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Boule Diagnostics

Full company profile

uuid00064a2

Namestring
Boule Diagnostics
Legal namestring
Boule Diagnostics AB (publ)
Websiteurl
boule.com
Company typeenum
Public
Founded yearint
1992
Descriptiontext

Boule Diagnostics AB (publ) is a Swedish medical technology company founded in 1992 and headquartered in Stockholm, Sweden, listed publicly on OTC markets under ticker BDABF. The company develops, manufactures, and sells hematology diagnostic systems and related consumables, with its portfolio oriented toward blood cell analysis for clinical laboratory settings. Its wholly-owned U.S. subsidiary, Clinical Diagnostics Solutions (CDS), provides in-vitro diagnostics products globally and serves as the company's primary international distribution arm. Operating geographies explicitly disclosed are Sweden, the United States, and India, with a global footprint claim.

The company's revenue mechanics are anchored in instrument placements and recurring reagent / consumable pull-through in clinical diagnostics customers, supplemented by strategic OEM-style supply agreements with large IVD partners. In January 2026, CDS renewed and expanded a multi-year global supply agreement with a leading international IVD customer that is expected to add approximately SEK 5 million in annual sales once fully implemented in 2027 at a solid operating margin. Boule has executed a significant cost restructuring — a 36% reduction in operating expenses completed in 2025, Sweden site consolidation with one-off costs, and a transition to licensed manufacturing in India — while reporting four consecutive quarters of positive operating cash flow through Q1 2026. FY2025 group sales were SEK 489.7 million (down 7.2% organically) and Q1 2026 sales were SEK 102 million (down 10% from the prior-year period), with Q4 2025 gross margin improving 3.5 percentage points to 48.1%.

Leadership transitioned in 2025–2026: CFO Holger Lembrér was succeeded by Michael af Winklerfelt, and Johan Folkunger was appointed CEO effective June 22, 2026. No patents, AI/ML capabilities, regulatory actions, or material M&A activity are disclosed in the available record, leaving those dimensions as data gaps for further diligence.

Short descriptiontext

Boule Diagnostics is a Swedish medical technology company that develops, manufactures, and sells hematology diagnostic instruments and reagents for clinical laboratories worldwide, with U.S.-based subsidiary CDS handling global IVD distribution.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
101–250
akta.pro rankint
HeadquartersSpånga, Sweden
HQ citystring
Spånga
HQ countrystring
Sweden
HQ regionstring
Europe
Markets served

Serves global market

Offices1 record

Each record includes

City, Country, Type, Description, Source

Keyword5 values
hematology diagnostics, blood cell analysis, in vitro diagnostics, clinical diagnostic instruments, medical diagnostic reagents
Industry2 codes
1Hematology & Coagulation Diagnostics
CodeHLAHAAABPrimaryYes
2Laboratory Automation, Sample Prep & Liquid Handling (IVD Lab Diagnostics)
CodeHLAHAAANPrimaryNo
NAICS code2 codes
  • In-Vitro Diagnostic Substance Manufacturing325413
  • Analytical Laboratory Instrument Manufacturing334516
SIC code2 codes
  • In Vitro & In Vivo Diagnostic Substances2835
  • Laboratory Analytical Instruments3826
Product category
Hematology Diagnostics
Social media profiles1 record
Cost components5 values
Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales
GTM typeB2B
B2B
Offering typeHardware or Manufacturing
Hardware or Manufacturing
Core offering1 text field

Boule Diagnostics develops, manufactures, and sells hematology diagnostic systems and consumer products (reagents) for blood cell analysis. Its wholly-owned U.S. subsidiary, Clinical Diagnostics Solutions (CDS), supplies in vitro diagnostics products globally to clinical diagnostics providers. The company is transitioning manufacturing to a licensed model in India.

Differentiator
Functional benefit
Problem solved
Product overview1 text field

Boule Diagnostics is a medical technology company specializing in hematology diagnostics. The company operates primarily through its U.S.-based subsidiary, Clinical Diagnostics Solutions (CDS), which provides in vitro diagnostics products. The company manufactures diagnostic instruments and reagents, with a planned transition to licensed manufacturing in India. The portfolio appears to focus on blood analysis and hematology testing solutions for clinical laboratory settings.

Product and service3 records
1Hematology Diagnostic Systems
CategoryHematology Diagnostic Instruments
Description

Diagnostic instruments (hematology analyzers) developed and manufactured by Boule Diagnostics for blood cell analysis in clinical laboratory settings, sold to clinical diagnostics providers and in vitro diagnostics customers.

2Hematology Diagnostic Reagents (Consumer Products)
CategoryDiagnostic Reagents and Consumables
Description

Reagents and consumables (described as 'consumer products' in company filings) used in Boule's hematology diagnostic systems, providing recurring revenue for clinical diagnostics customers.

3Clinical Diagnostics Solutions (CDS) — In Vitro Diagnostics Supply
CategoryIn Vitro Diagnostics Distribution
Description

U.S.-based subsidiary of Boule Diagnostics that provides in vitro diagnostics products globally, including a renewed and expanded global supply agreement with a leading international IVD customer expected to add approximately SEK 5 million in annual sales once fully implemented in 2027.

Scale indicator8 records

Each record includes

Type, Value, Description, Source

Partnership1 partner
1Leading International In Vitro Diagnostics Customer
Strategic tierCoreTypeStrategic or Co-development PartnerAnnounced on2026-01-21
Description

Clinical Diagnostics Solutions (CDS), Boule Diagnostics' U.S.-based subsidiary, renewed and expanded a global supply agreement with a leading international in vitro diagnostics customer. The extended contract is expected to add roughly SEK 5 million in annual sales once fully implemented in 2027, with a solid operating margin. The deal reinforces Boule's partnership-driven strategy and supports its ambition for long-term profitable growth in the global health diagnostics market.

tipranks.com
Recent move5 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight4 records

Each record includes

Type, Description

Market position
Competitive moat3 records

Each record includes

Type, Details

Key risks6 records

Each record includes

Headline, Details, Source

Key highlights6 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Segment1 record

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile1 record

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
Yes
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles5 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

Subsidiaries1 record

Each record includes

Name, Acquired on, Relationship type, Type, Business focus

No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds1 record

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors1 record

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment1 record

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Boule Diagnostics

Hematology Diagnosticsboule.com

Boule Diagnostics is a Swedish medical technology company that develops, manufactures, and sells hematology diagnostic instruments and reagents for clinical laboratories worldwide, with U.S.-based subsidiary CDS handling global IVD distribution.

What Boule Diagnostics does

Boule Diagnostics AB (publ) is a Swedish medical technology company founded in 1992 and headquartered in Stockholm, Sweden, listed publicly on OTC markets under ticker BDABF. The company develops, manufactures, and sells hematology diagnostic systems and related consumables, with its portfolio oriented toward blood cell analysis for clinical laboratory settings. Its wholly-owned U.S. subsidiary, Clinical Diagnostics Solutions (CDS), provides in-vitro diagnostics products globally and serves as the company's primary international distribution arm. Operating geographies explicitly disclosed are Sweden, the United States, and India, with a global footprint claim.

The company's revenue mechanics are anchored in instrument placements and recurring reagent / consumable pull-through in clinical diagnostics customers, supplemented by strategic OEM-style supply agreements with large IVD partners. In January 2026, CDS renewed and expanded a multi-year global supply agreement with a leading international IVD customer that is expected to add approximately SEK 5 million in annual sales once fully implemented in 2027 at a solid operating margin. Boule has executed a significant cost restructuring — a 36% reduction in operating expenses completed in 2025, Sweden site consolidation with one-off costs, and a transition to licensed manufacturing in India — while reporting four consecutive quarters of positive operating cash flow through Q1 2026. FY2025 group sales were SEK 489.7 million (down 7.2% organically) and Q1 2026 sales were SEK 102 million (down 10% from the prior-year period), with Q4 2025 gross margin improving 3.5 percentage points to 48.1%.

Leadership transitioned in 2025–2026: CFO Holger Lembrér was succeeded by Michael af Winklerfelt, and Johan Folkunger was appointed CEO effective June 22, 2026. No patents, AI/ML capabilities, regulatory actions, or material M&A activity are disclosed in the available record, leaving those dimensions as data gaps for further diligence.

Boule Diagnostics firmographics

Firmographics
Name
Boule Diagnostics
Legal name
Boule Diagnostics AB (publ)
Website
https://boule.com
Company type
Public
Founded year
1992
Operating status
Operating
Headcount range
101–250 employees
Short description
Boule Diagnostics is a Swedish medical technology company that develops, manufactures, and sells hematology diagnostic instruments and reagents for clinical laboratories worldwide, with U.S.-based subsidiary CDS handling global IVD distribution.
Ownership category
akta.pro rank

Boule Diagnostics industry classification

Industry
Product category
Hematology Diagnostics
NAICS
In-Vitro Diagnostic Substance Manufacturing (325413), Analytical Laboratory Instrument Manufacturing (334516)
SIC
In Vitro & In Vivo Diagnostic Substances (2835), Laboratory Analytical Instruments (3826)
akta.pro primary industry
Hematology & Coagulation Diagnostics (HLAHAAAB)
akta.pro secondary industry
Laboratory Automation, Sample Prep & Liquid Handling (IVD Lab Diagnostics) (HLAHAAAN)

Keywords

  • Hematology diagnostics
  • Blood cell analysis
  • In vitro diagnostics
  • Clinical diagnostic instruments
  • Medical diagnostic reagents

Where Boule Diagnostics is headquartered

Location

Headquarters

HQ city
Spånga
HQ country
Sweden
HQ region
Europe

Offices1 record

Markets served

Boule Diagnostics business model

Business model
GTM type
B2B
Offering type
Hardware or Manufacturing
Cost components
Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Boule Diagnostics product offering

Product offering

Core offering

Boule Diagnostics develops, manufactures, and sells hematology diagnostic systems and consumer products (reagents) for blood cell analysis. Its wholly-owned U.S. subsidiary, Clinical Diagnostics Solutions (CDS), supplies in vitro diagnostics products globally to clinical diagnostics providers. The company is transitioning manufacturing to a licensed model in India.

Product overview

Boule Diagnostics is a medical technology company specializing in hematology diagnostics. The company operates primarily through its U.S.-based subsidiary, Clinical Diagnostics Solutions (CDS), which provides in vitro diagnostics products. The company manufactures diagnostic instruments and reagents, with a planned transition to licensed manufacturing in India. The portfolio appears to focus on blood analysis and hematology testing solutions for clinical laboratory settings.

Differentiator

Problem solved

Functional benefit

Products and services

  • Hematology Diagnostic Systems Diagnostic instruments (hematology analyzers) developed and manufactured by Boule Diagnostics for blood cell analysis in clinical laboratory settings, sold to clinical diagnostics providers and in vitro diagnostics customers.
  • Hematology Diagnostic Reagents (Consumer Products) Reagents and consumables (described as 'consumer products' in company filings) used in Boule's hematology diagnostic systems, providing recurring revenue for clinical diagnostics customers.
  • Clinical Diagnostics Solutions (CDS) — In Vitro Diagnostics Supply U.S.-based subsidiary of Boule Diagnostics that provides in vitro diagnostics products globally, including a renewed and expanded global supply agreement with a leading international IVD customer expected to add approximately SEK 5 million in annual sales once fully implemented in 2027.

Companies that use Boule Diagnostics

Customer profile

Segments1 record

Ideal customer profiles1 record

Boule Diagnostics technology and API

Technology

Technology focussed Yes

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Boule Diagnostics partnerships and signals

Strategic signal

Partnerships

One partnership is on record.

  • Leading International In Vitro Diagnostics CustomercoreStrategic or Co-development Partner · 21 January 2026Clinical Diagnostics Solutions (CDS), Boule Diagnostics' U.S.-based subsidiary, renewed and expanded a global supply agreement with a leading international in vitro diagnostics customer. The extended contract is expected to add roughly SEK 5 million in annual sales once fully implemented in 2027, with a solid operating margin. The deal reinforces Boule's partnership-driven strategy and supports its ambition for long-term profitable growth in the global health diagnostics market.

Scale indicators8 records

Recent moves5 records

Expansion highlights4 records

Boule Diagnostics competitors and assessment

Company assessment

Market position

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Boule Diagnostics social profiles

Digital presence

Boule Diagnostics financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Boule Diagnostics leadership team

Management profile

Number of profiles

Profiles5 records

Boule Diagnostics subsidiaries and ownership

Company hierarchy

Subsidiaries1 record

Boule Diagnostics funding detail

Funding detail

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Boule Diagnostics M&A and investment

M&A and investment

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Boule Diagnostics

What does Boule Diagnostics do?

Boule Diagnostics develops, manufactures, and sells hematology diagnostic systems and consumer products (reagents) for blood cell analysis. Its wholly-owned U.S. subsidiary, Clinical Diagnostics Solutions (CDS), supplies in vitro diagnostics products globally to clinical diagnostics providers. The company is transitioning manufacturing to a licensed model in India.

Is Boule Diagnostics a public or private company?

Boule Diagnostics is a public company. It is classified as public and is currently operating.

When was Boule Diagnostics founded?

Boule Diagnostics was founded in 1992. It employs 101 to 250 people.

Where is Boule Diagnostics based?

Boule Diagnostics is headquartered in Spånga, Sweden, in the Europe region.

Does Boule Diagnostics have an API?

No public API is recorded for Boule Diagnostics.

What industry is Boule Diagnostics in?

Boule Diagnostics's product category is Hematology Diagnostics. Its primary akta.pro industry code is HLAHAAAB, Hematology & Coagulation Diagnostics, with a secondary code of HLAHAAAN, Laboratory Automation, Sample Prep & Liquid Handling (IVD Lab Diagnostics). Its NAICS code is 325413 and its SIC code is 2835.

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Live signals
Investing.comEarnings call transcript: Boule Diagnostics Q2 2026 shares fall on weak sales By Investing.comBoule Diagnostics reported a weaker second quarter with group sales falling 13% to SEK 112 million and adjusted EBIT slipping 25% to SEK 3.3 million, driven by currency headwinds, shipping disruptions tied to Middle East tensions, and soft diagnostics demand. The stock fell 12.8% to $3.27 in pre-market trading, operating cash flow turned negative at SEK 1.5 million, and liquidity tightened to SEK 26.2 million, raising concerns about the company's financial flexibility. The new CEO expressed cautious optimism for the second half, citing expected procurement activity and lower distributor inventory levels, though no detailed quantitative guidance was provided.Dagens industriBoule Diagnostics minskar omsättning och nettoförlustBoule Diagnostics reported a decrease in revenue for the second quarter of 2026, while simultaneously reducing its net loss and achieving a weakly positive operating result. The financial update indicates improved profitability metrics despite lower sales volumes during the period.Dagens industriBoule Diagnostics utser ny vdBoule Diagnostics, a medical technology company, has appointed Johan Folkunger as its new CEO. He will assume the position on June 22, 2026. The article is largely paywalled, limiting available details about the appointment.Seeking AlphaBoule Diagnostics AB (publ) (BDABF) Q1 2026 Earnings Call Prepared Remarks TranscriptBoule Diagnostics AB reported Q1 2026 earnings with group sales of SEK 102 million, a 10% decline from SEK 113 million in the prior year, though organic growth returned at 3% driven by 7.6% growth in the Diagnostics segment. Adjusted EBIT was negative SEK 1.4 million due to SEK 3 million in one-off costs from a completed site consolidation in Sweden and significant negative currency effects of minus 13% from USD exposure. The company marked its fourth consecutive quarter of positive operating cash flow at SEK 17.7 million, reflecting structural turnaround progress despite short-term margin pressure.Seeking AlphaBoule Diagnostics AB (publ) (BDABF) Q4 2025 Earnings Call Prepared Remarks TranscriptBoule Diagnostics AB reported Q4 2025 sales of SEK 120.2 million, down 11.7% organically, driven by lower instrument sales from a planned transition to licensed manufacturing in India and unfavorable currency headwinds from a weakened US dollar. Despite the revenue decline, the company achieved its third consecutive quarter of positive operating cash flow (SEK 5.5 million) and improved gross margin by 3.5 percentage points to 48.1% due to favorable product mix. Full year 2025 sales reached SEK 489.7 million, down 7.2% organically, as the company completed a 36% reduction in operating expenses and inaugurated its new headquarters in Sweden, while also announcing a CFO transition from Holger Lembrer to Michael af Winklerfelt.TipranksBoule Diagnostics Expands Global Supply Deal to Boost Long-Term GrowthClinical Diagnostics Solutions (CDS), Boule Diagnostics' U.S.-based subsidiary, has renewed and expanded a global supply agreement with a leading international in vitro diagnostics customer, reflecting strengthened trust in its technology and partnership capabilities. The extended contract is expected to add roughly SEK 5 million in annual sales once fully implemented in 2027, with a solid operating margin. The deal reinforces Boule's partnership-driven strategy and supports its ambition for long-term profitable growth in the global health diagnostics market.PR NewswireGlobal Hematology Testing Market (2021 to 2027) - Featuring Abbott, Boule Diagnostics and Diatron Among OthersResearchAndMarkets published a global hematology testing market report estimating the market will grow from USD 3.38 billion in 2021 to USD 4.41 billion by 2027 at a 4.51% CAGR, driven by rising disease prevalence, technological advancements, and increased telehealth adoption.GlobeNewswireSplit and Change of ISIN for Boule Diagnostics AB (92/18)Boule Diagnostics AB will execute a 4:1 stock split, effective June 1, 2018, with trading under a new ISIN code. The current ISIN SE0000437402 will be replaced by SE0011231158, and the order book remains unchanged.GlobeNewswireInterim report January – March 2014Boule Diagnostics reported Q1 2014 net sales of SEK 73.3 million, up 15.6%, with operating profit of SEK 6.3 million and net profit of SEK 4.3 million. The company launched an efficiency program to improve margins and cash flow, targeting 2015 profitability goals.GlobeNewswireNASDAQ OMX welcomes Boule Diagnostics AB to the main marketBoule Diagnostics AB began trading on NASDAQ OMX Stockholm's main market on June 23, 2011. The company, an international diagnostics firm, cited the listing as a logical step to source capital for growth. NASDAQ OMX said it welcomes the venture capital-backed company to its healthcare sector.