Skip to main contentSkip to navigationSkip to search

Q4 2022

Summary October - December 2022

• Net sales were SEK 106.6 (108.5) million, a decrease of 1.7 percent compared with the corresponding period last year. Growth adjusted for currency fluctatuations was -10.8 percent. 
• EBIT amounted to SEK 7.7 (16.2) million, corresponding to an EBIT margin of 7.2 (15.0) percent.
• Profit after tax amounted to SEK 6.3 (12.7) million.
• Earnings per share before/after dilution amounted to SEK 0.34 (0.69).
• Cash flow from operating activities increased to SEK 43.3 (10.5) million, mainly driven by a positive change in working capital.

Summary January - December 2022

• Net sales were SEK 363.0 (333.0) million, an increase of 9 percent. Growth adjusted for currency fluctuations was 0.5 percent. 
• EBIT amounted to SEK 18.8 (44.3) million, corresponding to an EBIT margin of 5.2 (13.3) percent.
• Profit after tax amounted to SEK 17.1 (34.8) million.
• Earnings per share before/after dilution amounted to SEK 0.92 (1.89).
• Cash flow from operating activities increased to SEK 49.8 (10.2) million.
• The Board of Directors proposes a dividend of a total of SEK 1.50 (0) per share, divided into two occations of payment.

CEO Comments

Sales for the year were the Company’s highest thus far amounting to SEK 363 (333) million, corresponding to growth of 9.0 percent. EBIT amounted to SEK 18.8 (44.3) million, corresponding to an EBIT margin of 5.2 percent (13.3). North America stood for the greatest growth in 2022 and has the potential for further growth. It is gratifying to see that the organisational changes we implemented in 2020 continue to yield positive effects. EMEA experienced strong growth in previous years and is delivering at the 2021 level, so I have great faith in future growth in the region. The result for the year is the result of three good investments: higher activity levels with customer meetings and exhibitions; several product development initiatives to enable increased growth; and the product mix we delivered in 2022. Consolidated cash flow improved significantly during the year, increasing to SEK 36.1 (-38.3) million. This was mainly driven by positive changes in working capital of SEK 23.4 (-49.6) million.

In 2021, the market for digital forensics was valued at USD 5.5 billion, and the prognosis is for growth to reach USD 6.7 billion in 2023, according to ”Global Digital Forensics Market Report 2022”. The market is driven first and foremost by the increase in cyber crime which is on the rise in various sectors, enabled primarily by the high utilisation of smart phones. The regulations that authorities have in place, with the good intention of protecting individuals’ personal integrity, are exploited by malicious persons to plan and execute crimes. 

The market for digital forensics can encompass many different things: computers, cloud services, communication apps, the IoT, and more. When cyber crime is on the rise, it is necessary for MSAB to continuously improve its tools and methods. 

Developments in the world in 2022 were mostly negative. The year began with a war in close proximity to Sweden, and a clear trend where countries and regions are increasingly closing down. This impacts the mobile forensic market directly, as it becomes more important who you do business with. As a supplier, it is no longer enough to meet customers’ technical requirements; the company’s geographic and product development locations are also key requirements.

Covid restrictions were lifted in the spring of 2022. We have never experienced such a demand for customer events and marketing activities as we did then. The intense level of spring activity subsided, and during the summer, autumn and winter we have had high - but more normal - activity levels.

MSAB has established a strategy for how we can continue to develop and improve our solutions with a goal to meet and exceed the needs we see coming. For continuing success, we will implement several measures. We will increase our investments in technology and development (to meet the accelerating technical development), improve and develop our packaging (to make them more attractive), and increase and intensify our presence in markets where we are active and where we see great potential for further growth.

MSAB must continue to do the right things. It is right for us and our customers to secure evidence in mobile phones and other digital devices in an ethical and legally secure manner. We contribute to making the world both locally and globally a little safer in the way we develop, train and implement our solutions.

I am proud to be responsible for the only European company active within the digital forensics area. Considering the negative developments taking place in the world today, it will be increasingly critical for the authorities with whom we work to see us as a trusted partner. We must take good care of the trust we have created, and by doing the right things, we will also create profitable growth for our shareholders.

January 2023,

Joel Bollö
Chief Executive Officer

The information in this report is such that MSAB, Corporate ID number 556244-3050, is required to disclose in accordance with the EU’s Market Abuse Regulation. The information in this report was submitted for publication on 27 January, 2023 at 08:00 CEST.

About MSAB: 
MSAB is a world leader in forensic technology for extracting and analyzing data in seized mobile devices. The company develops high-quality and easy-to-use software for law enforcement organizations, such as police, defense, and customs. The products, which have become a de facto standard for securing evidence in criminal investigations, can be supplemented with reporting tools and a large range of training with certifications within a holistic method for forensic science. The company serves customers in more than 100 countries worldwide, through its own sales offices and through distributors. MSAB is listed on Nasdaq Stockholm under the ticker name: MSAB B.

For further information, please contact:
Joel Bollö, CEO MSAB,, +46 8739 0270