during the previous year, corresponding to 
an increase of 5 percent after positive currency effects of SEK 3.6 million. Other license revenue is attributable to our 
contract manufacturing of ZNN Bactiguard on behalf of Zimmer Biomet for the EMEA market, and a small but 
growing share of royalties for the same product, which consists of a percentage of Zimmer Biomet’s sale price, where 
Bactiguard receives a certain amount in connection with manufacturing and when the products reach the market. 
New License revenue in the first quarter amounted to SEK 1.7 (2.8) million. The revenue is primarily related to project 
revenue for the new agreement signed with Zimmer Biomet in the first quarter of 2022, as well as development revenue 
for the collaboration with Dentsply Sirona. Both projects are proceeding well, but Dentsply will take longer than 
expected. 
BPP sales for the first quarter amounted to SEK 16.3 (15.4) million, an increase of SEK 0.9 million, corresponding to an 
increase of 6 percent. Adjusted for currency effects of SEK 0.9 million, sales were in line with last year. Sales of catheters 
in the Nordics and India show continued strong growth, but wound care products in Malaysia decreased. 
Other revenue amounted to SEK 5.5 (3.4) million, of which SEK 3.6 (2.0) million pertained to currency effects.  
Result 
EBITDA for the first quarter amounted to SEK -6.6 (-4.0) million, corresponding to an EBITDA-margin of -10.8 percent 
(-7.2).  
Costs for raw materials and consumables for the first quarter amounted to SEK -14.1 (-9.4) million. Other external costs 
amounted to SEK -23.1 (-22.9) million. An increase of SEK 0.2 million, corresponding to a cost increase of 1 percent 
related primarily to higher costs for consultants and temporary staff attributable to regulatory work. Staff costs 
amounted to SEK -26.9 (-22.2) million. An increase of SEK 4.7 million, corresponding to a cost increase of 21 percent in 
line with our strategic priorities involving, for example, regulatory initiatives (MDR/FDA) and development projects. 
Other operating expenses are related to currency exchange losses, which amounted to SEK -3.7 (-5.2) million.  
The operating loss amounted to SEK -18.7 (-16.6) million. Depreciation impacted operating loss by SEK -12.1 (-12.6) 
million. Amortization of intangible assets amounted to SEK -8.3 (-8.9) million, attributable primarily to amortization of 
MSEK 2023 2022 2022 2023
Jan-Mar Jan-Mar Full year RTM
License revenues 37.7 33.6 139.4 143.4
New  license revenues 1.7 2.8 22.0 20.8
Sales of BIP products 16.3 15.4 62.2 63.0
Net sales 55.6 51.8 223.6 227.4
Other revenues 5.5 3.4 29.9 32.0
Total revenues 61.2 55.2 253.5 259.5

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QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
SEK -6.4 (-6.4) million relating to Bactiguard’s technology. Depreciation of fixed assets amounted to SEK -3.8 (-3.6) 
million, primarily attributable to depreciation on leasing of SEK -2.8 (-2.7) million. 
Financial items amounted to SEK -3.7 (-2.4) million, where SEK -2.9 (-1.9) million pertained to interest expenses and the 
remaining amount of SEK -0.8 (-0.5) million pertained to other financial expenses. 
Tax for the period amounted to SEK 0.3 (2.5) million, of which a change in deferred tax amounted to SEK 0.1 (2.8) 
million attributable to the Group’s intangible assets and leases, which is calculated at the Swedish tax rate of 20.6 
percent. Income tax in foreign subsidiaries is calculated on the basis of a tax rate of 24.0 percent. 
Net loss for the first quarter of 2023 amounted to SEK -22.1 (-16.5) million.  
 
Revenues development, rolling twelve months 
 
 
 
The chart shows how revenues in each type of revenue stream have developed over a rolling twelve-month period per quarter.

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QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
 
Operating profit/loss, rolling twelve months 
 
The diagram shows how the result has developed during a rolling twelve-month period per quarter. 
The positive development of EBITDA in 2019 and the beginning of 2020, was an effect of good revenue development 
attributable to new license agreements, growth in BPP sales and the acquisition of Vigilenz. During the pandemic, 
earnings developed was negatively impacted as regular healthcare activities decreased in favour of Covid-19 efforts, 
which also affected the focus and prioritization of potential license partners. 
In 2022 Bactiguard had a strong revenue growth while investments in business development, regulatory expertise and 
delivery capacity increased in accordance with the focused growth strategy presented in the first quarter of 2022. This 
had a negative impact on earnings for 2022, however, the revenue increase continues, but the investments that are made 
in the organization, primarily in license and coating development, very focused on the US, imply that profitability has 
not yet been reached. 
Financial targets 
Sales growth 
Annual revenues of at least SEK 1 000 million.  
Profitability 
Annual EBITDA of at least SEK 400 million. 
This is expected to be achieved through significant capacity building within our licensing business, combined with 
investments in BPP. Furthermore, we will invest in manufacturing, product development and continued efforts to 
improve our sales and marketing organization. The transformation of Bactiguard will affect profitability over the 
coming 12-24 months, however we expect accelerating profitability in the years 2024 to 2026.

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QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
Cashflow  
Cash flow from operating activities for the first quarter amounted to SEK -7.7 (-11.9) million. Cash flow from changes 
in working capital was SEK 4.9 (1.9) million for the quarter mainly related to lowered account receivables of SEK 7 
million. Cash flow from investing activities amounted to SEK -1.2 (-0.9) million for the quarter. 
Cash flow from financing activities for the quarter amounted to SEK -3.0 (-2.8) million, maily related to amortisation of 
lease. Cash flow for the quarter amounted to SEK -11.8 (-15.6) million. Cash and cash equivalents at the end of the 
period amounted to SEK 186.6 (202.3) million. 
Financial position 
Equity on 31 March 2023 amounted to SEK 473 (526) million and net debt to SEK 55 (43) million. 
The parent company has a credit facility with SEB with a term until December 2024. The total outstanding amount on 
31 March 2023 amounted to SEK 171 (171) million. As of 31 March 2023, the overdraft facility from SEB of SEK 30 
million was unutilized. Foreign subsidiaries have credit facilities amounting to SEK 9.4 (9.7) million as of 31 March. 
Total assets in the Group amounted to SEK 786 (841) million on 31 March 2023. 
Other information 
The share and share capital 
Bactiguard's B share is listed on Nasdaq Stockholm with the shortname "BACTI". The closing price paid for the B share 
was SEK 74.0 (104.0) on 31 March 2023 and the market capitalization amounted to SEK 2 593 (3 645) million. 
The share capital in Bactiguard on 31 March 2023 amounted to SEK 0.9 (0.9) million divided into 31 043 885 Class B 
shares with one vote each (31 043 885 votes) and 4 000 000 Class A shares with ten votes each (40 000 000 votes). The 
total number of shares and votes in Bactiguard on 31 March 2023 was 35 043 885 shares and 71 043 885 votes. 
 
Ownership 
 
Per 31 Mars 2023 Bactiguard had 3 585 (3 595) shareholders. 
Shareholders No. of A shares No. of  B shares Total number %  of capital %  of votes
Thomas Von Koch and company* 2 000 000 4 604 182 6 604 182 18,9 34,6
Christian Kinch med familj och bolag 2 000 000 4 179 426 6 179 426 17,6 34,0
Jan Ståhlberg 3 605 150 3 605 150 10,3 5,1
Nordea Investment Funds 3 419 987 3 419 987 9,8 4,8
Fjärde AP-fonden 3 370 992 3 370 992 9,6 4,8
Handelsbanken Fonder 1 934 308 1 934 308 5,5 2,7
AMF - försäkring och fonder 1 697 340 1 697 340 4,8 2,4
Avanza Pension 1 044 875 1 044 875 3,0 1,5
SEB Life International Assurance  (varav 758 140 avser 
kapitalförsäkring för bolag kontrollerat av Thomas von Koch) 834 040 834 040 2,4 1,2
UBS AG London Branch, W8IMY 829 056 829 056 2,4 1,2
Total, major shareholders 4 000 000 25 519 356 29 519 356 84,4 92,3
Total, others 5 524 529 5 524 529 15,7 7,7
Total number of shares 4 000 000 31 043 885 35 043 885 100,0 100,0
* Part of Thomas von Kochs holdings can be found in SEB Life, see table above, note these do not have voting rights.

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QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
 
Employees   
Full-time positions in the Group during the period January - March counted to 214 (211) FTE of which 135 (124) were 
women. As of the end of March, the number of full-time employed individuals was 217. 
Key events during the quarter 
In January 2023 the first MDR (Medical Device Regulations 2017/745) product approval was announced, following a 
comprehensive authorization process. The MDR approval relates to the latex BIP Foley Catheter which is an indwelling 
urinary catheter with Bactiguard’s unique infection prevention technology. 
Bactiguard Wound Care was launched in UK and Ireland. 
 
Key events after the end of the quarter 
Zimmer Biomet received ZNN Bactiguard regulatory approval in Japan. 
Mikael Sander assumed the role as Head of Bactiguard Product Portfolio BPP and joined Bactiguard's management 
team. 
 
Accounting and valuation principles 
The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards 
(IFRS). The interim report has been prepared in accordance with IAS 34 Interim Reporting and the Annual Accounts 
Act. Disclosures in accordance with IAS 34 Interim Reporting are submitted both in notes and elsewhere in the interim 
report. The parent company’s financial statements have been prepared in accordance with the Annual Accounts Act and 
the Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities.  
Accounting and valuation principles are stated in the annual report for 2022. The accounting principles are unchanged 
from previous periods. 
 
Segment reporting 
An operating segment is a component of an entity that engages in business activities from which it may derive revenues 
and incur expenses, whose operating results are regularly reviewed by the Chief Operating decision maker and for 
which there is separate financial information. The company's reporting of operating segments is consistent with the 
internal reporting provided to the Chief Operating decision maker. The Chief Operating decision maker is the function 
that assesses the operating segment performance and decides how to allocate resources. The company has determined 
that the Group’s executive management constitutes the Chief Operating decision maker. The company is considered in 
its entirety to operate within one business segment. 
 
Parent company 
During the period, the parent company received interest on its receivables from group companies. No investments were 
made during the period. 
 
Risk factors 
Companies within the Group are exposed to various types of risk through their activities. The company continually 
engages in a process of identifying all risks that may arise and assessing how each of these risks shall be managed. The 
Group is working to create an overall risk management program that focuses on minimizing potential adverse effects on

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QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
the company's financial results. The company is primarily exposed to market related risks, operational risks and 
financial risks. A description of these risks can be found on page 52–53 and 66–68 in the Annual Report for 2022. 
 
Impact of macro events on the company - The geopolitical situation and macro trends 
We still expect minor disruptions also in 2023 due to the pandemic and its effect on global supply. Bactiguard does not 
have suppliers or sales to either Russia, Belarus, or Ukraine. However, the Global economy is affected by the situation of 
the war, and we follow developments closely and continuously evaluate the operational and financial effects as the 
Global situation may change and affect the company's financial position. 
The Global economy and the supply situation in the world are affected by the pandemic and Russia's invasion of 
Ukraine, with increased inflation and higher prices for electricity and higher interest rates as a result. The company does 
not always have the opportunity to change the price towards the customer, which can have a negative impact on the 
financial position. Increased interest rates will also affect the company's interest costs negatively. The company also has 
a large exposure to the USD and other currencies, see the annual report for 2022.

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QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
Group consolidated income statement 
 
Condensed statement of comprehensive income 
 
Amounts in TSEK 2023 2022 2022 2023
Jan-Mar Jan-Mar Full year RTM
Revenues                                       Note 1
License revenues 39 384 36 405 161 403 164 382
Sales of BIP products 16 265 15 373 62 157 63 049
Other revenues 5 511 3 424 29 935 32 022
Total revenues 61 159 55 202 253 495 259 452
Change in inventory of finished goods - 436 3 890 3 454
Capitalized expenses for ow n account - 90 540 450
Raw  materials and consumables -14 146 -9 449 -47 846 -52 543
Other external expenses -23 053 -22 853 -83 232 -80 732
Personnel costs -26 858 -22 211 -105 060 -109 707
Depreciation and amortisation -12 090 -12 567 -49 240 -48 762
Other operating expenses -3 719 -5 216 -28 214 -26 717
Sum -79 866 -71 771 -309 162 -314 556
Operating profit/loss -18 707 -16 569 -55 667 -55 104
Profit/loss from financial items
Financial income 1 945 2 214 12 716 7 908
Financial expenses -5 634 -4 615 -16 904 -13 385
Sum -3 690 -2 401 -4 188 -5 477
Profit before tax -22 396 -18 971 -59 855 -63 280
Taxes for the period 297 2 493 6 978 4 782
NET PROFIT/LOSS FOR THE PERIOD -22 099 -16 477 -52 876 -58 498
Attributable to:
The parent company´s shareholders -22 099 -16 477 -52 876 -58 498
Earnings per share, SEK before and after 
dilution -0.63 -0.47 -1.51 -1.67
Amounts in TSEK 2023 2022 2022 2023
Jan-Mar Jan-Mar Full year RTM
Net profit/loss for the period -22 099 -16 477 -52 876 -58 498
Other comprehensive income:
Items that w ill not be reclassified to profit or 
loss for the year - - - -
Items that will be reclassified to profit or 
loss for the year:
Translation differences -386 1 101 7 135 5 648
Other comprehensive income, after tax -386 1 101 7 135 5 648
TOTAL COMPREHENSIVE INCOME FOR THE 
PERIOD -22 485 -15 376 -45 741 -52 850
Attributable to:
The parent company´s shareholders -22 485 -15 376 -45 741 -52 850
Number of shares at the end of period ('000) 35 044 35 044 35 044 35 044
Weighted average number of shares ('000) 35 044 35 044 35 044 35 044

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QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
Group condensed statement of financial position 
 
Amounts in TSEK 2023-03-31 2022-03-31 2022-12-31
ASSETS
Non-current assets
Goodw ill 250 254 248 210 250 466
Technology 92 487 117 893 98 838
Brands 25 840 26 574 25 875
Customer relationships 6 211 7 599 6 558
Capitalised development expenditure 12 091 17 974 13 568
Patents 1 303 1 036 1 315
Intangible assets 388 186 419 286 396 620
Leased assets 58 780 62 765 55 480
Buildings 14 937 14 370 15 097
Improvements, leasehold 5 718 6 461 5 732
Machinery and other technical plant 17 749 13 505 18 027
Equipment, tools and installations 5 604 3 550 5 293
Property, plant and equipment 102 788 100 650 99 629
Long-term receivables 3 200 1 813 3 095
Financial assets 3 200 1 813 3 095
Total non-current assets 494 174 521 748 499 344
Current assets
Inventory 43 045 38 406 44 367
Accounts receivable 39 970 57 310 47 126
Other current receivables                       Note 2 8 479 8 170 7 285
Prepaid expenses and accrued income 13 206 12 817 11 854
Cash and cash equivalents 186 648 202 305 197 727
Total current assets 291 348 319 008 308 359
TOTAL ASSETS 785 522 840 756 807 704
 EQUITY AND LIABILITIES
Equity attributable to shareholders of the parent
Share capital 876 876 876
Other equity 472 348 525 198 494 832
Total equity 473 224 526 074 495 709
Non-current liabilities
Deferred tax liability - 4 829 -
Liabilities to credit institutions 179 220 178 751 179 265
Liabilities leasing agreements 50 629 56 149 48 519
Total non-current liabilities 229 849 239 729 227 785
Current liabilities
Accounts payable 30 491 28 334 33 821
Liabilities leasing agreements 12 155 10 263 10 915
Other current liabilities                              Note 2 5 743 5 167 6 422
Accrued expenses and deferred income 34 060 31 188 33 052
Total current liabilities 82 449 74 952 84 210
Total liabilities 312 298 314 681 311 995
TOTAL EQUITY AND LIABILITIES 785 522 840 756 807 704

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QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
Group condensed statement of changes in equity 
  
 Amounts in TSEK
Opening balance, 1 January 2022 876 930 680 -3 841 -386 265 541 450
Profit/loss for the period -16 477 -16 477
Other comprehensive income:
Translation differences 1 101 1 101
Total comprehensive income after tax 1 101 -16 477 -15 376
Closing balance, 31 March 2022 876 930 680 -2 740 -402 742 526 074
Opening balance, 1 January 2023 876 930 680 3 294 -439 141 495 709
Profit/loss for the period -22 099 -22 099
Other comprehensive income:
Translation differences -386 -386
Total comprehensive income after tax -386 -22 099 -22 485
Closing balance, 31 March 2023 876 930 680 2 908 -461 240 473 224
Equity attributable to shareholders of the parent
Share capital
Other capital 
contributions
Translation 
reserve
Retained 
earnings 
including net 
profit for the 
period Total equity

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QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
Group condensed statement of cash flows 
Amounts in TSEK 
  
2023 2022 2022 2023
Jan-Mar Jan-Mar Full year RTM
Net profit/loss for the period -22 099 -16 477 -52 876 -58 498
Adjustments for depreciation and amortisation and 
other non-cash items 9 469 2 600 42 469 49 338
Increase/decrease inventory 456 -704 -7 936 -6 776
Increase/decrease accounts receivable 7 020 -11 730 -2 999 15 751
Increase/decrease other current receivables -1 355 2 264 4 948 1 329
Increase/decrease accounts payable -3 245 -47 4 113 915
Increase/decrease other current liabilities 2 067 12 164 15 343 5 246
Cash flow from changes in working capital 4 943 1 947 13 469 16 465
Cash flow from operating activities -7 687 -11 930 3 062 7 305
Investments in intangible assets -424 -882 - 458
Investments in tangible assets -735 -67 -10 918 -11 586
Cash flow from investing activities -1 159 -949 -10 918 -11 128
Operating cash flow -8 846 -12 879 -7 856 -3 823
Amortisation of lease -3 839 1 167 -12 809 -17 816
Amortisation of loan -159 -245 -900 -814
Change in bank overdraft 922 -3 391 961 5 274
Set-up fee - - - -
New  share issue - - - -
Other financing activities 74 -292 -1 144 -778
Terminiation of option agreement - -
Cash flow from financing activities -3 002 -2 761 -13 892 -14 134
Cash flow for the period -11 848 -15 640 -21 748 -17 957
Cash and cash equivalents at start of period 197 727 217 587 217 587 202 304
Exchange difference in cash and cash equivalents 770 357 1 888 2 301
Cash and cash equivalents at end of period 186 648 202 305 197 727 186 648

===== SIDA 15 =====

15 
QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
Condensed parent company income statement  
 
 
The parent company presents no separate statement of comprehensive income since the company has no items in 2023 or 2022 recognized in other 
comprehensive income. Net profit/loss for the period for the parent company thereby also constitutes the comprehensive income for the period. 
Condensed parent company balance sheet  
    
Amount in TSEK 2023 2022 2022 2023
Jan-Mar Jan-Mar Full year RTM
Revenues 846 - 2 271 3 117
Operating expenses -1 620 -1498 -5 655 -5 777
Operating profit/loss -774 -1 498 -3 384 -2 660
Net financial items 1 544 -337 2 534 4 414
Profit/loss after financial items 770 -1 835 -850 1 755
Tax for the period - - - -
Net profit/loss for the period 770 -1 835 -850 1 755
Amounts in TSEK 2023-03-31 2022-03-31 2022-12-31
ASSETS
Non-current assets
Financial assets 863 028 873 074 863 040
Deferred tax asset 15 255 15 255 15 255
Total non-current assets 878 283 888 329 878 295
Current assets 17 945 8 673 16 656
Cash and cash equivalents 1 512 1 529 2 331
Total current assets 19 457 10 202 18 987
TOTAL ASSETS 897 740 898 531 897 282
EQUITY & LIABILITIES
Total equity 696 059 695 242 695 289
Non-current liabilities
Liabilities to credit institutions 170 941 170 941 170 941
Total non-current liabilities 170 941 170 941 170 941
Current liabilities 30 740 32 348 31 052
Total current liabilities 30 740 32 348 31 052
Total liabilities 201 681 203 289 201 993
TOTAL EQUITY AND LIABILITIES 897 740 898 531 897 282

===== SIDA 16 =====

16 
QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
Performance measures 
The company presents certain performance measures in the interim report that are not defined in accordance with IFRS 
(so-called alternative key ratios according to ESMA guidelines). The company believes that these measures provide 
useful supplementary information to investors and the company's management as they allow for the evaluation of the 
company's performance. Since not all companies calculate the measures in the same way, these are not always 
comparable to measures used by other companies. These performance measures should therefore not be considered a 
substitute for measures as defined under IFRS.  
Definitions and tables below describe how the performance measures are calculated. The measures are alternative in 
accordance with ESMA’s guidelines unless otherwise stated.  
EBITDA 
Shows the company's earnings capacity from ongoing operations irrespective of capital structure and tax situation. The 
key figure is used to facilitate comparisons with other companies in the same industry.  
The company defines EBITDA as operating profit/loss excluding depreciation and amortization of tangible and 
intangible assets.  
 
EBITDA margin 
Shows the company's earnings capacity from ongoing operations, irrespective of capital structure and tax situation, in 
relation to revenues. The key figure is used to facilitate analysis of the company's result in comparison with comparable 
companies.   
 
 
Cash flow from operating activities per share 
Cash flow per share calculated as the sum of cash flow from operating activities and cash flow from investing activities 
divided by the average number of shares outstanding during the period. The key figure is presented because it is used by 
analysts and other stakeholders to evaluate the company. 
  
Amounts in TSEK 2023 2022 2022 2023
jan-mar jan-mar Full year RTM
Operating profit/loss -18 707 -16 569 -55 667 -57 805
Depreciation and amortisation 12 090 12 567 49 240 48 763
EBITDA -6 617 -4 002 -6 426 -9 042
Amounts in TSEK 2023 2022 2022 2023
jan-mar jan-mar Full year RTM
EBITDA -6 617 -4 002 -6 426 -9 042
Revenue 61 159 55 202 253 495 259 452
EBITDA-margin % -10.8% -7.2% -2.5% -3.5%

===== SIDA 17 =====

17 
QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
Net debt 
Net debt is a measure used to describe the group's indebtedness and its ability to repay its debt with cash generated 
from the group's operating activities if the debts matured today. The company considers this key figure interesting for 
creditors who want to understand the group's debt situation.  
The company defines net debt as interest-bearing liabilities minus cash and cash equivalents at the end of the period. 
 
Equity ratio 
Equity ratio is a measure that the company considers important for creditors who want to understand the company's 
long-term ability to pay. The company defines equity ratio as equity and untaxed reserves (less deferred tax), in relation 
to the balance sheet total.  
 
 
Profit/loss from financial items 
Financial income minus financial expenses. Direct reconciliation against financial report possible. 
 
Note 1 Revenue distribution 
 
 
 
 
Amounts in TSEK 2023 2022 2022
Jan-Mar Jan-Mar Full year
Liabilities to credit institutions 179 220 178 751 179 265
Long-term liabilities leasing 50 629 56 149 48 519
Short-term liabilities leasing 12 155 10 263 10 915
Interest-bearing liabilities 242 004 245 163 238 699
Cash and cash equivalents -186 648 -202 305 -197 727
Net debt 55 356 42 858 40 972
Amounts in TSEK 2023 2022 2022
Jan-Mar Jan-Mar Full year
Equity 473 224 526 074 495 709
Balance sheet total 785 522 840 756 807 704
Equity ratio % 60.2% 62.6% 61.4%
Amounts in TSEK 2023 2022 2022 2023
Jan-Mar Jan-Mar Full year RTM
Type of product/service
License 37 678 33 585 139 443 143 536
New  license 1 706 2 820 21 960 20 846
Sales of BIP products 16 265 15 373 62 157 63 049
Total 55 648 51 777 223 560 227 431
Time for revenue recognition
Performance commitment is met at a 
certain time 53 942 51 777 223 560 227 431
Performace commitment is met during a 
period of time 1 706 - - -
Total 55 648 51 777 223 560 227 431

===== SIDA 18 =====

18 
QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
Note 2 Financial assets and liabilities  
The table below shows the breakdown of financial assets and financial liabilities recognized at fair value in the 
consolidated balance sheet. Distribution of how fair value is determined is based on three levels.  
Level 1: according to prices quoted on an active market for the same instrument.  
Level 2: based on directly or indirectly observable market data not included in level 1.  
Level 3: based on input data that is not observable on the market.  
For description of how real values have been calculated, see annual report 2022, note 4. Fair value of financial assets and 
liabilities is estimated to be substantially consistent with posted values. The group holds derivative instruments for 
foreign exchange contracts which are recognized at fair value through profit or loss, considering the current exchange 
rate on the foreign exchange market and the remaining maturity of respective instruments. 
 
  
 
Quarterly information 
  
 
 
 
Amounts in TSEK 2023 2022
2023-03-31 2022-03-31
Derivatives       
(level 2)
Derivatives       
(level 2)
Assets
Other current receivables - -
Liabilities
Other current liabilities 142 1 345
Amount in TSEK Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 RTM 2023
License revenues 37 678 39 856 36 903 29 099 33 585 24 690 29 529 23 021 26 419 143 536
New  license revenues 1 706 6 490 5 520 7 130 2 820 0 526 8 533 0 20 846
Sales of BIP products 16 265 14 928 16 303 15 553 15 373 17 338 13 215 13 251 12 964 63 049
Other revenues 5 511 10 901 7 460 8 151 3 424 4 023 1 927 1 213 2 399 32 023
Total revenues 61 159 72 175 66 185 59 932 55 202 46 051 45 197 46 017 41 783 259 451
EBITDA -6 617 -1 118 2 535 -3 842 -4 002 -12 114 1 189 1 833 1 908 -9 042
EBITDA margin (%) -10.8% -1.5% 3.8% -6.4% -7.2% -26.3% 2.6% 4.0% 4.6% -3.5%
EBIT -18 707 -13 300 -10 955 -14 843 -16 569 -23 818 -10 673 -9 991 -9 705 -57 805
Net profit/loss for the period -22 099 -14 178 -8 546 -13 676 -16 477 -25 404 -10 793 -12 031 -10 545 -58 499
Earnings per share, before and after dilution, SEK -0.63 -0.40 -0.24 -0.39 -0.47 -0.72 -0.31 -0.36 -0.31 -1.67
Operating cash flow  -7 687 6 963 9 902 -1 874 -11 930 -11 642 14 305 5 485 -893 7 304
Operating cash flow  per share, SEK -0.22 0.20 0.28 -0.05 -0.34 -0.33 0.41 0.16 -0.03 0.21
Net debt 55 356 40 972 36 923 42 392 42 859 30 372 13 219 254 340 254 138 55 356
Total shares (pcs) 35 043 885 35 043 885 35 043 885 35 043 885 35 043 885 35 043 885 35 043 885 33 543 885 33 543 885 35 043 885

===== SIDA 19 =====

19 
QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
Forthcoming disclosures of information 
  
 
 
Contacts 
For additional information, please contact: 
Anders Göransson, CEO +46 8 440 58 80 
Carin Jakobson, CFO +46 8 440 58 80 
 
The quarterly report is not reviewed by the company auditors. 
 
Signatories of the report 
The Board of Directors and the CEO certify that the interim report, to the best of their knowledge, provides a fair 
overview of the parent company's and the group's operations, financial position and results and describes the material 
risks and uncertainties faced by the parent company and the companies included in the Group. 
 
Stockholm, 27 April 2023 
 
Thomas von Koch  Christian Kinch 
Chairman   Deputy chairman 
 
Anna Martling   Magdalena Persson 
Board Member   Board Member 
 
Jan Ståhlberg   Anders Göransson 
Board Member   CEO 
 
 
This information is information that Bactiguard Holding AB (publ) is obliged to make public pursuant to the EU 
Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons 
set out above 27 April 2023, at 08.00 a.m. CET. 
This is a translation of the year-end report. In the event of any differences, the Swedish version applies. 
5 May 2023 Annual General Meeting
18 July 2023 Half-year report 1 April - 30 June 2023
27 October 2023 Interim report 1 July - 30 September 2023

===== SIDA 20 =====

20 
QUARTERLY REPORT   BACTIGUARD HOLDING AB   FIRST QUARTER 2023 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
About Bactiguard 
Bactiguard is a global medtech company with a purpose to prevent infections. We provide safe, cost-effective, and 
easy-to-use infection prevention technology and solutions across five therapeutic areas – orthopedics, urology, 
intravascular/critical care, dental, and wound care.  
  
Bactiguard’s unique technology is based on a thin noble metal coating that prevents bacterial adhesion and biofilm 
formation on medical devices. Bactiguard’s solutions are biocompatible and make a positive impact by decreasing 
patient suffering, saving lives and healthcare resources, and fighting antimicrobial resistance, one of the most 
serious threats to global health and modern medicine.  
  
Bactiguard operates through license partnerships with leading global medtech companies, such as BD and Zimmer 
Biomet, differentiating their medical devices with our technology, and through the Bactiguard Product Portfolio (BPP). 
BPP includes coated medical devices such as catheters and trauma implants, and wound care products and 
sutures.  
  
Bactiguard is headquartered in Stockholm, has production in Sweden and Malaysia, and around 210 employees. 
Listed on Nasdaq Stockholm, the company reported revenues of 253.5 MSEK in 2022.  
  
Read more about Bactiguard: www.bactiguard.com  
  
Follow Bactiguard on LinkedIn