Kvartalsrapport Q2 2023

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

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

INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
 
 
 
QUARTER APRIL – JUNE 2023  PERIOD JANUARY – JUNE 2023 
 Revenue grew 32% to SEK 381 million (288). The currency adjusted growth 
was 24%.  
 Gross margin was 68% (64).  
 Operating profit totaled SEK 29 million (16), corresponding to an operating   
margin of 7.6% (5.4). The operating margin was 9.2%, excluding non- recur-
ring costs of SEK 6 million. 
 Cash flow after continuous investments was SEK 30 million (-30). 
 Basic and diluted earnings per share were SEK  0.16 (0.05).  
  
  Revenue grew 34% to SEK 716 million (535). The currency adjusted growth 
was 24%.  
 Gross margin was 67% (64).  
 Operating profit totaled SEK 50 million (33), corresponding to an operating   
margin of 7.0% (6.1). The operating margin was 7.8%, excluding non-recur-
ring costs of SEK 6 million. 
 Cash flow after continuous investments was SEK 47 million (-58). 
 Basic and diluted earnings per share were SEK  0.23 (0.15). 
 
 
SIGNIFICANT EVENTS DURING THE QUARTER 
 On June 30, 2023, Tobii Dynavox entered into an agreement to acquire all 
shares in the German company Rehadapt Engineering for EUR 15 million in 
cash on a debt-free basis. A dditionally, a p otential earn-out consideration of 
up to EUR 3.5 million 12 months after closing of the transaction will be paid 
depending on the continued financial development of Rehadapt. The trans-
action is subject to relevant regulatory approvals and other customary condi-
tions, which are expected to be completed in the third quarter of 2023.  
 The company launched the TD I-Series, a fast, lightweight and durable eye-
controlled communication aid. Specially des igned for people with disabilities 
such as ALS, cerebral palsy, and Rett syndrome, the TD I -Series is 
equipped with enhanced eye tracking and a wide range of pre- installed ap-
plications for simplified communication.  
 
 
 
 
 
 
 
 
 
SIGNIFICANT EVENTS AFTER THE END OF THE QUARTER 
 Tobii Dynavox signed a partnership agreement with Team Gleason Founda-
tion, the leading provider of technology solutions for people with ALS, to im-
prove access to assistive technology for communication and enable more 
people to live a more meaningful life. 
 
 
 
 
FINANCIAL OVERVIEW 
 
 
 
SEK m (except for earnings per share)
Q2
2023 
Q2
2022 Δ
Δ 
Organic
Half year
2023 
Half year
2022 Δ
Δ 
Organic
Revenue 381 288 32 % 20 % 716 535 34 % 18 %
Gross margin 68% 64% 6 % - 67% 64% 5 % -
EBI
TDA 65 44 47 % - 121 87 39 % -
Operating profit/loss (EBIT) 29 16 86 % 54 % 50 33 53 % 2 %
EBIT margin 7.6% 5.4% 40 % - 7.0% 6.1% 14 % -
Net profit/loss for the period 17 6 198 % - 24 16 55 % -
Earnings per share, (SEK) 0.16 0.05 198 % - 0.23 0.15 55 % -
Earnings per share after dilution (SEK) 0.16 0.05 196 % - 0.23 0.15 55 % -
Cash flow after continuous investments 30 -30 - - 47 -58 - -
 
 Interim Report Q2 
April –June 2023

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

2 COMMENTS FROM THE CEO 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
Comments from the CEO 
Our underlying growth continues with undiminished momentum despite facing 
a tougher comparison quarter from last year's Q2. We see strong momentum in 
the business across the board, including outside the US. At the same time, 
profitability continues to strengthen, driven by volume effects, gradually higher 
reimbursement levels in the insurance systems, and the fact that the pandemic 
no longer negatively impacts gross margin. We see a clear trend where growth 
is fastest in markets where we sell directly, boding well for the future. The ac-
quisition of our German supplier Rehadapt has full potential to add profitable 
growth from day one. We remain optimistic about both growth and profitability 
going forward and are therefore investing in competencies, systems and tools 
to further increase scalability. 
Sales growth, denominated in local currency, was well above our long-term target at 24 percent. 
Growth was robust across all product and user groups. US Medicare's increase in the reimburse-
ment level for our products by more than 9 percent will gradually affect revenues in 2023. Our in-
come statement now reflects almost half of these price adjustments. As before, we expect to see 
the full impact by the end of the second half of the year. 
 
Gross margin increased by 4 percentage points to 68 percent. The main reasons were the nor-
malization of component and freight costs, as well as progressively higher sales prices. 
 
Clearly, the distinct break in the trend toward increased sales growth that we saw just over a 
year ago was not temporary in nature. Our own large-scale investments to educate prescribers and 
improve our products, along with constantly improving reimbursement systems in many countries, 
are producing clear results. 
 
Our direct markets, including the recently added Irish and Danish markets, show the strongest 
growth. The main reason is that we have a much greater ability to effectively educate and support 
prescribers while gaining a deeper understanding of local requirements, processes and reimburse-
ment systems. Educating the market about the potential of our products is key and critical for us to 
deliver on our major growth and profitability opportunities. 
Our customer offering is highly competitive, and it is gratifying that our recently launched software 
titles have drawn so much attention. We can see rapid growth in their use. TD Browse, a browser 
specifically designed for users who control their device with eye movements, has also been nomi-
nated for several prominent awards. We continue to invest in development to gradually strengthen 
our product offering. New hardware, TD I-13 and TD I-16, was launched during the quarter, thereby 
upgrading our leading eye-tracking communication aids in the premium segment to the next level. 
The acquisition of our long-standing German supply partner Rehadapt, which we agreed on at 
the end of June, naturally complements our offering while also strengthening our position in Ger-
many. The company offers medically certified “mounts,” a product that either we or our distributors 
combine with assistive communication devices when fixed, for example, to the user’s bed or wheel-
chair. The acquisition allows us to create solutions that make it easier for our users to access and 
use their assistive technology for communication. Rehadapt will be an independent subsidiary 
within the Group. We expect to close the deal in the third quarter, welcoming around 50 new col-
leagues. 
 
 Fredrik Ruben, CEO  
 
 Fredrik Ruben 
CEO, Tobii Dynavox

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

3 FINANCIAL REPORTING 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
Comments on the 
Group's performance 
 
QUARTER APRIL - JUNE 
Revenue 
Group revenue increased 32% to SEK 381 million (288). Organic sales grew by 20%. As in the 
first quarter of 2023, growth was robust in North America, Europe and other markets, as well as in 
all product and user groups. Currency movements had a positive impact of 8% on revenue and ac-
quisitions contributed 4%. 
Performance 
Consolidated gross profit amounted to SEK 258 million (184), corresponding to a gross margin 
of 68% (64). The increase was mainly attributable to the normalization of component and freight 
costs and progressively higher sales prices. 
Operating profit totaled SEK 29 million (16) and the operating margin was 7.6% (5.4). 
The operating margin was 9.2%, excluding non-recurring costs.  
Operating expenses were affected by non-recurring costs of approximately SEK 6 million, 
mainly related to the acquisition of Rehadapt Engineering. Excluding these costs, operating ex-
penses increased organically by around 16 percent. The increase in operating expenses was af-
fected by factors such as significant staff increases in the sales and marketing organization and 
new agreements on salaries and benefits that entered into force on April 1. Investments in systems 
and tools to manage a growing business also contributed to the cost increase. In the comparative 
period, costs were lower than normal due to the effects of the pandemic on the level of activity re-
lating to travel, events, conferences, etc.  
Research and development expenses had a negative impact on operating profit of SEK 5 mil-
lion for the quarter compared with the corresponding quarter last year, mainly related to normaliza-
tion of development costs as well as even higher depreciation costs because of new product 
launches. Investments relate to the development of proprietary products, the majority of which in-
volve software and voice technology.  
Financial items amounted to SEK -12 million (-7) and mainly consisted of interest on external 
loans. Profit before tax was SEK 17 million (9). 
Tax for the quarter amounted to SEK -0 (-3) million, of which SEK 5 (0) million related to de-
ferred tax.   
Profit for the period was SEK 17 million (6). Basic and diluted earnings per share were SEK 
0.16 (0.05).  
Currency effects 
Higher exchange rates, primarily USD/SEK, had a positive impact on revenue of SEK 23 million 
and on operating profit of SEK 0 million compared with the corresponding quarter last year. 
Cash flow, liquidity and financial position 
Cash flow from operating activities before changes in working capital amounted to SEK 55 mil-
lion (39). Change in working capital amounted to SEK 6 million (-39). 
 
Cash flow from investing activities amounted to SEK -31 million (-106), of which SEK -21 million 
(-22) was capitalization of R&D costs. Cash flow for the period was SEK 13 million (-56). During the 
quarter, an amortization of the credit facility of SEK 13 million was made. 
At the end of the quarter, the Group had cash and cash equivalents of SEK 116 million (116). 
Consolidated net debt totaled SEK 476 million (553), including SEK 53 million (67) in IFRS 16 fi-
nance leases.  
To finance the future acquisition of Rehadapt engineering, Tobii Dynavox has expanded its total 
credit facility with additional loans from Swedbank of SEK 100 million during the quarter to SEK 
800 million. 
REVENUE, SEK M,  
AND GROSS MARGIN, % 
 
 
 
 
 
 
217
204
233
207
165
255
245
246
288
320
362
335
381
0%
10%
20%
30%
40%
50%
60%
70%
0
 50
 100
 150
 200
 250
 300
 350
 400
Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
-20 -21 -22 -23
Revenue Gross margin

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

4 FINANCIAL REPORTING 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
KEY PERFORMANCE MEASURES 
 
 
REVENUE BY GEOGRAPHIC MARKET 
 
 
RESEARCH AND DEVELOPMENT 
 
 
PERIOD JANUARY - JUNE 
Revenue 
Group revenue increased 34% to SEK 716 million (535). Organic sales grew by 18%. There 
was good growth in North America, Europe and other markets, as well as in all product and user 
groups. Currency movements had a positive impact of 10% on revenue and acquisitions contrib-
uted 7%. 
Performance 
Consolidated gross profit amounted to SEK 480 million (341), corresponding to a gross margin 
of 67% (64). The increase was mainly attributable to the normalization of component and freight 
costs, some economies of scale, and progressively higher sales prices. 
Operating profit totaled SEK 50 million (33) and the operating margin was 7.0% (6.1). The oper-
ating margin was 7.8%, excluding non-recurring costs.  
Operating expenses were affected by non-recurring costs of approximately SEK 6 million, 
mainly related to the acquisition of Rehadapt Engineering. Excluding these costs, operating ex-
penses increased organically by around 16 percent. The increase in operating expenses was af-
fected by factors such as significant staff increases in the sales and marketing organization and 
SEK m Note Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full year
2022
Revenue 8 381 288 716 535 1,216
Revenue change: 32 % 75 % 34 % 44 % 40 %
- of which organic 20 % 48 % 18 % 26 % 16 %
- of which currency 8 % 21 % 10 % 15 % 18 %
- of which acquisitions 4 % 6 % 7 % 3 % 6 %
Gross margin 68 % 64 % 67 % 64 % 65 %
Operating profit/loss 
(EBIT) 29 16 50 33 82
EBIT change 86 % - 53 % 585 % 37 %
EBIT margin 7.6 % 5.4 % 7.0 % 6.1 % 6.8 %
SEK m Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full year
2022
Europe 63 41 127 83 207
North America 301 230 559 415 942
Other countries 17 17 30 37 67
Total revenue 381 288 716 535 1216
SEK m
Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full year
2022
Total R&D expenditures -34 -34 -67 -61 -136
Capitalization 20 20 38 39 79
Amortization -22 -18 -45 -36 -81
R&D expenses in the income 
statement -37 -32 -74 -58 -138

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

5 FINANCIAL REPORTING 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
new agreements on salaries and benefits that entered into force on April 1. Investments in systems 
and tools to manage a growing business also contributed to the cost increase. In the comparative 
period, costs were lower than normal due to the effects of the pandemic on the level of activity re-
lating to travel, events, conferences, etc.  
Research and development expenses had a negative impact on operating profit of SEK 16 mil-
lion for the period compared with the corresponding period last year, mainly related to normaliza-
tion of development costs as well as even higher depreciation costs because of new product 
launches. Investments relate to the development of proprietary products, the majority of which in-
volve software and voice technology.  
Financial items amounted to SEK -21 million (-13) and mainly consisted of interest on external 
loans. Profit before tax was SEK 30 million (20). 
Tax for the year amounted to SEK -5 (-5) million, of which SEK 5 (1) million related to deferred 
tax. Profit for the period was SEK 24 million (16). Basic and diluted earnings per share were SEK 
0.23 (0.15).  
Currency effects 
Higher exchange rates, primarily USD/SEK, had a positive impact on revenue of SEK 51 million 
and on operating profit of SEK 8 million compared with the corresponding period last year. 
Cash flow, liquidity and financial position 
Cash flow from operating activities before changes in working capital amounted to SEK 99 mil-
lion (75). Change in working capital amounted to SEK 6 million (-73). 
 
Cash flow from investing activities amounted to SEK -57 million (-135), of which SEK -41 million 
(-41) was capitalization of R&D costs. Cash flow for the period was SEK 6 million (-88).  
At the end of the period, the Group had cash and cash equivalents of SEK 116 million (116). 
Consolidated net debt totaled SEK 476 million (553), including SEK 53 million (67) in IFRS 16 fi-
nance leases. Net debt in relation to the last twelve months EBITDA was 2.0.  
In early October 2022, a new three-year financing agreement was signed with Swedbank. The 
credit facilities include the same financing framework as before, SEK 700 million, and are classified 
as social loans. This means that Tobii Dynavox qualifies as a company that contributes to the de-
velopment of society through sustainable social initiatives.  
To finance the future acquisition of Rehadapt Engineering, Tobii Dynavox has increased its total 
credit facility with Swedbank to SEK 800 million by signing and extending its credit facility with an 
additional term loan of SEK 100 million. Tobii Dynavox will use this new term loan and its revolving 
credit facility to pay for this acquisition.  
 The total utilized part of the credit facility and term loan was SEK 542 million at the end of the 
period. 
Organization 
The number of employees converted to full-time equivalents at the period end was 616 (553).  
Acquisition 
On June 30, 2023, Tobii Dynavox entered into an agreement to acquire all shares in the Ger-
man company Rehadapt Engineering for EUR 15 million in cash on a debt-free basis. Additionally, 
a potential earn-out consideration of up to EUR 3.5 million 12 months after closing of the transac-
tion will be paid depending on the continued financial development of Rehadapt.  The transaction is 
subject to relevant regulatory approvals and other customary conditions, which are expected to be 
completed in the third quarter of 2023. 
Rehadapt is a provider of medically certified mounting solutions for assistive technology, includ-
ing out-of-the-box and flexible solutions to support individual communication, independent mobility 
kits and customized accessories. Based on over 20 years of expertise and innovative development, 
Rehadapt has created a well-respected brand and a valuable asset base in the field of mounting 
solutions. Rehadapt’s products are currently sold together with Tobii Dynavox’s products as well as 
by many other companies in assistive communication. Rehadapt has approximately 50 employees 
and is headquartered in Kassel, Germany with a local subsidiary and distribution center in the 
United States. Rehadapt’s turnover in 2022 was approximately EUR 10 million with an adjusted 
EBIT margin of approximately 20%. The seller, Rehadapt’s CEO Uli Ehlert, will remain with Re-
hadapt for a period of at least one year.

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

6 FINANCIAL REPORTING 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
Group 
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
 
 
 
  
SEK m Note
Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full year
2022
Revenues 8 381 288 716 535 1, 216
Cost of goods and services sold -123 -105 -236 -193 - 428
Gross profit 258 184 480 341 788
Selling expenses -147 -108 -274 -198 - 451
Research- and development expenses -37 -32 -75 -58 - 138
Administrative expenses -49 -34 -86 -60 - 130
Other operating gains and losses 5 6 5 7 13
Operating profit/loss (EBIT) 29 16 50 33 82
Net financial items -12 -7 -21 -13 -2 9
Profit/loss before tax (EBT) 17 9 30 20 54
Tax -0 -3 -5 -5 -5
Net profit for the period 17 6 24 16 49
Other comprehensive income
Items that may be reclassified to net profit for 
the period:
Translation differences 10 10 11 12 19
Other comprehensive income for the period, 
net after tax 10 10 11 12 19
Total comprehensive income for the period 27 16 35 28 67
Earnings per share, SEK 0.16 0.05 0.23 0.15 0. 46
Earnings per share, diluted, SEK 0.16 0.05 0.23 0.15 0. 46
Net profit/loss for the period attributable to:
Parent Company's shareholders 17 6 24 16 49
Net profit/loss for the period 17 6 24 16 49
Total comprehensive income for the period 
attributable to: 
Parent Company's shareholders 27 16 35 28 67
Total comprehensive income for the period 27 16 35 28 67

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

7 FINANCIAL REPORTING 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
 
  
SEK m Jun 30
2023
Jun 30
2022
Dec 31
2022
ASSETS
Non-current assets
Intangible fixed assets 676 671 674
Property, plant and equipment 41 37 37
Right-of-use assets 44 59 50
Dererred tax asset 65 59 59
Financial and other non-current assets 14 11 15
Total non-current assets 840 836 835
Current assets
Trade receivables 258 194 237
Inventories 92 107 88
Other current receivables 57 61 56
Cash and cash equivalents 116 116 107
Total current assets 523 477 488
TOTAL ASSETS 1,363 1,313 1,323
EQUITY AND LIABILITIES
Equity 249 169 211
Total equity 249 169 211
Non-current liabilities
Borrowings, non-current 491 - 521
Lease liabilities 36 49 40
Other non-current liabilities 135 125 126
Total non-current liabilities 661 174 687
Current liabilities
Borrowings, current 49 602 49
Lease liabilities 17 18 18
Other current liabilities 388 350 358
Total current liabilities 454 970 425
Total liabilities 1,115 1,144 1,112
TOTAL EQUITY AND LIABILITIES 1,363 1,313 1,323

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

8 FINANCIAL REPORTING 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY  
 
 
 
  
SEK m
Share 
capital Reserves
Retained 
earnings
Total 
equity
Opening balance, Jan 1, 2022 1 1 138 139
Comprehensive income for the period 12 16 28
Share based payments 2 2
Closing balance, Jun 30, 2022 1 13 156 169
Comprehensive income for the period 7 33 40
Share based payments 3 3
Acquisition of own shares -1 -1
Closing balance, Dec 31, 2022 1 19 191 211
Opening balance, Jan 1, 2023 1 19 191 211
Comprehensive income for the period 11 24 35
Share based payments 3 3
Closing balance, Jun 30, 2023 1 30 218 249
Attributable to Parent Company shareholders

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

9 FINANCIAL REPORTING 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW 
 
SEK m Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full year
2022
Cash flow from operating activities
Profit before tax (EBT) 17 9 30 20 54
Depreciations and amortization 36 29 71 54 124
Other non cash items 5 3 5 5 8
Taxes paid -4 -1 -6 -4 -6
Cash flow before changes in working 
capital 55 39 99 75 179
Change in working capital 6 -39 6 -73 -83
Cash flow from operating activities 61 1 105 2 96
Investing activities
Investments in intangible assets -21 -22 -41 -41 -87
Investments in tangible assets -10 -8 -17 -18 -32
Other 0 -0 0 -0 -4
Continious investments -31 -30 -57 -59 -122
Cash flow after continous investments 30 -30 47 -58 -26
Aquisitions -0 -76 -0 -76 -75
Cash flow from investing activities -31 -106 -57 -135 -197
Financing activities
Proceeds from borrowings -13 54 -32 54 26
Repayment of lease liability -5 -3 -9 -7 -16
Other financing activities -0 -1 -0 -1 -7
Cash flow from financing activities -17 49 -41 45 2
Cash flow for the period 13 -56 6 -88 -99
Cash and cash equivalents at the 
beginning of the period 99 167 107 197 197
Currency translation impact on cash and 
cash equivalents 4 5 3 6 8
Cash and cash equivalents at the end of 
the period 116 116 116 116 107

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

10 FINANCIAL REPORTING 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
Parent Company  
The principal activity of the Group's Parent Company, Tobii Dynavox AB (publ), is research, de-
velopment, and sales of computer software and computer-related hardware that helps individuals 
with various disabilities to live richer and more independent lives. The number of employees in the 
Parent Company is approximately 118.  
Net sales for the Parent Company, Tobii Dynavox AB, for the period April 1 to June 30 2023 
amounted to SEK 197 million (139) of which SEK 153 million (102) refers to sales to group compa-
nies and SEK 44 million (37) to external customers. Operating profit for the corresponding period 
was SEK 8 million (-18). Investments in property, plant and equipment and intangible assets totaled 
SEK -21 million (-21) for the quarter. At the end of the period, the Parent Company had SEK 27 
million (32) in cash and cash equivalents. 
 
CONDENSED PARENT COMPANY INCOME STATEMENT 
 
 
 
  
SEK m
Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full year
2022
Revenues 197 139 338 287 582
Cost of goods and services sold -96 -73 -161 -146 -289
Gross profit 101 67 177 141 293
Selling expenses -26 -18 -44 -34 -84
Research- and development expenses -33 -29 -67 -53 -123
Administrative expenses -49 -41 -85 -77 -161
Other operating gains and losses 16 4 17 6 48
Operating profit/loss (EBIT) 8 -18 -3 -17 -26
Financial items -11 11 -20 5 -9
Profit/loss before tax (EBT) -3 -7 -23 -12 -36
Tax - - - - 7
Net profit/loss for the period -3 -7 -23 -12 -29

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

11 FINANCIAL REPORTING 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
CONDENSED PARENT COMPANY BALANCE SHEET 
 
  
SEK m Jun 30
2023
Jun 30
2022
Dec 31
2022
NON-CURRENT ASSETS
Intangible assets 361 441 397
Property, plant and equipment 7 5 7
Financial assets 279 262 281
Total non-current assets 648 707 685
CURRENT ASSETS
Inventories 21 38 28
Trade receivables 17 19 18
Receivables from Group companies 84 44 82
Other current assets 19 14 10
Cash and cash equivalents 27 32 23
Total current assets 168 147 161
TOTAL ASSETS 815 854 846
EQUITY AND LIABILITIES
Equity 104 139 124
Untaxed reserves 1 0 1
NON-CURRENT LIABILITIES
Borrowings, non-current 491 - 521
Liabilities to Group companies, non- current 51 7 47
Other non-current liabilities 17 15 16
Total non-current liabilities 558 23 584
CURRENT LIABILITIES
Borrowings, current 49 602 49
Trade payables 49 31 40
Liabilities to Group companies, current 3 0 4
Other current liabilities 52 58 44
Total current liabilites 153 692 138
Total liabilites 711 715 722
TOTAL EQUITY AND LIABILITES 815 854 846

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

12 FINANCIAL REPORTING 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
KEY PERFORMANCE MEASURES FOR THE GROUP 
 
 
Definitions, see note 11. 
QUARTERLY DATA 
 
Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full year
2022
Earnings per share, SEK 0.16 0.05 0.23 0.15 0.46
Earnings per share, diluted, SEK 0.16 0.05 0.23 0.15 0.46
Equity per share, SEK 2.4 1.6 2.4 1.6 2.0
EBITDA, SEKm 65 44 121 87 206
Operating profit (EBIT), SEKm 29 16 50 33 82
EBITA, MSEK 53 34 98 69 166
Cash flow from operating activities, SEKm 61 1 105 2 96
Cash flow after continuous investments, 
SEKm 30 -30 47 -58 -26
Working capital, SEKm -99 -96 -99 -96 -85
Total assets, SEKm 1,363 1,313 1,363 1,313 1,323
Net debt, SEKm 476 553 476 553 522
Net Debt/EBITDA LTM - - 2.0 2.9 2.5
Equity, SEKm 249 169 249 169 211
Equity/assets ratio, % 18 13 18 13 16
Debt/equity, factor 2.4 4.0 2.4 4.0 3.0
Gross margin, % 68 64 67 64 65
EBITDA margin, % 17 15 17 16 17
Operating margin, % 7.6 5.4 7.0 6.1 6.8
Average number of outstanding shares, 
million 104.9 104.9 104.9 104.9 104.9
Average number of outstanding shares after 
dilution, million 105.7 105.4 105.7 105.4 105.3
Number of outstanding shares at period 
end, million 104.9 104.9 104.9 104.9 104.9
Number of outstanding shares after dilution 
at period end, million 106.7 105.7 106.7 105.7 105.4
Average number of employees 604 518 591 489 525
Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Revenue, SEKm 381 335 362 320 288 246 245 255 165 207 233 204
Gross Margin, % 68 66 65 67 64 64 64 67 64 67 67 67
EBITDA, SEKm 65 56 61 59 44 43 38 66 1 50 56 48
EBIT, SEKm 29 21 25 25 16 17 13 42 -23 28 34 28
Operating Margin, % 7.6 6.3 6.8 7.8 5.4 7.0 5.4 16.5 -14.1 13.5 14. 7 13.6
Profit/Loss before tax, SEKm 17 12 15 18 9 11 9 37 -29 23 29 20
Profit/Loss for the period, SEKm 17 7 17 16 6 10 5 21 -13 16 68 18
2023 2021 2022 2020

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

13  OTHER INFORMATION 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
Notes 
 
Note 1. Accounting policies 
Tobii Dynavox applies International Financial Reporting Standards (IFRS) as adopted by the 
European Union. This interim report has been prepared in accordance with IAS 34, Interim Finan-
cial Reporting.  
Tobii Dynavox's interim report contains condensed financial statements. For the Group, this 
mainly means that the note disclosures are limited compared with the financial statements pre-
sented in the annual report. The financial statements of the Parent Company are generally pre-
sented in condensed format, with limited disclosures compared with the annual accounts. The in-
terim reports for Tobii Dynavox AB have been prepared in accordance with the Swedish Annual 
Accounts Act and standard RFR 2, Accounting for legal entities. 
The accounting policies applied are in effect in all periods and are consistent with the account-
ing policies applied in Tobii Dynavox Annual and sustainability report 2022. 
Share-based payment to employees 
The amount of allocated stock units as per June 30, 2023, is 1 675 430. 
The dilutive effect is expected to be a maximum of 1.8 percent.  
The number of stock units allocated under the 2020 plan amounts to 249 852 share rights as of 
June 30, 2023. The number of stock units allocated under the 2021 plan amounts to 326 081 share 
rights as of June 30, 2023. 
The 2022 plan has resulted in an allocation as of June 30 of 425 497 stock units.  
The 2023 Annual General Meeting resolved to adopt a new long-term incentive program, LTI 
2023. The number of stock units granted under the 2023 program amounts to 674,000 as of June 
30, 2023. 
The number of stock units that are not yet allocated is 359 503. 
In addition to the above allocated stock units, approximately 270,000 additional common shares 
may be issued to cover the company's social security costs. 
Note 2. Risks and uncertainty factors 
Tobii Dynavox business risks include the economic climate, the competitive situation, currency 
risks, credit risks in relation to customers, financing risks, the risk of impairment write-downs of 
capitalized R&D and other intangible assets, and regulatory risks (Tobii Dynavox in the U.S. is un-
der the supervisory control of the U.S. Food and Drug Administration (FDA)). More information on 
risks and risk management can be found in the Tobii Dynavox Annual and Sustainability Report for 
2022.   
Note 3. Segment reporting 
The assessment of which operating segments exist in the Group shall be based on the in-ternal 
re-porting provided to the chief operating decision maker. The chief operating decision maker is the 
function responsible for allocation of resources and analyzing the segment’s profit/loss. In the Tobii 
Dynavox Group, this function has been identified as Group Management. The financial information 
provided to Group Management within Tobii Dynavox, as a basis for decisions on the allocation of 
resources, applies to the business as a whole without any subdivision into underlying segments. 
Given this situation, the management of the Tobii Dynavox Group has determined that the busi-
ness as a whole should be considered a segment until further notice. Sales by geographic market 
is broken down into the following markets: North America, Europe and other countries.

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

14  OTHER INFORMATION 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
Note 4. Transactions with related parties 
Significant related party transactions are disclosed in the Group's Note 28 in the Tobii Dynavox 
Annual and Sustainability Report for 2022. There have been no material changes in related party 
relationships or transactions compared with those described in the 2022 Annual and Sustainability 
Report.   
Note 5. Sustainability information 
More information on the Group's sustainability efforts can be found in the Tobii Dynavox Annual 
and Sustainability Report 2022. 
Note 6. Pledged assets and contingent liabilities 
Tobii Dynavox has a chattel mortgage of SEK 50 million to Swedbank. The Group has no 
contingent liabilities.    
Note 7. Share data 
As of June 30, 2023, Tobii Dynavox held 104,851,201 common shares, each carrying one vote.  
Note 8. Breakdown of revenue 
 
  
SEK m
Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full 
year
2022
REVENUE BY PRODUCT TYPE
Goods 352 261 658 482 1 103
Services 27 25 54 49 107
Royalty 2 2 4 3 6
Total revenues 381 288 716 535 1 216
REVENUE BY DATE OF REVENUE 
RECOGNITION
Point in time 321 245 591 448 1 022
Over time 60 43 125 86 194
Total revenues 381 288 716 535 1 216
¹ The assessment of what revenue is over time has changed from previously reported data

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

15  OTHER INFORMATION 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
Note 9. Acquisition 
On June 30, 2023, Tobii Dynavox entered into an agreement to acquire all shares in the Ger-
man company Rehadapt Engineering for EUR 15 million in cash on a debt-free basis. Additionally, 
a potential earn-out consideration of up to EUR 3.5 million 12 months after closing of the transac-
tion will be paid depending on the continued financial development of Rehadapt. The transaction is 
subject to relevant regulatory approvals and other customary conditions, which are expected to be 
completed in the third quarter of 2023. 
Rehadapt is a provider of medically certified mounting solutions for assistive technology, includ-
ing out-of-the-box and flexible solutions to support individual communication, independent mobility 
kits and customized accessories. Based on over 20 years of expertise and innovative development, 
Rehadapt has created a well-respected brand and a valuable asset base in the field of mounting 
solutions. Rehadapt’s products are currently sold together with Tobii Dynavox’s products as well as 
by many other companies in assistive communication. Rehadapt has approximately 50 employees 
and is headquartered in Kassel, Germany with a local subsidiary and distribution center in the 
United States. Rehadapt’s turnover in 2022 was approximately EUR 10 million with an adjusted 
EBIT margin of approximately 20%. The seller, Rehadapt’s CEO Uli Ehlert, will remain with Re-
hadapt for a period of at least one year. 
 
In 2022, Tobii Dynavox acquired the Irish company Obear Technologies Limited, operating un-
der the company name Safe Care Technologies, and the Belgian company Acapela Group, a 
global provider of voice synthesis and digital voices. In the same year, Tobii Dynavox also signed 
an agreement to acquire all business operations and assets from its reseller partner ASK in Den-
mark. 
 
As a result of these acquisitions, Tobii Dynavox expects to both strengthen its product offering 
and come closer to users in the countries where these acquisitions are active, with the hope of giv-
ing more people a voice. Tobii Dynavox also expects to reduce costs through synergies. 
 
The following tables summarize the purchase consideration paid and the preliminary fair value 
of assets acquired, and liabilities assumed for the acquisitions made in 2022.

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

16  OTHER INFORMATION 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
EFFECTS OF ACQUISITIONS  
 
  
SEK m
Acapela 
Group¹
 Obear 
Technologies 
Ltd¹
Assets and 
Liabilities 
Agreement 
ASK²
Breakdown of Purchase considerations
Cash consideration 101 6 8
Contingent consideration - 0 -
Total consideration 101 6 8
Change in acquired assets and liabilities
Voice technology 15 - -
Brands - - -
Customer relations/contracts 18 1 2
Other fixed assets 9 2 0
Net other assets and liabilities -25 -1 0
Cash and cash equivalents 31 0 -
Deferred tax liability 8 0 -
Net identidiable assets and libilities 55 3 2
Goodwill 46 3 5
Impact on cash and cash equivalents
Cash consideration -101 -6 -8
Cash and cash equivalents of acquired companies 31 0 -
Acquisition costs -3 -1 0
Total impact on cash and cash equivalents -74 -7 -8
² The acquisition analysis is preliminary and will be finalized in the third quarter 2023
¹ The acquisition analysis is finalized

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

17  OTHER INFORMATION 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
Note 10. Financial instrument 
 
The Group categorizes financial assets and financial liabilities measured at fair value in-to a fair 
value hierarchy based on the information used to value each asset or liability. For financial instru-
ments in level 3, information that is material to the fair value of the asset or liability is not observa-
ble and the Group’s own assessments are applied. 
Liabilities relating to contingent consideration relate in their entirety to the acquisition of Obear 
Technologies Limited and is classified under level 3. 
Note 11. Alternative performance measures 
The company presents certain financial measures in the interim report that are not defined under 
IFRS (so-called alternative performance measures according to ESMA guidelines). Management 
believes that this information helps investors to analyze the Group's performance and financial po-
sition. Investors should consider these disclosures as a complement rather than a substitute for fi-
nancial reporting under IFRS.    
RECONCILIATION OF ALTERNTIVE PERFORMANCE MEASURES 
The tables below show how the alternative performance measures that are not directly reconcilable 
to the financial statements are calculated.        
  
 
 
 
SEK m
Carrying 
amount Fair value Carrying 
amount Fair value
Contingent 
considerations 0.1 0.1 0.3 0.3
Financial liabilities measured at fair value
Jun 30 2023 Jun 30 2022
SEK m Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full year
2022
Gross margin
Gross profit 258 184 480 341 788
Revenues 381 288 716 535 1, 216
Gross margin, % 68% 64% 67% 64% 65%
SEK m Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full year
2022
EBITDA and EBITDA-margin
Operating profit 29 16 50 33 82
Amortization and impairment on intangible assets 24 19 48 36 84
Depreciation, amortization and impairment on 
tangible assets 12 10 23 18 40
EBITDA 65 44 121 87 206
Revenue 381 288 716 535 1, 216
EBITDA-marginal, (%) 17% 15% 17% 16% 17%

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

18  OTHER INFORMATION 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
 
 
 
 
 
 
 
 
SEK m Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full year
2022
EBITA
Operating profit 29 16 50 33 82
Amortization R&D 22 18 45 35 80
Amortization purchased immaterial assets 2 1 3 1 4
EBITA 53 34 98 69 166
Revenue 381 288 716 535 1, 216
EBITA-margin, % 14% 12% 14% 13% 14%
SEK m Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full year
2022
Equity/share
Equity 249 169 249 169 211
Average number of outstanding shares, million 105 105 105 105 105
Equity/share 2.4 1.6 2.4 1. 6 2.0
SEK m Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full year
2022
Net debt
Cash and cash equivalents 116 116 116 116 107
Interest-bearing liabilities 592 669 592 669 628
Net debt 476 553 476 553 522
SEK m Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full year
2022
Net debt/EBITDA ratio
Net debt - - 476 553 522
EBITDA last twelve months - - 240 191 206
Net debt/EBITDA LTM - - 2.0 2. 9 2.5
SEK m Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full year
2022
Organic growth
Revenue current year 381 288 716 535 1, 216
Currency effect -23 -34 -51 -5 6 -156
Acquisition effect -13 -10 -36 -1 0 -49
Currency-adjusted income corresponding period 
last year excluding acquisitions 345 244 629 469 1, 011
Revenue corresponding period previous year 288 165 535 372 872
Organic growth 57 79 95 97 140
Organic growth, % 20% 48% 18% 26% 16%

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

19  OTHER INFORMATION 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
 
 
 
 
 
 
SEK m Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full year
2022
Working capital
Inventories 92 107 92 107 88
Trade receivables 258 194 258 194 237
Other receivables 57 61 57 61 56
Trade payables -99 -83 -99 -83 -78
Other liabilities -407 -375 -407 -375 -388
Working capital -99 -96 -99 -96 -85
SEK m Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full year
2022
Operating margin (EBIT-margin)
Operating profit 29 16 50 33 82
Revenue 381 288 716 535 1,216
Operating margin, % 7.6% 5.4% 7.0% 6.1% 6.8%
SEK m Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full year
2022
Net debt/equity ratio
Interest-bearing liabilities 592 669 592 669 628
Equity 249 169 249 169 211
Net debt/equity ratio, factor 2.4 4.0 2.4 4. 0 3.0
SEK m Q2
2023
Q2
2022
Half year
2023
Half year
2022
Full year
2022
Equity/assets ratio
Equity 249 169 249 169 211
Total assets 1,363 1,313 1,363 1, 313 1,323
Equity/assets ratio, % 18% 13% 18% 13% 16%

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

20  OTHER INFORMATION 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
Key Performance measures   Definition   Justification for use of metrics    
Number of employees   Average number of full-time employees 
during the period, including part-time em-
ployees converted to FTEs   
Number of employees is a measure of the 
number of employees in the Company 
needed to generate profit for the period.   
Gross margin, %   Gross profit relative to the operations' net 
sales   
Gross margin is used to measure produc-
tion profitability.   
EBITA Operating profit/loss before amortization 
and impairment of intangible assets 
EBITA is used to measure earnings from 
operating activities excluding amortization 
and impairment of intangible assets. 
EBITDA  Operating profit/loss before depreciation, 
amortization and impairment   
EBITDA is used to measure earnings from 
operating activities excluding depreciation, 
amortization and impairment.    
EBITDA margin, %   Operating profit/loss before deprecia-
tion/amortization in relation to net sales   
The EBITDA margin is used to illustrate 
EBITDA in relation to sales.    
Equity per share Equity divided by average number of 
shares outstanding 
A measure of the proportion of the compa-
ny's recognized equity that each share rep-
resents. 
Cash flow after current invest-
ments  
Cash flow from operating  
and investing activities   
Cash flow after current investments is used 
as a measure of the cash flow generated 
by operating activities and investments.    
Net debt  Interest-bearing liabilities less cash and 
cash equivalents    
Net debt represents the Company’s capac-
ity to pay off all debts should they fall due 
for payment as of the balance sheet date 
using the Company’s available cash and 
cash equivalents on the balance sheet 
date.   
Net debt/EBITDA Net debt at the end of the period in  
relation to rolling 12-month EBITDA 
A measure of financial risk showing net 
debt to cash generation. 
Organic growth, %  Change in total revenue for the period ad-
justed for acquisitions, disposals and cur-
rency, compared with total revenue for the 
comparative period   
Organic growth is used to analyze the un-
derlying change in sales driven by compa-
rable units between different periods.  
Working capital  Inventories, trade receivables and other  
Inventories, accounts receivable and other 
current receivables less accounts payable 
and other liabilities   
Working capital is used to measure the 
Company's ability to meet short-term capi-
tal requirements.   
Operating margin  
(EBIT margin), %   
Operating profit/loss in  
relation to net sales   
The operating margin is used to illustrate 
EBIT in relation to sales and is a measure 
of the Company’s profitability.    
Net debt/equity, factor    Interest-bearing liabilities divided by share-
holders' equity   
Net debt-equity ratio measures the extent 
to which the Company is financed by 
loans.    
Equity/assets ratio, %   Shareholders' equity as a percentage of to-
tal assets   
The equity/assets ratio shows the percent-
age of total assets financed by the share-
holders through equity.

===== SIDA 21 =====

21  OTHER INFORMATION 
 
INTERIM REPORT Q2 2023 TOBII DYNAVOX AB (PUBL) 
 
Stockholm, July 20, 2023 
Åsa Hedin 
Chairman of the Board  
Charlotta Falvin 
Board Member 
Caroline Ingre 
Board Member 
Carl Bandhold 
Board Member 
Henrik Eskilsson 
Board Member 
Maarten Barmentlo 
Board Member 
 
 Fredrik Ruben 
CEO 
 
 
   
 
 
 
 
 
The report has not been subject to review by the Company’s auditors. 
 
This is a translation of the original Swedish interim report. In the event of a discrepancy between 
this translation and the Swedish original, the Swedish interim report takes precedence. 
 
This information is inside information that Tobii Dynavox AB (publ) is obliged to make public pursu-
ant to the EU Market Abuse Regulation and the Swedish Securities Market Act. The information 
was submitted for publication, through the agency of the contact persons set out below, on July 20, 
2023, at 07:30 CET. 
 
Information to shareholders 
WEBBPRESENTATION 
A web presentation will be held in English today at 09.00  
(CET). See investors.tobiidynavox.com for more information about the conference.  
The images from the presentation can then be downloaded from the website. 
 
CONTACT DETAILS 
Fredrik Ruben, Chief Executive Officer, Tel. +46 (0)8-128 509 13 
Linda Tybring, Investor Relations, CFO, linda.tybring@tobiidynavox.com 
 
Tobii Dynavox AB (publ) • Corporate ID number: 556914-7563  
Mailing address: Box 743 18217 Danderyd, Sweden   
Tel. +46 (0)8-663 69 90 www.tobiidynavox.com 
 
FINANCIAL CALENDER 
Interim Report Q3 2023 October 27, 2023 
Year-end Report Q4 2023 February 9, 2024