Bactiguard Holding AB (BACTI.B) AI Stock Analysis

• Market Cap: kr551.94M
• Dividend Yield: N/A
• Average Volume (3M): 77.61K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.13
• Revenue Growth: -8.10%
• EPS Growth: 62.08%
• Country: SE
• Employees: 147
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 0.36
• Shares Outstanding: 31,043,884
• 10 Day Avg. Volume: 120,571
• 30 Day Avg. Volume: 77,614
• PEG Ratio: 1.20
• Price to Book (P/B): 2.21
• Price to Sales (P/S): 3.23
• P/FCF Ratio: -96.76
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.06
• Revenue Forecast (FY): kr225.12M

• Rating: 46 Neutral
• Price Target: kr16.00 ▼(-17.10% Downside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is held back primarily by still-negative profitability and uneven cash-flow generation despite improving EBITDA. Technicals add caution due to a broader downtrend (below key moving averages and negative MACD), while valuation is not supportive given negative earnings and no dividend yield data.

Positive Factors

Proprietary BIP technology & licensing

Bactiguard’s proprietary BIP coating and dual revenue model (product sales plus licensing) create a durable competitive advantage. Licensing provides scalable, royalty-like revenue as partners commercialize devices, while the coating’s infection-prevention focus aligns with long-term hospital procurement priorities.

Improving operating margins (EBITDA)

A sustained shift to positive EBITDA and ~21% margin indicates improving operating discipline and unit economics. If the company maintains this margin profile, it supports scalability, reduces cash burn pressure, and materially improves the path to consistent profitability over the next several quarters.

Manageable leverage and equity cushion

Moderate leverage (debt ~0.61x equity) and a sizeable equity base provide financial flexibility to fund commercialization and partner programs without immediate refinancing stress. This capital structure is supportive of measured growth investments and reduces near-term solvency risk.

Negative Factors

Persisting net losses

Despite EBITDA gains, negative operating profit and net margins persist, keeping returns on equity negative. Ongoing bottom-line losses can erode the capital base over time, force dilutive financings or higher leverage, and constrain strategic initiatives if profitability is not sustained.

Volatile cash generation

Cash flow volatility undermines financial predictability and increases execution risk. Swings between positive and negative OCF/FCF complicate working-capital planning and may necessitate external funding for growth or operations, elevating refinancing and dilution risk over the medium term.

Choppy revenue growth

Inconsistent top-line trends signal uneven adoption and reliance on variable partner rollouts. Choppy revenue makes it harder to demonstrate sustained commercial traction, weakens predictability of licensing royalties, and limits the company’s ability to leverage fixed costs into stable net profits.

Bactiguard Holding AB Business Overview & Revenue Model

Company Description

Bactiguard Holding AB (publ), a medical device company, engages in the development and supply of infection prevention solutions in Sweden and internationally. Its infection prevention solutions reduce the risk of healthcare associated infections and the use of antibiotics. The company's products portfolio of urinary catheters, endotracheal tubes, and central venous catheters reduces the risk of infections in the urinary tract, the respiratory tract, and the bloodstream. Its product portfolio consists of Bactiguard infection protection (BIP) Foley Catheter, an indwelling urinary catheter that reduces microbial adhesion; BIP Central Venous Catheter and BIP Endotracheal Tube, which reduces the risk of biofilm formation and infection; BIP Endotracheal Tube Evac, a tube that combines the subglottic secretion drainage with coating to reduce microbial adhesion; and BIP Foley TempSensor, an indwelling urinary catheter that offers surveillance and infection prevention. The company's products also include Bactiguard Wound Care and Hydrocyn aqua advanced wound care, a wound wash, debridement, and irrigation solution for acute, chronic, and infected wounds; surgical sutures comprise non-absorbable, natural absorbable, synthetic absorbable, and specialty sutures; VigiMesh, a sterile, non-absorbable, and knitted polypropylene monofilament mesh material for tissue reinforcement used in hernia repair; and Hydrocyn aqua advanced disinfectant, a non-alcoholic disinfectant for skin and surfaces to kill bacteria, virus, and fungi. In addition, it offers ZNN Bactiguard, an orthopedic trauma implants with infection prevention technology; and Aniocyn, a wound and skin care products for dogs, cats, horses, and other pets. Bactiguard Holding AB (publ) was founded in 2005 and is headquartered in Tullinge, Sweden.

How the Company Makes Money

Bactiguard generates revenue through the sale of its infection prevention products and coatings to hospitals and healthcare providers worldwide. The company's revenue model is primarily based on direct sales of its medical devices, which incorporate its proprietary Bactiguard coating technology, as well as licensing agreements for its coating technology to third-party manufacturers. Key revenue streams include product sales, royalties from licensing agreements, and potential collaborations with healthcare providers and industry partners aimed at expanding the adoption of its technology. Bactiguard also benefits from strategic partnerships with various healthcare institutions and companies that enhance its market reach and product offerings, contributing significantly to its overall earnings.

Bactiguard Holding AB Financial Statement Overview

Summary

Operational recovery is evident with EBITDA turning solidly positive in 2024–2025 (~21% margin in 2025), but the company remains loss-making with negative operating profit and net margins. Cash flow is inconsistent, swinging back to slightly negative operating and free cash flow in 2025, which keeps execution risk elevated.

Income Statement

Revenue has been choppy (down ~2% in 2025 after a strong 2024), but profitability is improving meaningfully from the deep 2023 losses. EBITDA turned solidly positive in 2024–2025 (about 21% EBITDA margin in 2025), suggesting better operating momentum. The key weakness remains that the company is still loss-making at the bottom line in 2024–2025, with negative operating profit and negative net margins, so the turnaround is not yet fully proven.

Balance Sheet

Leverage looks moderate with debt at roughly 0.61x equity in 2025 (improving vs. 2024), and equity remains sizeable versus total assets. However, consistent net losses keep returns on equity negative and can pressure the capital base over time if profitability doesn’t stabilize. Overall, the balance sheet appears workable, but not a clear strength given the ongoing losses.

Cash Flow

Cash generation is volatile: 2024 delivered positive operating cash flow and positive free cash flow, but 2025 swung back to slightly negative operating cash flow and negative free cash flow. This variability raises execution risk and suggests working-capital or investment swings are still impacting cash conversion. The brighter spot is the sharp improvement versus the heavy cash burn seen in 2023, but consistency is still lacking.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	215.92M	243.68M	203.99M	223.56M	169.49M
Gross Profit	184.65M	207.71M	139.98M	180.14M	130.80M
EBITDA	45.15M	24.99M	-89.98M	-543.00K	-5.94M
Net Income	-7.84M	-29.82M	-138.38M	-52.88M	-58.77M
Balance Sheet
Total Assets	545.06M	655.91M	662.17M	807.70M	849.29M
Cash, Cash Equivalents and Short-Term Investments	44.26M	116.73M	123.22M	197.73M	217.59M
Total Debt	162.92M	227.77M	233.10M	238.70M	247.96M
Total Liabilities	230.13M	327.57M	309.00M	311.99M	307.84M
Stockholders Equity	314.93M	328.34M	353.18M	495.71M	541.45M
Cash Flow
Free Cash Flow	-7.21M	10.21M	-60.94M	-7.86M	-38.00K
Operating Cash Flow	-1.49M	24.99M	-52.33M	3.06M	7.26M
Investing Cash Flow	-5.72M	-14.78M	-8.61M	-10.92M	-7.29M
Financing Cash Flow	-62.74M	-21.20M	-11.84M	-13.89M	205.83M

Bactiguard Holding AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 19.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BACTI.B, the sentiment is Negative. The current price of 19.3 is above the 20-day moving average (MA) of 15.68, above the 50-day MA of 16.92, and below the 200-day MA of 22.71, indicating a neutral trend. The MACD of -0.20 indicates Negative momentum. The RSI at 47.87 is Neutral, neither overbought nor oversold. The STOCH value of 65.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:BACTI.B.

Bactiguard Holding AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CRAD.B	55 Neutral	kr849.24M	81.66	6.93%	―	-5.80%	-65.99%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SEZI	49 Neutral	kr698.82M	-4.73	-36.55%	―	62.24%	21.16%
INTEG.B	48 Neutral	kr213.61M	-5.72	-18.55%	―	0.62%	-82.70%
BACTI.B	46 Neutral	kr551.94M	-71.33	-6.81%	―	-8.10%	62.08%
SEDANA	44 Neutral	kr825.49M	-13.93	-4.42%	―	13.48%	28.98%

Bactiguard Holding AB Corporate Events

Bactiguard Delivers Strong Q4 as License Focus and Hydrocyn Growth Offset Weaker 2025 Sales

Bactiguard ended 2025 with a notably strong fourth quarter, posting a return to operating profit and higher EBITDA despite a full-year decline in revenue driven by currency headwinds and discontinued product lines. License revenues were stable excluding US dollar effects, supported by a strengthened and revised agreement with Zimmer Biomet, expanded regulatory clearances and launches with Becton, Dickinson & Company, and growing early-stage pipelines in cardiology and neurology, while the Hydrocyn aqua wound management range delivered double-digit growth, partially offset by weaker suture sales, leaving the company better positioned to pursue its 2030 growth targets but still forgoing a dividend after a modest full-year loss.

The most recent analyst rating on ($SE:BACTI.B) stock is a Hold with a SEK15.50 price target. To see the full list of analyst forecasts on Bactiguard Holding AB stock, see the SE:BACTI.B Stock Forecast page.

Bactiguard Revises Zimmer Biomet Trauma Deal and Recaptures Global Rights Outside Key Markets

Bactiguard has revised its trauma license agreement with orthopedic specialist Zimmer Biomet, granting the US group non-exclusive rights to continue commercializing the ZNN Bactiguard-coated trauma nail system in Europe, selected markets in the Middle East and Africa, and Japan, while Bactiguard regains the remaining global rights in the trauma segment. Under the new structure, Bactiguard will keep earning royalties on actual net sales and introduce a quarterly fixed fee that on an annual basis represents at least half of the previous minimum royalty level, with the company stating that the arrangement will not negatively affect 2025 financials or alter its 2030 strategic and financial targets, thereby preserving earnings visibility while potentially giving it greater strategic flexibility over its infection-prevention trauma portfolio in unlicensed markets.

The most recent analyst rating on ($SE:BACTI.B) stock is a Hold with a SEK16.50 price target. To see the full list of analyst forecasts on Bactiguard Holding AB stock, see the SE:BACTI.B Stock Forecast page.