Transcript of Analysts/Investors Call pertaining to the Financial Results for the first quarter ended June 30, 2025
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3B BlackBio Dx reported Q1 FY26 sales of INR 19.96 crore, up 18% YoY, with EBITDA of INR 16.19 crore (up 11% on reported basis, 17% excluding one-time M&A expenses). Management reiterated a 15-20% growth guidance for FY25-26 on the back of a 12-15% market share in the INR 350-450 crore Indian molecular diagnostics market. The call largely focused on the recently announced acquisition of Belgian rapid diagnostic maker Coris Bioconcept from Avacta Group for GBP 2.15 million upfront plus earn-outs, with management targeting EBITDA breakeven by FY27 and revenue growth to EUR 7-8 million over 2-3 years. Management also flagged that EBITDA margins could drift from the current ~60% band toward the 55% zone due to competition and wage inflation, and confirmed continued active pursuit of more M&A targets globally.
Margin guidance for slight compression (60% to ~55% EBITDA band) is a near-term negative, while the Coris acquisition and ongoing M&A pipeline signal longer-term growth optionality. Existing shareholders should watch Q2 for consolidation drag from Coris and management's ability to scale exports and UK business toward the INR 17-18 crore target.