BICO Group AB Class B (SE:BICO)
:BICO
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BICO Group AB Class B
(BICO)
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Rating:47Neutral
Price Target:
kr19.00
▲(4.63% Upside)
Action:Reiterated
Date:05/05/26
The score is held down primarily by weak financial performance (large ongoing losses, declining equity base, and sharply lower free cash flow despite positive TTM cash generation). Technicals are neutral-to-slightly improving but not strongly bullish. Valuation remains challenged due to negative earnings, while the latest earnings call adds modest support from improved liquidity and a stronger Q4, tempered by weak full-year results and macro headwinds.
Positive Factors
Improved gross margin
A sustained gross margin lift to ~45% implies improved product mix or pricing power in core instruments, consumables and services. This structural margin expansion increases the potential for durable operating leverage and higher cash conversion if management sustains cost control and recurring revenue growth.
Negative Factors
Deep, recurring losses and volatile profitability
A very large negative net margin (~-70%) and recurring losses indicate ongoing structural profitability issues. Over the medium term this erodes retained earnings, limits reinvestment capacity, and raises the bar for sustained operational improvement before cash generation and returns normalize.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved gross margin
A sustained gross margin lift to ~45% implies improved product mix or pricing power in core instruments, consumables and services. This structural margin expansion increases the potential for durable operating leverage and higher cash conversion if management sustains cost control and recurring revenue growth.
Read all positive factors
BICO Group AB Class B (BICO) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.28B
Dividend YieldN/A
Average Volume (3M)288.59K
Price to Earnings (P/E)―
Beta (1Y)1.09
Revenue Growth-24.97%
EPS Growth-366.73%
CountrySE
Employees695
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)-2.35
Revenue Forecast (FY)kr1.57B
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, hybri...
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:Aug 25, 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
Positive
18.16
Price Trends
17.60
Positive
18.17
Positive
22.56
Negative
Market Momentum
0.70
Negative
67.00
Neutral
82.12
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BICO, the sentiment is Positive. The current price of 18.16 is above the 20-day moving average (MA) of 17.91, above the 50-day MA of 17.60, and below the 200-day MA of 22.56, indicating a neutral trend. The MACD of 0.70 indicates Negative momentum. The RSI at 67.00 is Neutral, neither overbought nor oversold. The STOCH value of 82.12 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | kr2.94B | 40.70 | 17.89% | 1.61% | -2.32% | -11.87% | |
64 Neutral | kr1.15B | 19.50 | 6.93% | ― | -8.92% | -8.33% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | kr595.75M | -25.75 | -2.52% | ― | -10.66% | 73.69% | |
49 Neutral | kr970.52M | -61.68 | -4.42% | ― | 4.66% | 27.83% | |
48 Neutral | kr698.82M | -7.33 | -36.55% | ― | 48.53% | 17.86% | |
47 Neutral | kr1.28B | -2.24 | -50.36% | ― | -24.97% | -366.73% |
* Healthcare Sector Average
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BICO Group AB Class B Corporate Events
BICO to Present Q1 2026 Interim Report via Webcast and Teleconference
Apr 15, 2026
BICO Group AB, a Nasdaq Stockholm Mid-Cap listed provider of lab automation solutions to pharma and biotech, has built a global footprint with tens of thousands of instruments installed in leading laboratories worldwide. Its technologies are widel...
BICO Group Sets May 7 Date for 2026 Annual General Meeting in Gothenburg
Apr 1, 2026
BICO Group AB has called its Annual General Meeting for May 7, 2026, to be held at subsidiary CELLINK’s premises in Gothenburg, while also enabling shareholders to exercise their voting rights in advance via postal voting. The notice details...
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...
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.