Continued strong growth in the quarter – EBITDA increased by 42 percent


  • The Group’s net sales amounted to SEK 456.6 (322.8) million, an increase of 41 percent.
  • The Group’s EBITDA was SEK 104.5 (73.3) million, an increase of 42 percent.
  • The EBITDA margin was 23 (23) percent.
  • Profit after tax amounted to SEK 62.2 (40.5) million.
  • Earnings per share amounted to SEK 4.2 (2.7).
  • Cash flow from operating activities was SEK 74.7 (-39.1) million.


  • The Group’s net sales amounted to SEK 1,587.4 (1,111.3) million, an increase of 43 percent.
  • The Group’s EBITDA was SEK 331.6 (258.7) million, an increase of 28 percent. EBITDA adjusted for items affecting comparability amounted to 347.0 (238.7) million, an increase of 45 percent.
  • The EBITDA margin was 21 (23) percent, and adjusted for items affecting comparability 22 (21) percent.
  • Profit after tax amounted to SEK 172.2 (118.0) million.
  • Earnings per share amounted to SEK 11.6 (7.9).
  • Cash flow from operating activities was SEK 228.0 (85.5) million.

A strong fourth quarter rounds off a record year for the Group, with positive organic and acquisitive growth resulting in sales of over SEK 1.5 billion, adjusted EBITDA growth of 45 percent and a Group with three business areas able to translate the strong balance sheet into continuing growth.

Fourth quarter

Sales increased by 41 percent, driven by a combination of acquisitions and organic growth of over 10 percent. The Group's three business areas all experienced good demand and delivered strong overall sales growth.

The Assistive Tech business area reported high demand, notably in the Norwegian and Swedish markets, and a strong sales increase during the quarter, driven by both acquisitions and good organic growth, particularly in the area of cognition. Swedelift was acquired for the business area during the quarter.

MedTech also increased its sales in most markets. Nutrients had another strong quarter and sales of ECG systems increased both in the Nordic region and in Germany, while demand for vacuum systems was a little weaker. For a short time, component manufacturing for X-ray equipment was adversely affected by production measures that are now finalised, which counteracted the otherwise positive development for the business area. Acquired businesses also contributed to the business area. 

Specialty Pharma continued to show growth in the registered pharmaceutical portfolio, combined with high demand for unlicensed pharmaceuticals. The registered pharmaceutical portfolio also includes out-licensing outside the Nordic region, which developed strongly during the year, with sales remaining stable although competition is increasing in the market.

Overall, the Group delivered a very strong fourth quarter with high sales growth and increased earnings. EBITDA increased by 42 percent in the quarter, with an EBITDA margin of 23 percent.

Financial targets

As of the fourth quarter, the Group has achieved the target of 1.5 billion in sales, while delivering significantly above the target of >15% annual EBITDA growth. The strong operational development has meant that, despite the completed acquisitions, the Group has a net cash position and a debt ratio well below the target limit of <3 times net debt to EBITDA.

The Company has therefore updated the financial targets:

  • Annual growth in earnings (EBITA) to exceed 15%
  • Return on equity (RoE) to exceed 20%
  • Net debt to EBITDA (excl. IFRS16) to be less than 3 times

The targets are intended to highlight and drive the Company’s ambition to grow profitably and take advantage of the Group’s strong balance sheet, and to use capital efficiently to create value for the Company’s shareholders.

The financial targets do not imply a change in strategy and are fully in line with the Group's well-established long-term model for corporate governance, acquisitions and value creation.

In summary

The Group delivered a very strong fourth quarter and a new record year for both sales and profit. The year can be summarised as good demand and exceptional operational development combined with acquisitions. We continue to respect the possible effects of a weaker economy and changes in the market, but also see good opportunities to continue the business development, both organically and through acquisitions.

Anders Dahlberg, CEO


31 January 2024

This disclosure contains information that MedCap AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 31-01-2024 06:30 CET.

For more information, contact:

Anders Dahlberg, CEO, Mobile 46 704 269 262,  e-mail

About MedCap

MedCap builds successful life sciences companies to improve people's lives. MedCap unites the strengths of a larger the company with the smaller companies' entrepreneurial power, agility, and business acumen. MedCap is publicly listed on NASDAQ Stockholm OMX, with the symbol MCAP. More information is available on the company web site