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BICO Group AB Class B
(BICO)
Select Model
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Rating:42Neutral
Price Target:
kr15.00
▲(12.11% Upside)
Action:Reiterated
Date:07/11/26
The score is weighed down primarily by very weak profitability (large net losses and earnings volatility) and a bearish technical setup (trading below all major moving averages with negative MACD). Positive current cash flow and improved gross margin provide some support, but weakening free-cash-flow momentum and the lack of meaningful valuation/dividend anchors keep the overall score low.
Positive Factors
Recurring consumables & services revenue
BICO’s business model centers on instrument sales plus tied consumables, software and services. An expanding installed base drives recurring consumables and service revenue, improving revenue visibility and customer stickiness versus one-time equipment sales alone.
Negative Factors
Deep, recurring losses
Persistently large net losses indicate the company has not translated improved gross margins into profitability. Continued negative margins erode retained earnings, constrain reinvestment, and raise risk that operational improvements may be insufficient to reach sustainable positive earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables & services revenue
BICO’s business model centers on instrument sales plus tied consumables, software and services. An expanding installed base drives recurring consumables and service revenue, improving revenue visibility and customer stickiness versus one-time equipment sales alone.
Read all positive factors
BICO Group AB Class B (BICO) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.02B
Dividend YieldN/A
Average Volume (3M)288.59K
Price to Earnings (P/E)―
Beta (1Y)1.17
Revenue Growth-24.97%
EPS Growth-366.73%
CountrySE
Employees557
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-13.97
Shares Outstanding69,074,900
10 Day Avg. Volume264,488
30 Day Avg. Volume288,586
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.85
Price to Sales (P/S)0.99
P/FCF Ratio26.97
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-2.9
Revenue Forecast (FY)kr1.57B
BICO Group AB Class B Business Overview & Revenue Model
Company Description
BICO Group AB (publ) is a global bio-convergence enterprise, extending its operations across North America, Europe, Asia, and other international markets. Its business is segmented into two primary divisions: Laboratory Solutions and Bioautomation...
How the Company Makes Money
BICO primarily makes money by selling life-science instruments and the recurring products and services attached to those installed systems across its business units. Key revenue streams include: (1) Instrument and system sales: one-time sales of c...
BICO Group AB Class B Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: the company executed its strategic repositioning (BICO 2.0), strengthened its cash position through a EUR 40m bond issuance, reduced debt and demonstrated a clear Q4 recovery with strong margins and Biosero momentum. However, full-year financials were weak (organic sales -8%, adjusted EBITDA only SEK 5m, Lab Automation full-year decline -26% and negative EBITDA), and the business faced notable macro headwinds (US academia funding cuts, FX pressure and cautious CapEx). Product launches, partnerships and AI-enabled offerings provide a foundation for growth, but near-term performance still reflects industry and legacy operational challenges.Positive Updates
Improved Cash Position and Successful Capital Raise
Cash reserves at year-end of SEK 1.282 billion; issued senior secured bonds on Jan 28, 2026 with nominal value EUR 40 million (4-year tenure, 3M Euribor + 5.9%, issued at 96.81%). After settling outstanding convertible debt (~SEK 1.008 billion), pro forma cash position is estimated at ~SEK 670 million to support growth, R&D and bolt-on acquisitions.
Negative Updates
Full-Year Organic Sales Decline
Group sales for 2025 totaled SEK 1.497 billion, corresponding to negative organic sales growth of -8% for the year, indicating overall demand headwinds across the portfolio.
Read all updates
Q4-2025 Updates
Positive
Negative
Improved Cash Position and Successful Capital Raise
Cash reserves at year-end of SEK 1.282 billion; issued senior secured bonds on Jan 28, 2026 with nominal value EUR 40 million (4-year tenure, 3M Euribor + 5.9%, issued at 96.81%). After settling outstanding convertible debt (~SEK 1.008 billion), pro forma cash position is estimated at ~SEK 670 million to support growth, R&D and bolt-on acquisitions.
Read all positive updates
Company Guidance
BICO did not give formal numeric sales guidance but outlined clear 2026 priorities and financial targets: after issuing EUR 40m of senior secured bonds on Jan 28 (4‑year, 3‑month Euribor + 5.9%, issued at 96.81%) and with year‑end cash reserves of SEK 1.282bn (to be used to settle SEK 1.008bn of convertible debt), management expects to have roughly SEK 670m pro forma cash to accelerate commercial and R&D initiatives and pursue bolt‑on acquisitions to capture a market recovery; they will continue structural cost reductions and tight expense management (viewing Q4 OpEx as a new stabilization base), aim to normalize net working capital toward ~20% of sales (vs. 13% L12M), and prioritize R&D spending on software and AI with multiple product launches (e.g., GoSimple and an assistive AI early‑access release) to grow recurring revenue and Lab Automation.BICO Group AB Class B Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
44
Neutral
Cash Flow
39
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.49B | 1.50B | 1.95B | 2.01B | 2.24B | 1.26B |
| Gross Profit | 671.00M | 581.90M | 1.01B | 993.20M | 1.83B | 1.00B |
| EBITDA | -1.07B | -34.90M | 505.30M | 442.80M | 322.30M | 31.80M |
| Net Income | -986.20M | -1.09B | -5.50M | -1.17B | -835.70M | -229.20M |
Balance Sheet | ||||||
| Total Assets | 2.97B | 3.70B | 5.48B | 6.06B | 10.20B | 9.75B |
| Cash, Cash Equivalents and Short-Term Investments | 744.30M | 1.28B | 598.00M | 804.10M | 925.20M | 1.48B |
| Total Debt | 690.60M | 1.50B | 1.76B | 1.96B | 1.85B | 1.61B |
| Total Liabilities | 1.36B | 1.95B | 2.48B | 2.96B | 3.26B | 2.95B |
| Stockholders Equity | 1.61B | 1.75B | 2.98B | 3.07B | 6.91B | 6.77B |
Cash Flow | ||||||
| Free Cash Flow | 24.20M | 55.10M | 72.70M | -112.80M | -799.00M | -676.20M |
| Operating Cash Flow | 39.10M | 68.40M | 158.40M | 178.40M | -269.40M | -409.20M |
| Investing Cash Flow | 743.60M | 709.30M | 128.00M | -129.70M | 212.90M | -4.45B |
| Financing Cash Flow | -778.10M | -455.10M | -200.70M | -102.00M | 455.30M | 4.90B |
BICO Group AB Class B Technical Analysis
Neutral
13.38
Price Trends
15.66
Negative
17.08
Negative
18.11
Negative
Market Momentum
-0.17
Negative
58.56
Neutral
87.28
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BICO, the sentiment is Neutral. The current price of 13.38 is below the 20-day moving average (MA) of 14.12, below the 50-day MA of 15.66, and below the 200-day MA of 18.11, indicating a neutral trend. The MACD of -0.17 indicates Negative momentum. The RSI at 58.56 is Neutral, neither overbought nor oversold. The STOCH value of 87.28 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:BICO.
BICO Group AB Class B Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | kr3.51B | 27.21 | 14.59% | 1.96% | -1.64% | -14.61% | |
70 Outperform | kr1.24B | 24.84 | 14.08% | 0.26% | -0.27% | 93.40% | |
52 Neutral | kr583.48M | -69.38 | -2.84% | ― | -13.72% | 52.47% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | kr581.70M | -5.21 | -37.43% | ― | 27.40% | 26.07% | |
45 Neutral | kr973.50M | -27.42 | -3.99% | ― | -0.34% | 29.54% | |
42 Neutral | kr1.02B | -1.03 | -51.81% | ― | -24.97% | -366.73% |
* Healthcare Sector Average
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BICO Group AB Class B Corporate Events
BICO Appoints Erik Gatenholm as Interim Board Chair Amid Governance Shift
Jul 31, 2026
BICO Group AB has appointed company co-founder Erik Gatenholm as Board Chair with immediate effect, following the previously announced decision by outgoing Chair Maria Rankka to step down from the board and her leadership role on July 31, 2026. Th...
BICO Group to Overhaul Board Leadership, Calls Extraordinary General Meeting
Jul 6, 2026
BICO Group AB has announced a significant reshaping of its board, with Chair Maria Rankka and board members Susanne Lithander and Johan Westman all stepping down from their roles effective 31 July 2026. The board will convene an Extraordinary Gene...
BICO Shareholders Approve New Board Line-Up and Long-Term Incentive Plan at AGM
May 7, 2026
BICO Group AB held its Annual General Meeting in Gothenburg, where shareholders approved the 2025 accounts, discharged the board and CEOs from liability, and decided that no dividend will be paid, with profits carried forward to support the compan...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.