ChemoMetec A/S CHEMM
Nasdaq Copenhagen A/SDiagnostics and life science toolsFinancials to Jun 30, 2026 · Updated Oct 6, 2026
Moat ranks
Balance sheet
| DKK M | Jun '25 | Jun '26 |
|---|---|---|
| Cash | 341.8 | 290.2 |
| Securities | 0.0 | 3.4 |
| Debt | 1.5 | 1.5 |
| Net cash | 340.4 | 292.0 |
| Equity | 688.1 | 725.4 |
- Debt / EBITDA
- 0.01×
- Debt / equity
- 0.00×
- Leases (6/30/26)
- DKK 3M
- Diluted shares
- 17M
- Book value / share
- DKK 41.69
- Price / book
- 13.8×
- Net cash / share
- DKK 16.79
- Market cap
- DKK 10.0B
- Enterprise value
- DKK 9.7B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 halves |
|---|---|---|---|
| Revenue growth | 7.4% | -10.0 pts | |
| Operating margin | 49.8% | +4.5 pts | |
| FCF margin | 22.5% | -9.4 pts | |
| Capex / revenue | 23.2% | +6.1 pts | |
| Consumables revenue | DKK 222M | -4% | |
| Services revenue | DKK 122M | +4% | |
| XcytoMatic instrument revenue | DKK 62M | +123% | |
| Production-QC consumables revenue | DKK 24M | -23% | |
| Gross margin | 95.3% | -0.9 pts |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About CHEMM
ChemoMetec makes cell counters, consumables, software and service for research and drug manufacturing. LCB customers generated about 95% of FY2026 revenue.
- Installed Base Consumables
NucleoCounter instruments require proprietary cassettes and reagents.
- Design In Qualification
Changing a cell counter in a regulated production workflow requires customer validation.
- Brand Trust
SP-100 recognition helps preserve existing customer use, but its aging design and the halt to new instrument sales limit the value of that trust.
- Installed Base Consumables
SP1 cassettes give customers a reason to keep using existing SP-100 instruments, but the company plans no further SP-100 instrument sales.
- Oct 5, 2026
ChemoMetec raised FY2027 revenue guidance to DKK560-590 million and EBITDA to DKK330-345 million after stronger NC-203 demand and lower costs.
- Oct 2, 2026
ChemoMetec completed a DKK100 million buyback of 239,950 shares, reducing external shares while retaining capacity to fund product development.
- Sep 10, 2026
ChemoMetec reported weaker consumables and production-QC sales but higher XcytoMatic adoption, narrowing recurring-base protection while strengthening automation design-in.
- Aug 10, 2026
ChemoMetec and Roche agreed to connect XM30 and Cedex, adding joint promotion and an integration route into bioprocess workflows.
- Aug 3, 2026
Phillip Massie Price became CFO, replacing Kim Nicolajsen during the shift toward automation products.
Ownership
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On this page
Financial record
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Trend | Change 2017–26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (DKK) | ||||||||||||
| Revenue | 5.76 | 7.26 | 11.28 | 12.70 | 16.15 | 24.55 | 25.41 | 23.41 | 28.48 | 29.37 | +19.8%/yr | |
| Cash flow | 0.62 | 1.64 | 3.75 | 4.27 | 6.20 | 10.16 | 8.86 | 7.41 | 11.92 | 12.09 | +39.0%/yr | |
| Earnings | 0.48 | 1.17 | 2.69 | 3.51 | 5.08 | 9.16 | 10.27 | 7.83 | 10.04 | 11.60 | +42.5%/yr | |
| Free cash flow | -0.05 | 0.58 | 2.01 | 2.69 | 4.79 | 6.95 | 6.51 | 4.91 | 8.20 | 6.55 | – | |
| Capex | 0.68 | 1.06 | 1.74 | 1.59 | 1.41 | 3.21 | 2.35 | 2.50 | 3.72 | 5.54 | +26.3%/yr | |
| Dividends | 0.00 | 0.00 | 0.00 | 20.65 | 1.50 | 4.00 | 0.00 | 6.00 | 4.00 | 7.00 | – | |
| Book value | 4.11 | 4.71 | 11.14 | 12.03 | 15.23 | 20.53 | 30.63 | 32.48 | 39.54 | 41.69 | +29.4%/yr | |
| Diluted shares (M) | 16 | 16 | 16 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | +1.2%/yr | |
| Totals (DKK M) | ||||||||||||
| Revenue | 90.3 | 112.7 | 175.5 | 214.1 | 281.1 | 427.2 | 442.3 | 407.3 | 495.6 | 511.1 | +21.2%/yr | |
| Operating income | 10.4 | 24.3 | 54.1 | 77.5 | 116.0 | 202.9 | 230.6 | 169.0 | 236.5 | 251.0 | +42.4%/yr | |
| Net income | 7.5 | 18.2 | 41.8 | 59.2 | 88.4 | 159.5 | 178.7 | 136.3 | 174.7 | 201.8 | +44.2%/yr | |
| Free cash flow | -0.8 | 9.0 | 31.2 | 45.3 | 83.3 | 120.9 | 113.3 | 85.5 | 142.7 | 114.0 | – | |
| Buybacks | 0.0 | 9.6 | 9.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 38.6 | – | |
| Dividends | 0.0 | 0.0 | 0.0 | 348.1 | 26.1 | 69.6 | 0.0 | 104.4 | 69.6 | 121.8 | – | |
| Net cash | -8.2 | -9.4 | 79.4 | 96.5 | 149.5 | 208.0 | 315.6 | 294.8 | 340.4 | 292.0 | +DKK 300.2M | |
| Margins & returns (%) | ||||||||||||
| Gross margin | 88.8 | 88.3 | 90.4 | 90.6 | 90.1 | 90.0 | 93.0 | 90.2 | 93.9 | 95.1 | +6.3 pts | |
| Operating margin | 11.5 | 21.5 | 30.8 | 36.2 | 41.3 | 47.5 | 52.1 | 41.5 | 47.7 | 49.1 | +37.6 pts | |
| Net margin | 8.3 | 16.2 | 23.8 | 27.6 | 31.4 | 37.3 | 40.4 | 33.5 | 35.3 | 39.5 | +31.2 pts | |
| FCF margin | -0.9 | 8.0 | 17.8 | 21.1 | 29.6 | 28.3 | 25.6 | 21.0 | 28.8 | 22.3 | +23.2 pts | |
| ROIC | 11.2 | 23.0 | 44.9 | 56.8 | 78.3 | 106.0 | 82.6 | 48.7 | 53.0 | 45.2 | +34.0 pts | |
| Return on equity | 11.6 | 24.9 | 24.1 | 29.2 | 33.3 | 44.6 | 33.5 | 24.1 | 25.4 | 27.8 | +16.2 pts | |
| R&D % of revenue | 4.2 | 1.8 | 1.1 | 0.7 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.0 | -4.2 pts | |
| Stock pay % of revenue | – | – | – | – | – | – | – | – | 0.0 | 0.0 | – | |
| Capex % of revenue | 11.7 | 14.6 | 15.4 | 12.5 | 8.8 | 13.1 | 9.2 | 10.7 | 13.1 | 18.9 | +7.1 pts | |
Change uses 2017 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2017 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- medium
- Trajectory
- narrowing
- Pricing power
- moderate
- Life science research, cell and gene therapy, and bioprocessing94.8%2 claims
- Production control and quality control of animal semen, beer and milk5.2%2 claims
Moat claims
- Applies to
- Life science research, cell and gene therapy, and bioprocessing
- Confidence
- Durability
- medium
- Trajectory
- narrowingas of Oct 6, 2026
NucleoCounter instruments require proprietary cassettes and reagents. Recurring use protects revenue, but reusable XcytoMatic cuvettes reduce dependence on disposable plastic and patient activity still controls consumption.
Consumables fell to DKK221.816 million in FY2026 as patient activity softened; new instruments have not yet restored recurring use.
- Consumables revenueDKK 222M-4%
- Services revenueDKK 122M+4%
- Reusable XcytoMatic cuvettes may lower cassette pull-through versus NucleoCounter systems.
- US customer budget delays can defer installed-base expansion.
- Large competitors can bundle instruments with broader lab-automation platforms.
- SourceChemoMetec Annual Report 2025/26Sep 10, 2026
- SourceTrading statement for Q3 2025/26May 6, 2026
- SourceAnnual Report 2024/25Sep 11, 2025
- Applies to
- Life science research, cell and gene therapy, and bioprocessing
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Oct 6, 2026
Changing a cell counter in a regulated production workflow requires customer validation. Automation adds integration work and makes a selected supplier harder to replace, while slowing the initial sale.
XcytoMatic instrument sales reached DKK61.8 million in FY2026, and the Roche integration agreement adds a path into customer automation systems.
- Services revenueDKK 122M+4%
- XcytoMatic instrument revenueDKK 62M+123%
- The same validation friction that protects the installed base can delay new revenue conversion.
- Incumbent competitors may already be validated inside customer workflows.
- Manufacturing-process changes can reduce the need for standalone cell-counting steps.
- SourceBeckman Coulter Vi-CELL BLU automation integration (accessed 6 October 2026)Oct 6, 2026
- SourceChemoMetec Annual Report 2025/26Sep 10, 2026
- SourceAnnual Report 2024/25Sep 11, 2025
- SourceAnnual Report 2024/25Sep 11, 2025
- Applies to
- Production control and quality control of animal semen, beer and milk
- Confidence
- Durability
- medium
- Trajectory
- narrowingas of Oct 6, 2026
SP-100 recognition helps preserve existing customer use, but its aging design and the halt to new instrument sales limit the value of that trust.
Production-QC revenue fell to DKK26.325 million in FY2026, and management expects no further SP-100 instrument sales.
- Production-QC consumables revenueDKK 24M-23%
- The small non-core segment may receive limited R&D priority.
- Modern AI semen analyzers could leapfrog the SP-100 platform.
- Livestock artificial-insemination station consolidation could increase buyer power.
- SourceChemoMetec Annual Report 2025/26Sep 10, 2026
- SourceAnnual Report 2024/25Sep 11, 2025
- SourceAnnual Report 2024/25Sep 11, 2025
- Applies to
- Production control and quality control of animal semen, beer and milk
- Confidence
- Durability
- medium
- Trajectory
- narrowingas of Oct 6, 2026
SP1 cassettes give customers a reason to keep using existing SP-100 instruments, but the company plans no further SP-100 instrument sales. This protects a declining replacement stream rather than a growing platform.
Production-QC consumables fell from DKK31.672 million to DKK24.405 million as the legacy platform entered run-off.
- Consumables revenueDKK 222M-4%
- Production-QC consumables revenueDKK 24M-23%
- Installed SP-100 base could age out without a refreshed platform.
- Beer and milk applications are not priority growth areas.
- Weak instrument sales can eventually reduce consumables demand.
- SourceChemoMetec Annual Report 2025/26Sep 10, 2026
- SourceTrading statement for Q3 2025/26May 6, 2026
Profile change log
- Oct 6, 2026 · analyst revision
Full-year business-area weights replace nine-month weights. The production-QC share range was removed because it used combined semen, beer and milk revenue against a semen-only market. Claim strengths are unchanged.
- Oct 6, 2026 · business change
ChemoMetec raised FY2027 revenue guidance to DKK560-590 million and EBITDA to DKK330-345 million after stronger NC-203 demand and lower costs.
- Oct 6, 2026 · business change
ChemoMetec completed a DKK100 million buyback of 239,950 shares, reducing external shares while retaining capacity to fund product development.
- Oct 6, 2026 · business change
ChemoMetec reported weaker consumables and production-QC sales but higher XcytoMatic adoption, narrowing recurring-base protection while strengthening automation design-in.
- Oct 6, 2026 · business change
ChemoMetec and Roche agreed to connect XM30 and Cedex, adding joint promotion and an integration route into bioprocess workflows.
- Oct 6, 2026 · business change
Phillip Massie Price became CFO, replacing Kim Nicolajsen during the shift toward automation products.
- Oct 6, 2026 · business change
ChemoMetec announced a revised allocation of instrument and service revenue, raising Q3 revenue and EBITDA by DKK15.1 million and moving more revenue to the instrument sale.
- Oct 6, 2026 · business change
ChemoMetec bought Ovizio for DKK21.1 million, adding iLine bioprocess monitoring technology and a Belgian operation.
- Oct 6, 2026 · analyst revision
The owner changed the industry to Diagnostics and life science tools because laboratory cell-counting instruments and consumables better describe ChemoMetec's customers and peers.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Life-science cell counting and viability analysis
Instruments, associated consumables and software used to count cells and assess viability in research, cell and gene therapy and biopharmaceutical process development or production. Excludes clinical complete-blood-count diagnostics and broader bioprocess equipment.
- Thermo Fisher Scientific
- Danaher / Beckman Coulter
- ChemoMetec
- Roche
- Bio-Rad Laboratories
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| CHEMM | 83 | 95.1% | 49.1% | |
| Industry median | 8 | 82 | 52.7% | 35.7% |
| Sector median | 55 | 76 | 61.5% | 17.0% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- New therapies and greater patient volumes increase cell-counting steps from development through production.
- Automation lowers manufacturing costs and creates demand for connected instruments and consistent results across sites.
- Validation and records requirements support specialist instruments and service revenue once a workflow is approved.
- Capital access, interest rates and public research budgets determine how quickly laboratories and smaller biotech customers buy equipment.
- Strong biologics demand and integration partnerships broaden access to established bioprocess customers.
- Validation of whole automation systems can delay orders for years despite a strong product demonstration.
- Treatment setbacks, discontinued trials or fewer patients reduce consumables demand from installed equipment.
- Broad laboratory suppliers can bundle counters with established automation and service platforms.
- Reusable sample systems and slide-free instruments reduce revenue from disposable plastics.
- Currency movements alter translated revenue for vendors manufacturing in one currency and selling globally; tariffs and raw-material inflation can compress product economics.
Bulls & bears
Will automation customers deploy enough new instruments and use them often enough to replace declining legacy consumables?
Arguments
What to watch
- 1XcytoMatic instrument revenue and repeat customer orders
- 2LCB consumables and service revenue
- 3Revenue at constant currency and cash spent on product development
Next check: Q1 FY2026/27 trading statement on 5 November 2026; check NC-203 demand against the 5 October guidance increase.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 5, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 83/100 by <a href="https://www.findmymoat.com/stocks/XCSE:CHEMM">Find My Moat</a> (as of September 2026)Request update
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