Our results for 2023

We would like to express our gratitude to all the efforts made by everyone, from employees to customers and partners, during the volatile environment of 2023. Only by breaking the limits of conventional thinking have we all been able to make progress towards a healthier world for those with bowel disorders.

Human health and sustainability

“As a growing small- to medium-sized company, we have made it a clear priority to do so in a sustainable way. In 2023 we reframed our vision and mission to strongly anchor our focus on human health and sustainability. We continue to chart our course towards the most impactful sustainability aspects for our business, society and the environment by conducting a double materiality assessment. Our next step is to establish measurable targets, further reinforcing our commitment to improve the health of people and protect our planet for future generations.“

– Lena E. Lachenmeier, CEO

Year in headlines

In 2023 sales finished at 198,8 MDKK, 12% higher than expectations, 35,2% over last year.
Gross Margin finished at 63,1% which is lower than expected due to mix, with a higher share of Continence Care sales with lower gross margin compared to Bowel Care.
EBITDA finished at 50,9 MDKK, equal to an EBITDA margin of 25,6%, 58% above budget.
Profit before tax finished at 61,9 MDKK, 146% above budget, partly due to other financial income of 18,3 MDKK.
Our Bowel Care business develops well and in line with budget in our key markets, and Continence Care performed above expectations due to a bigger competitor withdrawing from the market.

We outgrew the market in Bowel Care and had a positive development in both new patient discharge shares and market shares.
Our positive market performance is primarily driven by our newest launches of Qufora IrriSedo Flow, while Qufora IrriSedo MiniGo and MiniGo Flex continue to grow significantly in all key markets.
On this background, management finds the 2023 result satisfactory. We expect a turnover growth of 23% for Bowel Care and 14% for the group in 2024, and an EBITDA of a minimum of 50,5 MDKK.