Stable growth, new products, and expanded business opportunities
January - March 2026
- Net sales totaled SEK 33,506 (32,292) thousand, representing a growth of 4%, corresponding to 17% when adjusted for currency effects.
- Operating profit before depreciation and amortization (EBITDA) totaled SEK 9,510 (8,906) thousand.
- Earnings per share totaled SEK 0.06 (0.05).
- Cash flow from operating activities was SEK 16,511 (10,652) thousand.
Message from the CEO
The first quarter was marked by solid underlying growth, improved profitability, very strong cash flow, and high activity across several parts of our business.
Net revenue amounted to SEK 33,506 (32,292) thousand. Adjusted for currency effects, we grew 17 percent, and the reported growth of 4 percent reflects the significant headwind we face from the strengthening Swedish krona, which impacted sales by approximately SEK 4 million compared to the same quarter last year. The underlying business is sound and the direction is clear.
We saw strong development among large pharmaceutical companies during the quarter, with organic growth exceeding 30 percent in this segment. The biotech and academic markets remain below first quarter last year, but we note that the sequential recovery in the biotech segment that we observed in the fourth quarter of 2025 has continued into 2026 - which I view as a positive signal for the remainder of the year.
Service revenue was significantly lower in the quarter compared to the same period last year, largely explained by Q1 2025 containing larger project orders that have not been repeated in the early part of 2026. The nature of our service business means that individual larger project orders can create substantial variations between quarters. Product sales, excluding license revenues, developed strongly and showed currency-adjusted growth of approximately 27 percent.
Profitability improved during the quarter. EBITDA amounted to SEK 9,510 (8,906) thousand, corresponding to a margin of 28.4 percent (27.6) - an improvement that confirms our business model and cost discipline hold firm even in a challenging currency environment. Cash flow from operating activities improved strongly, reinforcing our financial position and flexibility.
Activity in the ADC space is increasing and we see growing interest in our technologies for the development of next-generation ADCs. During the quarter, we entered into a global, non-exclusive license agreement for our EndoS2 enzyme technology with a privately held biotechnology company focused on ADC therapies. The agreement generated initial license revenues and provides rights to milestone payments upon defined clinical and commercial progress - with up to approximately USD 20 million in total payments per program reaching commercialization. This is a strong validation of the strategic value of our enzyme technologies in one of the fastest-growing therapeutic areas.
During the quarter, we also launched LysCERATOR, a new enzyme for protein analysis targeting proteomics and biopharmaceutical characterization. The launch was well received by the market and we saw rapidly growing customer interest among both large pharmaceutical companies and academic institutions across the US and Europe. Early customer feedback is positive, reinforcing our conviction that LysCERATOR addresses a genuine need in the market.
We also see markedly increased interest in our RNA analysis products. During the quarter, we entered into a strategic partnership with Single Cell Discoveries to broaden the application of SEQURNA RNase Inhibitor in advanced RNA sequencing workflows. We also launched SEQguard Dino Preserve in collaboration with Plasmidsaurus - a product that enables room-temperature transport of extracted RNA, eliminating the need for costly cold-chain logistics. The initial weeks following launch have shown excellent customer reception and a rapidly growing customer base, reinforcing our conviction that the SEQURNA platform has broad commercial potential.
We close the quarter with a strong financial position, improved profitability, and strong cash flow. While geopolitical and macroeconomic uncertainty continues to represent an external risk factor, I look with confidence to Genovis' long-term growth opportunities. With a broadened and strengthened offering across both Genomics and ADC, increasing activity in the biotech segment, and a healthy core business, we are well positioned for continued progress in 2026.
Finally, I would like to thank all colleagues at Genovis for your commitment and contributions during the quarter. It is your work that creates value for our customers and lays the foundation for Genovis' continued growth journey.
Contacts
Fredrik Olsson, CEO
Tel: +46 (0)70-276 46 56 fredrik.olsson@genovis.com
About Us
Headquartered in Kävlinge, Sweden, Genovis offers customers in the biopharmaceutical and research industries tools that facilitate and save time in the development of new treatment methods and diagnostics. Genovis' innovative products and technologies are used by scientists all over the world and the product formats streamline and improve workflows in biochemical analysis and sequencing, as well as in the development, quality control and manufacturing of biological drugs. The Group consists of Genovis AB and the wholly owned subsidiaries Genovis Inc. (US) and SEQURNA AB. Genovis shares are listed on Nasdaq First North Growth Market and DNB Carnegie Investment Bank AB is the Company's Certified Adviser.
This is a translation of the Swedish original. In the event of any discrepancy between this translation and the Swedish original, the Swedish version shall prevail.
This information is information that Genovis 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, at 2026-04-28 08:00 CEST.
