Kvartalsrapport Q1 2025

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

BACTIGUARD HOLDING AB | BACTIGUARD.COM 
INTERIM REPORT 
FIRST QUARTER 2025 
Continued profitability and revenue growth for Bactiguard 
First quarter 2025 (January – March) 
• Total revenue amounted to SEK 62.7 (58.8) million, an increase of SEK 3.9 million corresponding to 6.7%. 
• Net sales amounted to SEK 59.1 (53.9) million, an increase of SEK 5.1 million corresponding to 9.5%. 
Adjusted for currency effects of SEK 1.7 million, net sales increased by 6.3%.  
• Operating loss amounted to SEK 2.6 (12.9) million.  
• EBITDA amounted to SEK 9.4 (-1.5) million.  
• Net loss for the period amounted to SEK 4.7 (9.9) million.  
• Loss per share, before and after dilution, amounted to SEK 0.13 (0.28).  
• Cash flow from operating activities amounted to SEK -12.1 (-19.1) million corresponding to SEK -0.35 (-0.54) 
per share. 
 
 
 
 
1 Defined according to IFRS.  
2 Alternative performance measure. For definition and reconciliation, see pages 14-15.  
Key figures Full year RTM
2025 2024 2024 2024/25
Total revenue¹,MSEK 62.7 58.8 261.9 265.8
Operating profit/loss¹,MSEK -2.6 -12.9 -28.9 -18.6
EBITDA²,MSEK 9.4 -1.5 18.0 28.9
EBITDA margin²,% 15.0 -2.6 6.9 10.9
Net profit/loss for the period¹,MSEK -4.7 -9.9 -29.8 -24.6
Earnings per share¹,SEK -0.13 -0.28 -0.85 -0.70
Cash flow from operating activities ¹,MSEK -12.1 -19.1 25.0 31.9
Cash flow from operating activities, per share²,SEK -0.35 -0.54 0.71 0.91
Equity ratio²,% 55.2 51.3 50.1 55.2
Net debt²,MSEK 124.4 145.7 111.0 124.4
Jan-Mar

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

INTERIM REPORT FIRST QUARTER 2025 | 2 
CEO statement 
Continued profitability and revenue growth for Bactiguard 
Following the 2024 financial turnaround, we continue our profitable path with yet another strong quarter. EBITDA 
amounted to SEK 9.4 million (Q1 2024: SEK -1.5 million) and revenues increased by 6.7 percent compared to Q1 
last year and landed at SEK 62.7 million (Q1 2024: SEK 58.8 million). Our license business developed well, 
primarily driven by the successful collaboration with license partner BD, demonstrating a consistent positive 
financial performance thanks to our strategic transition. The Wound Management portfolio also had a strong 
quarter with a revenue increase of more than 50 percent, fueled by a significant rise in sales of Hydrocyn aqua. 
During the quarter, we also updated our strategic and financial targets and core therapeutic areas, areas where 
our infection prevention solutions can play an important role in addressing the unmet need associated with 
medical device related infections. 
 
Solid BD partnership drives license revenue increase 
Total license revenues for Q1 amounted to SEK 39.3 million (Q1 2024: SEK 35.1 million). Revenues from license 
partner MedTech company BD (Becton, Dickinson & Company) were SEK 32.2 million for Q1 (Q1 2024: SEK 
28.0 million). Our successful and expanding collaboration – spanning the entire value chain from technology 
license to go-to-market strategies – remains the cornerstone in our partnership. A recent example from March this 
year was when Bactiguard and BD were at leading healthcare conference in India, CRITICARE 2025. This 
marked an important step in informing local stakeholders and key opinion leaders that BD will take over the sales 
and distribution of Bactiguard-coated Foley catheters in India. Revenues from Zimmer Biomet for Q1 amounted to 
SEK 0.9 million (Q1 2024: SEK 3.2 million) and consist of royalties related to the trauma agreement. 
Commercialization of the ZNN Bactiguard orthopedic trauma nail continued, particularly in Europe. Our activities 
on the MDR transition across Europe also continued during the quarter. In parallel, Zimmer Biomet has four 
clinical trials ongoing, focusing on infection rates, safety, and clinical outcomes.  
 
Wound Management revenue fueled by a rise in sales of Hydrocyn aqua 
The Wound Management portfolio had a strong first quarter with revenues of SEK 19.2 million (Q1 2024: SEK 
12.7 million). The increase was driven by a significant rise in sales of Wound Management’s main brand 
Hydrocyn aqua. During the quarter, our Malaysia facilities were ISO 14001 certified from the British Standards 
Institution manifesting our commitment to high quality and responsible manufacturing and production processes. 
 
Refined core therapeutic areas and updated targets 
In March, we announced our refined strategic therapeutic areas concentrating on where Bactiguard’s technology 
offers the greatest and most realizable potential, in essence areas where our infection prevention solutions can 
play an important role in addressing the unmet need associated with medical device related infections. This was 
also reflected in our updated targets: delivering at least SEK 600 million in revenue and at least SEK 200 million 
in EBITDA by year-end 2030 supported by a goal of securing at least ten application areas in exclusivity or 
license partnership. Our scalable business model, combined with strong operational leverage, is expected to 
deliver significant value beyond 2030 through partnerships established in the years ahead. 
 
With our existing business as the primary driver of our 2030 targets, our strengthened R&D and regulatory 
capabilities are empowering new business development. A key priority is deepening existing licensing 
partnerships, such as with BD, while leveraging our innovation in infection prevention to forge new strategic 
partnership collaborations. 
 
Volatile global market conditions 
Global market conditions are more volatile and unpredictable than ever. Still, we believe that companies with a 
clear long-term strategy and strong fundamentals are better positioned to navigate these turbulent times. While it 
is impossible to predict the duration of the current uncertainties, our current assessment indicates that the US 
tariffs have no direct impact on Bactiguard. However, Bactiguard has substantial USD exposure in the license 
business and a weaker USD will have a negative effect on our results. Notably, we do not hedge our currency 
exposure. We continue to monitor developments closely, given the rapidly evolving landscape. 
 
More importantly, by delivering yet another profitable quarter, Bactiguard has established a solid foundation to 
achieve the updated strategic and financial targets, while maintaining a clear focus on growth and profitability. 
 
Christine Lind, CEO

===== SIDA 3 =====

INTERIM REPORT FIRST QUARTER 2025 | 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 infection 
prevention technology to their medical devices and sell them under their own brand or co-branded with 
Bactiguard. Our license-focused business model is scalable with operational leverage.   
Partnerships across three phases  
Bactiguard’s license revenues have three components: we receive revenues for coating and process 
development, we receive revenues for the right to use the coating technology on medical devices within a specific 
application and geographical area, and we receive royalties – a variable remuneration once the license partners’ 
products reach the market. The revenues are generated across three partnership phases: application 
development, exclusivity and license.   
An application development partner works in close collaboration with Bactiguard’s R&D team exploring the 
application of our infection prevention technology to the partners’ underlying device to enhance its performance. 
The nature of development work means that not every project will succeed, but the learnings are valuable for 
other application areas.  
An exclusivity partner gets exclusive rights 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, which can take time depending 
on the type of application and its classification.  
A license partner has the right to market and sell medical devices with Bactiguard’s coating technology, in a 
certain region or globally.  
Not all partnerships will follow all three phases. An agreement with a partner can generate revenues from 
separate phases and components 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 
Well Lead Medical Urinary catheters China

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

INTERIM REPORT FIRST QUARTER 2025 | 4 
Development in the first quarter 
Revenue 
 
Total revenue for the first quarter amounted to SEK 62.7 (58.8) million, an increase of SEK 3.9 million, 
corresponding to 6.7 percent. Adjusted for currency effects of SEK 2.9 million, revenue increased by 1.7 percent.  
Net sales amounted to SEK 59.1 (53.9) million, an increase of SEK 5.1 million, corresponding to 9.5 percent. 
Adjusted for currency effects of SEK 1.7 million, net sales increased by 6.3 percent. 
Total license revenue amounted to SEK 39.3 (35.1) million, an increase of SEK 4.2 million, corresponding to 11.8 
percent. Adjusted for currency effects of SEK 1.8 million, license revenues increased by 6.7 percent. Revenues 
from Becton, Dickinson & Company (BD) amounted to SEK 32.2 (28.0) million, an increase of SEK 4.2 million, 
corresponding to 15.1 percent. Adjusted for currency effects of SEK 1.8 million, revenues from BD increased by 
8.5 percent. Revenues from Zimmer Biomet amounted to SEK 0.9 (3.2) million, a decrease of SEK 2.3 million, 
corresponding to 73.3 percent with and without currency effects. These revenues pertain mainly to royalties from 
the Trauma product segment agreement. 
 
Revenues from license partners amounted to SEK 39.3 (32.4) million, an increase of SEK 6.8 million, 
corresponding to 21.1 percent. Adjusted for currency effects of SEK 1.8 million, revenues from license partners 
increased by 15.6 percent.  
Revenues from exclusivity partners amounted to SEK 0.0 (2.6) million, a decrease of SEK 2.6 million. 
Revenues from application development partners amounted to SEK 0.0 (0.1) million, a decrease of SEK 0.1 
million. 
Revenues from Wound Management portfolio amounted to SEK 19.2 (12.7) million, an increase of SEK 6.5 
million, corresponding to 50.8 percent with and without currency effects. 
Revenues from the BIP portfolio amounted to SEK 0.5 (6.0) million, a decrease of SEK 5.5 million, corresponding 
to 90.9 percent with and without currency effects. As planned, we do not expect any significant BIP revenues in 
2025. 
Other revenues amounted to SEK 3.7 (4.9) million, a decrease of SEK 1.2 million, corresponding to 24.2 percent. 
Currency effects amounted to SEK 1.2 (2.8) million and the remaining revenue primarily relates to rent income.  
Result 
Costs for raw materials and consumables for the first quarter amounted to SEK -12.2 (-11.5) million, an increase 
of SEK 0.8 million, corresponding to 6.7 percent. Other external costs amounted to SEK -15.6 (-18.8) million, a 
decrease of SEK 3.1 million, corresponding to 16.7 percent. Personnel costs amounted to SEK -23.1 (-29.4) 
million, a decrease of SEK 6.2 million, corresponding to 21.3 percent. Other operating expenses are related to 
currency exchange losses/gains, which amounted to SEK -3.6 (-0.7) million. Total operating expenses (OPEX) 
amounted to SEK -42.4 (-48.8) million, a decrease of SEK 6.5 million, corresponding to 13.3 percent. 
The operating loss amounted to SEK 2.6 (12.9) million, a decrease of SEK 10.3 million, corresponding to 79.7 
percent. The improved operating result mainly pertained to the increase in total license revenues while keeping 
costs under control. 
Full year RTM
MSEK 2025 2024 2024 2024/25
Total license revenue 39.3 35.1 164.7 168.8
     License partners 39.3 32.4 155.4 162.2
     Exclusivity partners - 2.6 7.7 5.2
     Application development partners 0.0 0.1 1.5 1.5
Wound Management portfolio 19.2 12.7 60.9 67.3
BIP portfolio 0.5 6.0 16.0 10.7
Net sales 59.1 53.9 241.7 246.8
Other operating revenues 3.7 4.9 20.2 19.0
Total revenue 62.7 58.8 261.9 265.8
Jan-Mar

===== SIDA 5 =====

INTERIM REPORT FIRST QUARTER 2025 | 5 
EBITDA for the first quarter amounted to SEK 9.4 (-1.5) million, an increase of SEK 10.9 million. The EBITDA 
margin was 15.0 (-2.6) percent. 
Depreciation and amortization amounted to SEK -12.0 (-11.4) million, an increase of SEK 0.7 million, 
corresponding to 5.8 percent. Amortization of intangible assets amounted to SEK -7.1 (-6.8) million, attributable 
primarily to amortization of SEK -6.4 (-6.4) million related to Bactiguard’s technology. Depreciation of tangible 
assets amounted to SEK -4.9 (-4.5) million, primarily attributable to depreciation on leasing of SEK -3.4  
(-3.6) million. 
Financial items amounted to SEK -4.9 (0.7) million. Financial income amounted to SEK 0.0 (4.5) million. Financial 
expenses amounted to SEK -4.9 (-3.9) million which mainly pertained to interest expenses of SEK -2.6 (-3.6) 
million. 
Tax for the period amounted to SEK 0.0 (0.0) million. Change in deferred tax amounted to SEK 2.8 (2.3) 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 2025 amounted to SEK 4.7 (9.9) million. 
Cash flow 
Cash flow from operating activities for the quarter amounted to SEK -12.1 (-19.1) million. Change in working 
capital for the quarter amounted to SEK -8.8 (-11.3) million.  
Cash flow from investing activities for the quarter amounted to SEK -0.1 (-6.2) million. 
Cash flow from financing activities for the quarter amounted to SEK -55.5 (-6.3) million, mainly pertained to the 
amortization of SEK 51.0 million of the financing with SEB.  
Cash flow for the quarter amounted to SEK -67.7 (-31.6) million. Cash and cash equivalents at the end of the 
period of 31 March 2025 amounted to SEK 46.8 (95.8) million. 
Financial position 
Equity on 31 March 2025 amounted to SEK 318 (343) million and net debt to SEK 124 (146) million. Total assets 
on 31 March 2025 amounted to SEK 576 (669) million. 
As of 31 March 2025, the parent company’s liabilities with SEB amounted to SEK 120.0 (170.9) million. As of 31 
March 2025, the approved overdraft facility from SEB of SEK 30 million was not utilized. Foreign subsidiaries had 
credit facilities amounting to SEK 8.0 (3.3) million, of which SEK 1.0 million was utilized as of 31 March 2025. 
At the beginning of February 2025, the company amortized SEK 51.0 million of the SEK 170.9 million financing 
with SEB, while securing SEK 120.0 million in new financing on better terms. The new loan runs for two years and 
with an option to extend it for another year.  
Employees 
Full-time equivalents in the Group during the period January to March averaged to 146 (196) FTE of which 101 
(119) are women. On 31 March 2025, the number of full-time equivalents was 147 FTE. 
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 29.8 (72.4) on 31 March 2025 and the market capitalization amounted to SEK 1,044 (2,537) 
million. 
The share capital in Bactiguard on 31 March 2025 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 2025 was 35,043,885 
shares and 71,043,885 votes.

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

INTERIM REPORT FIRST QUARTER 2025 | 6 
Ownership 
 
1 Company controlled by Thomas von Koch.  
2 Company controlled by Christian Kinch. 
Per 31 March 2025 Bactiguard had 2,921 (3,260) shareholders.  
Key events 
Key events during the quarter  
At the beginning of February 2025, the company amortized SEK 51.0 million of the SEK 170.9 million financing 
with SEB, while securing SEK 120.0 million in new financing on better terms. The new loan runs for two years and 
with an option to extend it for another year. 
New financial targets, to be delivered by year-end 2030, were published: Revenues SEK 600 million, EBITDA 
SEK 200 million and 10 application areas in either exclusivity partnerships or license partnerships. 
Key events after the end of the quarter 
On 2 April 2025, the United States government announced a new tariff regime introducing a 10 percent baseline 
tariff on all imported goods, with higher rates (up to 46 percent) applied to selected countries, including EU 
countries. These tariffs are scheduled to take effect in phases beginning 5 April 2025. This policy change may 
directly or indirectly impact the cost and flow of goods, potentially affecting pricing, margins, and future demand. 
Bactiguard is actively monitoring the situation and assessing potential levers to mitigate any adverse effects. 
 
Financial targets 
Following a review announced in connection with the 2024 Q3 report, Bactiguard updated its strategic and 
financial targets on 5 March 2025. The company has since then conducted a comprehensive analysis of the 
market potential and partnership opportunities for its infection prevention technology. This included an in-depth 
evaluation of key strategic therapeutic areas, targeted application areas, associated infection rates, regulatory 
approval timelines, partnership timelines and commercial scale-up potential. 
The updated targets reflect a sharpened strategic focus on the license business and EBITDA profitability, a 
transformation which was delivered in 2024. 
Revenues: deliver revenues of at least SEK 600 million by year-end 2030 
EBITDA: deliver an EBITDA of at least SEK 200 million by year-end 2030 
Partnership development: have at least ten application areas in either exclusivity partnerships or license 
partnerships by year-end 2030 
These targets replace the 2028 goals set in October 2023. Bactiguard remains committed to EBITDA profitability, 
disciplined cost management, and growth in both license partnerships and wound management, with the latter 
continuing its double-digit profitability. 
Shareholders No. of A 
shares 
No. of  B 
shares Total number % of capital % of votes 
TomBact AB¹ 2,000,000 4,443,787 6,443,787 18.4 34.4
GIDL Invest AB² 2,000,000 4,106,497 6,106,497 17.4 33.9
Nordea Funds 3,648,811 3,648,811 10.4 5.1
Jan Ståhlberg 3,605,150 3,605,150 10.3 5.1
The Fourth Swedish National Pension Fund 3,475,992 3,475,992 9.9 4.9
Handelsbanken Fonder 2,070,099 2,070,099 5.9 2.9
TomEnterprise Public Capital AB¹ 1,885,384 1,885,384 5.4 2.7
AMF - försäkring och fonder 1,712,088 1,712,088 4.9 2.4
Insurance company Avanza Pension 1,084,768 1,084,768 3.1 1.5
Lancelot Asset Management AB 500,000 500,000 1.4 0.7
Total, major shareholders 4,000,000 26,532,576 30,532,576 87.1 93.6
Total, others 4,511,309 4,511,309 12.9 6.4
Total number of shares 4,000,000 31,043,885 35,043,885 100.0 100.0

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

INTERIM REPORT FIRST QUARTER 2025 | 7 
These targets represent mid-term expectations rather than forecasts, as Bactiguard sharpens its focus on 
Orthopedics, Cardiology, Neurology, Urology and Vascular Access while investing in R&D and business 
development for long-term growth. 
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 2024. 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 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 has received compensation for services and 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 financial risks, 
market risks and operational risks. A description of these risks can be found on page 18-19 and 53–55 in the 
annual report 2024.  
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. 
While we see falling inflation levels, inflation and higher prices can continue to affect the company negatively as it 
is not always possible to change the price to the customers, all of which can affect the financial position 
negatively. The falling inflation levels can lead to lower interest rates, which can positively impact the interest 
costs. Some countries are now in or close to recession, which can lead to a decreased ability for customers to 
pay their invoices. Bactiguard has substantial USD exposure in the license business and a weaker USD will have 
a negative effect on the results, see page 55 in the annual report 2024. The company does not hedge the 
currency exposure. Developments are monitored closely, given the rapidly evolving landscape.

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

INTERIM REPORT FIRST QUARTER 2025 | 8 
Group consolidated income statement 
 
Condensed statement of comprehensive income  
  
Full year RTM
TSEK Note 2025 2024 2024 2024/25
Revenues 1
Net sales 59,053 53,926 241,678 246,805
Other operating income 3,687 4,867 20,200 19,019
Total 62,740 58,793 261,877 265,824
Change in inventory of finished goods and products in progress 1,273 28 148 1,393
Capitalized production - - - -
Raw materials and consumables -12,242 -11,475 -36,117 -36,884
Other external expenses -15,615 -18,751 -87,567 -84,431
Personnel costs -23,128 -29,375 -111,462 -105,215
Depreciation and amortization -12,020 -11,366 -46,883 -47,537
Other operating expenses -3,619 -721 -8,857 -11,756
Total -65,351 -71,660 -290,738 -284,429
Operating profit/loss -2,612 -12,867 -28,860 -18,607
Profit/loss from financial items
Financial income 16 4,536 7,844 3,323
Financial expenses -4,883 -3,869 -15,566 -16,580
Total -4,867 667 -7,722 -13,257
Profit/loss before tax -7,478 -12,200 -36,585 -31,863
Current tax - - - -
Deferred tax 2,750 2,299 6,769 7,220
NET PROFIT/LOSS FOR THE PERIOD -4,728 -9,901 -29,815 -24,643
Attributable to:
The parent company´s shareholders -4,728 -9,901 -29,815 -24,643
Earnings per share, before and after dilution, SEK -0.13 -0.28 -0.85 -0.70
Jan-Mar
Full year RTM
TSEK Note 2025 2024 2024 2024/25
Net profit/loss for the period -4,728 -9,901 -29,815 -24,640
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 -5,933 127 4,979 -1,081
Other comprehensive income, after tax -5,933 127 4,979 -1,081
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -10,661 -9,774 -24,836 -25,721
Attributable to:
The parent company´s shareholders -10,661 -9,774 -24,836 -25,721
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
Jan-Mar

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

INTERIM REPORT FIRST QUARTER 2025 | 9 
Group condensed statement of financial position 
  
TSEK Note 2025-03-31 2024-03-31 2024-12-31
ASSETS
Non-current assets
Intangible fixed assets
Goodwill 248,680 249,091 251,817
Technology 41,814 66,903 48,179
Brands 25,579 25,691 25,602
Customer relationships 3,496 4,740 3,856
Capitalized development costs 1,344 2,953 1,619
Patent 870 1,244 962
Total 321,783 350,622 332,035
Tangible assets
Right of use lease assets 48,498 62,567 52,685
Buildings 22,973 23,739 25,588
Leasehold improvements 18,004 8,913 18,513
Machinery and other technical plant 5,578 6,886 6,554
Equipment, tools and installations 5,838 10,200 5,837
Total 100,890 112,305 109,177
Financial assets
Other non-current receivables 2,889 3,053 2,937
Total 2,889 3,053 2,937
Deferred tax assets 20,296 11,735 17,517
Total non-current assets 445,858 477,715 461,669
Current assets
Inventory 21,400 29,337 26,231
Accounts receivable 35,079 33,647 25,046
Other current receivables 2 13,578 10,382 12,960
Prepaid expenses and accrued income 12,846 22,508 13,279
Cash and cash equivalents 46,814 95,839 116,727
Total current assets 129,717 191,713 194,243
TOTAL ASSETS 575,575 669,428 655,911
EQUITY AND LIABILITIES
Equity attributable to shareholders of the parent
Share capital 876 876 876
Translation reserve 4,124 -728 4,124
Other capital contribution 930,680 930,680 930,680
Retained earnings including net profit/loss for the period -617,999 -587,424 -607,338
Total equity 317,681 343,404 328,342
Non-current liabilities
Liabilities to credit institutions 118,845 170,940 -
Leasing liabilities 38,232 50,668 40,694
Provisions 5,257 5,257 5,257
Other long-term liabilities - 125 -
Total non-current liabilities 162,334 226,990 45,951
Current liabilities
Liabilities to credit institutions - 3,870 170,893
Leasing liabilities 14,152 16,051 16,180
Accounts payable 23,723 19,757 22,925
Provisions 17,175 9,568 18,104
Other current liabilities 2 2,369 3,004 3,312
Accrued expenses and prepaid income 38,140 46,784 50,204
Total current liabilities 95,559 99,034 281,618
TOTAL LIABILITIES 257,893 326,024 327,569
TOTAL EQUITY AND LIABILITIES 575,575 669,428 655,911

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

INTERIM REPORT FIRST QUARTER 2025 | 10 
Group condensed statement of changes in equity 
 
  
TSEK
Share 
capital  
Other 
capital 
contribution Reserves 
Retained 
earnings 
including net 
profit/loss for 
the period Total equity 
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
Opening balance 2025-01-01 876 930,680 4,124 -607,338 328,342
Net profit/loss for the period - - - -4,728 -4,728
Other comprehensive income:
Translation differences - - -5,933 - -5,933
Total comprehensive income after tax - - -5,933 -4,728 -10,661
Closing balance 2025-03-31 876 930,680 -1,809 -612,066 317,681

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

INTERIM REPORT FIRST QUARTER 2025 | 11 
Group condensed statement of cash flows 
  
Full year RTM
TSEK Note 2025 2024 2024 2024/25
Net profit/loss for the period -4,728 -9,901 -29,815 -24,643
Adjustments for depreciation and amortization and other non-cash 
items 1,432 2,101 38,255 37,585
Increase/decrease inventory 5,583 1,178 12,858 17,263
Increase/decrease accounts receivable -10,359 -15,987 -7,290 -1,662
Increase/decrease other current receivables -2,916 -5,044 -5,031 -2,903
Increase/decrease accounts payable 798 3,063 6,230 3,965
Increase/decrease other current liabilities -1,919 5,535 9,782 2,328
Cash flow from changes in working capital -8,814 -11,256 16,549 18,992
Cash flow from operating activities -12,110 -19,056 24,989 31,936
Investments in intangible assets - - - -
Investments in tangible assets -128 -6,225 -14,781 -8,684
Cash flow from investing activities -128 -6,225 -14,781 -8,684
Amortization of financial leasing liability -3,449 -2,575 -13,522 -14,397
Amortization of loan -52,048 -3,759 -7,676 -55,965
Change in bank overdraft - - - -
Other financing activities - - - -
Cash flow from financing activities -55,497 -6,334 -21,198 -70,362
Cash flow for the period -67,734 -31,615 -10,990 -47,110
Cash and cash equivalents at the beginning of the period 116,727 123,217 123,217 95,839
Exchange difference in cash and cash equivalents -2,179 4,237 4,501 -1,916
Cash and cash equivalents at end of period 46,814 95,839 116,727 46,814
Jan-Mar

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

INTERIM REPORT FIRST QUARTER 2025 | 12 
Condensed parent company income statement 
 
The parent company presents no separate statement of comprehensive income since the company has no items in 2025  or 2024 recognized in 
other comprehensive income. Net profit/loss for the period for the parent company thereby also constitutes of the comprehensi ve income for the 
period. 
  
Full year RTM
TSEK Note 2025 2024 2024 2024/25
Net sales - - 3,423 3,423
Total - - 3,423 3,423
Other external expenses -974 -1,841 -4,277 -3,410
Personnel costs -740 -783 -3,096 -3,053
Total -1,714 -2,624 -7,373 -6,463
Operating profit/loss -1,714 -2,624 -3,949 -3,040
Financial income 3,547 5,461 20,846 18,932
Financial expenses -2,203 -3,175 -12,717 -11,745
Total 1,344 2,286 8,130 7,188
Income after financial items -370 -338 4,180 4,148
Deferred tax - - - -
Net profit/loss for the period -370 -338 4,180 4,148
Jan-Mar

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

INTERIM REPORT FIRST QUARTER 2025 | 13 
Condensed parent company balance sheet 
  
TSEK Note 2025-03-31 2024-03-31 2024-12-31
ASSETS
Non-current assets
Financial assets
Shares in subsidiaries 625,191 575,191 625,191
Receivables from group companies 297,746 363,791 351,757
Deferred tax assets 15,255 15,255 15,255
Total non-current assets 938,191 954,237 992,202
Current assets
Current receivables
Other current receivables 290 180 1,767
Prepaid expenses and accrued income 57,701 37,963 52,887
Total 57,991 38,143 54,654
Cash and bank equivalents 2,897 3,388 3,562
Total current assets 60,888 41,531 58,216
TOTAL ASSETS 999,079 995,768 1,050,418
EQUITY & LIABILITIES
Equity
Restricted equtiy
Share capital 876 876 876
Total restricted equity 876 876 876
Non-restricted equity
Non-restricted share premium 727,969 727,969 727,969
Retained earnings including net profit/loss for the period -25,536 -29,685 -25,167
Total non-restricted equity 702,433 698,284 702,803
Total equity 703,309 699,160 703,679
Non-current liabilities
Liabilities to credit institutions 120,000 170,941 -
Total non-current liabilities 120,000 170,941 -
Current liabilities
Liabilities to credit institutions - - 170,941
Liabilities to group companies 174,000 124,000 174,000
Accounts payable 239 320 178
Other current liabilities 128 107 320
Accrued expenses and prepaid income 1,402 1,240 1,300
Total current liabilities 175,770 125,667 346,740
Total liabilities 295,770 296,608 346,740
TOTAL EQUITY AND LIABILITIES 999,079 995,768 1,050,418

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

INTERIM REPORT FIRST QUARTER 2025 | 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 2025 2024 2024 2024/25
Operating profit/loss -2,612 -12,867 -28,860 -18,607
Depreciation 12,020 11,366 46,883 47,537
EBITDA 9,409 -1,501 18,023 28,930
Jan-Mar
Full year RTM
TSEK 2025 2024 2024 2024/25
EBITDA 9,409 -1,501 18,023 28,930
Revenues 62,740 58,793 261,877 265,824
EBITDA margin % 15.0 -2.6 6.9 10.9
Jan-Mar
Full year
TSEK 2025 2024 2024
Non-current liabilities to credit institutions 118,845 170,940 -
Current liabilities to credit institutions - 3,870 170,893
Long-term lease debt 38,232 50,668 40,694
Short-term lease debt 14,152 16,051 16,180
Interest-bearing debt 171,229 241,529 227,767
Cash and cash equivalents 46,814 95,839 116,727
Net debt 124,415 145,690 111,040
Jan-Mar

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

INTERIM REPORT FIRST QUARTER 2025 | 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 2025 2024 2024
Equity 317,681 343,404 328,342
Balance sheet total 575,575 669,428 655,911
Equity ratio, % 55.2 51.3 50.1
Jan-Mar
Full year RTM
TSEK 2025 2024 2024 2024/25
License partners 39,252 32,424 155,397 162,225
Exclusivity partners - 2,591 7,746 5,155
Application development partners 50 131 1,548 1,467
Wound Management portfolio 19,202 12,733 60,942 67,411
BIP portfolio 549 6,046 16,045 10,548
Total 59,053 53,926 241,677 246,804
Time for revenue recognition
Performance commitment is met at a certain time 59,003 51,203 232,384 240,184
Performace commitment is met during a period of time 50 2,722 9,294 6,622
Total 59,053 53,926 241,677 246,804
Jan-Mar

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

INTERIM REPORT FIRST QUARTER 2025 | 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 fair values have been calculated, see annual report 2024, note 4. Fair value of financial 
assets and liabilities is estimated to be substantially consistent with posted values. The balance sheet contains 
receivables and liabilities from the business that are held to maturity. These are reported at amortized cost, which 
also constitutes an approximation to fair value. 
 
Quarterly information  
   
TSEK Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 RTM 24/25
License partners 39,252 41,205 46,639 35,129 32,424 29,544 162,225
Exclusivity partners - 2,477 - 2,678 2,591 2,639 5,155
Application development partners 50 551 866 - 131 - 1,467
Wound Management portfolio 19,202 15,628 17,880 14,700 12,733 13,917 67,411
BIP portfolio 549 3,213 1,939 4,847 6,046 10,152 10,548
Other operating revenues 3,687 5,182 6,611 3,540 4,867 5,083 19,019
Total revenue 62,740 68,256 73,936 60,893 58,793 61,334 265,824
EBITDA 9,409 8,436 9,877 1,211 -1,501 -4,242 28,930
EBITDA margin (%) 15.0 12.4 13.4 2.0 -2.6 -6.9 10.9
EBIT -2,612 -3,204 -1,943 -10,846 -12,867 -23,791 -18,607
Net profit/loss for the period -4,728 -920 -4,674 -14,318 -9,901 -27,218 -24,643
Earnings per share, before and 
after dilution, SEK -0.13 -0.03 -0.13 -0.41 -0.28 -0.78 -0.70
Operating cash flow -12,111 18,860 8,342 16,843 -19,056 10,110 31,936
Operating cash flow per share, SEK -0.35 0.54 0.24 0.48 -0.54 0.29 0.91
Net debt 124,415 111,040 128,961 134,020 145,690 109,882 124,415
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 2025 | 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 24 April 2025 
 
Thomas von Koch  Richard Kuntz 
Chairperson of the Board  Board Member 
 
Anna Martling   Magdalena Persson 
Board Member   Board Member 
 
Jan Ståhlberg   Christine Lind 
Board Member    CEO 
 
This interim report has not been 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 below on 24 April 2025, at 07:00 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 
15 July 2025 Interim report second quarter 1 April – 30 June 2025 
23 October 2025 Interim report third quarter 1 July – 30 September 2025 
 
Contacts 
For additional information, please contact: 
Patrick Bach, CFO: +46 8 440 58 80 
Nina Nornholm, Head of Communication & Investor Relations: +46 708 550 356