Bactiguard Holding AB (Bactiguard) (STO:BACTIB), a Swedish medical device company developing and supplying infection prevention solutions, reported on Wednesday net profit of SEK1,6m, or EPS of SEK0,05, for the first quarter of 2020, from January 2020 to March 2020.

This was an improvement over net loss of SEK3,4m, or SEK0.10 per share, in Q1 2019.

Revenues for the quarter amounted to SEK48,1m, up by 42% as compared with SEK33,9m in Q1 2019. The increase was 36% after adjustment for currency.

Reportedly, Bactiguard's sales and earnings were positively affected by COVID-19. The spread of the pandemic has not had any significant negative effects or caused interruptions to the business.

According to the company, the COVID-19 pandemic has highlighted the urgent need for infection prevention. This has led to an increased interest in Bactiguard and generated strong sales from mid-March 2020. Total revenues increased by over 40% in the quarter and EBITDA doubled, generating an EBITDA margin of 30% and a positive net result.

(EUR1.00=SEK10.64)