Q4 2026 ChemoMetec A/S Earnings Call

September 11, 2026

Speaker #1: Okay, it is now 3:00 p.m., so let's get started. Thank you all for joining, and welcome to ChemoMetec's conference call. Today, CEO Martin Helbo and CFO Philip Matthew Price will take you through this year's annual report, followed by a Q&A where you can type in questions and I will read them out loud.

Operator: Okay, it is now 3:00 PM, so let's get started. Thank you all for joining, and welcome to ChemoMetec's conference call. Today, CEO Martin Helbo Behrens and CFO Phillip Massie Price will take you through this year's annual report, followed by a Q&A where you can type in questions, and then I will read them out loud. Okay, so let's get started. Over to you, Martin.

Operator: Okay, it is now 3:00PM, so let's get started. Thank you all for joining, and welcome to ChemoMetec's Conference Call. Today, CEO Martin Helbo and CFO Phillip Massie Price will take you through this year's annual report, followed by a Q&A where you can type in questions, and then I will read them out loud. Okay, so let's get started. Over to you, Martin.

Speaker #1: Okay, so let's get started. Over to you, Martin.

Speaker #2: Yes, thank you, everyone, and welcome to this conference call. Today, I have with me our new CFO, Philip, who will give a short presentation here at first.

Martin Helbo Behrens: Yes. Thank you everyone, and welcome to this conference call. Today, I have with me our new CFO, Phillip, who will give a short presentation here at first. I also want you to basically give us a little bit feedback on this new setup. We have had a lot of feedback from investors on previous conference calls. Today we are trying something new and hope you will provide us with some feedback afterwards. So over to you, Phillip.

Martin Helbo: Yes. Thank you everyone, and welcome to this conference call. Today, I have with me our new CFO, Phillip, who will give a short presentation here at first. I also want you to basically give us a little bit feedback on this new setup. We have had a lot of feedback from investors on previous conference calls. Today we are trying something new and hope you will provide us with some feedback afterwards. So over to you, Phillip.

Speaker #2: But also, I want you to basically give us a little bit of feedback on this new setup. We have had a lot of feedback from investors on previous conference calls, so today we're trying something new and hope you will provide us with some feedback afterwards.

Speaker #2: So over to you, Philip.

Speaker #3: Thank you, Martin. Just a few words from my side, as this is my first earnings call here at ChemoMetec. I joined the company in August as CFO, so I have now been here for a little more than a month.

Phillip Massie Price: Thank you, Martin. Just a few words from my side, as this is my first earnings call here at ChemoMetec. I joined the company in August as the CFO. I have now been here for a little more than a month now. I can tell that it has been a busy start, but also a great opportunity to getting to know the company and the organization. I really look forward to the journey ahead. With that, let us turn to the financial performance for the fiscal year 2025/26. All numbers I will refer to will be in DKK. Revenue for the year came in at DKK 511 million, which is equivalent to 3% growth compared to last year or 7% at constant exchange rates.

Speaker #3: I can tell that it's been a busy start, but also a great opportunity to get to know the company and the organization. And I really look forward to the journey ahead.

Speaker #3: With that, let's turn to the financial performance for the fiscal year 2025/2026. All numbers referred to will be in Danish crowns. Revenue for the year came in at DKK 511 million, which is equivalent to 3% growth compared to last year, or 7% at constant exchange rates.

Speaker #3: EBITDA ended at 281 million, a 9% growth compared to the year before. Our EBITDA margin increased from 52.1% to 55%, equivalent to a 2.9 percentage point increase, which is mainly explained by the increase in revenue, improved profitability, and a reduction in staff cost.

Phillip Massie Price: EBITDA ended at DKK 281 million, 9% growth compared to the year before, and our EBITDA margin increased from 52.1% to 55%, equivalent to 2.9 percentage point increase, which is mainly explained by the increase in revenue, improved profitability, and a reduction in staff costs. Looking across our product categories, the main growth driver for the year was our instrument sales. Our instrument revenue went up with 13% compared to the year before, which was mainly driven by our sales of XM products, including NC-203, that increased from DKK 27.7 million last year to DKK 68.1 million this year. Our service revenue increased by 4%, and consumables declined by 4%. The decline in consumables is mainly explained by the US federal government shutdown in the fall of 2025, during which several of our largest customers saw a decline in number of patients treated.

Speaker #3: Looking across our product categories, the main growth driver for the year was our instrument sales. Our instrument revenue went up by 13% compared to the year before, which was mainly driven by our sales of XM products, including MC203, that increased from DKK 27.7 million last year to DKK 68.1 million this year.

Speaker #3: Our service revenue increased by 4%, and consumables declined by 4%. The decline in consumables is mainly explained by the U.S. federal government shutdown in the fall of 2025, during which several of our largest customers saw a decline in the number of patients treated.

Speaker #3: Looking at the geographical development, the US and Canada are our largest markets, which decreased by 6% in reported terms, but increased slightly by 1% at constant exchange rates.

Phillip Massie Price: Looking at the geographical development, US and Canada, our largest market, decreased by 6% in reported terms. However, it increased slightly by 1% at constant exchange levels. Europe increased by 14%, while we saw growth of 21% in the rest of the world. Looking at our two business areas, life science continued to grow, with revenue increasing by 6% to approximately DKK 485 million, and is now representing 95% of group revenue. Our animal semen, beer, and milk declined by 32% to approximately DKK 26 million, reflecting our continued exit from this market. Looking specifically at life science, it is worth noting that the reported growth does not fully reflect the underlying development in our core business. During the year, we were impacted by lower activity among some of our largest US customers, including the effects from the US government shutdown, as well as some larger players leaving the market.

Speaker #3: Europe increased by 14%, while resort growth was 21% in the rest of the world. Looking at our two business areas, Life Science continued to grow, with revenue increasing by 6% to approximately 485 million, and is now representing 95% of group revenue.

Speaker #3: Our animal semen, beer, and milk declined by 32% to approximately $26 million, reflecting our continued exit from this market. And looking specifically at life science, it's worth noting that the reported growth does not fully reflect the underlying development in our core business.

Speaker #3: During the year, we were impacted by lower activity among some of our largest U.S. customers, including the effects from the U.S. government shutdown, as well as some larger players leaving the market.

Speaker #3: This, naturally, had an impact on our consumable sales in the short term. And finally, also reminding you of the negative FX impacts, as mentioned earlier, the underlying growth is more around double digits for this area.

Phillip Massie Price: This naturally had an impact on our consumable sales in short term. Finally, also reminding the negative FX impact, as mentioned earlier, the underlying growth is more around double digits for this area. We ended the year with a strong balance sheet, cash position of around DKK 290 million, equity of approximately DKK 725 million. During the year, we invested around DKK 100 million in growth initiatives, including software, automation, product development, and our facilities here in Allerød. Finally, our ongoing share buyback program. We have repurchased 105,000 shares at year-end, equivalent to approximately DKK 39 million. As of today, we have repurchased around 206,600 shares, equivalent to 1.2% of the share capital.

Speaker #3: We ended the year with a strong balance sheet, a cash position of around 290 million, and equity of approximately 725 million. During the year, we invested around 100 million in growth initiatives, including software, automation, product development, and our facilities here in Allerød.

Speaker #3: And finally, regarding our ongoing share buyback program, we repurchased 105,000 shares at year-end, equivalent to approximately DKK 39 million. As of today, we have repurchased around 206,600 shares, equivalent to 1.2% of the share capital.

Martin Helbo Behrens: Thank you, Philip. Once again, a record year. As I will walk you through here, hopefully also a record year next year. First, I will walk you through the market conditions, then our products and product launch, then at last, product development, before Philip will take you through our guidance. Here at first, market conditions. Still really exciting to see all these approved CAR T cell therapies doing well. Mainly, we still see growth, and you can though see here that some cell therapies are struggling a little bit. The one, of course, doing best is happily our customer. Again, it has been a year with less treated patients, and of course, that is also affecting our consumables. Overall, we do see some recovery in the field. If you look at this chart, you can see that it starts looking better.

Martin Helbo: Thank you, Philip. Once again, a record year. As I will walk you through here, hopefully also a record year next year. First, I will walk you through the market conditions, then our products and product launch, then at last, product development, before Philip will take you through our guidance. Here at first, market conditions. Still really exciting to see all these approved CAR T cell therapies doing well. Mainly, we still see growth, and you can though see here that some cell therapies are struggling a little bit. The one, of course, doing best is happily our customer. Again, it has been a year with less treated patients, and of course, that is also affecting our consumables. Overall, we do see some recovery in the field. If you look at this chart, you can see that it starts looking better.

Speaker #2: Thank you, Philip. And once again, a record year—and as I'll walk you through here, hopefully also a record year next year. First, I'll walk you through the market conditions, then our products and product launches, and lastly, product development before Philip takes you through our guidance.

Speaker #2: Here at first, market conditions—still really exciting to see all these approved CAR T cell therapies doing well. Mainly, we still see growth, and you can, though, see here that some cell therapies are struggling a little bit, and the one, of course, doing best is heavily our customer. But again, it has been a year with fewer treated patients, and of course that is also affecting our consumables.

Speaker #2: Overall, we do see some recovery in the field. If you look at this chart, you can see that it starts looking better. Also, when you're in the field talking to customers, actually seeing what's happening, it's easy to see that the flow is definitely getting better.

Martin Helbo Behrens: Also, when you are in the field talking to customers, actually seeing what is happening, it is easy to see that the flow is definitely getting better. Also, we reported at the year-end that we start to see more demand from our customers, and of course, that has something to do with the market. If you look in the startup environment, which is important to us, we start to see some recovery, and that is of course crucial because many of our customers are still in preclinical phase I and phase II. Of course, this is an area which is very important for us. We keep investing, specifically at incubator sites where we are very well represented with our instruments. Incubators, for those who do not know that, is where usually you have shared labs. So you will have early startups, maybe professor and an assistant who are doing some exciting work.

Martin Helbo: Also, when you are in the field talking to customers, actually seeing what is happening, it is easy to see that the flow is definitely getting better. Also, we reported at the year-end that we start to see more demand from our customers, and of course, that has something to do with the market. If you look in the startup environment, which is important to us, we start to see some recovery, and that is of course crucial because many of our customers are still in preclinical phase I and phase II. Of course, this is an area which is very important for us. We keep investing, specifically at incubator sites where we are very well represented with our instruments. Incubators, for those who do not know that, is where usually you have shared labs. So you will have early startups, maybe professor and an assistant who are doing some exciting work.

Speaker #2: Also, we reported at the year-end that we started to see more demand from our customers, and of course, that has something to do with the market.

Speaker #2: If you look in the startup environment, which is important to us, we are starting to see some recovery, and that is of course crucial because many of our customers are still in preclinical, Phase 1, and Phase 2.

Speaker #2: So, of course, this is an area which is very important for us. We keep investing, specifically at incubator size, where we are very well represented with our instruments.

Speaker #2: And incubators, for those who don't know, are where you usually have shared labs. So you'll have early startups, maybe a professor and an assistant, who are doing some exciting work.

Speaker #2: They will then be testing a lot during a lot of research, and then adding our instrumentation into their SOPs. So we have been investing, and the market is recovering. We have a lot of our products written into their SOPs.

Martin Helbo Behrens: They will be then testing a lot, doing a lot of research, and then adding our instrumentation into their SOPs. We have been investing a lot, made sure that when this market is recovering, we have a lot of our products written in their SOPs. Also, something interesting is the layoff trigger. I think when I traveled around a couple of years ago, we spoke to customers and started to see a lot of empty spaces in Cambridge, for example. We saw a lot of layoffs, which also later meant that, of course, with fewer people, they do less sampling, also means less testing and in the end, less sales for us. Here, I think this is very positive. Also, when we are in the field, we start seeing customers hiring, we start seeing less empty spaces.

Martin Helbo: They will be then testing a lot, doing a lot of research, and then adding our instrumentation into their SOPs. We have been investing a lot, made sure that when this market is recovering, we have a lot of our products written in their SOPs. Also, something interesting is the layoff trigger. I think when I traveled around a couple of years ago, we spoke to customers and started to see a lot of empty spaces in Cambridge, for example. We saw a lot of layoffs, which also later meant that, of course, with fewer people, they do less sampling, also means less testing and in the end, less sales for us. Here, I think this is very positive. Also, when we are in the field, we start seeing customers hiring, we start seeing less empty spaces.

Speaker #2: Also, something interesting is the layoff trigger. I think when I traveled around a couple of years ago, we spoke to customers and started to see a lot of empty spaces in Cambridge, for example.

Speaker #2: We saw a lot of layoffs, which also later meant that, of course, with fewer people, they do less sampling. That also means less testing and, in the end, less sales for us.

Speaker #2: So here, I think this is very positive. Also, when we're in the field, we start seeing customers hiring, we start seeing less empty spaces. If you move into the incubator space, you actually have everything occupied by now. So, very, very interesting and very good news for the whole industry.

Martin Helbo Behrens: If you move into the incubator space, you actually have everything occupied by now. Very, very interesting and very good news for the whole industry. As Tuve just said, we had some, I will say it was pretty rocky back in November. You can also see here with the cutting of National Institutes of Health funding, we saw some clinical trials getting canceled, and since we have a decent share of the market, of course, we get hit as well. Majorly, we also saw some of the largest companies out there, Novo Nordisk, Galapagos, Takeda, actually exiting the market, and of course, that is hurting ChemoMetec's revenue as well. Overall, though, we are seeing a recovery, a pretty decent recovery. Again, I think if we move on to the next slide, you can basically see the growth of this company.

Martin Helbo: If you move into the incubator space, you actually have everything occupied by now. Very, very interesting and very good news for the whole industry. As Tuve just said, we had some, I will say it was pretty rocky back in November. You can also see here with the cutting of National Institutes of Health funding, we saw some clinical trials getting canceled, and since we have a decent share of the market, of course, we get hit as well. Majorly, we also saw some of the largest companies out there, Novo Nordisk, Galapagos, Takeda, actually exiting the market, and of course, that is hurting ChemoMetec's revenue as well. Overall, though, we are seeing a recovery, a pretty decent recovery. Again, I think if we move on to the next slide, you can basically see the growth of this company.

Speaker #2: As Philip just said, we had some—I will say it was pretty rocky back in November, and you can also see here with the cutting of NIH funding, we saw some clinical trials getting canceled. Since we have a decent share of the market, of course, we got hit as well.

Speaker #2: Additionally, we also saw some of the largest companies out there—Novo Nordisk, Galapagos, Takeda—actually exiting the market. Of course, that is hurting QMedics' revenue as well.

Speaker #2: Overall, though, we are seeing a recovery—a pretty decent recovery—and again, I think if we move on to the next slide, you can basically see the growth of this company.

Speaker #2: We only have 45 approvals, and if you look at this chart—yeah, the sky is the limit. And of course, as we're seeing more approvals in cell and gene therapy specifically, we will grow with that. But also, of course, we have the exciting opportunity for bioprocessing in the future.

Martin Helbo Behrens: We only have 45 approvals, and if you look at this chart, yeah, sky's the limit. Of course, as we are seeing more approvals in cell and gene therapy specifically, of course, we will grow with that. Also, of course, we have the exciting opportunity for bioprocessing in the future, which I will come back to. If you move on to the products, we are now talking a lot about XcytoMatic and NC-203, and that is mainly because it is the future of this company. We have spent so much time in the field validating the XcytoMatic 40, the XcytoMatic 30, and the NC-203. I will say, I think many of you have by now read a lot of articles and interviews about our XM30 and XM40, and the feedback is amazing. The NC-203 is also very exciting for us since we have, of course, announced the discontinuation of the NucleoCounter® NC-200™.

Martin Helbo: We only have 45 approvals, and if you look at this chart, yeah, sky's the limit. Of course, as we are seeing more approvals in cell and gene therapy specifically, of course, we will grow with that. Also, of course, we have the exciting opportunity for bioprocessing in the future, which I will come back to. If you move on to the products, we are now talking a lot about XcytoMatic and NC-203, and that is mainly because it is the future of this company. We have spent so much time in the field validating the XcytoMatic 40, the XcytoMatic 30, and the NC-203. I will say, I think many of you have by now read a lot of articles and interviews about our XM30 and XM40, and the feedback is amazing.

Speaker #2: Which I'll come back to. If we move on to the products, we are now talking a lot about Excytomatic and in situ O3, and that's mainly because it is the future of this company.

Speaker #2: We have spent so much time in the field validating the 40, the 30, and the 203, and I will say I think many of you have by now read a lot of articles and interviews about our XM30 and XM40, and the feedback is amazing.

Speaker #2: The 203 is also very exciting for us, since we have, of course, announced the discontinuation of the 200. So many customers who are used to the flow of the cassette-based instrument will basically replace the 200 with the 203. But also, many of them are now looking into automating some processes with the 30, so it actually will be a combination of the 203 and XM30, I believe, in the future for cell therapy.

Martin Helbo: The NC-203 is also very exciting for us since we have, of course, announced the discontinuation of the NucleoCounter® NC-200™. Many customers who are used to the flow of the cassette-based instrument will basically replace the NucleoCounter® NC-200™ with the NC-203. Also many of them are looking now into automating some processes with the XcytoMatic 30. So it actually will be a combination of the NC-203 and XM30, I believe, in the future for cell therapy.

Martin Helbo Behrens: Many customers who are used to the flow of the cassette-based instrument will basically replace the NucleoCounter® NC-200™ with the NC-203. Also many of them are looking now into automating some processes with the XcytoMatic 30. So it actually will be a combination of the NC-203 and XM30, I believe, in the future for cell therapy. Again, it was a record year for XcytoMatic, and I remember, I think it was just a year ago, I had many investors asking, "Can you even sell this product? Is it even good?" I think these numbers testifying that it is not only ChemoMetec now saying this product is sellable. A lot of customers, feedback, interviews, you have seen it all. They love this product. So hopefully, of course, in the future, we will start seeing ChemoMetec to expand even more in this area.

Speaker #2: Again, it was a record year for Excitomatic, and I remember, I think it was just a year ago, I had many investors asking, can you even sell this product?

Martin Helbo: Again, it was a record year for XcytoMatic, and I remember, I think it was just a year ago, I had many investors asking, "Can you even sell this product? Is it even good?" I think these numbers testifying that it is not only ChemoMetec now saying this product is sellable. A lot of customers, feedback, interviews, you have seen it all. They love this product. So hopefully, of course, in the future, we will start seeing ChemoMetec to expand even more in this area.

Speaker #2: Is it even good? And I think these numbers testify that it's not only ChemoMetec now saying this product is sellable—a lot of customers' feedback, interviews, you've seen it all—they love this product.

Speaker #2: So hopefully, of course, in the future we'll start seeing ChemoMetec expand even more in this area, and as you know, we're also reporting that basically we expect most of our instrument revenue to come from Excitometec in the future.

Martin Helbo Behrens: As you know, we are also reporting that basically we expect most of our instrument revenue coming from XcytoMatic in the future. For Q4, specifically, if you include NC-203, we have a record quarter again, DKK 17.7 million. Most of that revenue actually happened in June. So what we started to see with the discontinuation, also with the market improvement and automation, we saw a lot of demand. Again, we mainly had more than 50% of our instrument sales coming from this area. So we are very looking forward to the future. Again, here, some extra numbers. The growth is explaining itself. We have big hope for the new year. Mainly the trend which happened in June and Q4 is something we expect to continue into next year, current year.

Martin Helbo: As you know, we are also reporting that basically we expect most of our instrument revenue coming from XcytoMatic in the future. For Q4, specifically, if you include NC-203, we have a record quarter again, DKK 17.7 million. Most of that revenue actually happened in June. So what we started to see with the discontinuation, also with the market improvement and automation, we saw a lot of demand. Again, we mainly had more than 50% of our instrument sales coming from this area. So we are very looking forward to the future. Again, here, some extra numbers. The growth is explaining itself. We have big hope for the new year. Mainly the trend which happened in June and Q4 is something we expect to continue into next year, current year.

Speaker #2: For Q4 specifically, if you include in situ O3, we have a record quarter again—17.7 million. And, of course, most of that revenue—well, not of course, but most of that revenue actually happened in June.

Speaker #2: So, what we started to see with the discontinuation, also with the market improvement and automation, was a lot of demand. Again, we mainly had more than 50% of our instrument sales coming from this area, so we are very much looking forward to the future.

Speaker #2: Again here, some extra numbers. Of course, the growth is explaining itself, and we have, of course, big hope for the new year. Mainly, the trend which happened in June and Q4 is something we expect to continue into next year, the current year.

Speaker #2: And the key drivers are basically the replacement of the 200. We have sold thousands of in situ 200, so many customers now basically have to start replacing them.

Martin Helbo Behrens: The key drivers are basically the replacement of the 200. We have sold thousands of NC-200, so many customers have to now basically start replacing, which means, first of all, they need to make sure they can produce for the next three years with NC-200. So we are seeing some last time buys, as well as some departments already starting to basically validate our NC-203 or XM30, XM40. Automation again is very interesting, I believe, because when we start seeing replacements for the 200, we also have customers saying, "Well, it would be nice to automate some process flows now when we are actually looking into validation." So we do see a lot of customers doing validations between the Hamilton system and an XM30, and also basically a Tecan system and XM30. It also helps that the market conditions are getting better.

Martin Helbo: The key drivers are basically the replacement of the 200. We have sold thousands of NC-200, so many customers have to now basically start replacing, which means, first of all, they need to make sure they can produce for the next three years with NC-200. So we are seeing some last time buys, as well as some departments already starting to basically validate our NC-203 or XM30, XM40. Automation again is very interesting, I believe, because when we start seeing replacements for the 200, we also have customers saying, "Well, it would be nice to automate some process flows now when we are actually looking into validation." So we do see a lot of customers doing validations between the Hamilton system and an XM30, and also basically a Tecan system and XM30. It also helps that the market conditions are getting better.

Speaker #2: Which means, first of all, they need to make sure they can produce for the next three years with in situ 200, so we are seeing some last-time buys.

Speaker #2: As well as actually, some departments have already started to basically validate our in situ O3 or XM30, XM40. Automation, again, is very interesting, I believe, because when we start seeing replacements for the 200, we also have customers saying, "Well, it would be nice to automate some process flows now when we are actually looking into validation." So, we do see a lot of customers doing validations between the Hamilton system and an XM30, and also basically a T10 system and XM30.

Speaker #2: It also helps that the market conditions are getting better—we can see that, and we can also feel that when we’re negotiating. I remember a couple of years ago, getting budget for a customer for an XM40 specifically was almost impossible, whereas today, we do see it is easier for them, basically, to purchase our instrumentation.

Martin Helbo Behrens: We can see that, and we can also feel that when we are negotiating. I remember a couple of years ago, getting budget for a customer for an XM40 specifically was almost impossible, where today we do see it is easier for them basically to purchase our instrumentation. Not only that, we have also been working on some strategic partnerships, and the strategic partnerships is something you only have to do once, specifically here, I mean the validation into their systems. We have been working very hard in this area to ensure the best possible agreement for ChemoMetec, also for the future. Mainly, many of these partnership has happened through customer demand because when we have been presenting our XM30, XM40, and 203 in the field, we have had customers saying, "Why don't you actually start integrating into other systems?

Martin Helbo: We can see that, and we can also feel that when we are negotiating. I remember a couple of years ago, getting budget for a customer for an XM40 specifically was almost impossible, where today we do see it is easier for them basically to purchase our instrumentation. Not only that, we have also been working on some strategic partnerships, and the strategic partnerships is something you only have to do once, specifically here, I mean the validation into their systems. We have been working very hard in this area to ensure the best possible agreement for ChemoMetec, also for the future. Mainly, many of these partnership has happened through customer demand because when we have been presenting our XM30, XM40, and 203 in the field, we have had customers saying, "Why don't you actually start integrating into other systems?

Speaker #2: And not only that, we have also been working on some strategic partnerships. The strategic partnerships are something you only have to do once—specifically here, I mean the validation into their systems. We've been working very hard in this area to ensure the best possible agreement for ChemoMetec, also for the future.

Speaker #2: And mainly, many of these partnerships have happened through customer demand, because when we have been presenting our XM30, XM40, and 203 in the field, we've had customers saying, "Why don't you actually start integrating into other systems, so instead of buying specifically from ChemoMetec, we can buy a combined solution, a system?"

Martin Helbo Behrens: So instead of buying specifically from ChemoMetec, we can buy a combined solution, a system." So we started talking to Tecan, Hamilton, and now Roche to basically integrate our product into a larger solution, and I think we will see a lot from this in the future. Then over to product development, where we also have some exciting projects for the future. I think what we are trying to show is mainly that in the future, ChemoMetec will not only be a cell counter company. Because one thing is doing an on-site cell count. But many customers actually also are looking into how can we treat more patients? How can we scale this business? So mainly we are trying to, with the sample management system, for example, to automate some procedures to help them scale, to actually help them do way more testing than they are doing today.

Martin Helbo: So instead of buying specifically from ChemoMetec, we can buy a combined solution, a system." So we started talking to Tecan, Hamilton, and now Roche to basically integrate our product into a larger solution, and I think we will see a lot from this in the future. Then over to product development, where we also have some exciting projects for the future. I think what we are trying to show is mainly that in the future, ChemoMetec will not only be a cell counter company. Because one thing is doing an on-site cell count. But many customers actually also are looking into how can we treat more patients? How can we scale this business? So mainly we are trying to, with the sample management system, for example, to automate some procedures to help them scale, to actually help them do way more testing than they are doing today.

Speaker #2: So, we started talking to TICC and Hamilton, now Roche, to basically integrate our product into a larger solution, and I think we'll see a lot from this in the future.

Speaker #2: And then over to product development, where we also have some exciting projects for the future. I think what we're trying to show is mainly that in the future, ChemoMetec won't only be a cell counter company, because one thing is doing an on-site cell count, but many customers are actually also looking into how can we treat more patients, how can we scale this business. So, mainly we're trying to—with the sample management system, for example—automate some procedures to help them scale, to actually help them do way more testing than they're doing today. I've met with many, many operators and also heads of operations who say, in the future, we don't want too many operators in the lab or in manufacturing; they actually want hands-free. So it's basically the car manufacturing all over again.

Martin Helbo Behrens: I have met with many, many operators and also head of operations who says, in the future we do not want too many operators in the lab, in the manufacturing. They actually want hands-free. It is basically the car manufacturing all over again. Specifically here you see our sample management system, but also with an integrated XM 50, and we are hoping that customers can save a lot of money by basically buying our automated system, scale their samples, scale their production, and actually produce cheaper cell therapies. Talking about automation, hardware alone is not enough. You also need a software to ensure you can cut some cost. I can tell you when we are on site, we usually meet service managers who are overseeing 7,000 instruments where they need to make sure they are serviced, they work, they are up and running, they get tested every day.

Martin Helbo: I have met with many, many operators and also head of operations who says, in the future we do not want too many operators in the lab, in the manufacturing. They actually want hands-free. It is basically the car manufacturing all over again. Specifically here you see our sample management system, but also with an integrated XM 50, and we are hoping that customers can save a lot of money by basically buying our automated system, scale their samples, scale their production, and actually produce cheaper cell therapies. Talking about automation, hardware alone is not enough. You also need a software to ensure you can cut some cost. I can tell you when we are on site, we usually meet service managers who are overseeing 7,000 instruments where they need to make sure they are serviced, they work, they are up and running, they get tested every day.

Speaker #2: Specifically here, you see our sample management system, but also with an integrated XM50. We are hoping that customers can save a lot of money by basically buying our automated system, scaling their samples, scaling their production, and actually producing cheaper cell therapies.

Speaker #2: And talking about automation, hardware alone is not enough, you also need a software to ensure you can cut some cost. I can tell you when we are on site, we usually meet service managers who are overseeing 7,000 instruments, where they need to make sure their service, they work, they're up and running, they get tested every day, and the whole idea about XM Octopus came to life because of that.

Martin Helbo Behrens: The whole idea about XcytoMatic Octopus came to life because of that. Because what they would love is a fleet management where you can oversee all your instruments, make sure everything is serviced. You can even see is it working as supposed to? Is anything wrong? If anything is wrong, you can just contact a ChemoMetec service engineer. Here, by moving into the software area, it is basically customer. It is a customer demand, but also it just makes so much more sense because you can imagine overseeing 7,000 instruments, which is not only ChemoMetec instruments, it is just a lot of work. Imagine if they can oversee just from a system and basically look into that and service and everything, you will cut so much cost.

Martin Helbo: The whole idea about XcytoMatic Octopus came to life because of that. Because what they would love is a fleet management where you can oversee all your instruments, make sure everything is serviced. You can even see is it working as supposed to? Is anything wrong? If anything is wrong, you can just contact a ChemoMetec service engineer. Here, by moving into the software area, it is basically customer. It is a customer demand, but also it just makes so much more sense because you can imagine overseeing 7,000 instruments, which is not only ChemoMetec instruments, it is just a lot of work. Imagine if they can oversee just from a system and basically look into that and service and everything, you will cut so much cost.

Speaker #2: Because what they would love is a fleet management system where you can oversee all your instruments, make sure everything is serviced, you can even see if it is working as supposed to, check if anything is wrong, and if anything is wrong, you can just contact a ChemoMetec service engineer.

Speaker #2: So here, by moving into the software area, it's basically customer is a customer demand, but also it just makes so much more sense, because you can imagine overseeing 7,000 instruments, which is not only chemomatic instruments, it's just a lot of work.

Speaker #2: So imagine if they can oversee just from a system, and basically look into that and service and everything—you will cut so much cost.

Speaker #2: Also, with XM Octopus, instead of going into a lab to extract data, you can actually send the data by an API into a remote server, and by that, you can do QC approval. You can even do audits from the FDA in there, so you'll have so many opportunities with this new software. And of course, we have big expectations for that as well.

Martin Helbo Behrens: Also with XcytoMatic Octopus, instead of going into a lab to extract data, you can actually send the data by an API into a remote server, and by that you can do QC approval, you can even do audits from FDA in there. You will have so many opportunities with this new software, and of course, we have big expectations for that as well. The next slide here is our financial outlook, so I will give it over to Philip.

Martin Helbo: Also with XcytoMatic Octopus, instead of going into a lab to extract data, you can actually send the data by an API into a remote server, and by that you can do QC approval, you can even do audits from FDA in there. You will have so many opportunities with this new software, and of course, we have big expectations for that as well. The next slide here is our financial outlook, so I will give it over to Philip.

Speaker #2: On the next slide, here is our financial outlook, so I'll hand it over to Philip.

Speaker #1: Thank you, Martin. So to wrap everything up, our expectations for fiscal year 2026/2027: we expect revenue of between $545 million and $575 million, which is equivalent to growth of around 7% to 13%, and EBITDA of between $300 million and $313 million.

Phillip Massie Price: Thank you, Martin. To wrap everything up, our expectations for the fiscal year 2026/27, we expect revenue of between DKK 545 million to DKK 575 million, equivalent to growth of around 7% to 13%, and EBITDA of between DKK 300 million and DKK 330 million. Also, we expect CapEx to be around DKK 120 million. While we expect growth in both revenue and EBITDA, our margin and also CapEx will be reflecting our continued growth initiatives. With that, over to Q&A.

Speaker #1: Also, we expect CapEx to be around $120 million. So, while we expect growth in both revenue and EBITDA, our margin and also CapEx will reflect our continued growth initiatives.

Speaker #1: With that, over to Q&A.

Speaker #3: Okay, so let's start with the first questions. Jasper from DNB, could you help us understand the assumptions behind the 2026 and 2027 guidance? Do you expect instrument sales—both XM and NC—to be the main growth driver, while consumables and service continue to decline?

Operator: Okay, so let's start with the first questions. Jesper from DNB. Could you help us understand the assumptions behind 2026/2027 guidance? Do you expect instrument sales, both XM and NC, to be the main growth driver while consumables and service continue to decline? What would need to happen for you to end up at the upper versus lower end of the guidance range?

Speaker #3: And what would need to happen for you to end up at the upper versus lower end of the guidance range?

Speaker #2: Yeah, I'll take that one, and basically the assumptions behind guidance is, of course we have learned from last year, I think many, many investors, they reach out of course after our downgrade and this is not something we were very proud of, so we have learned from that.

Martin Helbo Behrens: Well, I'll take that one. Basically, the assumptions behind guidance is, of course, we have learned from last year. I think, many investors, they reach out, of course, after our downgrade, and this is not something we were very proud of. So we have learned from that. This year we have seen some market improvements. We have a lot of exciting replacements to do, and mainly we have looked into what is the worst case scenario here, because we don't want to disappoint. What we expect is mainly the instrument sales to grow first, because to have consumable and service growth, you need instruments to grow at first. We haven't basically had any expectations for Roche, Qiagen, Hamilton, those collaborations, because we don't have any numbers. Mainly that's of course an upside if that happens.

Martin Helbo: Well, I'll take that one. Basically, the assumptions behind guidance is, of course, we have learned from last year. I think, many investors, they reach out, of course, after our downgrade, and this is not something we were very proud of. So we have learned from that. This year we have seen some market improvements. We have a lot of exciting replacements to do, and mainly we have looked into what is the worst case scenario here, because we don't want to disappoint. What we expect is mainly the instrument sales to grow first, because to have consumable and service growth, you need instruments to grow at first. We haven't basically had any expectations for Roche, Qiagen, Hamilton, those collaborations, because we don't have any numbers. Mainly that's of course an upside if that happens.

Speaker #2: So, this year, we, of course, have seen some market improvements. We have a lot of exciting replacements to do, and mainly, we have looked into what is the worst-case scenario here, because we don't want to disappoint.

Speaker #2: What we expect is mainly the instrument sales to grow first, because to have consumable and service growth, you need instrument sales to grow first.

Speaker #2: We haven't basically had any expectations for Roche, TIC, and Hamilton, those collaborations, because we don't have any numbers. So mainly, that's of course an upside if that happens.

Speaker #2: So overall, we have been looking at the guidance to say the running business itself—how is that working out, with the market and everything? But again, remember the market improvement is basically only a couple of months old before it really started to take off, so we still have to see the trend. But we are cautiously optimistic about the future.

Martin Helbo Behrens: Overall, we are looking at the guidance to say the running business itself, how is that working out with the market and everything. Again, remember the market improvement is basically only a couple of months old before it really started to take off. So we still have to see the trend, but we are cautiously optimistic about the future.

Martin Helbo: Overall, we are looking at the guidance to say the running business itself, how is that working out with the market and everything. Again, remember the market improvement is basically only a couple of months old before it really started to take off. So we still have to see the trend, but we are cautiously optimistic about the future.

Speaker #3: Okay, and the next question is also from Jasper. How do you view Novartis pausing some of its CGT programs, including YTB323 in DLBCL and PHE885 in multiple myeloma, as well as VMS pausing some of its cell therapy programs, in terms of what this signals for the broader CGT market and platforms such as T-Charge?

Operator: Okay, and the next question is also from Jesper. How do you view Novartis pausing some of its CGT programs, including YTB323 in DLBCL and PHE885 in multiple myeloma, as well as BMS pausing some of its cell and therapy programs in terms of what this signals for the broader CGT market and platforms such as T-Charge? More specifically, have you seen any impact on ChemoMetec activity or demand from Novartis, BMS or related programs?

Speaker #3: And more specifically, have you seen any impact on ChemoMetec's activity or demand from Novartis, BMS, or related programs?

Speaker #2: Yeah, and of course we have been reading about those programs as well, and I think if we're going back to the presentations, we saw more than 3,000 ongoing trials.

Martin Helbo Behrens: Yeah, we have been reading about those programs as well. I think if we are going back to the presentations, we saw more than 3,000 ongoing trials. When you have phase I and phase II trials, you have to expect some of them facing some issues. This is in vivo, and in vivo is very different from ex vivo since the expansion happens inside the body. I know they had some issues, but it is not something which causes too much stress. You can say from our point of view, this is what happens. We hear it all the time. When you move into a whole new way of producing a drug, which is in vivo, you have to expect some issues throughout the clinical trials.

Martin Helbo: Yeah, we have been reading about those programs as well. I think if we are going back to the presentations, we saw more than 3,000 ongoing trials. When you have phase I and phase II trials, you have to expect some of them facing some issues. This is in vivo, and in vivo is very different from ex vivo since the expansion happens inside the body. I know they had some issues, but it is not something which causes too much stress. You can say from our point of view, this is what happens. We hear it all the time. When you move into a whole new way of producing a drug, which is in vivo, you have to expect some issues throughout the clinical trials.

Speaker #2: So, of course, when you have phase one and phase two trials, you have to expect some of them facing some issues. This is in vivo, and in vivo is very different from ex vivo, since the expansion happens inside the body.

Speaker #2: And I know they had some issues, but it's not something which causes too much stress, or you can say, from our point of view, this is what happens.

Speaker #2: So, we hear it all the time, and of course, when producing a drug, which is in vivo, you have to expect some issues throughout the clinical trials.

Speaker #2: So no, we are not too nervous about that, and I think they're going to solve the issues, and we will see some exciting drugs in the future.

Martin Helbo Behrens: No, we are not too nervous about that. I think they are going to solve the issues, and we will see some exciting drugs in the future. Also, it is important to say that those platforms, T-Charge, for example, and NEX-T from BMS, they have many drugs on this platform, and so far it has only been a couple of drugs facing issues. The platform itself from Novartis and from BMS is to my understanding, not facing any major issues.

Martin Helbo: No, we are not too nervous about that. I think they are going to solve the issues, and we will see some exciting drugs in the future. Also, it is important to say that those platforms, T-Charge, for example, and NEX-T from BMS, they have many drugs on this platform, and so far it has only been a couple of drugs facing issues. The platform itself from Novartis and from BMS is to my understanding, not facing any major issues.

Speaker #2: And also, it is important to say, those platforms—T-Charge, for example, and Next from BMS—they have many drugs on this platform, and so far it has only been a couple of drugs facing issues. So the platform itself, from Novartis and from BMS, is, to my understanding, not facing any major issues.

Speaker #3: Okay, the next one is also from Jasper. You recently announced the discontinuation of the NC200 platform, with sales ending in April 2027 and service ending in April 2029.

Operator: Okay. The next one is also from Jesper. You recently announced the discontinuation of the NC-200 platform with sales ending in April 2027 and service ending in April 2029. We hear that some labs have started making last time buys ahead of the April 2027 deadline. Should we expect this to drive any meaningful uplift in instrument sales over the coming quarters?

Speaker #3: We hear that some labs have started making less time buys ahead of the April 2027 deadline. Should we expect this to drive any meaningful uplift in instrument sales over the coming quarters?

Speaker #2: Yeah, and that's actually a very good question, Jasper, so thank you for that. So, mainly our visibility is maybe 45 days. So, from our point of view, of course when we do a last-time buy, we have some expectations for our last-time buy.

Martin Helbo Behrens: Yeah, that is actually a very good question, Jesper. Thank you for that. Mainly our visibility might be 45 days. From our point of view, of course, when we do a last time buy, we have some expectations for some last time buy. If you are producing with NC-200 and you know the last time buy is in April 2027, you need to buy some instruments at some point to basically cover up for the lack over the next couple of years. Yes, we expect some last time buy related to the 200, and we also expect some NC-203 sales for validation. The difficult thing for us is basically to estimate it, because last year we tried to estimate it. We heard a lot of numbers and we believed it, and this year we are more cautious because we do not want to disappoint again.

Martin Helbo: Yeah, that is actually a very good question, Jesper. Thank you for that. Mainly our visibility might be 45 days. From our point of view, of course, when we do a last time buy, we have some expectations for some last time buy. If you are producing with NC-200 and you know the last time buy is in April 2027, you need to buy some instruments at some point to basically cover up for the lack over the next couple of years. Yes, we expect some last time buy related to the 200, and we also expect some NC-203 sales for validation. The difficult thing for us is basically to estimate it, because last year we tried to estimate it. We heard a lot of numbers and we believed it, and this year we are more cautious because we do not want to disappoint again.

Speaker #2: If you're producing with NC200, and you know the last time buy is in April 2027, you need to buy some instruments at some point to basically cover for the lack over the next couple of years.

Speaker #2: So yes, we expect some last-time buy related to the 200, and we also expect some NC203 sales for validation. The difficult thing for us, you could say, is basically to estimate it, because last year we tried to estimate it, we heard a lot of numbers, and we believed it, and this year we're more cautious because we don't want to disappoint again.

Speaker #3: And the next question is from Simon Larsen from Danske Bank. What about the pushed XM orders triggering the PW last year? The old FI 2526 guidance said DKK 565–580 million. We ended up at 511 million, and now we have a new guidance pointing towards 560 million at midpoint for FY 26/27.

Operator: The next question is from Simon Larsson from Danske Bank. What about the pushed XM orders triggering the profit warning last year? The old FY 2025, 2026 guidance set at DKK 565 to 580 million. We ended up at DKK 511 million and now we have a new guidance pointing towards DKK 560 million at midpoint for FY 2026, 2027. Can you talk about what happened to those XM orders that you thought would end up in H2 last year? It seems like you are not counting on them materializing this year.

Speaker #3: Can you talk about what happened to those XM orders that you thought would end up in H2 last year? Seems like you're not counting on them materializing this year.

Speaker #2: Yeah, and mainly it's because we haven't received the orders yet, so from our point of view, we will wait until we see the PO this year before we start reporting to any investors.

Martin Helbo Behrens: Yeah, and mainly it is because we have not received the orders yet. From our point of view, we will wait until we see the PO this year before we start reporting to any investors. So mainly still expect them at some point. It is very difficult for us to say when, because these validations we had a pretty great example last year in our annual report I believe. Those validations they take time. We have had validations running for a couple of years with many customers. Some of the sales you see right now, it is mainly from those validations running over a couple of years. So we also know at some point these customers, they will buy more instruments. It is just very difficult for us to estimate.

Martin Helbo: Yeah, and mainly it is because we have not received the orders yet. From our point of view, we will wait until we see the PO this year before we start reporting to any investors. So mainly still expect them at some point. It is very difficult for us to say when, because these validations we had a pretty great example last year in our annual report I believe. Those validations they take time. We have had validations running for a couple of years with many customers. Some of the sales you see right now, it is mainly from those validations running over a couple of years. So we also know at some point these customers, they will buy more instruments. It is just very difficult for us to estimate.

Speaker #2: So mainly, we still expect them at some point. It's very difficult for us to say when, because these validations—we had a pretty great example last year in our annual report, I believe—these validations take time.

Speaker #2: We have had validations running for a couple of years with many customers. Some of the sales you see right now are mainly from those validations running over a couple of years, so we also know at some point these customers, they will buy more instruments. It's just very difficult for us to estimate.

Speaker #2: So right now they're mainly not a part of the guidance, since we are not familiar with the exact numbers and estimates—even if they will arrive this year, next year, or in two years.

Martin Helbo Behrens: So right now they are mainly not a part of the guidance since we are not familiar with the exact numbers and estimates, even if they will arrive this year, next year or in two years. So that is the main case here.

Martin Helbo: So right now they are mainly not a part of the guidance since we are not familiar with the exact numbers and estimates, even if they will arrive this year, next year or in two years. So that is the main case here.

Speaker #2: So that's the main case here.

Speaker #3: The next question is from Ludvig from Arctic. And there are two questions. The first one: when it comes to the change in IFRS accounting, you highlighted a 50 million effect on instrument sales in fiscal Q3.

Operator: The next question is from Louis from Arctic, and there are two questions. The first one, when it comes to the change in IFRS accounting, you highlighted a DKK 50 million effect on instrument sales in fiscal Q3. What was the effect in fiscal Q4 if excluding the accounting effects in 2025, 2026 and 2026, 2027? What is the implied sales growth range assumed in your guidance?

Speaker #3: What was the effect in fiscal Q4? If excluding the accounting effects in 2025-2026 and 2026-2027, what is the implied sales growth range assumed in your guidance?

Speaker #2: First of all, the €50 million effect was a one-off, and the €15 million effect was also a one-off, so we don't have any effect this quarter. So, if we're looking at the expectation of our product development and investments, mainly, we are looking into investing more in our XM Octopus. We believe software is the future in this area.

Martin Helbo Behrens: First of all, the 15 million effect was a one-off, so we don't have any effect this quarter. If we're looking at the expectation of our product development and investments, mainly we are looking into investing more in our XcytoMatic Octopus. We believe software is the future in this area. Also we are looking into automation sample management system, autosampler. We have some XM 50 coming pretty soon. So we're looking to keep investing, and I think what's important for ChemoMetec is the next five, 10 years sell a lot of cell counters. But at some point we have to look at what is the next growth leg from our point of view. So we're investing a lot in automation and in software because we believe the future is systems. To sell a system you need hardware, software mainly automated.

Martin Helbo: First of all, the 15 million effect was a one-off, so we don't have any effect this quarter. If we're looking at the expectation of our product development and investments, mainly we are looking into investing more in our XcytoMatic Octopus. We believe software is the future in this area. Also we are looking into automation sample management system, autosampler. We have some XM 50 coming pretty soon. So we're looking to keep investing, and I think what's important for ChemoMetec is the next five, 10 years sell a lot of cell counters. But at some point we have to look at what is the next growth leg from our point of view. So we're investing a lot in automation and in software because we believe the future is systems. To sell a system you need hardware, software mainly automated.

Speaker #2: Also, we are looking into automation, sample management systems, auto-samplers—we have some 50 coming pretty soon. So we're looking to keep investing, and I think what's important for ChemoMetec is, in the next 5 to 10 years, to sell a lot of cell counters.

Speaker #2: But at some point, we have to look at what is the next growth leg from our point of view. So we're investing a lot in automation and in software because we believe the future is systems, and to sell a system, you need hardware and software, mainly automated.

Speaker #2: Also, of course, a big piece of this is for XM Octopus.

Martin Helbo Behrens: Also of course a big piece of this is for XcytoMatic Octopus.

Martin Helbo: Also of course a big piece of this is for XcytoMatic Octopus.

Speaker #3: And the second question is, when it comes to the expected $120 million product development expense in 2026–2027, does this entail only capitalized investments?

Operator: The second question is, when it comes to the expected DKK 120 million product development expense in 2026, 2027, does this entail only capitalized investments?

Speaker #4: Mainly it's going to be

Martin Helbo Behrens: Mainly it's going to be CapEx, but of course there will be some P&L as well. But mainly it's going to be CapEx.

Martin Helbo: Mainly it's going to be CapEx, but of course there will be some P&L as well. But mainly it's going to be CapEx.

Speaker #2: CapEx, but of course there will be some P&L as well, but mainly it's going to be CapEx.

Speaker #3: And the next question is from Peter from Prøvesten Invest. Roche, how far along are you with the collaboration, and when do you expect commercialization to begin?

Operator: The next question is from Peter from Proosting Invest. Roche, how far along are you with the collaboration and when do you expect commercialization to begin? Is the validation process different or easier compared with standard customer validation process?

Speaker #3: Is the validation process different or easier compared with the standard customer validation process?

Speaker #2: Yeah, and our expectations from Roche and for the Roche deal—I get the question a lot. The difficult part from our point of view is, first of all, we're not allowed to talk too much about it.

Martin Helbo Behrens: Yeah. Our expectations from Roche and for the Roche deal, I get the question a lot. The difficult part from our point of view is first of all, we are not allowed to talk too much about it. Second of all, we do not have any numbers, but we do expect to start selling next year, 2027. The validation process itself is difficult because when you are replacing a Trypan Blue based instrument, there will be differences between our method and Trypan Blue. Positive part here is we have spent some of our R&D expenses this year to basically develop protocols so we are able to help the customer to basically do an easier tech transfer. So it will be some work for the customer. It will take time. Mainly, if you move straight to integrating it, that itself is not a problem.

Martin Helbo: Yeah. Our expectations from Roche and for the Roche deal, I get the question a lot. The difficult part from our point of view is first of all, we are not allowed to talk too much about it. Second of all, we do not have any numbers, but we do expect to start selling next year, 2027. The validation process itself is difficult because when you are replacing a Trypan Blue based instrument, there will be differences between our method and Trypan Blue. Positive part here is we have spent some of our R&D expenses this year to basically develop protocols so we are able to help the customer to basically do an easier tech transfer. So it will be some work for the customer. It will take time. Mainly, if you move straight to integrating it, that itself is not a problem.

Speaker #2: Second of all, we do not have any numbers. But we do expect to start selling next year, in 2027, and the validation process itself is difficult because, when you're replacing a trypan blue-based instrument, there will be differences between our method and trypan blue.

Speaker #2: The positive part here is we've spent some of our R&D expenses this year to basically develop protocols, so we are able to help the customer to basically do an easier tech transfer.

Speaker #2: So, it will be some work for the customer. It will take time, but mainly, if you move straight to integrating it, that itself is not a problem. It's basically to replace an existing method that can be more difficult.

Martin Helbo Behrens: It is basically to replace an existing method that can be more difficult. But again, since the product will leave the market, they basically have no option. So they will have to do a validation no matter what.

Martin Helbo: It is basically to replace an existing method that can be more difficult. But again, since the product will leave the market, they basically have no option. So they will have to do a validation no matter what.

Speaker #2: But again, since the product will leave the market, they basically have no option. So they'll have to do a validation no matter what.

Speaker #3: And the next question is from Mess from Bernberg. He has two questions. Number one, please help me understand what the underlying consumable growth was, excluding legacy—for example, animal reproduction—and government shutdown, and excluding large customers leaving the market.

Operator: The next question is from Mess from Berenberg. He has two questions. Number one, please help me understand what the underlying consumable growth was excluding legacy, for example, animal reproduction and government shutdown and excluding large customers leaving the market.

Speaker #2: Yeah, and it's a good question, because if you look at the life science leg alone, the growth was pretty decent. And Siemens and our milk and beer has been struggling a little bit, because it's not a focus area for us.

Martin Helbo Behrens: Yeah. It is a good question because if you look at the life science leg alone, the growth was pretty decent. Our milk and beer has been struggling a little bit because it is not a focus area for us. Also, if you are taking those shutdowns into account, of course, it would be looking very differently. So we will probably be a little above the 10% you see. I would say probably around 15% for life science alone. Consumable-wise, we did take a hit from those closures. So that would also have been a little higher. Yeah.

Martin Helbo: Yeah. It is a good question because if you look at the life science leg alone, the growth was pretty decent. Our milk and beer has been struggling a little bit because it is not a focus area for us. Also, if you are taking those shutdowns into account, of course, it would be looking very differently. So we will probably be a little above the 10% you see. I would say probably around 15% for life science alone. Consumable-wise, we did take a hit from those closures. So that would also have been a little higher. Yeah.

Speaker #2: Also, if you're taking those shutdowns into account, of course, it would be looking very differently. So we'll probably be a little above the 10% you see—I would say probably around 15% for life science alone.

Speaker #2: Consumable-wise, we did take a hit from those closures, so that would also have been a little higher, yeah.

Speaker #3: And the second question from Mess: He wants an understanding of how many customers you're speaking to on the XM platform, and how that compares to the beginning of the year.

Operator: The second question from Mess, he wants an understanding of how many customers you are speaking to on the XM platform and how that compares to the beginning of the year. In addition, how many potential instruments does that equate to?

Speaker #3: And in addition, how many potential instruments does that equate to?

Speaker #2: Yeah, we're talking to so many by now that I do not have the exact number, but it's in the hundreds. So, it's a lot.

Martin Helbo Behrens: Yeah. We are talking to so many by now that I do not have the exact number, but it is in the hundreds. So it is a lot. I think the difference from our point of view to last year is that now we do not have to showcase the product before people show interest. We have a lot of customers and potential customers reaching out saying they have heard about integration opportunities, so they definitely just want to see, can we just integrate XM30 into a Hamilton? We have seen the webinar or et cetera. So the difference is definitely way more demand, way more, you can say validations, and it is so many that I do not have the exact number, but way above 100.

Martin Helbo: Yeah. We are talking to so many by now that I do not have the exact number, but it is in the hundreds. So it is a lot. I think the difference from our point of view to last year is that now we do not have to showcase the product before people show interest. We have a lot of customers and potential customers reaching out saying they have heard about integration opportunities, so they definitely just want to see, can we just integrate XM30 into a Hamilton? We have seen the webinar or et cetera. So the difference is definitely way more demand, way more, you can say validations, and it is so many that I do not have the exact number, but way above 100.

Speaker #2: And I think the difference from our point of view, compared to last year, is that now we do not have to showcase the product before people show interest.

Speaker #2: We have a lot of customers and potential customers reaching out, saying they've heard about integration opportunities. So, they definitely just want to see if we can integrate the XM30 into Hamilton.

Speaker #2: We have seen the webinar, etc. So the difference is definitely way more demand, way more, you could say, validations, and it’s so many that I don’t have the exact number, but it’s way above 100.

Speaker #3: The next question is from Yiwei Xu from SEB. You mentioned that you're seeing improved demand towards year-end. Can you elaborate if the demand improved for both NC and XM instruments?

Operator: The NEX-T question is from Yiwei Zhou from SEB. You mentioned that you are seeing improved demand towards the year end. Can you elaborate if the demand improved for both NC and XM instruments?

Speaker #2: Yeah, and mainly it's for XM, and that is due to the discontinuation, the market improvements, and many of those validations we've done prior to this year.

Martin Helbo Behrens: Yeah. Mainly it is for XM, and that is due to the discontinuation, the market improvements, and many of those validations we have done prior to this year. It is mainly XM, and we definitely expect XM to be the leading instrument in the future, and it will also probably exceed NC NEX-T year.

Martin Helbo: Yeah. Mainly it is for XM, and that is due to the discontinuation, the market improvements, and many of those validations we have done prior to this year. It is mainly XM, and we definitely expect XM to be the leading instrument in the future, and it will also probably exceed NC NEX-T year.

Speaker #2: So it's mainly XM, and we definitely expect XM to be the leading instrument in the future, and it will also probably exceed NC next year.

Operator: The NEX-T one is from Jesper from DNB. You are guiding for around DKK 120 million of CapEx in 2026, 2027, up from around DKK 100 million in 2025, 2026, and equivalent to more than 20% of revenue. How much of this relates to software development? How long should we expect CapEx to remain at more than 20% of revenue? What would you consider a more normalized level once the current investments are completed?

Speaker #3: This is Jesper from D&B. You are guiding for around 120 million in CapEx in 2026–2027, up from around 100 million in 2025–2026, and equivalent to more than 20% of revenue.

Speaker #3: How much of this relates to software development? How long should we expect CapEx to remain at more than 20% of revenue, and what would you consider a more normalized level once the current investments are completed?

Speaker #2: Yeah, and I'll say it always depends. If our revenue goes through the sky, we will probably invest even more. You will have limits, because you cannot keep investing unlimited.

Martin Helbo Behrens: Yeah. I would say it always depends. If our revenue goes through the sky, we will probably invest even more. We will have limited. You will have limits because you cannot keep investing unlimited. This year, we believe we need DKK 120 million, and mainly the split is probably quite even between the different areas. Something our investors might not know is we are also spending a lot of R&D expenses for biology, creating protocols, easier tech transfers for our customers. We have a lot of different areas. The software itself might be 20%, 25% of our R&D expenses in the future. Will we increase? It depends on the revenue and also actually the demand from customers, because we expect to launch XcytoMatic Octopus at some point. If they want something different, we will build it.

Martin Helbo: Yeah. I would say it always depends. If our revenue goes through the sky, we will probably invest even more. We will have limited. You will have limits because you cannot keep investing unlimited. This year, we believe we need DKK 120 million, and mainly the split is probably quite even between the different areas. Something our investors might not know is we are also spending a lot of R&D expenses for biology, creating protocols, easier tech transfers for our customers. We have a lot of different areas. The software itself might be 20%, 25% of our R&D expenses in the future. Will we increase? It depends on the revenue and also actually the demand from customers, because we expect to launch XcytoMatic Octopus at some point. If they want something different, we will build it.

Speaker #2: This year, we believe we need 120, and mainly the split is probably quite even between the different areas. But something our investors might not know is that we're also spending a lot on R&D expenses for biology, creating protocols, and easier tech transfers for our customers, so we have a lot of different areas.

Speaker #2: So, the software itself might be 20–25% of our R&D expenses in the future. Will we increase? It depends on the revenue and also, actually, the demand from customers, because we expect to launch XM Octopus at some point.

Speaker #2: If they want something different, we'll build it. So I think this is an ongoing thing, and of course, I think you know us—we have decent margins.

Martin Helbo Behrens: I think this is an ongoing thing, and of course, I think you know us, we have decent margins. We are pretty good with math. If it makes sense, we will keep investing. If it does not, we will not do it. That is going to be the answer to that.

Martin Helbo: I think this is an ongoing thing, and of course, I think you know us, we have decent margins. We are pretty good with math. If it makes sense, we will keep investing. If it does not, we will not do it. That is going to be the answer to that.

Speaker #2: We're pretty good with math, so if it makes sense, we'll keep investing. If it doesn't, we won't do it. So that's going to be the answer to that.

Speaker #3: And then we have a question from Simon from Danske Bank. You stated in the report that, before making their financial decision, customers expect documentation that the XM30, the XM40, and the NC-203 all produce comparable results for different cell types, as well as countries and sites.

Operator: And then we have a question from Simon from Danske Bank. You state in the report that before making their financial decision, customers expect documentation that the XM30, the XM40, and the NC-203 all produce comparable results for different cell types as well as country sites. You say it is a new development for customers to express these wishes. Does this mean that you are in discussion with customers looking to also replace competing products with ChemoMetec cell counters and using ChemoMetec cell counters as a platform solution?

Speaker #3: You say it's a new development for customers to express these wishes. Does this mean that you are in discussions with customers looking to also replace competing products with ChemoMetec cell counters?

Speaker #3: And using ChemoMetec's cell counters as a platform solution?

Speaker #2: Yeah, and that's exactly where we're working, and that's also why the validation takes a little longer, because usually you might hear from a department, they want to buy 10 instruments, and then they say, oh, actually, we now are moving into global alignment because we actually want to replace everything with this new platform.

Martin Helbo Behrens: Yeah, and that is exactly what we are working on. That is also why the validation takes a little longer, because usually you might hear from a department, they want to buy 10 instruments, and then they say, "Oh, actually, we now are moving into global alignment because we actually want to replace everything with this new platform." So that what usually happens is that we are talking to one department, then other departments have other different instrumentation, and suddenly this moves into a bigger project. And down the line, yes, we are expecting to replace a lot of competitor instruments, and basically be the one cell counter in the field. I will say cell counter platform, actually.

Martin Helbo: Yeah, and that is exactly what we are working on. That is also why the validation takes a little longer, because usually you might hear from a department, they want to buy 10 instruments, and then they say, "Oh, actually, we now are moving into global alignment because we actually want to replace everything with this new platform." So that what usually happens is that we are talking to one department, then other departments have other different instrumentation, and suddenly this moves into a bigger project. And down the line, yes, we are expecting to replace a lot of competitor instruments, and basically be the one cell counter in the field. I will say cell counter platform, actually.

Speaker #2: So what usually happens is that we're talking to one department, then other departments have different instrumentation, and suddenly this moves into a bigger project.

Speaker #2: And down the line, yes, we are expecting to replace a lot of competitor instruments and basically be the one cell counter in the field.

Speaker #2: I will say cell counter platform, actually.

Speaker #3: And then we just have one question left. The question is from Jesper from D&B. On the Roche collaboration—given the significantly higher throughput of Cytomatic compared with the legacy CetiX Hyris—how should we think about the replacement ratio?

Operator: And then we just have one question left. And the question is from Jesper from DNB. On the Roche collaboration, given the significantly higher throughput of ChemoMetec compared with the legacy Citex Iris, how should we think about the replacement ratio? Is there any reason to expect something close to a one-for-one replacement? Perhaps because customers typically operate the cell counter alongside a Cedex Bio Analyzer, or should we assume materially fewer ChemoMetec units will be needed?

Speaker #3: Is there any reason to expect something close to a one-for-one replacement? Perhaps because customers typically operate the cell counter alongside a Cetix bioanalyzer, or should we assume materially fewer Cytomatic units will be needed?

Speaker #2: Yeah, and that's a good question again, Jesper. So mainly, if you want to integrate into the CETIX Bioanalyzer, it's going to be a one-to-one replacement. But we have seen, when we were replacing competitor instruments in the field, that they can actually replace two-to-one, which is also a big USP for the customer because our instruments are so fast.

Martin Helbo Behrens: Yeah, and that is a good question again, Jesper. So mainly, if you want to integrate into the Cedex Bio Analyzer, it is going to be a one-to-one replacement. But we have seen when we are replacing competitor instruments in the field, that they can actually replace two to one, which is also a big USP for the customer because our instruments are so fast. So it depends on the setup, but if it is a standalone, usually they will replace two old competitor instruments with one instrument from ChemoMetec, unless you are talking integration, because then it is a one-to-one specifically.

Martin Helbo: Yeah, and that is a good question again, Jesper. So mainly, if you want to integrate into the Cedex Bio Analyzer, it is going to be a one-to-one replacement. But we have seen when we are replacing competitor instruments in the field, that they can actually replace two to one, which is also a big USP for the customer because our instruments are so fast. So it depends on the setup, but if it is a standalone, usually they will replace two old competitor instruments with one instrument from ChemoMetec, unless you are talking integration, because then it is a one-to-one specifically.

Speaker #2: So it depends on the setup, but if it's a standalone, usually they will replace two old instruments, competitor instruments, with one instrument from ChemoMetec, unless you're talking integration, because then it is a one-to-one specifically.

Operator: That was the last question for today. Thank you all for joining. See you in the NEX-T conference call.

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Q4 2026 ChemoMetec A/S Earnings Call

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