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Advenica: Weaker Q2 despite record service revenues
Advenica's second quarter came in below our expectations, with total revenues of MSEK 47.3 against our estimated MSEK 56.4 and last year's record MSEK 60.8. EBIT slipped to a negative MSEK 6.3 as product sales remained low, though service revenues reached a new all-time high of MSEK 41.5. The company also announced a doubling of its office space in Malmö to support continued growth. We see the current volatility as short-term noise and maintain our fair value of SEK 23 per share.
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Precise Biometrics: MOSIP compliancy adds potential
Pecise Biometrics recently announced that its biometric matching solution, BioMatch, has achieved MOSIP compliance, validated jointly with the Modular Open Source Identity Platform (MOSIP). The certification qualifies BioMatch for MOSIP-based government digital-identity deployments and adds a recognised credential to Precise's offering in the public-sector ID market. The shares gained more than 100 per cent on the news.
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USWE: Updated financial targets
Net sales in the last quarter of USWE Sports (USWE) for the broken financial year 2025/26 amounted to SEK 31.7 million, which was well below our forecast of SEK 39 million. However, the underlying sales trend is positive. In total, net income for the year totals SEK 135 million, which means a currency-adjusted organic growth of 13 percent compared to the previous financial year.
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Xintela: Completing another phase I/IIa study
On the day of the Q1 report, Xintela announced positive results of its phase I/IIa study of XSTEM in difficult-to-heal venous leg ulcers. The company is in talks regarding investor-initiated studies of XSTEM both in osteoarthritis and for the treatment of difficult-to-heal wounds. When and how these studies will be carried out remain to be seen. We still believe the company holds significant potential based on its clinical results with XSTEM. However, the financial risk is also substantial. The Q1 report did not prompt any major changes in our model, which leads us to keep our fair value of 1.04 SEK per share.
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