BK MEDICAL ApS — Regnskab

CVR 15731176

Seneste regnskabsperiode

2025 • 2025-01-01 • 2025-12-31 • entity • DKK • 486016000 • 82207000 • 191848000 • 949501000 • 706663000 • 228000

Regnskabshistorik

2024 • 2024-01-01 • 2024-12-31 • entity • DKK • 956410000 • 391480000 • 353649000 • 332916000 • 881191000 • 664815000 • 251
2023 • 2023-01-01 • 2023-12-31 • entity • DKK • 936226000 • 339890000 • 61321000 • 55413000 • 725814000 • 331899000 • 291
2022 • 2022-01-01 • 2022-12-31 • entity • DKK • 1164736000 • 469244000 • 90215000 • 183802000 • 651528000 • 276485000 • 252
2022 • 2021-08-01 • 2022-12-31 • entity • DKK • 1164736000 • 469244000 • 90215000 • 183802000 • 651528000 • 276485000 • 252
2021 • 2020-08-01 • 2021-07-31 • consolidated_group • DKK • 707439000 • 79193000 • 64443000 • 651720000 • 265709000 • 252
2021 • 2020-08-01 • 2021-07-31 • entity • DKK • 495218000 • 259602000 • 50769000 • 62797000 • 437091000 • 92489000 • 171
2020 • 2019-08-01 • 2020-07-31 • consolidated_group • DKK • 645759000 • 18230000 • 20595000 • 672961000 • 200874000 • 226
2020 • 2019-08-01 • 2020-07-31 • entity • DKK • 356907000 • 183535000 • -23567000 • -5390000 • 467996000 • 29848000 • 145
2019 • 2018-08-01 • 2019-07-31 • consolidated_group • DKK • 706465000 • 90209000 • 56575000 • 685552000 • 190415000 • 203
2019 • 2018-08-01 • 2019-07-31 • entity • DKK • 407902000 • 223211000 • 64532000 • 60282000 • 415490000 • 331908000 • 130
2018 • 2017-08-01 • 2018-07-31 • entity • DKK • 406187000 • 246531000 • 105078000 • 85939000 • 367709000 • 271614000

Højdepunkter fra årsrapporten

primary activities • A consequence of the sales of the subsidiaries and the further integration into GE HealthCare overall structure, BK Medical ApS has per January 1st 2025 sold its commercial activities to GE HealthCare Denmark A/S. BK Medical ApS has in 2025 been a manufacturing site for the Ultrasound systems and the centre of excellence of R&D development. Part of the other operating income comes from a Royalty agreement, where BK Medical ApS earn a percentage of the global revenue of the sales of our products. • entity
management review • The revenue in the company comes from intercompany sales of manufactured and purchased equipment sold to intercompany companies. The revenue for the financial year 2025 was DKK 486 million, an decrease of 49.2% from 2024 where the revenue amounted to DKK 956 million. The cost of goods sold in 2025 decreased to DKK 404 million compared to an expense of DKK 565 million in 2024,a decrease of 28.5%.The decrease in cost of goods sold relates to the lower revenue. Other operating income in 2024 primarily related to gains from the sale of subsidiaries amounting to DKK 219 million. In 2025, other operating income consisted of a gain on the sale of commercial activities of DKK 14 million, reimbursement of research and development costs of DKK 167 million in accordance with the development agreements entered into between BK Medical ApS and GE HealthCare entities, and royalty income of DKK 71 million. The change compared to 2024 reflects the Group’s transition to a new operating model, under which development activities are performed on a reimbursed basis and intellectual property is licensed to other GE HealthCare entities generating royalty income. Furthermore, the absence of significant gains from the sale of subsidiaries in 2025 compared to 2024 contributes to the year‑on‑year variation. Included in Financial Income, DKK 89 million dividends received from subsidiaries in 2025 (2024: DKK 0 million). Through these transactions, the Company has either divested or wound down most of its subsidiaries, consistent with the integration plan for BK Medical ApS. In 2025, BK Medical ApS realised a profit before tax of DKK 241 million compared to a profit before tax of DKK 367 million in 2024. The total profit of the sale of subsidiaries and dividends is DKK 103 million, so the adjusted profit before tax was DKK 138 million. Tax for the year amounted to an expense of DKK 48.7 million in 2025 compared to an expense of DKK 34.2 million in 2024. Thus, for 2025, net profit for the year amounted to DKK 191.8 million compared to a net profit of DKK 333 million in 2024. The company’s capital expenditure amounted to DKK 5.3 million in property, plant and equipment compared to DKK 2.4 million last year. The Company's capital expenditure amounted to DKK 0 million in intangible assets compared to DKK 38 million last year. We have entered into a development agreement with a company within the GE Healthcare group, where we are being compensated for our development for future IP. As we don’t have the risk related to the development, we have stopped capitalizing our development cost for projects. The forecast for 2025 shows revenue at low single-digit organic growth rate. BK Medical Aps revenue for the financial year 2025 was DKK 486 million, which did not meet the expected revenue range from DKK 710 million to 760 million. We saw negative revenue growth for all our global markets, partly due to the integration activities and manufacturing shortage. Our expected result was between DKK 55 million and 95 million. The company result for the financial year 2025 was DKK 241 million and adjusted result was 138 million. Our EBIT benefited from lower sales and marketing cost as a result of the changed organization structure in our sales, marketing and administration departments, and the income coming from our new intercompany agreements. We forecasted that the expenses for capital expenses would increase compared to the level for 2024 and we ended with a increase of DKK 2.9 million. The result exceeds the expectation for the year. The primary strategy of the BK Medical segment within GE Healthcare is to target the intraoperative imaging markets for urological, neuro and surgical applications in the European, Asian and North American ultrasound markets by continuously developing and introducing new products that address these markets' needs. To support this strategy, the Company continues to strengthen its direct and indirect sales and distribution in the USA, Europe, China and other regions in Asia by expanding its sales organisation and expanding the R&D capabilities. Sales activities are carried out by the GE HealthCare group companies in Germany, Italy, Sweden, Belgium, Netherlands, France, Austria, Australia, Switzerland, UK and the US as well as through dealer networks, primarily in Eastern Europe, Latin America, the Middle East and Asia corresponding to approximately 70 countries. The organization is developed continuously to adapt to ever-changing conditions. As mentioned above, the competition on the general ultrasound market is continuously increasing. This is expressed through more aggressive marketing and ultimately lower prices resulting in increased pressure on margins. We have though, through our focus on procedures, been able to increase our average selling price, through recent years release of products to our high-end markets. Therefore, the BK Medical strategy of surgical guidance and procedure driven ultrasound rather than diagnostic is more and more relevant. The forecast for 2026 shows revenue increase due to an expectation of double-digit global revenue increase of our products, partly due to the integration and material shortage seen in 2025. The company will in 2026 continue to primarily sell to internal customers at transfer price. Our expected revenue range will be from DKK 600 million to 650 million. The expectations are based on the assumption that the exchange rates for the currencies to which the Company is exposed, primarily USD, will remain unchanged. Costs are budgeted to decrease for 2026 compared to 2025, as we were still carrying cost related to the integration in 2025, which we won’t see in 2026, resulting in a higher EBIT Margin for 2026. Our expected result is between DKK 180 million and 210 million. We expect an increase in capital expenditure in property, plant and equipment compared to prior year as we have a need for rebuilding part of the building areas to accommodate the increase in employees on the site and our current system development has reached a state, where capital expenditures are needed. As part of the GE HealthCare Group’s operating model, research and development activities are performed by BK Medical ApS on behalf of GE HealthCare entities and are reimbursed in accordance with intercompany agreements. The Company continues to maintain a significant portfolio of development projects, covering a new scanner platform, additional probes supporting key market segments, and software developments aimed at improving the performance and usability of existing equipment. The strategic focus on addressing evolving market requirements and expanding into new markets remains a key priority. • entity
management review • The revenue in the company comes from intercompany sales of manufactured and purchased equipment sold to intercompany companies. The revenue for the financial year 2025 was DKK 486 million, an decrease of 49.2% from 2024 where the revenue amounted to DKK 956 million.The cost of goods sold in 2025 decreased to DKK 404 million compared to an expense of DKK 565 million in 2024,a decrease of 28.5%.The decrease in cost of goods sold relates to the lower revenue.Other operating income in 2024 primarily related to gains from the sale of subsidiaries amounting to DKK 219 million. In 2025, other operating income consisted of a gain on the sale of commercial activities of DKK 14 million, reimbursement of research and development costs of DKK 167 million in accordance with the development agreements entered into between BK Medical ApS and GE HealthCare entities, and royalty income of DKK 71 million. The change compared to 2024 reflects the Group’s transition to a new operating model, under which development activities are performed on a reimbursed basis and intellectual property is licensed to other GE HealthCare entities generating royalty income. Furthermore, the absence of significant gains from the sale of subsidiaries in 2025 compared to 2024 contributes to the year‑on‑year variation. Included in Financial Income, DKK 89 million dividends received from subsidiaries in 2025 (2024: DKK 0 million). Through these transactions, the Company has either divested or wound down most of its subsidiaries, consistent with the integration plan for BK Medical ApS. In 2025, BK Medical ApS realised a profit before tax of DKK 241 million compared to a profit before tax of DKK 367 million in 2024. The total profit of the sale of subsidiaries and dividends is DKK 103 million, so the adjusted profit before tax was DKK 138 million.Tax for the year amounted to an expense of DKK 48.7 million in 2025 compared to an expense of DKK 34.2 million in 2024. Thus, for 2025, net profit for the year amounted to DKK 191.8 million compared to a net profit of DKK 333 million in 2024. The company’s capital expenditure amounted to DKK 5.3 million in property, plant and equipment compared to DKK 2.4 million last year. The Company's capital expenditure amounted to DKK 0 million in intangible assets compared to DKK 38 million last year. We have entered into a development agreement with a company within the GE Healthcare group, where we are being compensated for our development for future IP. As we don’t have the risk related to the development, we have stopped capitalizing our development cost for projects. The forecast for 2025 shows revenue at low single-digit organic growth rate. BK Medical Aps revenue for the financial year 2025 was DKK 486 million, which did not meet the expected revenue range from DKK 710 million to 760 million. We saw negative revenue growth for all our global markets, partly due to the integration activities and manufacturing shortage. Our expected result was between DKK 55 million and 95 million. The company result for the financial year 2025 was DKK 241 million and adjusted result was 138 million. Our EBIT benefited from lower sales and marketing cost as a result of the changed organization structure in our sales, marketing and administration departments, and the income coming from our new intercompany agreements. We forecasted that the expenses for capital expenses would increase compared to the level for 2024 and we ended with a increase of DKK 2.9 million. The result exceeds the expectation for the year. The primary strategy of the BK Medical segment within GE Healthcare is to target the intraoperative imaging markets for urological, neuro and surgical applications in the European, Asian and North American ultrasound markets by continuously developing and introducing new products that address these markets' needs. To support this strategy, the Company continues to strengthen its direct and indirect sales and distribution in the USA, Europe, China and other regions in Asia by expanding its sales organisation and expanding the R&D capabilities. Sales activities are carried out by the GE HealthCare group companies in Germany, Italy, Sweden, Belgium, Netherlands, France, Austria, Australia, Switzerland, UK and the US as well as through dealer networks, primarily in Eastern Europe, Latin America, the Middle East and Asia corresponding to approximately 70 countries. The organization is developed continuously to adapt to ever-changing conditions. As mentioned above, the competition on the general ultrasound market is continuously increasing. This is expressed through more aggressive marketing and ultimately lower prices resulting in increased pressure on margins. We have though, through our focus on procedures, been able to increase our average selling price, through recent years release of products to our high-end markets. Therefore, the BK Medical strategy of surgical guidance and procedure driven ultrasound rather than diagnostic is more and more relevant. The forecast for 2026 shows revenue increase due to an expectation of double-digit global revenue increase of our products, partly due to the integration and material shortage seen in 2025. The company will in 2026 continue to primarily sell to internal customers at transfer price. Our expected revenue range will be from DKK 600 million to 650 million. The expectations are based on the assumption that the exchange rates for the currencies to which the Company is exposed, primarily USD, will remain unchanged. Costs are budgeted to decrease for 2026 compared to 2025, as we were still carrying cost related to the integration in 2025, which we won’t see in 2026, resulting in a higher EBIT Margin for 2026. Our expected result is between DKK 180 million and 210 million. We expect an increase in capital expenditure in property, plant and equipment compared to prior year as we have a need for rebuilding part of the building areas to accommodate the increase in employees on the site and our current system development has reached a state, where capital expenditures are needed. As part of the GE HealthCare Group’s operating model, research and development activities are performed by BK Medical ApS on behalf of GE HealthCare entities and are reimbursed in accordance with intercompany agreements. The Company continues to maintain a significant portfolio of development projects, covering a new scanner platform, additional probes supporting key market segments, and software developments aimed at improving the performance and usability of existing equipment. The strategic focus on addressing evolving market requirements and expanding into new markets remains a key priority. • entity
subsequent events • After the end of the financial year, no events have occurred which may change the financial position of the entity substantially. • entity