Strong growth in the first quarter – adjusted EBITDA up 33 percent


  • The Group’s net sales amounted to SEK 380.2 (262.8) million, an increase of 45 percent.
  • The Group’s EBITDA was SEK 59.4 (56.3) million, an increase of 6 percent. EBITDA adjusted for items affecting comparability*) amounted to 74.8 million, an increase of 33 percent.
  • The EBITDA margin was 16 (21) percent (20 percent adjusted for items affecting comparability*)).
  • Profit after tax amounted to SEK 24.8 (19.7) million.
  • Earnings per share amounted to SEK 1.7 (1.3).
  • Cash flow from operating activities was SEK 52.5 (56.3) million.

The first quarter was intensive and demand was high, with several companies delivering excellent results and the integration and cost synergies of AdderaCare proceeding according to plan.

Sales were very strong in the first quarter and the Group grew by as much as 45 percent. It was reassuring to see that organic growth was particularly strong, accounting for more than half of the increase. The Group’s sales also increased, largely due to the acquisition of AdderaCare, which was completed in early January.

For the Group as a whole, the increase in sales has been mainly driven by increased demand and volume, while price increases have had less of an impact as several of the subsidiaries sell under procurement contracts at fixed prices.

The Specialty Pharma business area delivered increased sales in all three segments: Registered pharmaceutical portfolio, Unlicensed pharmaceuticals and Contract manufacturing. The registered pharmaceutical portfolio accounted for the largest growth, driven mainly by Melatonin and Cresemba, and good demand in both the Nordic region and out-licensed markets. The pharmaceutical portfolio growth also contributed to a significant margin improvement. It is obviously very pleasing that longer-term product development and commercialisation work is showing good results, with demand generally continuing to be good, but we have the humility to recognise that market conditions can change. In the long term, it is therefore important to work continuously on business development and to broaden the Company’s portfolio.

The MedTech business area continued to see high demand in assistive technology and nutrition, with both Abilia and Inpac delivering good results. It was in many ways an intensive quarter for MedTech, with increased production and delivery to customers, work on product development and regulatory certification, and integration of acquisitions.

Integration within the cluster of assistive technology companies progressed according to plan. The costs of AdderaCare’s parent company were eliminated and two of the five companies are integrated with Abilia. The synergies amount to approximately SEK 14 million on an annual basis, about half of which is expected to contribute to the result in 2023.

The Group’s EBITDA increased by 33 percent excluding an inventory value adjustment, which was recognised as an expense, and restructuring costs. Both items were related to the acquisition of AdderaCare and totalled SEK 15.4 million. Adjusted for these non-recurring items, which largely do not affect cash flow, EBITDA amounted to SEK 74.8 million.

The MedTech business area's margin is significantly affected by the lower margin in acquired businesses, which was expected. After integration and synergies, much work remains to improve product mix and margins to reach a better profitability over time in acquired entities.

For the Group, the margin was offset by the strong performance of Specialty Pharma and the Group’s adjusted EBITDA margin was 19.7 percent.

To summarise, the Group delivered a very strong first quarter, with decisive integration of acquisitions. We acknowledge the uncertainty of the current economic situation that is likely to characterise 2023, but note that the Group has proved to be well positioned so far. MedCap has a net cash position and a strong balance sheet, enabling investments and additional acquisitions. We are in continuous dialogue with companies that would fit in well and develop within the MedCap Group.

Anders Dahlberg, CEO

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 3-05-2023 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