Tobii Dynavox AB (publ)

Q2 revenue was SEK 670 million, up 16% year over year on an FX-adjusted basis; organic growth was 13% and acquisitions contributed 4%, while currency reduced revenue by 5%. Gross margin was 70%, up 2.6 percentage points, helped by about 1 percentage point of FX and lower freight costs, partly offset by higher component costs. EBIT was SEK 105 million, up 137% year over year, with a 15.7% operating margin; basic EPS was SEK 0.7 versus SEK 0.27 last year. Cash flow after continuous investment was SEK 67 million; cash on hand was SEK 223 million, net debt was SEK 882 million, unused credit facility was SEK 300 million, and net debt/last-12-month EBITDA was 1.6x. Forward guidance/targets: management reiterated a long-term goal of 20% average annual FX-adjusted revenue growth including acquisitions, an annual EBIT margin at or above 15%, and a policy to distribute at least 40% of available net profits over time when appropriate.

Fredrik Ruben framed the quarter as evidence that the business remains underpenetrated but resilient, with strong underlying demand across markets and significant operating leverage as prior investments taper off. He emphasized that longer prescription timelines in the U.S. are delaying revenue rather than shrinking the opportunity, and said there have been no changes to reimbursement or governing laws. He also highlighted the successful ERP rollout, the Italy reseller acquisition, and the company’s mission-driven positioning.

Linda Tybring focused on the mechanics behind the quarter: SEK 670 million of revenue, 70% gross margin, SEK 105 million EBIT, and SEK 67 million cash flow after continuous investment. She said OpEx rose 5% organically, mainly due to sales/marketing and IT investment, while non-recurring ERP-related investments fell to SEK 6 million from the prior year. She also noted a dividend payment of SEK 53 million, cash of SEK 223 million, net debt of SEK 882 million, and leverage of 1.6x net debt/EBITDA. On gross margin, she flagged a coming-12-month headwind of slightly below 1 percentage point from component and Apple-related cost increases, partly offset by scale and other operational effects.

Analysts focused on the longer U.S. prescription process, asking whether the delay was weather-related, whether sales were deferred rather than lost, and whether it could persist into 2027. Management said the issue is mostly before the reimbursement decision, often tied to insurance changes and therapist/prescriber availability, and repeatedly stressed that demand and reimbursement themselves are not weakening. Questions also covered the AbleNet lawsuit, M&A, hiring, gross margin pressure from component costs, and European growth; management said the lawsuit is a small OpEx item and not expected to affect long-term guidance, M&A is not a major growth driver, hiring should support H2 growth, and Europe’s underlying momentum remains encouraging though not fully visible in reported numbers yet.