olivLaw · European equity research
Q-linea AB QLINEA.ST
Sweden · Nasdaq Stockholm · ISIN SE0025420714 · Vertical: Listed companies from Sweden
Q-linea AB develops the ASTar system, a rapid platform for antibiotic susceptibility testing directly from positive blood culture bottles for patients with sepsis. The company is expanding into markets where antibiotic resistance is a major concern, including the USA, after FDA approval in 2024. Sepsis affects at least 1.7 million adults in the USA each year, according to the source.
At the close of 05 Nov 2026, Q-linea AB (QLINEA.ST) stock was 14.45 SEK (−3.02% on the day), with market capitalisation 96.2 m SEK, beta 0.20, 52-week range 14.45–33.15 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 27.6
- oversold (≤ 30)
- Bollinger (20, 2)
- 14.01 – 17.44
- in the lower half of the band · %B 0.13 · band width 21.8%
- SMA 50 / 200
- 17.14 / 19.37
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.74 / -0.67
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.2% | −0.6% | −14.6 pp | — |
| 3 months | −17.7% | −4.2% | −13.5 pp | — |
| 6 months | −11.6% | +4.3% | −16.0 pp | — |
| Year to date | −42.1% | +7.5% | −49.6 pp | — |
| 1 year | −42.2% | +9.9% | −52.1 pp | −8.5% |
| 3 years | −96.8% | +49.8% | −146.7 pp | +12.3% |
| 5 years | −99.9% | +42.8% | −142.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 12.8 m | 4.4 m | 2.4 m | 11.1 m |
| Revenue YoY | unavailable | −65.3% | −46.8% | +369.9% |
| Net income | -268.7 m | -229.4 m | -216.9 m | -182.5 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -9.20 | -3.48 | -1.86 | -27.40 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -2,101.1% | -5,165.9% | -9,181.7% | -1,644.3% |
| Free cash flow | -268.1 m | -236.9 m | -187.5 m | -169.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 258.1 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 338.0 m SEK
- Total assets
- 369.7 m SEK
- Debt / equity
- unavailable
- Current ratio
- 11.07x
- ROE
- unavailable
- ROA
- -70.5%
- FCF margin
- -1,528.9%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 12.8 m | 4.4 m | 2.4 m | 11.1 m | esef· 28 Oct 2026verified |
| Operating income | -262.2 m | -230.6 m | -213.6 m | -176.7 m | esef· 28 Oct 2026verified |
| Depreciation & amortisation | 15.3 m | 17.5 m | 17.8 m | 15.2 m | esef· 28 Oct 2026verified |
| EBITDA | -247.0 m ≈ | -213.1 m ≈ | -195.9 m ≈ | -161.5 m ≈ | esef· 28 Oct 2026derived |
| Interest expense | 8.6 m | 1.6 m | 3.7 m | 6.8 m | esef· 28 Oct 2026verified |
| Pre-tax income | -268.7 m | -229.4 m | -216.9 m | -182.5 m | esef· 28 Oct 2026verified |
| Income tax | 0 | 0 | 0 | 0 | esef· 28 Oct 2026verified |
| Net income | -268.7 m | -229.4 m | -216.9 m | -182.5 m | esef· 28 Oct 2026verified |
| Diluted EPS | -9.20 | -3.48 | -1.86 | -27.40 | esef· 28 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 72.9 m | 81.9 m | 25.7 m | 258.1 m | esef· 28 Oct 2026verified |
| Inventories | 42.3 m | 46.5 m | 33.2 m | 30.7 m | esef· 28 Oct 2026verified |
| Current assets | 163.4 m | 167.2 m | 96.9 m | 329.9 m | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 36.4 m | 34.1 m | 29.1 m | 26.7 m | esef· 28 Oct 2026verified |
| Goodwill | 4.9 m | 4.9 m | 4.9 m | 4.9 m | esef· 28 Oct 2026verified |
| Total assets | 229.9 m | 232.0 m | 148.0 m | 369.7 m | esef· 28 Oct 2026verified |
| Current liabilities | 51.9 m | 29.4 m | 129.4 m | 29.8 m | esef· 28 Oct 2026verified |
| Total liabilities | 66.7 m | 42.3 m | 175.4 m | 31.7 m | esef· 28 Oct 2026verified |
| Equity | 163.2 m | 189.6 m | -27.5 m | 338.0 m | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 29.2 m | 65.9 m | 116.6 m | 6.7 m | esef· 28 Oct 2026derived |
Cash flow · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -250.9 m | -228.5 m | -182.5 m | -162.1 m | esef· 28 Oct 2026verified |
| Capex | 17.2 m | 8.3 m | 5.0 m | 7.6 m | esef· 28 Oct 2026verified |
| Free cash flow | -268.1 m ≈ | -236.9 m ≈ | -187.5 m ≈ | -169.7 m ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | 315.3 m | -7.8 m | -5.0 m | -7.2 m | esef· 28 Oct 2026verified |
| Financing cash flow | -6.6 m | 245.4 m | 131.3 m | 402.1 m | esef· 28 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 96.2 m SEK
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1,644.3% | 3 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -4.6% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -26.0x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 11.1x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -176.3% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial3/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Q-linea AB (QLINEA.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 11.1 m SEK in 2025; YoY growth 369.9%; net margin -1,644.3%; ROE -117.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 11.1x
What contradicts it
- Net margin: -1,644.3%
- Revenue CAGR 3Y: -4.6%
- Interest coverage: -26.0x
- FCF yield: -176.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for QLINEA.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Q-linea AB develops the ASTar system, a rapid platform for antibiotic susceptibility testing directly from positive blood culture bottles for patients with sepsis. The company is expanding into markets where antibiotic resistance is a major concern, including the USA, after FDA approval in 2024. Sepsis affects at least 1.7 million adults in the USA each year, according to the source 1.
SWOT
Strengths
- The ASTar system offers rapid AST results directly from positive blood culture, with an automated and easy-to-use procedure, supported by CE-IVDR and FDA approvals.
- The company has preliminary evidence from clinical studies and hospital evaluations suggesting possibly faster treatment adjustments.
- NTAP reimbursement in the USA and a regional partner distribution network support international expansion.
Weaknesses
- The company relies on one main product, and its commercial success depends on hospital adoption.
- Commercial presence is still limited, with the first commercial installation reported in 2024.
- Economic benefits for hospitals are not yet fully demonstrated, as the LIFETIMES study has not published final results.
Opportunities
- If national strategies against antibiotic resistance translate into funding, demand for rapid testing could grow.
- Expansion into Middle Eastern markets and Romania through partners could open new contracts with hospitals and reference laboratories.
- Publication of LIFETIMES results could strengthen the economic case for adoption.
Threats
- Competitors with established AST platforms and large resources could limit market entry.
- Budget pressure in hospitals could delay purchases of new systems.
- Changes in reimbursement rules or regulatory requirements could affect the revenue model.
Risks
- Dependence on hospital adoptionhigh
If hospitals do not implement the ASTar system at scale, consumables revenue could fall short of expectations.
- Clinical and economic evidence still in progressmedium
Final LIFETIMES study results are not yet published, and their absence could slow sales arguments.
- Dependence on distribution partnersmedium
Expansion into foreign markets depends on AMICO and Mecro System, and their performance could influence volumes.
- Regulation and certificationmedium
IVDR and FDA requirements may call for costly updates, which could affect launch timing in new markets.
- Technological competitionlow
If competitors launch similar solutions with comparable turnaround time, ASTar's advantage could narrow.
Investment thesis
What would need to be true (bull case)
- If adoption in the USA follows NTAP funding, ASTar could become a reference standard for rapid susceptibility testing.
- If LIFETIMES results confirm lower hospitalisation costs, the economic argument could accelerate sales.
- If regional partnerships turn into large contracts, the company could diversify its revenue geographically.
What would break the thesis
- If hospitals postpone purchases because of budgets, installation volumes could remain limited.
- If clinical validation does not confirm the preliminarily reported benefits, adoption could be slow.
- If established competitors offer comparable solutions, ASTar's position could remain narrow.
What to watch
- Publication of final LIFETIMES study results2025
- First hospital contracts in the USA after NTAP funding2025
- Installation trend through AMICO Group2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Q-linea AB develops and commercialises the ASTar system, consisting of an automated instrument and a consumables kit (ASTar BC G-Consumable Kit). The system takes a positive blood culture sample, prepares it automatically, quantifies bacterial growth through image analysis, and classifies the bacterium as susceptible, susceptible with increased exposure, or resistant 1. The company operates directly in the USA, Italy and Sweden, while the rest of the market is served through partners.
The product received CE marking for the instrument and kit under the European in vitro diagnostic directive, and CE-IVDR certification in 2023. In April 2024 FDA marketing authorisation was obtained, and in August 2024 CMS granted NTAP funding for the ASTar system, valid from October 2024 to September 2027 1.
The revenue model combines system sales and consumables with distribution through regional partners; the first commercial installation in 2024 was in Italy. For hospitals, the targeted benefit is shorter time to optimal therapy, which could reduce hospitalisation costs, though these economic effects are still being evaluated in studies such as LIFETIMES 1.
Segments
ASTar system and consumables
The core segment includes the ASTar instrument and consumables kit, which generate recurring revenue as the system is used. The system delivers AST results in about 11 hours from a positive blood culture, 36 hours faster than the platform used by one partner hospital 1.
Distribution and international partnerships
Distribution runs through partners such as AMICO Group in the Middle East and Mecro System in Romania, with AMICO reaching 13 countries in the region 1. This segment depends on the success of pilots with hospitals and reference laboratories in these markets.
Market context
The market for sepsis and antibiotic resistance diagnostics is large: in the USA, sepsis affects at least 1.7 million adults per year, and the average cost of an intensive care patient is 32,000 USD 1. Most FDA-cleared rapid AST systems are however considered of moderate complexity, so competition for rapid solutions remains intense.
Antibiotic resistance is a priority in the EU and Gulf countries, where national and regional strategies call for rapid diagnostics, creating demand for systems such as ASTar. Adoption however depends on cost, clinical validation and reimbursement, factors that remain uncertain for the new technology.
Trends
- National strategies against antibiotic resistancetailwind
Countries such as Romania and the GCC states are implementing plans to limit antibiotic resistance, which could create demand for microbial identification and rapid susceptibility testing.
- Reimbursement for new technologies in the USAtailwind
NTAP funding for ASTar could make adoption more attractive for American hospitals, if the extra payments translate into real use over the three-year period.
- Pressure on healthcare costsheadwind
Hospital budgets are under pressure, and a new system needs economic justification through shorter hospital stays, an objective still being demonstrated through LIFETIMES.
- Regulatory requirements for in vitro diagnosticsmixed
The shift to the EU IVDR and FDA requirements raises cost and approval time, but a certification obtained can open several markets.
Competitive position
Competition includes established automated AST platforms, such as MicroScan Walkaway, used as the reference method in a hospital study presented by the company, and rapid PCR genotypic tests, which identify a limited number of resistance markers 1. ASTar differentiates itself through rapid phenotypic testing across a broad antibiotic panel directly from blood culture.
The comparative advantage rests on speed of results and on not requiring bacterial identification before testing, though the source does not provide an analysis of market share against competitors.
- BioMérieux
European microbiology diagnostics company; its antimicrobial testing products compete directly in laboratories, and listing details are not contained in the analysed source.
- Becton Dickinson
Large supplier of microbiology systems, with identification and susceptibility platforms present in many hospital laboratories.
- Thermo Fisher Scientific
Company with a broad diagnostics and laboratory instrument portfolio, relevant mainly through genotypic resistance solutions.
- MicroScan Walkaway
Reference platform used by hospitals for AST testing, against which ASTar was compared in an American hospital study.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Q-linea AB · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.