Swedencare AB (publ)
STO:SECARE
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Swedencare AB (publ)
STO:SECARE
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SE |
Swedencare AB (publ)
Swedencare AB engages in manufacturing pet dental products. The company is headquartered in Malmo, Skane and currently employs 280 full-time employees. The company went IPO on 2016-06-14. The firm operates as a provider of various products for animal health, distributed to veterinarians, pet stores and pharmacies. The company operates through four subsidiaries, namely SDC Distribution for Scandinavian countries, Buccosante located in France, Informpet in the United Kingdom and SwedencareUSA in the United States. The firm's product portfolio includes ProDen product family, which consists of ProDen PlaqueOff Teeth and Gums, ProDen PlaqueOff Powder, ProDen PlaqueOff Powder Cat and ProDen PlaqueOff Dental Bites, among others. The products are available at veterinary clinics, pet retailers, pharmacies, health stores and dentist practices.
Swedencare AB engages in manufacturing pet dental products. The company is headquartered in Malmo, Skane and currently employs 280 full-time employees. The company went IPO on 2016-06-14. The firm operates as a provider of various products for animal health, distributed to veterinarians, pet stores and pharmacies. The company operates through four subsidiaries, namely SDC Distribution for Scandinavian countries, Buccosante located in France, Informpet in the United Kingdom and SwedencareUSA in the United States. The firm's product portfolio includes ProDen product family, which consists of ProDen PlaqueOff Teeth and Gums, ProDen PlaqueOff Powder, ProDen PlaqueOff Powder Cat and ProDen PlaqueOff Dental Bites, among others. The products are available at veterinary clinics, pet retailers, pharmacies, health stores and dentist practices.
Record quarter: Net revenue reached SEK 712 million (first time >SEK 700m) and operative EBITDA was SEK 155 million, both records for Swedencare.
Growth drivers: Management cited strong online/Amazon sales, European momentum (U.K. & Nordics) and a North America retail rebound as the main drivers of organic growth.
Big Box rollout: NaturVet launched in 1,400 Walmart stores in Q3 (plus 1,100 CVS and 140 Meijer); displays and additional Walmart stores will push presence to >2,000 stores by year-end/early 2026, with Swedencare funding display costs (lower near-term gross margin for that activity).
Production & Vetio expansion: Vetio is investing in sterile fill in Montreal and an expansion in Jupiter, Florida to add larger-volume liquids and treat manufacturing — intended to broaden pharma and treats capability.
Profitability & cash: Operating gross margin was 58.5% and operative EBITDA margin 21.7%; cash conversion was 99% for the quarter and net debt/EBITDA improved to 2.7 from 2.9.
M&A and new products: Summit (acquired in April) contributes to the "other" product category; a minority investment in VIYO adds a liquid recuperation line targeted for a Q1 2026 launch; no near-term large acquisitions expected.
Outlook & targets: Management expects continued double-digit growth and improved profitability into Q4 and will present updated financial targets in early December.
