QLINEANasdaq StockholmHealth CareIFRS · SEK

Q-Linea

Q-linea is a Swedish life-science diagnostics company focused on systems for rapid identification and antibiotic susceptibility testing of infectious diseases. Its core offering is the ASTar platform, which combines instruments, consumables, and service support for hospital laboratories and other healthcare providers.

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Revenue11.1m SEK
+369.9 %y/y
Operating profit (EBIT)-177m SEK
+17.3 %y/y
EBIT margin-1,592.1%
+7,452.8 ppy/y
Net income-182m SEK
+15.9 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-300-200-1000100m SEK2021: 9.3 m SEK2021: EBIT -232 m SEK20212022: 13 m SEK2022: EBIT -262 m SEK20222023: 4.4 m SEK2023: EBIT -231 m SEK20232024: 2.4 m SEK2024: EBIT -214 m SEK20242025: 11 m SEK2025: EBIT -177 m SEK202511-177
RevenueOperating profit (EBIT)
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Business

Share of revenue
ASTar instruments35 %

Capital sales or placement of ASTar diagnostic systems used in microbiology laboratories.

Consumables50 %

Recurring reagents and test consumables used with installed ASTar systems.

Service and maintenance10 %

Maintenance and support services for installed instruments and customer contracts.

Reagent rental5 %

Instrument placement model where revenue is earned through contracted consumable usage.

Customers

Q-linea sells to healthcare providers, especially hospital laboratories that diagnose bloodstream and other serious infections. The company’s users are clinical teams and microbiology labs that need faster treatment information to guide antibiotic therapy and improve patient care.

Hospital laboratories

Buy ASTar systems and consumables to run rapid infectious-disease testing.

Clinical sepsis care teams

Use test results to support faster, more targeted antibiotic treatment.

Healthcare systems and reference labs

Adopt the platform for workflow efficiency and recurring consumable use.

Partners and distributors

Support sales in selected markets where Q-linea sells through partners.

Strategy

Q-linea’s strategy is built around expanding adoption of ASTar and converting installed systems into recurring consumable revenue. The company also emphasizes integrated diagnostics, direct and partner-led commercialization, and continued development of its product and operational infrastructure.

Expand ASTar commercializationShort term

Installed instruments create the base for recurring consumables and service revenue.

Drive consumables pull-throughMedium term

The business model expects most income to come from recurring consumable use.

Strengthen integrated diagnostics capabilityMedium term

Reliable product performance and supply support are essential in clinical settings.

Geography

Q-linea is headquartered in Sweden and serves healthcare customers worldwide through direct sales and partners. The company’s commercial footprint is international, with reported customer activity in the United States and broader global conference and study exposure, while manufacturing and operations are centered in Sweden.

Risks

Q-linea is exposed to commercialization risk because adoption of a new diagnostic platform depends on clinical validation, regulatory approvals, and hospital purchasing cycles. As a diagnostics company with manufacturing and international sales exposure, it also faces R&D execution risk, supply-chain risk, currency movements, trade barriers, and dependence on key personnel.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Slow commercial adoption of ASTar1Product approval and regulatory risk2R&D and clinical evidence risk3Supply-chain and production risk4Currency and trade-barrier risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Slow commercial adoption of ASTarImpact: HighLikelihood: Medium

    Revenue depends on hospitals validating and adopting a new testing workflow.

    Exposure: Consumables and instrument placements

  2. Product approval and regulatory riskImpact: HighLikelihood: Medium

    Diagnostics products require approvals and compliance before broad market use.

    Exposure: International commercialization

  3. R&D and clinical evidence riskImpact: MediumLikelihood: Low

    Clinical utility must be demonstrated to support adoption and reimbursement.

    Exposure: ASTar platform development

  4. Supply-chain and production riskImpact: MediumLikelihood: Low

    Instrument and consumable delivery depends on reliable manufacturing inputs.

    Exposure: Production and packaging

  5. Currency and trade-barrier riskImpact: MediumLikelihood: Low

    The company sells internationally while reporting in SEK.

    Exposure: Foreign sales and procurement

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Accounting

Judgemental items
Revenue recognition by contract type

Instrument sales, reagent rental, and services are recognized differently and affect timing.

Impact: Can shift revenue between periods

Warranty provisions

Instruments are sold with guarantees and estimated claims must be accrued.

Impact: Affects liabilities and operating expense

Goodwill and acquired intangibles

Acquired technology and customer relationships are amortized and may be impaired.

Impact: Affects non-cash charges and carrying values

Fair value measurement of Level 3 assets

Unlisted shares and other noncurrent receivables require valuation assumptions.

Impact: Affects balance-sheet values and gains/losses

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Last updated: 24/09/2026