Transcript of Analysts/Investors Call pertaining to the Financial Results for the third quarter and nine months ended December 31, 2025
3BBLACKBIO · price
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For 9M FY26, the company posted revenue of INR 99.06 crores (including Coris from Aug 29, 2025), versus INR 64.80 crores for the standalone 3B business in the prior year period, implying standalone growth of 11.8% (or 20%+ if the Dengue/flu seasonal spike is excluded). Management guided to 10-15% full-year top-line and EBITDA growth, though EBITDA could be marginally lower due to one-time M&A expenses charged this year. Exports, spanning 70 countries and led by TRUPCR Europe (growing 20%+), are guided at 15-20% growth; India market share stands at 12-15% of the INR 400-500 crore addressable molecular diagnostics reagent market. Coris (Belgium, acquired recently) contributed INR 24 crores in the quarter, including INR 8.8 crores of a one-off HAT (sleeping sickness) contract that runs for two more years; Coris is targeting EBITDA-positive 2-4% next year. Cash post the Coris deal is ~INR 190 crores, with INR 130-140 crores earmarked for further acquisitions, supported by two appointed consultants. US FDA filings for Coris are underway (cost USD 300-400k, 1-2 year approval, 3-4 year revenue impact), a sample-to-answer machine is expected next quarter, and IVDR certification is progressing for 35-40 priority products covering 95%+ of EU revenue.
Annual growth guidance of 10-15% with exports at 15-20% is constructive, but near-term EBITDA may see a small one-time drag from acquisition costs. Investors should watch Coris EBITDA breakeven next year, the US FDA outcome (potentially transformational 3-4 years out), and active M&A deployment of the INR 130-140 crore war chest as key catalysts; NSE listing remains on the roadmap post FY26 audited results.