BICO Group AB Class B (SE:BICO)
:BICO
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BICO Group AB Class B
(BICO)
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Rating:48Neutral
Price Target:
kr17.00
▼(-6.39% Downside)
Action:ReiteratedDate:03/26/26
The score is held down primarily by weak financial performance in 2025 (declining revenue, margin compression, and a large loss) and bearish technical trend (price below key moving averages with negative MACD). The earnings call adds some support due to improved Q4 profitability and strengthened liquidity/cost actions, but valuation remains difficult to support with a negative P/E and no dividend yield data.
Positive Factors
Improving cash generation and pro‑forma liquidity
A materially stronger liquidity position and a deliberate capital raise create a multi‑quarter runway to fund prioritized R&D, small acquisitions and commercialization. Positive free cash flow in 2024–2025 plus ~SEK 670m pro forma cash improves financial optionality and reduces near‑term refinancing risk.
Negative Factors
Multi‑year revenue contraction
Three consecutive years of declining revenue indicate persistent demand or portfolio struggles; reversing this trend requires sustained commercial recovery across segments. Continued top‑line shrinkage limits operating leverage, hinders margin recovery and constrains the ability to scale R&D or absorb fixed costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving cash generation and pro‑forma liquidity
A materially stronger liquidity position and a deliberate capital raise create a multi‑quarter runway to fund prioritized R&D, small acquisitions and commercialization. Positive free cash flow in 2024–2025 plus ~SEK 670m pro forma cash improves financial optionality and reduces near‑term refinancing risk.
Read all positive factors
BICO Group AB Class B (BICO) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.19B
Dividend YieldN/A
Average Volume (3M)288.59K
Price to Earnings (P/E)―
Beta (1Y)1.00
Revenue Growth-23.24%
EPS Growth45.32%
CountrySE
Employees695
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.82
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)-2.19
Revenue Forecast (FY)kr1.60B
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 ...
How the Company Makes Money
BICO makes money primarily by selling life science tools and related offerings to customers such as research laboratories and life science organizations. Key revenue streams include (1) instrument and system sales (e.g., laboratory equipment used ...
BICO Group AB Class B Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 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
26
Negative
Balance Sheet
56
Neutral
Cash Flow
52
Neutral
| 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
Negative
18.16
Price Trends
17.41
Negative
18.47
Negative
23.63
Negative
Market Momentum
-0.16
Negative
45.54
Neutral
62.85
Neutral
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 18.16 is above the 20-day moving average (MA) of 17.22, above the 50-day MA of 17.41, and below the 200-day MA of 23.63, indicating a bearish trend. The MACD of -0.16 indicates Negative momentum. The RSI at 45.54 is Neutral, neither overbought nor oversold. The STOCH value of 62.85 is Neutral, 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | kr3.52B | 24.49 | 17.89% | 1.61% | 1.53% | 0.79% | |
55 Neutral | kr872.88M | 103.06 | 6.93% | ― | -5.80% | -65.99% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | kr648.51M | -5.78 | -36.55% | ― | 62.24% | 21.16% | |
48 Neutral | kr1.19B | -1.36 | -50.36% | ― | -23.24% | 45.32% | |
46 Neutral | kr571.22M | 13.94 | -2.52% | ― | -8.10% | 62.08% | |
44 Neutral | kr876.15M | -17.24 | -4.42% | ― | 13.48% | 28.98% |
* Healthcare Sector Average
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BICO Group AB Class B Corporate Events
BICO Group Repays SEK 1 Billion Convertible Bonds, Bolsters Balance Sheet
Mar 18, 2026
BICO Group AB has fully repaid its outstanding convertible bonds, totaling SEK 1,008 million in principal, at par value on their scheduled maturity date, leaving no remaining bonds under the relevant ISIN. The repayment, combined with the company&...
BICO Sells Finnish Property for EUR 3.5 Million, Boosting Cash Flow and Streamlining Portfolio
Mar 6, 2026
BICO Group AB has sold its Finnish property in Oulu by divesting BICO Real Estate Oy to Logistea AB for a total consideration of EUR 3.5 million, a price that represents an estimated 10 percent premium to book value. The facility was previously ti...
BICO’s 2025 Profitability Slumps as It Reshapes Portfolio and Bolsters Balance Sheet
Feb 18, 2026
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 impairment...
BICO Raises EUR 40 Million in Senior Secured Bonds Ahead of 2026 Convertible Repayment
Jan 28, 2026
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, pric...
BICO’s Biosero Unveils GoSimple Workcell in Sartorius and BD Lab Automation Tie-Up
Jan 23, 2026
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 developmen...
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.