Interim report 2025/26 - Organic growth despite challenges in the North American market

Core Insights - The company reported a 3% revenue growth in local currencies for the first half of 2025/26, but a 1% decline in Danish kroner to DKK 249.0 million year-on-year, primarily due to a slowdown in US demand caused by a government shutdown [1][6] - Despite the challenges, EBITDA increased by 1% to DKK 136.2 million, resulting in an EBITDA margin of 55%, up from 54% in the previous year [6] Revenue Performance - Revenue in Q2 2025/26 decreased by 8% to DKK 124.4 million compared to DKK 135.9 million in the same period last year [5][6] - Sales of instruments fell by 12% to DKK 77.0 million in the first half, while sales of consumables and services increased by 6% and 3%, respectively, accounting for 45% and 23% of total revenue [6] Product Performance - Sales of the XcytoMatic instruments experienced a significant organic growth of 60% year-on-year, reaching DKK 30.8 million, despite the overall decline in instrument sales [1][6] - Positive customer feedback on new products highlights their precision, user-friendliness, and integration into automated workflows, indicating strong potential for future growth [4] Market Outlook - The US cell and gene therapy market is identified as an area of potential growth, driven by significant investments from major players [2] - The company is focusing on establishing new partnerships, particularly with European firms in the bioprocessing segment, to enhance workflow automation solutions [3] Financial Guidance - The company maintains its full-year revenue guidance for 2025/26 in the range of DKK 565-580 million and EBITDA guidance in the range of DKK 320-335 million [7]