Kvartalsrapport Q1 2024

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===== SIDA 1 =====

BACTIGUARD HOLDING AB | BACTIGUARD.COM 
INTERIM REPORT 
FIRST QUARTER 2024 
Strategic transformation concluded and new leadership in place 
First quarter 2024 (January – March) 
• Total revenue amounted to SEK 58.8 (61.2) million, a decrease of SEK 2.4 million, corresponding to 3.9%. 
• Net sales amounted to SEK 53.9 (55.6) million, a decrease of SEK 1.7 million, corresponding to 3.1%. 
Adjusted for currency effects of SEK 0.2 million, net sales decreased by 3.5%.  
• Operating loss amounted to SEK 12.9 (18.7) million.  
• EBITDA amounted to SEK -1.5 (-6.6) million.  
• Net loss for the period amounted to SEK 9.9 (22.1) million.  
• Loss per share, before and after dilution1, amounted to SEK 0.28 (0.63).  
• Cash flow from operating activities amounted to SEK -19.1 (-7.7) million, corresponding to SEK -0.54 (-0.22) 
per share. 
 
 
1 Defined according to IFRS.  
2 Alternative performance measure. For definition and reconciliation, see pages 14-15.  
Key figures Full year RTM
2024 2023 2023 2023/24
Total revenue¹,MSEK 58.8 61.2 223.2 220.8
Operating profit/loss¹,MSEK -12.9 -18.7 -131.9 -126.1
EBITDA²,MSEK -1.5 -6.6 -76.1 -71.0
EBITDA margin²,% -2.6 -10.8 -34.1 -32.1
Net profit/loss for the period¹,MSEK -9.9 -22.1 -138.4 -126.2
Earnings per share¹,SEK -0.28 -0.63 -3.95 -3.60
Cash flow from operating activities ¹,MSEK -19.1 -7.7 -52.3 -63.7
Cash flow from operating activities, per share²,SEK -0.54 -0.22 -1.49 -1.82
Equity ratio²,% 51.3 60.2 53.3 51.3
Net debt²,MSEK 145.7 55.4 109.9 145.7
Jan-Mar

===== SIDA 2 =====

INTERIM REPORT FIRST QUARTER 2024 | 2 
CEO statement 
Strategic transformation concluded and new leadership in place 
Total revenue for Q1 2024 amounted to SEK 58.8 million (Q1 2023: SEK 61.2 million) and the EBITDA to SEK 
 -1.5 million (Q1 2023: SEK -6.6 million), both in line with expectations following the strategic transformation 
activities. Costs for Q1 2024 are in control with a total OPEX of SEK -48.8 million (Q1 2023: SEK -53.6 million). 
The journey continues with the new Bactiguard 
The activities related to one of the biggest strategic shifts in Bactiguard’s history, announced in Q3 2023, were 
concluded in Q1. We are well underway evolving into a knowledge and specialist organization, and now focus on 
license partnerships and our Wound Management business. It is an honor to be entrusted with leading the new 
Bactiguard and continue our journey towards our vision of becoming the global standard of care to prevent 
medical device related infections. I am grateful for the support from our strong Board of Directors and pending the 
outcome of the Annual General Meeting in May, I look forward to working together with Thomas von Koch as 
Chairman and Christian Kinch as a Senior Advisor to Bactiguard. 
Financial results in line with expectations 
The Q1 financial results are in line with our expectations following the strategic shift. We are on track to deliver 
cost savings from the transformation exceeding SEK 25 million on a yearly basis. Total cash flow for the period 
amounted to SEK -31.6 million, which relates primarily to increases in accounts receivable of SEK 16.0 million 
and investments of SEK 6.2 million. Accounts receivable as of the end of Q1 are attributable to invoiced and not 
overdue amounts with our long-standing partners. Investments relate to the new production and lab facilities in 
Markaryd, the move of the head office to Stockholm, and digital systems. 
During Q1, we continued to strengthen our ties with Beckton Dickinson & Company (BD). The transition process 
is ongoing related to the agreement announced in December 2023 for additional markets for Bactiguard coated 
Foleys. During 2024, market demand for Bactiguard coated Foleys may be met by either BD or Bactiguard. 
Bactiguard obtained MDR approval for the coated silicone urinary catheter in Q1, which is an important milestone 
as this will support BD’s go-to-market strategy in Europe. Revenues from the BD partnership were stable at SEK 
28.0 million for Q1 (Q1 2023: SEK 36.3 million) and we remain confident about its potential. 
The collaboration with Zimmer Biomet is making progress and revenues for Q1 amounted to SEK 3.2 million (Q1 
2023: SEK 1.8 million). Following the launch in 2023 of the trauma nail ZNN Bactiguard across the European 
markets, the demand continues to increase, however uptake is at a slower pace than originally expected. Zimmer 
Biomet has informed us that there is a strong interest among clinicians and the need for infection prevention is 
clearly getting attention. In addition, ZNN Bactiguard is expected to be launched in Japan late Q2. 
In our efforts to provide better financial transparency on progress in partnerships with our infection prevention 
technology, as of Q1 2024 we will divide revenues into license partnerships, exclusivity partnerships and 
application development partnerships. In addition, we will report Wound Management and the BIP portfolio 
separately. For BIP, revenues in Q1 were positively impacted by the phase-out sales and amounted to SEK 6.0 
million (Q1 2023: SEK 5.1 million). For the Wound Management business, revenues for Q1 came in at SEK 12.7 
million (Q1 2023: SEK 11.2 million). 
Outlook – 2024 characterized by transition 
While the strategic transformation has been concluded, 2024 will be characterized by transition and still be 
influenced by the Foley market transfer to BD and other out-licensing activities. Our dialogue with various parties 
to license out Bactiguard’s central venous catheters and endotracheal tubes continues but, as previously stated, 
we expect this to have limited impact in 2024. In the dental area, conversations are ongoing with leading dental 
organizations and interest remains strong thanks to the clinical evidence supporting the efficacy of our 
technology. 
With the license-focused strategy, both revenues and margins are expected to increase as we expand our 
infection technology through partnerships. I am fully aware of the challenges Bactiguard has had in the past. Our 
top priority ahead is to truly seize the USD 80 billion opportunity presented within the strategic therapeutic areas 
we have defined as key for our infection prevention technology. We are set to scale up in a cost-effective manner 
and create profitable and sustainable growth for the new Bactiguard. 
Christine Lind, CEO

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INTERIM REPORT FIRST QUARTER 2024 | 3 
Business model 
Bactiguard is a global MedTech company developing safe and biocompatible technology to prevent medical 
device related infections. The company’s unique technology is based on an ultra-thin noble metal coating that 
prevents bacterial adhesion and biofilm formation on medical devices.  
Bactiguard’s infection prevention solutions decrease patient suffering, save lives, and unburden healthcare 
resources while also fighting against antimicrobial resistance, one of the most serious threats to global health and 
modern medicine.  
Bactiguard operates through license partnerships with leading global MedTech companies that apply the 
technology to their medical devices and sell them under their own brand or co-branded with Bactiguard. The 
company also has a portfolio of wound management products.  
Three partnership phases  
Bactiguard’s revenues have two main components: firstly, charging license partners for the right to use our 
coating technology on their medical devices within a specific application and geographical area, and secondly, 
royalties; a variable remuneration once the license partners’ products reach the market. Bactiguard’s business 
model is scalable and has a high-margin potential. The revenues are generated across three phases of 
partnerships: application development partners, exclusivity partners and license partners.  
An application development partner participates in a development project where we test the coating technology 
to different medical devices, surfaces, and materials. Bactiguard’s coating development team works in close 
collaboration with the partner. Some application development projects will not materialize and this is a natural part 
of our business.  
An exclusivity partner gets an exclusive right to apply our coating technology to a certain medical device but has 
no products in the market yet, for instance due to pending regulatory approvals. Zimmer Biomet (their broader 
orthopedics portfolio) is an example of an exclusivity partner.  
A license partner has the right to market and sell medical devices with Bactiguard’s coating technology, in a 
certain region or globally. Most of our revenues are generated through partnerships at this phase. BD and Zimmer 
Biomet (their trauma implant ZNN Bactiguard) are examples of license partners.  
Not all partnerships will follow all three phases. An agreement with a partner can generate revenues from different 
phases and streams simultaneously. 
 
Partnerships Application area Market* 
Becton Dickinson & Company (BD) Urinary catheters (Foley) Global excl. China 
Zimmer Biomet Trauma implants Global excl. Southeast Asia, China, 
India, and South Korea 
Zimmer Biomet Orthopedic implants Global excl. Southeast Asia, China, 
India, and South Korea. 
Well Lead Medical Urinary catheters China 
*Black: With approved products on these markets, Green = rights.

===== SIDA 4 =====

INTERIM REPORT FIRST QUARTER 2024 | 4 
Development in the first quarter 
Revenue 
 
Total revenue for the first quarter amounted to SEK 58.8 (61.2) million, a decrease of SEK 2.4 million, 
corresponding to 3.9 percent. Adjusted for currency effects of SEK 3.0 million, revenue decreased by 8.8 percent.  
Net sales amounted to SEK 53.9 (55.6) million, a decrease of SEK 1.7 million, corresponding to 3.1 percent. 
Adjusted for currency effects of SEK 0.2 million, net sales decreased by 3.5 percent. 
Total license revenue amounted to SEK 35.1 (39.4) million, a decrease of SEK 4.2 million, corresponding to 10.8 
percent. Adjusted for currency effects of SEK 0.2 million, license revenues decreased by 11.2 percent. Revenues 
from Becton Dickinson & Company (BD) amounted to SEK 28.0 (36.3) million, a decrease of SEK 8.2 million, 
corresponding to 22.7 percent. Adjusted for currency effects of SEK 0.2 million, revenues from BD decreased by 
23.1 percent. Revenues from Zimmer Biomet amounted to SEK 3.2 (1.8) million, an increase of SEK 1.4 million.  
Revenues from license partners amounted to SEK 32.4 (37.7) million, a decrease of SEK 5.3 million, 
corresponding to 13.9 percent. Adjusted for currency effects of SEK 0.2 million, revenues from license partners 
decreased by 14.4 percent.  
Revenues from exclusivity partners amounted to SEK 2.6 (0.0) million, an increase of SEK 2.6 million. 
Revenues from application development partners amounted to SEK 0.1 (1.7) million, a decrease of SEK 1.6 
million, corresponding to 92.3 percent with and without currency effects. 
Revenues from Wound Management portfolio amounted to SEK 12.7 (11.2) million, an increase of SEK 1.6 
million, corresponding to 14.0 percent with and without currency effects.  
Revenues from the BIP portfolio amounted to SEK 6.0 (5.1) million, an increase of SEK 1.0 million, corresponding 
to 18.7 percent. Adjusted for currency effects of SEK 0.1 million, revenues from the BIP portfolio increased by 
17.6 percent. The BIP portfolio revenue growth is mainly due to the portfolio’s end-of-life sales. 
Other revenues amounted to SEK 4.9 (5.5) million, a decrease of SEK 0.6 million, corresponding to 11.7 percent. 
Currency effects amounted to SEK 2.8 (3.6) million and the remaining revenue primarily relates to rent income.  
Result 
Costs for raw materials and consumables for the first quarter amounted to SEK -11.5 (-14.1) million, a decrease 
of SEK 2.7 million, corresponding to 18.9 percent. Other external costs amounted to SEK -18.8 (-23.1) million, a 
decrease of SEK 4.3 million, corresponding to 18.7 percent. Personnel costs amounted to SEK -29.4 (-26.9) 
million, an increase of SEK 2.5 million, corresponding to 9.4 percent. Other operating expenses are related to 
currency exchange losses/gains, which amounted to SEK -0.7 (-3.7) million. In total operating expenses (OPEX) 
amounted to SEK -48.8 (-53.6) million, a decrease of SEK 4.8 million, corresponding to 8.9 percent. 
The operating loss amounted to SEK 12.9 (18.7) million, a decrease of SEK 5.8 million, corresponding to 31.2 
percent.  
EBITDA for the first quarter amounted to SEK -1.5 (-6.6) million, an increase of SEK 5.1 million. EBITDA margin 
was -2.6 (-10.8) percent. 
Full year RTM
MSEK 2024 2023 2023 2023/24
Total license revenue 35.1 39.4 117.2 113.0
     License partners 32.4 37.7 104.3 99.1
     Exclusivity partners 2.6 - 9.7 12.3
     Application development partners 0.1 1.7 3.2 1.6
Wound Management portfolio 12.7 11.2 53.8 55.4
BIP portfolio 6.0 5.1 30.5 31.5
Net sales 53.9 55.6 201.5 199.8
Other operating revenues 4.9 5.5 21.6 21.0
Total revenue 58.8 61.2 223.2 220.8
Jan-Mar

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INTERIM REPORT FIRST QUARTER 2024 | 5 
Depreciation and amortisation amounted to SEK -11.4 (-12.1) million, a decrease of SEK 0.7 million, 
corresponding to 6.0 percent. Amortization of intangible assets amounted to SEK -6.8 (-8.3) million, attributable 
primarily to amortization of SEK -6.4 (-6.4) million related to Bactiguard’s technology. Depreciation of fixed assets 
amounted to SEK -4.5 (-3.8) million, primarily attributable to depreciation on leasing of SEK -3.6 (-2.8) million. 
Financial items amounted to SEK 0.7 (-3.7) million. Financial income amounted to SEK 4.5 (1.9) million which 
pertained mainly to exchange rate effects. Financial expenses amounted to SEK -3.9 (-5.6) million which mainly 
pertained to interest expenses of SEK -3.6 (-2.9) million. 
Tax for the period amounted to SEK 0.0 (0.2) million. Change in deferred tax amounted to SEK 2.3 (0.1) million 
attributable to the 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 2024 amounted to SEK 9.9 (22.1) million. 
Cash flow 
Cash flow from operating activities for the quarter amounted to SEK -19.1 (-7.7) million. This is mainly attributable 
to change in working capital of SEK -11.3 (4.9) million, including change in accounts receivable of SEK -16.0 (7.0) 
million, driven by outstanding amounts, yet not overdue in the quarter, with our long-standing partners. 
Cash flow from investing activities amounted to SEK -6.2 (-1.2) million. This is mainly attributable to investments 
in tangible assets of SEK -6.2 (-0.7) million, including investments in our new sites and digital systems. 
Cash flow from financing activities for the quarter amounted to SEK -6.3 (-3.0) million. This is mainly attributable 
to amortization of loan of SEK -3.8 (-0.2) million.  
Cash flow for the quarter amounted to SEK -31.6 (-11.8) million. Cash and cash equivalents at the end of the 
period of 31 March 2024 amounted to SEK 95.8 (186.6) million. 
Financial position 
Equity on 31 March 2024 amounted to SEK 343 (473) million and net debt to SEK 146 (55) million. The parent 
company has a credit facility with SEB with a term until May 2025. On 31 March 2024 that credit facility amounted 
to SEK 171 (171) million. As of 31 March 2024, the overdraft facility from SEB of SEK 30 million was unutilized. 
Foreign subsidiaries had credit facilities amounting to SEK 3.3 (9.4) million as of 31 March 2024. Total assets on 
31 March 2024 amounted to SEK 669 (786) million.  
Employees 
Full-time equivalents in the Group during the period January to March averaged to 196 (214) of which 119 (135) 
are women. On 31 March 2024, the number of full-time equivalents was 191. 
The share and share capital 
Bactiguard's B share is listed on Nasdaq Stockholm with the short name "BACTI B". The closing price for the B 
share was SEK 72.4 (74.0) on 31 March 2024 and the market capitalization amounted to SEK 2,537 (2,593) 
million. 
The share capital in Bactiguard on 31 March 2024 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 2024 was 35,043,885 
shares and 71,043,885 votes.

===== SIDA 6 =====

INTERIM REPORT FIRST QUARTER 2024 | 6 
Ownership 
 
* Of which 1,785,384 of SEB Life International Assurance relates to capital insurance for companies controlled by Thomas von Koch. Note that 
these do not have voting rights. 
Per 31 March 2024 Bactiguard had 3,260 (3,585) shareholders.  
Key events 
Key events during the quarter  
Christine Lind appointed new CEO. 
Agreement with Dentsply Sirona not to pursue the application development project further due to changed 
priorities at Dentsply Sirona.  
Hydrocyn aqua received approval from the Central Drugs Standard Control Organization (CDSCO) to start 
commercialization in India. 
Bactiguard obtained MDR approval for the coated silicone urinary catheter, which will support BD’s go-to-market 
strategy in Europe. 
Key events after the end of the quarter 
Christine Lind assumed the role as CEO per 12 April 2024, just over a month earlier than previously 
communicated. 
The Nomination Committee announced ahead of the Annual General Meeting 2024 that Christian Kinch will 
assume a role as Senior Advisor to Bactiguard and has declined re-election to the Board of Directors. Thomas 
von Koch is suggested to be re-elected as Chairman of the Board of Directors. 
Financial targets 
The company’s financial targets relate to growth and profitability and are expected to be delivered by year-end 
2028. The financial and strategic targets should not be perceived as a forecast but rather reflect what 
Bactiguard’s Board of Directors and Executive Management consider to be reasonable mid-term expectations 
given the sharpened license focused strategy. 
Growth 
Net sales in excess of SEK 1,000 million. 
Profitability 
EBITDA of SEK 500 million.  
Application areas 
10 application areas in license partnership with products in the market. 
Shareholders No. of A 
shares 
No. of  B 
shares Total number % of capital % of votes 
Thomas von Koch and company* 2,000,000 4,443,787 6,443,787 18.4 34.4
Christian Kinch with family and company 2,000,000 4,179,326 6,179,326 17.6 34.0
Jan Ståhlberg 3,605,150 3,605,150 10.3 5.1
Nordea Investment Funds 3,524,877 3,524,877 10.1 5.0
The Fourth Swedish National Pension Fund 3,370,992 3,370,992 9.6 4.7
Handelsbanken Fonder 2,267,593 2,267,593 6.5 3.2
SEB Life International Assurance* 1,864,884 1,864,884 5.3 2.6
AMF - försäkring och fonder 1,706,340 1,706,340 4.9 2.4
Avanza Pension 1,144,711 1,144,711 3.3 1.6
Lancelot Avalon Master 491,042 491,042 1.4 0.7
Total, major shareholders 4,000,000 26,598,702 30,598,702 87.3 93.7
Total, others 4,445,183 4,445,183 12.7 6.3
Total number of shares 4,000,000 31,043,885 35,043,885 100.0 100.0

===== SIDA 7 =====

INTERIM REPORT FIRST QUARTER 2024 | 7 
Other information  
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 2023. The accounting principles are 
unchanged from previous periods, except for a new assessment model of clients’ risk classification, where more 
clients are assessed individually as a consequence of the change. 
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 of 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. Bactiguard 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 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 16 and 45–47 in the 
annual report 2023. 
The geopolitical situation and macro trends 
In addition to identified risks, the macro situation and its impact is continuously monitored. The global healthcare 
challenges have a significant impact on society. The need for more efficient and safe healthcare is driven by both 
economic and demographic developments, as well as increased political unrest, conflicts, wars, and natural 
disasters. Particularly prominent are healthcare-associated infections and antimicrobial resistance where we see 
an increased interest in infection prevention. 
Bactiguard does not have suppliers in or sales to any of 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. 
Bactiguard has a subsidiary in Israel. We are closely following the developments there and our primary focus is to 
ensure the staff’s well-being and security. We make the assessment that the conflict in Israel will have a negligible 
effect on the group’s result and financial position. 
Inflation and higher prices on electricity for instance affect the company negatively and it is not always possible to 
change the price to the customers, all of which can affect the financial position negatively. The high inflation has 
caused the interest rates to rise, which will negatively impact interest costs. Some countries are now in or close to 
recession, which can lead to a decreased ability for customers to pay their invoices. The company also has a 
large exposure to the USD and EUR, see the annual report 2023.

===== SIDA 8 =====

INTERIM REPORT FIRST QUARTER 2024 | 8 
Group consolidated income statement 
 
Condensed statement of comprehensive income  
 
  
Full year RTM
TSEK Note 2024 2023 2023 2023/24
Revenues 1
Net sales 53,926 55,648 201,545 199,824
Other operating revenue 4,867 5,511 21,628 20,985
Sum 58,793 61,159 223,174 220,809
Change in inventory of finished goods and products in progress 28 - 1,000 1,028
Capitalized production - - 563 563
Raw materials and consumables -11,475 -14,146 -65,572 -62,901
Other external expenses -18,751 -23,053 -97,854 -93,552
Personnel costs -29,375 -26,858 -123,456 -125,973
Depreciation and amortization -11,366 -12,090 -55,865 -55,141
Other operating expenses -721 -3,719 -13,923 -10,925
Sum -71,660 -79,866 -355,107 -346,901
Operating profit/loss -12,867 -18,707 -131,933 -126,093
Profit/loss from financial items
Financial income 4,536 1,945 13,428 16,019
Financial expenses -3,869 -5,634 -28,649 -26,884
Sum 667 -3,690 -15,221 -10,865
Profit/loss before tax -12,200 -22,396 -147,154 -136,958
Current tax - 169 -136 -306
Deferred tax 2,299 128 8,908 11,077
NET PROFIT/LOSS FOR THE PERIOD -9,901 -22,099 -138,382 -126,187
Attributable to:
The parent company´s shareholders -9,901 -22,099 -138,382 -126,187
Earnings per share, before and after dilution, SEK -0.28 -0.63 -3.95 -3.60
Jan-Mar
Net profit/loss for the period -9,901 -22,099 -138,382 -126,187
Other comprehensive income:
Items that will not be reclassified to profit or loss for the year - - - -
Items that will be reclassified to profit or loss for the year
Translation differences 127 -386 -4,149 -3,636
Other comprehensive income, after tax 127 -386 -4,149 -3,636
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -9,774 -22,485 -142,531 -129,823
Attributable to:
The parent company´s shareholders -9,774 -22,485 -142,531 -129,823
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

===== SIDA 9 =====

INTERIM REPORT FIRST QUARTER 2024 | 9 
Group condensed statement of financial position 
  
TSEK Note 2024-03-31 2023-03-31 2023-12-31
ASSETS
Non-current assets
Intangible fixed assets
Goodwill 249,091 250,254 248,103
Technology 66,903 92,487 73,304
Brands 25,691 25,840 25,729
Customer relationships 4,740 6,211 5,107
Capitalized development expenditure 2,953 12,091 2,953
Patents 1,244 1,303 1,345
Sum 350,622 388,186 356,541
Tangible assets
Right of use lease assets 62,567 58,780 50,426
Buildings 23,739 14,937 13,766
Improvements, leasehold 8,913 5,718 4,991
Machinery and other technical plant 6,886 17,749 15,583
Equipment, tools and installations 10,200 5,604 9,092
Sum 112,305 102,788 93,858
Financial assets
Other non-current accounts receivable 3,053 1,299 2,885
Sum 3,053 1,299 2,885
Deferred tax assets 11,735 1,901 10,763
Total non-current assets 477,715 494,174 464,047
Current assets
Inventories 29,337 43,045 29,646
Accounts receivable 33,647 39,970 17,249
Other current receivables 2 10,382 8,479 8,118
Prepaid expenses and accrued income 22,508 13,206 19,898
Cash and cash equivalents 95,839 186,648 123,217
Total current assets 191,713 291,348 198,127
TOTAL ASSETS 669,428 785,522 662,174
EQUITY AND LIABILITIES
Equity attributable to shareholders of the parent
Share capital 876 876 876
Translation reserve -728 2,908 -855
Other capital 930,680 930,680 930,680
Retained earnings including net profit for the period -587,424 -461,240 -577,523
Total equity 343,404 473,224 353,178
Non-current liabilities
Liabilities to credit institutions 170,940 179,220 -
Leasing liability 50,668 50,629 42,306
Provisions 5,257 - 5,257
Other long-term liabilities 125 - 28
Total non-current liabilities 226,990 229,849 47,590
Current liabilities
Liabilities to credit institutions 3,870 - 178,569
Leasing liability 16,051 12,155 12,224
Accounts payable 19,757 30,491 16,695
Provisions 9,568 - 10,256
Other current liabilities 2 3,004 5,743 4,570
Accrued expenses and prepaid income 46,784 34,060 39,093
Total current liabilities 99,034 82,449 261,406
TOTAL LIABILITIES 326,024 312,298 308,996
TOTAL EQUITY AND LIABILITIES 669,428 785,522 662,174

===== SIDA 10 =====

INTERIM REPORT FIRST QUARTER 2024 | 10 
Group condensed statement of changes in equity 
 
  
TSEK
Share 
capital  
Other 
capital  Reserves 
Retained 
earnings 
including net 
profit for the 
period Total equity 
Opening balance 2023-01-01 876 930,680 3,294 -439,141 495,709
Adjustment of equity for previous year
Net 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 2023-03-31 876 930,680 2,908 -461,240 473,224
Opening balance 2024-01-01 876 930,680 -855 -577,523 353,178
Net profit/loss for the period -9,901 -9,901
Other comprehensive income:
Translation differences 127 127
Total comprehensive income after tax 127 -9,901 -9,774
Closing balance 2024-03-31 876 930,680 -728 -587,424 343,404

===== SIDA 11 =====

INTERIM REPORT FIRST QUARTER 2024 | 11 
Group condensed statement of cash flows 
  
Full year RTM
TSEK Note 2024 2023 2023 2023/24
Net profit/loss for the period -9,901 -22,099 -138,382 -126,184
Adjustments for depreciation and amortization and other non-cash 
items 2,101 9,469 72,288 64,920
Increase/decrease inventory 1,178 456 8,252 8,974
Increase/decrease accounts receivable -15,987 7,020 28,455 5,448
Increase/decrease other current receivables -5,044 -1,355 -10,450 -14,139
Increase/decrease accounts payable 3,063 -3,245 -17,127 -10,819
Increase/decrease other current liabilities 5,535 2,067 4,632 8,100
Cash flow from changes in working capital -11,256 4,943 13,762 -2,437
Cash flow from operating activities -19,056 -7,687 -52,331 -63,701
Investments in intangible assets - -424 -1,420 -996
Investments in tangible assets -6,225 -735 -7,189 -12,679
Cash flow from investing activities -6,225 -1,159 -8,609 -13,674
Amortization of financial leasing liability -2,575 -3,839 -11,139 -9,875
Amortization of loan -3,759 -159 -696 -4,296
Change in bank overdraft - 922 - -922
Other financing activities - 74 - -74
Cash flow from financing activities -6,334 -3,002 -11,835 -15,167
Cash flow for the period -31,615 -11,848 -72,775 -92,542
Cash and cash equivalents at the beginning of the period 123,217 197,727 197,727 186,648
Exchange difference in cash and cash equivalents 4,237 770 -1,735 1,731
Cash and cash equivalents at end of period 95,839 186,648 123,217 95,839
Jan-Mar

===== SIDA 12 =====

INTERIM REPORT FIRST QUARTER 2024 | 12 
Condensed parent company income statement 
 
The parent company presents no separate statement of comprehensive income since the company has no items in 2024 or 202 3 recognized in 
other comprehensive income. Net profit/loss for the period for the parent company thereby also constitutes of the comprehensive income for the 
period. 
  
2023 2023/24
TSEK Note 2024 2023 Full year RTM
Net sales - 846 3,062 2,216
Sum - 846 3,062 2,216
Other external expenses -1,841 -733 -3,176 -4,284
Personnel costs -783 -886 -3,295 -3,192
Sum -2,624 -1,620 -6,471 -7,476
Operating profit/loss -2,624 -774 -3,409 -5,260
Interest income and similar profit/loss items 5,461 4,067 19,625 21,019
Interest expenses and similar profit/loss items -3,175 -2,524 -12,016 -12,667
Sum 2,286 1,544 7,609 8,352
Income after financial items -338 770 4,200 3,092
Deferred tax                   -     - 10 10
Net profit/loss for the period -338 770 4,210 3,102
Jan-Mar

===== SIDA 13 =====

INTERIM REPORT FIRST QUARTER 2024 | 13 
Condensed parent company balance sheet 
  
TSEK Note 2024-03-31 2023-03-31 2023-12-31
ASSETS
Non-current assets
Financial assets
Shares in subsidiaries 575,191 481,191 575,191
Receivables from group companies 363,791 381,838 368,803
Deferred tax assets 15,255 15,255 15,255
Total non-current assets 954,237 878,283 959,249
Current assets
Current receivables
Other current receivables 180 31 1,639
Prepaid expenses and accrued income 37,963 17,914 32,806
Sum 38,143 17,945 34,445
Cash and bank balances 1,512 1,811
Total current assets 41,531 19,457 36,256
TOTAL ASSETS 995,768 897,740 995,506
EQUITY & LIABILITIES
Equity
Restricted equtiy
Share capital 876 876 876
Total restricted equity 876 876 876
Non-restricted equity
Retained earnings -29,347 694,413 694,413
Non-restricted share premium 727,969 0 0
Net profit/loss for the period -338 770 4,210
Total non-restricted equity 698,284 695,183 698,623
Total equity 699,160 696,059 699,499
Non-current liabilities
Liabilities to credit institutions 170,941 170,941 -
Total non-current liabilities 170,941 170,941 -
Current liabilities
Liabilities to credit institutions                          -     - 170,941
Liabilities to group companies 124,000 30,000 124,000
Accounts payable 320 40 86
Other current liabilities 107 369 407
Accrued expenses and prepaid income 1,240 331 572
Total current liabilities 125,667 30,740 296,007
Total liabilities 296,608 201,681 296,007
Total equity and liabilities 995,768 897,740 995,506

===== SIDA 14 =====

INTERIM REPORT FIRST QUARTER 2024 | 14 
Definitions of alternative key performance indicators 
Bactiguard presents certain financial measures in its annual report that have not been defined in line with IFRS 
(referred to as alternative key performance indicators as set forth in the ESMA guidelines). It is the opinion of the 
company 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.  
The 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 
EBITDA presents the company’s earning 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 considers this performance measure to be the most relevant, since the company’s technology is 
depreciated by large amounts, which does not impact cash flow negatively. Bactiguard’s patented, unique 
technology can be applied to a broad range of products in the licensing business.  
The company defines EBITDA as operating profit/loss excluding depreciation and amortization of tangible and 
intangible assets. 
 
  
 
EBITDA margin 
Presents the company’s earning 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. 
 
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. 
 
  
Full year RTM
TSEK 2024 2023 2023 2023/24
Operating profit/loss -12,867 -18,707 -131,933 -126,094
Depreciation 11,366 12,090 55,865 55,141
EBITDA -1,501 -6,617 -76,068 -70,953
Jan-Mar
Full year RTM
TSEK 2024 2023 2023 2023/24
EBITDA -1,501 -6,617 -76,068 -70,953
Revenues 58,793 61,159 223,174 220,809
EBITDA margin % -2.6 -10.8 -34.1 -32.1
Jan-Mar
Full year
TSEK 2024 2023 2023
Non-current liabilities to credit institutions 170,940 179,220 -
Current liabilities to credit institutions 3,870 - 178,569
Short-term lease debt 50,668 50,629 42,306
Long-term lease debt 16,051 12,155 12,224
Interest-bearing debt 241,529 242,004 233,099
Cash and cash equivalents -95,839 -186,648 -123,217
Net debt 145,690 55,356 109,882
Jan-Mar

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

INTERIM REPORT FIRST QUARTER 2024 | 15 
Equity ratio 
Equity ratio is a measure 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. 
 
Cash flow from operating activities per share 
Cash flow per share calculated as the cash flow from operating 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 – it shows operating cash flow per share. 
Profit/loss from financial items 
Financial income minus financial expenses. Direct reconciliation against financial report is possible. 
RTM/Rolling 12 months 
This performance measure implies the twelve months before and including a certain date. 
 
Note 1 Revenue distribution 
 
  
Full year
TSEK 2024 2023 2023
Equity 343,404 473,224 353,178
Balance sheet total 669,428 785,522 662,174
Equity ratio, % 51.3 60.2 53.3
Jan-Mar
Full year RTM
TSEK 2024 2023 2023 2023/24
License partners 32,424 37,678 104,322 99,070
Exclusivity partners 2,591 - 9,710 12,302
Application development partners 131 1,706 3,163 1,588
Wound Management portfolio 12,733 11,170 53,817 55,380
BIP portfolio 6,046 5,094 30,533 31,485
Sum 53,926 55,648 201,545 199,824
Time for revenue recognition
Performance commitment is met at a certain time 51,203 53,942 188,672 185,935
Performace commitment is met during a period of time 2,722 1,706 12,873 13,890
Sum 53,926 55,648 201,545 199,824
Jan-Mar

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

INTERIM REPORT FIRST QUARTER 2024 | 16 
Note 2 Financial assets and liabilities at fair value 
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 2023, 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  
  
2024 2023 2023
TSEK 2024-03-31 2023-03-31 2023-12-31
Derivatives (Level 2) Derivatives (Level 2) Derivatives (Level 2)
Assets
Other current receivables - - -
Liabilities
Other current liabilities - 142 -
TSEK Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 RTM 23/24
License partners 32,424 29,544 17,960 19,140 37,678 39,856 99,070
Exclusivity partners 2,591 2,639 2,696 4,376 - 787 12,302
Application development partners 131 - 153 1,304 1,706 5,703 1,588
Wound Management portfolio 12,733 13,917 17,501 11,229 11,170 9,823 55,380
BIP portfolio 6,046 10,152 7,148 8,139 5,094 5,106 31,485
Other operating revenues 4,867 5,083 4,029 7,006 5,511 10,901 20,985
Total revenue 58,793 61,334 49,486 51,194 61,159 72,175 220,809
EBITDA -1,501 -4,242 -9,529 -55,681 -6,617 -1,118 -70,953
EBITDA margin (%) -2.6 -6.9 -19.3 -108.8 -10.8 -1.5 -32.1
EBIT -12,867 -23,791 -21,592 -67,844 -18,707 -13,300 -126,094
Net profit/loss for the period -9,901 -27,218 -24,602 -64,464 -22,099 -14,178 -126,185
Earnings per share, before and 
after dilution, SEK -0.28 -0.78 -0.70 -1.84 -0.63 -0.40 -3.60
Operating cash flow -19,056 10,110 -35,008 -19,746 -7,687 6,963 -63,701
Operating cash flow per share, SEK -0.54 0.29 -1.00 -0.56 -0.22 0.20 -1.82
Net debt 145,690 109,882 111,533 75,794 55,356 40,972 145,690
Total shares (pcs) 35,043,885 35,043,885 35,043,885 35,043,885 35,043,885 35,043,885 35,043,885

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

INTERIM REPORT FIRST QUARTER 2024 | 17 
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 25 April 2024 
 
Christian Kinch   Thomas von Koch 
Chairman of the Board  Board Member 
 
 
Richard Kuntz    Anna Martling  
Board Member   Board Member 
 
Magdalena Persson   Jan Ståhlberg 
Board Member    Board Member 
 
Christine Lind 
CEO 
 
The interim report is not reviewed by the company auditors. 
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 on 25 April 2024, at 08.00 a.m. CET. 
This is a translation of the Swedish Interim report. In the event of any discrepancy, the Swedish version applies.

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

About Bactiguard 
Bactiguard is a global MedTech company developing safe and biocompatible technology to 
prevent medical device related infections. The company’s unique technology is based on an 
ultra-thin noble metal coating that prevents bacterial adhesion and biofilm formation on medical 
devices.  
Bactiguard’s infection prevention solutions decrease patient suffering, save lives, and unburden 
healthcare resources while also fighting against antimicrobial resistance, one of the most 
serious threats to global health and modern medicine.  
Bactiguard operates through license partnerships with leading global MedTech companies that 
apply the technology to their medical devices and sell them under their own brand or co-
branded with Bactiguard. The company also has a portfolio of wound management products.  
Bactiguard is headquartered in Stockholm and listed on Nasdaq Stockholm. 
 
Read more about Bactiguard bactiguard.com 
Follow Bactiguard on LinkedIn  
 
 
 
Forthcomming disclosures of information 
16 July 2024 Half-year report 1 April – 30 June 2024 
24 October 2024 Interim report 1 July – 30 September 2024 
 
Contacts 
For additional information, please contact: 
Patrick Fruergaard Bach, CFO: +46 8 440 58 80  
Nina Nornholm, Head of Communication & Investor Relations: +46 708 550 356