BICO Group AB Class B (BICO) AI Stock Analysis

• Market Cap: $1.69B
• Dividend Yield: N/A
• Average Volume (3M): 288.59K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.52
• Revenue Growth: -23.24%
• EPS Growth: 45.32%
• Country: SE
• Employees: 695
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -15.51
• Shares Outstanding: 69,074,900
• 10 Day Avg. Volume: 264,488
• 30 Day Avg. Volume: 288,586
• PEG Ratio: 4.13
• Price to Book (P/B): 0.76
• Price to Sales (P/S): 1.16
• P/FCF Ratio: 31.08
• Enterprise Value/Market Cap: 1.97
• Enterprise Value/Revenue: 1.67
• Enterprise Value/Gross Profit: 3.09
• Enterprise Value/Ebitda: 11.22
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: kr20.50 ▲(2.30% Upside)

BICO Group AB's overall stock score reflects a mixed outlook. The company's strong revenue growth and operational efficiency improvements are offset by ongoing profitability challenges and a bearish technical outlook. The earnings call provided some positive insights, but macroeconomic challenges and negative cash flow from operations remain concerns. The valuation is unattractive due to a negative P/E ratio and lack of dividend yield.

BICO Group AB Class B Business Overview & Revenue Model

Company Description

BICO Group AB (publ) operates as a bio convergence company in North America, Europe, Asia, and internationally. It operates through two segments, Laboratory Solutions and Bioautomation. The Laboratory Solutions segment offers 3D bioprinters, hybrid microscopes, single-cell dispensing instruments, and liquid handling instruments, as well as services and related consumables, such as bioinks, reagents, microscope lenses, software, printheads, and 3D reconstructed human tissues for applications in regulatory testing. This segment also offers services in 3D cell culture, 3D tissue imaging, multiplex imaging, and digital pathology to pharmaceutical and biotechnology companies. The Bioautomation segment offers products in precision dispensing and biosensor technology to the industrial customer; and diagnostics automation and advanced robotics solutions for the medical and diagnostic industries. In addition, it offers core industrial ecosystem, tissue engineering, multi-omics, cell line development, and diagnostics solutions. It primarily serves medical, pharmaceutical, and cosmetic industries. The company was formerly known as Cellink AB (publ) and changed its name to BICO Group AB (publ) in August 2021. BICO Group AB (publ) was founded in 2016 and is based in Gothenburg, Sweden.

How the Company Makes Money

BICO Group AB generates revenue primarily through the sale of its bioprinting, biosciences, and bioautomation products and services. These offerings are marketed to academic institutions, pharmaceutical companies, and clinical research organizations that require advanced tools for research and development purposes. The company also benefits from strategic partnerships and collaborations with key industry players, which help expand its market reach and drive sales. Additionally, BICO may generate income from licensing agreements and providing specialized consulting services to its clients, further contributing to its revenue streams.

BICO Group AB Class B Financial Statement Overview

Summary

BICO Group AB demonstrates robust revenue growth with a focus on improving operational efficiency, as seen in the positive EBITDA margin. However, challenges with profitability and maintaining stockholders' equity persist. Strong cash flow management with positive free cash flow trends suggests potential improvement, but reducing losses and managing debt remain crucial.

Income Statement

The company shows strong revenue growth over the years, but profitability is a concern. The TTM (Trailing-Twelve-Months) data indicates a negative net profit margin and EBIT margin, reflecting ongoing operational challenges. However, the EBITDA margin is positive, suggesting some operational efficiency. The increase in gross profit margin indicates improved cost management.

Balance Sheet

The balance sheet reveals a moderate debt-to-equity ratio and a reasonable equity ratio, indicating a stable financial structure. However, the decrease in stockholders' equity over time could be a concern if it continues. The company needs to improve its return on equity, which is currently negative due to ongoing losses.

Cash Flow

The cash flow statement shows a positive trend with improving free cash flow and operating cash flow. The free cash flow to net income ratio and operating cash flow to net income ratio are positive, indicating effective cash management despite negative net income. The company has reduced its financing cash flow significantly, which might impact future liquidity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.99B	1.95B	2.01B	2.24B	1.26B	176.79M
Gross Profit	1.08B	1.01B	993.20M	1.83B	1.00B	163.62M
EBITDA	296.10M	505.30M	442.80M	322.30M	31.80M	-39.50M
Net Income	-211.30M	-5.50M	-1.17B	-835.70M	-229.20M	-61.89M
Balance Sheet
Total Assets	4.74B	5.48B	6.06B	10.20B	9.75B	1.65B
Cash, Cash Equivalents and Short-Term Investments	596.50M	598.00M	804.10M	925.20M	1.48B	995.80M
Total Debt	1.41B	1.76B	1.96B	1.85B	1.61B	62.49M
Total Liabilities	2.08B	2.48B	2.96B	3.26B	2.95B	126.74M
Stockholders Equity	2.64B	2.98B	3.07B	6.91B	6.77B	1.52B
Cash Flow
Free Cash Flow	193.30M	72.70M	-112.80M	-799.00M	-676.20M	-154.12M
Operating Cash Flow	252.30M	158.40M	178.40M	-269.40M	-409.20M	-71.82M
Investing Cash Flow	165.80M	128.00M	-129.70M	212.90M	-4.45B	-200.90M
Financing Cash Flow	-484.20M	-200.70M	-102.00M	455.30M	4.90B	1.04B

BICO Group AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 20.04
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BICO, the sentiment is Negative. The current price of 20.04 is below the 20-day moving average (MA) of 21.80, below the 50-day MA of 21.87, and below the 200-day MA of 31.65, indicating a bearish trend. The MACD of -0.57 indicates Positive momentum. The RSI at 38.16 is Neutral, neither overbought nor oversold. The STOCH value of 1.40 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:BICO.

BICO Group AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CEVI	68 Neutral	kr3.80B	25.08	17.89%	1.57%	1.53%	0.79%
CRAD.B	64 Neutral	€1.11B	47.83	6.93%	―	-5.80%	-65.99%
BICO	53 Neutral	$1.69B	-5.31	-57.26%	―	-23.24%	45.32%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SEDANA	43 Neutral	€1.00B	-24.63	-4.42%	―	13.48%	28.98%
BACTI.B	42 Neutral	kr585.23M	―	-6.81%	―	-8.10%	62.08%
SEZI	39 Underperform	$883.55M	-6.48	-36.55%	―	62.24%	21.16%

BICO Group AB Class B Corporate Events

BICO Group’s Earnings Call: Growth Amid Challenges

The recent earnings call for BICO Group AB Class B painted a mixed picture of the company’s current standing and future prospects. While there was notable growth in Lab Automation and significant orders from a global pharmaceutical company, the company also faces challenges such as impairments and macroeconomic pressures, including a negative cash flow from operations.

BICO Group AB Reports Q3 2025 Earnings: Growth Amid Challenges

BICO Group AB, a prominent player in the life sciences sector, specializes in providing innovative lab automation and bioprinting solutions to enhance efficiency and innovation in pharmaceutical and biotech industries. In its latest earnings report for Q3 2025, BICO Group AB reported a 4.8% increase in net sales compared to the same period last year, driven by a significant organic sales growth of 12.3%. The company achieved a gross margin of 55.0%, slightly up from 54.3% in the previous year. Despite these positive indicators, the company reported a substantial net loss from continuing operations amounting to SEK 1,107.5 million, primarily due to impairments in Discover ECHO and Biosero.

BICO Group AB Reports Q3 2025 Financial Results with Mixed Performance

BICO Group AB’s interim report for Q3 2025 shows a 4.8% increase in net sales compared to the previous year, with significant growth in lab automation and life science solutions. Despite these gains, the company faced challenges with impairments in Discover ECHO and Biosero, impacting EBIT, but divestments of MatTek and Visikol strengthened their cash position.

The most recent analyst rating on (SE:BICO) stock is a Hold with a SEK36.00 price target. To see the full list of analyst forecasts on BICO Group AB Class B stock, see the SE:BICO Stock Forecast page.

BICO Group AB Reports Q3 Growth Amid Impairments

BICO Group AB reported preliminary figures for Q3 2025, highlighting an organic sales growth of 12% and an improved adjusted EBITDA margin. However, the company announced significant impairments totaling SEK 1,036m due to revised forecast assumptions and weaker financial performance in certain segments, impacting EBIT but not cash flow. Despite these challenges, BICO anticipates long-term growth and reaffirms strong demand for its lab automation solutions.

The most recent analyst rating on (SE:BICO) stock is a Hold with a SEK36.00 price target. To see the full list of analyst forecasts on BICO Group AB Class B stock, see the SE:BICO Stock Forecast page.

BICO Group AB to Release Q3 2025 Interim Report

BICO Group AB announced the release of its Q3 2025 interim report scheduled for November 4, 2025. Following the report’s publication, a telephone conference will be held to discuss the results, featuring presentations by the company’s President & CEO and CFO. This announcement reflects BICO’s commitment to transparency and engagement with stakeholders, providing insights into its financial performance and strategic direction.

The most recent analyst rating on (SE:BICO) stock is a Hold with a SEK36.00 price target. To see the full list of analyst forecasts on BICO Group AB Class B stock, see the SE:BICO Stock Forecast page.

BICO Group AB Forms Nomination Committee for 2026 AGM

BICO Group AB has announced the formation of its Nomination Committee for the 2026 Annual General Meeting, with members appointed by the company’s largest shareholders. This committee, representing approximately 44% of voting rights, will prepare proposals for board elections, auditor appointments, and other key decisions for the upcoming meeting, reflecting BICO’s commitment to structured governance and stakeholder engagement.

The most recent analyst rating on (SE:BICO) stock is a Hold with a SEK36.00 price target. To see the full list of analyst forecasts on BICO Group AB Class B stock, see the SE:BICO Stock Forecast page.

BICO Group AB Appoints Maria Rankka as New Board Chair

BICO Group AB has appointed Maria Rankka as the new Board Chair, following the resignation of Rolf Classon due to health reasons. Rankka, an experienced investor and entrepreneur in Health Tech and Life Science, aims to focus on advancing BICO’s strategic goals and enhancing its market position. Her appointment is expected to strengthen BICO’s mission of supporting pharma and biopharma companies in accelerating innovations to market, contributing to healthier societies.

The most recent analyst rating on (SE:BICO) stock is a Hold with a SEK36.00 price target. To see the full list of analyst forecasts on BICO Group AB Class B stock, see the SE:BICO Stock Forecast page.

BICO Group Appoints Fraser McLeod as Managing Director of Biosero

BICO Group AB has appointed Fraser McLeod as the new Managing Director of its subsidiary, Biosero, effective September 22, 2025. With extensive experience in the life sciences industry, McLeod is expected to drive sustainable growth and strengthen Biosero’s position in providing automated and data-driven lab solutions. This strategic move aligns with BICO’s 2.0 strategy, aiming to enhance the company’s market positioning and create long-term value for customers and stakeholders.

The most recent analyst rating on (SE:BICO) stock is a Hold with a SEK36.00 price target. To see the full list of analyst forecasts on BICO Group AB Class B stock, see the SE:BICO Stock Forecast page.

BICO’s Biosero Secures $15.2M Lab Automation Deal

BICO’s subsidiary, Biosero, has signed a master service agreement with a global pharmaceutical company to develop integrated lab automation solutions valued at 15.2 million USD. This project, which will run from September 2025 to the end of 2026, aims to enhance the customer’s drug development process using Biosero’s Green Button Go software. The agreement is expected to strengthen BICO’s market position by showcasing their expertise in lab automation and fostering long-term relationships with key industry players.

The most recent analyst rating on (SE:BICO) stock is a Hold with a SEK36.00 price target. To see the full list of analyst forecasts on BICO Group AB Class B stock, see the SE:BICO Stock Forecast page.

BICO Group AB Faces Mixed Q2 2025 Earnings

The recent earnings call for BICO Group AB Class B painted a mixed picture of the company’s performance in Q2 2025. While the divestment of MatTek and Visikol bolstered the balance sheet, challenges in the Lab Automation segment and macroeconomic pressures introduced uncertainties. Despite strategic restructuring efforts, negative trends overshadowed positive developments.

BICO Group AB Reports Q2 2025 Earnings Amid Strategic Shifts

BICO Group AB, a prominent player in the life sciences sector, specializes in lab automation and life science solutions, offering advanced instrumentation and consumables for various scientific applications. In its latest earnings report for Q2 2025, BICO Group AB reported a significant decline in net sales by 23.4% compared to the same period last year, with net sales amounting to SEK 324.2 million. The company faced macroeconomic challenges, including NIH funding cuts and tariff issues, which impacted demand and delayed capital expenditures. Key financial metrics showed a decrease in gross margin to 43.9% and a negative adjusted EBITDA of SEK -48.8 million. Despite these challenges, BICO made strategic moves, such as divesting MatTek and Visikol to Sartorius for USD 80 million, aiming to strengthen its balance sheet and focus on lab automation. The company is implementing leadership and process changes to scale its Biosero business, addressing project delays and enhancing operational capabilities. Looking ahead, BICO remains committed to its transformation strategy, BICO 2.0, focusing on operational excellence and commercial synergies to navigate current challenges and capitalize on long-term growth trends in the life science sector.

BICO Group AB Faces Sales Decline Amid Strategic Divestments

BICO Group AB reported a significant decline in net sales and organic sales growth for the first half of 2025, primarily due to macroeconomic challenges such as NIH funding cuts and tariff issues. Despite these challenges, the company strengthened its balance sheet by divesting MatTek and Visikol to Sartorius for USD 80 million. The company is implementing leadership and process changes in its lab automation business to meet the high demand for Biosero’s solutions, aiming to capitalize on growth opportunities in this market.

BICO Group Optimizes Capital Structure with SEK 98 Million Bond Buyback

BICO Group AB has repurchased convertible bonds amounting to SEK 98 million as part of its strategy to optimize its capital structure and reduce long-term debt. This buyback, conducted through a safe harbour approach with DNB Carnegie Investment Bank AB as Dealer Manager, reduces the outstanding convertible bonds to SEK 1,008 million, reflecting BICO’s ongoing evaluation of the bond market to manage its liquidity needs.