BICO Group AB Class B (BICO) AI Stock Analysis

• Market Cap: kr1.29B
• Dividend Yield: N/A
• Average Volume (3M): 288.59K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.04
• Revenue Growth: -23.24%
• EPS Growth: 45.32%
• Country: SE
• Employees: 695
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.82
• Shares Outstanding: 69,074,900
• 10 Day Avg. Volume: 264,488
• 30 Day Avg. Volume: 288,586
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.85
• Price to Sales (P/S): 0.99
• P/FCF Ratio: 26.97
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -2.22
• Revenue Forecast (FY): kr1.60B

• Rating: 50 Neutral
• Price Target: kr18.50 ▲(1.87% Upside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score is held back primarily by weak financial performance (multi-year revenue contraction, margin compression, and a large 2025 loss), with only partial support from improved but still thin cash generation and moderate leverage. Technicals are mixed with a weak long-term trend despite some near-term stabilization. Valuation is challenged by losses (negative P/E). The earnings call adds modest support from better EBITDA execution, strong Lab Automation growth, and a strengthened cash position from divestments, but is offset by impairments, negative operating cash flow, and macro headwinds.

Positive Factors

Improving cash generation

Sustained improvement to positive operating cash flow (2023–2025) and FY free cash flow turning positive in 2024–2025 creates a more durable liquidity runway. This improves capacity to fund R&D, consumables inventory and service operations, reducing reliance on external financing over the medium term.

Strong Lab Automation demand

A 35% organic rebound in Lab Automation signals structurally stronger demand for automation and software (e.g., Green Button Go). Sustainable growth in this segment supports recurring software and consumable revenue, improves unit economics, and underpins scalable margin recovery if execution continues.

Material cash strengthening from divestments

Proceeds of SEK 740m from strategic divestments materially bolster the cash reserve and created a net cash position, enhancing near-term liquidity and optionality. This allows management to de-risk the balance sheet, prioritize core product investment, and pursue targeted M&A or restructuring without immediate external funding.

Negative Factors

Multi-year revenue contraction

Three consecutive years of revenue decline indicate persistent demand or portfolio challenges. Prolonged top-line contraction reduces scale, weakens pricing power, compresses gross margins, and limits the company’s ability to invest consistently in product development and sales capacity, impeding sustainable recovery.

Large impairments and earnings volatility

A SEK 1,036m impairment reflects write-downs of previously capitalized assets or acquisitions and signals lower-than-expected returns on investments. Such non‑cash charges erode equity, complicate performance comparisons, and highlight execution or portfolio fit issues that can persistently depress reported profitability.

Weak cash flow relative to debt

Even with improved cash generation, operating cash covers only a small fraction of debt and FCF plunged in 2025. Limited cash flow coverage and worsening leverage reduce financial flexibility, raise refinancing risk, and constrain sustained investment in R&D and commercialization over the medium term.

BICO Group AB Class B Business Overview & Revenue Model

Company Description

BICO Group AB Class B (BICO) is a leading company in the biotechnology sector, focusing on innovative solutions in the life sciences and healthcare industries. The company specializes in biofabrication, offering advanced technologies and services for the development of tissue engineering and regenerative medicine. BICO's core products include bioprinters, biomaterials, and related software, which enable researchers and medical professionals to create and manipulate biological structures for research and therapeutic applications.

How the Company Makes Money

BICO generates revenue primarily through the sale of its bioprinting systems, biomaterials, and software solutions. The company has established key revenue streams from direct sales of its products to research institutions, universities, and healthcare providers, as well as recurring revenue from consumables and maintenance services. Additionally, BICO benefits from strategic partnerships with academic institutions and industry players, facilitating collaborations that enhance its product offerings and market reach. The company's focus on innovation and its ability to secure grants and funding for research projects also contribute to its earnings.

BICO Group AB Class B Financial Statement Overview

Summary

Income statement weakness dominates: revenue has declined for three straight years and 2025 saw margin compression and a very large net loss. Offsetting this somewhat, operating cash flow has been positive in 2023–2025 and free cash flow was positive in 2024–2025, but 2025 FCF fell sharply and cash flow covers only a small portion of debt. Leverage is moderate, yet has worsened as equity declined, keeping financial flexibility a key risk.

Income Statement

Revenue has contracted for three straight years (2023–2025), including a ~10% decline in 2025, pointing to weakening demand and/or portfolio headwinds. Profitability is the core issue: operating results remain negative and 2025 saw a sharp deterioration with a deeply negative net margin, indicating significant charges and poor earnings quality versus prior years (2024 was near break-even at the bottom line). Gross margin also compressed meaningfully in 2025 versus 2024, reducing the buffer to absorb fixed costs and restructuring.

Balance Sheet

Leverage is moderate with debt below equity in 2025 (debt-to-equity ~0.86), but the trend has worsened versus 2022 when leverage was much lower, largely due to a sizable decline in equity over time. The balance sheet still shows a meaningful equity base relative to assets, which provides some cushion, but repeated large losses (notably 2023 and 2025) raise the risk of further equity erosion and reduced financial flexibility.

Cash Flow

Cash generation improved from negative operating cash flow in 2020–2022 to positive in 2023–2025, and free cash flow is positive in 2024–2025, which is constructive for liquidity. However, free cash flow fell sharply in 2025 (down ~66%), and cash flow is small relative to the debt load (operating cash flow covers only ~4% of debt in 2025). The business is moving in the right direction on cash, but the current run-rate is not yet strong enough to comfortably offset ongoing earnings volatility.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.50B	1.95B	2.01B	2.24B	1.26B
Gross Profit	581.90M	1.01B	993.20M	1.83B	1.00B
EBITDA	-34.90M	505.30M	442.80M	322.30M	31.80M
Net Income	-1.09B	-5.50M	-1.17B	-835.70M	-229.20M
Balance Sheet
Total Assets	3.70B	5.48B	6.06B	10.20B	9.75B
Cash, Cash Equivalents and Short-Term Investments	1.28B	598.00M	804.10M	925.20M	1.48B
Total Debt	1.50B	1.76B	1.96B	1.85B	1.61B
Total Liabilities	1.95B	2.48B	2.96B	3.26B	2.95B
Stockholders Equity	1.75B	2.98B	3.07B	6.91B	6.77B
Cash Flow
Free Cash Flow	55.10M	72.70M	-112.80M	-799.00M	-676.20M
Operating Cash Flow	68.40M	158.40M	178.40M	-269.40M	-409.20M
Investing Cash Flow	709.30M	128.00M	-129.70M	212.90M	-4.45B
Financing Cash Flow	-455.10M	-200.70M	-102.00M	455.30M	4.90B

BICO Group AB Class B Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 18.16
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 18.16 is above the 20-day moving average (MA) of 17.38, below the 50-day MA of 18.18, and below the 200-day MA of 25.48, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 53.62 is Neutral, neither overbought nor oversold. The STOCH value of 80.42 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CEVI	76 Outperform	kr3.62B	23.65	17.89%	1.61%	1.53%	0.79%
CRAD.B	55 Neutral	kr898.20M	86.36	6.93%	―	-5.80%	-65.99%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BICO	50 Neutral	kr1.29B	-1.18	-57.26%	―	-23.24%	45.32%
SEZI	49 Neutral	kr707.47M	-4.79	-36.55%	―	62.24%	21.16%
SEDANA	44 Neutral	kr873.17M	-14.74	-4.42%	―	13.48%	28.98%
BACTI.B	44 Neutral	kr609.76M	-78.80	-6.81%	―	-8.10%	62.08%

BICO Group AB Class B Corporate Events

BICO’s 2025 Profitability Slumps as It Reshapes Portfolio and Bolsters Balance Sheet

BICO reported a sharp downturn for 2025, with full-year net sales falling 13.3%, organic sales down 7.9%, and EBITDA turning negative, weighed by project delays in lab automation, soft demand from U.S. academia, and significant non-cash impairments in Discover ECHO and Biosero. Despite this, the group strengthened its balance sheet through divestments of MatTek and Visikol, bond buy-backs, and a new EUR 40m bond issue, while highlighting double-digit Q4 organic growth in Lab Automation, a resilient Life Science Solutions segment, and the launch of its GoSimple lab automation platform as it positions for a market recovery under continued macroeconomic uncertainty.

The most recent analyst rating on (SE:BICO) stock is a Hold with a SEK18.00 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 Raises EUR 40 Million in Senior Secured Bonds Ahead of 2026 Convertible Repayment

BICO Group AB has strengthened its capital structure by issuing EUR 40 million in senior secured bonds under a EUR 60 million framework, with a four‑year term and a floating rate of three‑month EURIBOR plus 5.90 percentage points, priced at 96.81% of par. The net proceeds will be used for general corporate purposes and provide additional financial flexibility as the company prepares to repay its outstanding SEK 1,008 million in convertible bonds at maturity in March 2026, a move management says enhances BICO’s liquidity, supports future growth plans and positions the company to benefit from a potential market recovery amid ongoing macroeconomic uncertainty.

The most recent analyst rating on (SE:BICO) stock is a Hold with a SEK18.00 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 Unveils GoSimple Workcell in Sartorius and BD Lab Automation Tie-Up

BICO’s subsidiary Biosero is launching GoSimple, a standardized, automation-ready benchtop workcell, at SLAS 2026 in Boston, targeting high-throughput applications such as quantification, analyte and clone screening, and cell line development. Integrated with Biosero’s Green Button Go Scheduler, the pre-configured system is designed to accelerate deployment of lab automation, cut manual handling and errors, and extend operating hours without increasing headcount. The first GoSimple configurations incorporate selected instruments from Sartorius and Becton, Dickinson and Company, with both partners set to promote the solution alongside their platforms—Sartorius around its Octet BLI systems and BD around its FACSLyric and FACSymphony analyzers—supporting broader market adoption. By positioning GoSimple as a preferred, ready-to-run automation solution across multiple instrument ecosystems, BICO is strengthening its footprint in lab automation and offering pharmaceutical, biotech and research customers a more scalable, reproducible, and cost-efficient path to automated data generation.

The most recent analyst rating on (SE:BICO) stock is a Hold with a SEK18.00 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 New Chief Operations & Digital Officer

BICO Group AB has appointed Jesper Hagberg as the new Chief Operations & Digital Officer, effective January 7, 2026. Hagberg, who has over 25 years of experience in digital transformation and operational excellence, is expected to contribute significantly to BICO’s growth and innovation. His appointment is seen as a strategic move to enhance the company’s operations and digital capabilities, further solidifying BICO’s position in the lab automation and life science solutions industry.

The most recent analyst rating on (SE:BICO) stock is a Hold with a SEK20.50 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 Ewa Linsäter as New CFO

BICO Group AB has announced the appointment of Ewa Linsäter as the new Chief Financial Officer, succeeding Jacob Thordenberg. Linsäter brings over 15 years of experience in financial leadership roles, including her recent position at Elos Medtech. Her expertise in international life science and mergers and acquisitions is expected to contribute significantly to BICO’s strategic ambitions in lab automation and life science solutions. This leadership transition is poised to strengthen BICO’s financial position and support its continued development in the industry.

The most recent analyst rating on (SE:BICO) stock is a Hold with a SEK20.50 price target. To see the full list of analyst forecasts on BICO Group AB Class B stock, see the SE:BICO Stock Forecast page.