BICO Group AB Class B (BICO) AI Stock Analysis

• Market Cap: kr1.18B
• Dividend Yield: N/A
• Average Volume (3M): 288.59K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.00
• 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): -2.19
• Revenue Forecast (FY): kr1.60B

• Rating: 45 Neutral
• Price Target: kr16.00 ▼(-11.89% Downside)
• Action: Reiterated Date: 03/21/26
• Date: Action: Reiterated 03/21/26

The score is held down primarily by deteriorating financial performance in 2025 (declining revenue, margin compression, and a very large net loss) alongside only modest, weakening free cash flow relative to debt. Technicals add pressure with a clear downtrend (price below key moving averages and negative MACD). Valuation provides limited support due to a negative P/E and no dividend yield data.

Positive Factors

Recurring revenue mix

BICO's business mixes instruments with consumables, service and software, creating recurring revenue from consumables and support. This installed-base monetization improves revenue durability, supports margins over time, and reduces reliance on one-off instrument cycles.

Improving cash generation

The transition from negative to positive operating cash flow and positive FCF in 2024–2025 shows improving cash conversion. That trend enhances near-term liquidity and gives management room to fund operations or invest without immediate external financing, if sustained.

Moderate leverage

Debt-to-equity under 1 indicates a meaningful equity cushion and lower solvency strain versus highly leveraged peers. Moderate leverage preserves financial flexibility for funding product development or restructuring and reduces immediate refinancing pressure.

Negative Factors

Sustained revenue decline

Three years of falling revenue signal weakening market demand or portfolio issues. Persistent top-line erosion reduces operating leverage, constrains margin recovery, and makes it harder to cover fixed costs and invest in growth initiatives over the coming 2–6 months absent clear commercial turnaround.

Profitability deterioration

Sharp margin compression and a large net loss in 2025 materially weaken earnings quality and equity. Continued losses can force cost cutting or external capital raises, limiting strategic flexibility and increasing dilution or refinancing risk in the medium term.

Thin cash coverage vs. debt

Although cash generation turned positive, the scale is small relative to outstanding debt and FCF plunged in 2025. Weak cash coverage raises refinancing and liquidity risk, limiting the company's ability to deleverage or fund investments without accessing external capital.

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 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 for bioprinting, automation, or other life science workflows), (2) recurring consumables and reagents used with those instruments, and (3) service and support revenues such as installation, maintenance, and other customer support services. Depending on the specific products within the group, software licenses or subscriptions can also contribute to revenue; however, specific breakdowns by stream, major partnerships, or segment-level revenue shares are null.

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, the balance sheet remains moderately levered (debt below equity) and operating/free cash flow is positive in 2024–2025, but 2025 free cash flow fell sharply and debt coverage remains thin.

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: Negative
• Last Price: 18.16
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 17.41, above the 50-day MA of 17.61, and below the 200-day MA of 24.12, indicating a bearish trend. The MACD of -0.25 indicates Positive momentum. The RSI at 43.68 is Neutral, neither overbought nor oversold. The STOCH value of 32.01 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CEVI	76 Outperform	kr3.43B	24.49	17.89%	1.61%	1.53%	0.79%
CRAD.B	55 Neutral	kr847.55M	103.06	6.93%	―	-5.80%	-65.99%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SEZI	49 Neutral	kr682.31M	-5.78	-36.55%	―	62.24%	21.16%
BACTI.B	46 Neutral	kr604.51M	-88.91	-2.52%	―	-8.10%	62.08%
BICO	45 Neutral	kr1.18B	-1.36	-50.36%	―	-23.24%	45.32%
SEDANA	44 Neutral	kr847.34M	-17.24	-4.42%	―	13.48%	28.98%

BICO Group AB Class B Corporate Events

BICO Group Repays SEK 1 Billion Convertible Bonds, Bolsters Balance Sheet

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’s recent issuance of EUR 40 million in senior secured bonds, strengthens BICO’s balance sheet and financial preparedness, supporting its strategic position as a key lab automation provider to global pharma and biotech customers.

The most recent analyst rating on (SE:BICO) stock is a Hold with a SEK16.00 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 Sells Finnish Property for EUR 3.5 Million, Boosting Cash Flow and Streamlining Portfolio

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 tied to Ginolis, a former BICO subsidiary divested in November 2023, and carving it out into a separate real estate unit was part of that broader strategic exit.

With the closing of this property transaction, ownership of BICO Real Estate Oy has fully transferred to Logistea, and BICO expects a positive contribution to its cash flow in the first quarter of 2026. The deal further streamlines BICO’s portfolio after the Ginolis divestment and reinforces its focus on core lab automation and life science solutions operations, potentially improving financial flexibility for investments in its main business areas.

The most recent analyst rating on (SE:BICO) stock is a Hold with a SEK18.50 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’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.