Biovica International AB Class B (BIOVIC.B) AI Stock Analysis

• Market Cap: kr89.24M
• Dividend Yield: N/A
• Average Volume (3M): 324.11K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.28
• Revenue Growth: 40.91%
• EPS Growth: 57.92%
• Country: SE
• Employees: 26
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.06
• Shares Outstanding: 277,487,200
• 10 Day Avg. Volume: 299,971
• 30 Day Avg. Volume: 324,106
• PEG Ratio: 0.01
• Price to Book (P/B): 1.50
• Price to Sales (P/S): 7.52
• P/FCF Ratio: -0.76
• 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): -0.31
• Revenue Forecast (FY): kr13.34M

• Rating: 43 Neutral
• Price Target: kr0.30 ▼(-14.86% Downside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 03/07/26

The score is held down primarily by very large losses and substantial cash burn, alongside a concerning shift to negative TTM gross profit despite strong reported revenue growth. Technicals reinforce the weakness, with the stock in a clear downtrend and bearish momentum indicators. Valuation provides limited offset because the company is loss-making (negative P/E) and no dividend yield is available in the provided data.

Positive Factors

Low leverage / Balance-sheet flexibility

Very low debt relative to equity reduces near-term solvency risk and preserves financial optionality. With heavy operating losses, low leverage gives management flexibility to raise capital, pursue partnerships, or extend runway without immediate debt servicing pressures, a durable financial advantage.

Strong revenue growth / commercial traction

Rapid top-line expansion off a small base signals improving market adoption of DiviTum assays and services. Sustained revenue growth supports scale benefits, increases bargaining leverage with labs and pharma partners, and is a structural prerequisite for turning the business toward positive unit economics.

Focused oncology diagnostic platform and recurring revenue model

A focused product (DiviTum) addressing oncology monitoring creates a differentiated niche with recurring testing demand. Sales to labs, hospitals, and pharma trials embed the assay into clinical workflows, enabling multi-channel revenue streams that can produce durable commercial relationships over months to years.

Negative Factors

Heavy cash burn and negative free cash flow

Sustained large cash outflows materially raise dependency on external funding. Unless revenue scales materially or costs are cut, continued negative FCF risks repeated dilution or constrained investment in commercialization and R&D, impairing the company’s ability to achieve durable self-sufficiency.

Negative gross profit / deteriorating unit economics

A negative gross margin indicates that direct costs or recent accounting items overwhelm product revenue, threatening core unit economics. This structural issue must be resolved for scaling revenues to deliver sustainable margins and long-term profitability; otherwise growth may worsen losses.

Very large losses and negative returns on equity

Extremely negative ROE reflects persistent, sizable losses that erode shareholder equity. This undermines investor returns, increases the likelihood of dilutive financings, and signals that current capital deployment has not yet produced commercial or financial returns, a material long-term concern.

Biovica International AB Class B Business Overview & Revenue Model

Company Description

Biovica International AB Class B (BIOVIC.B) is a biotechnology company based in Sweden, specializing in the development of diagnostic solutions for cancer. The company focuses on improving the management of cancer treatment through its innovative blood test products that enable the monitoring of treatment efficacy and disease progression. Biovica's core product, DiviTum, is designed to measure the levels of a specific biomarker in the blood, providing valuable information to oncologists and healthcare providers in making informed treatment decisions.

How the Company Makes Money

Biovica makes money primarily by selling and supporting its proprietary diagnostic tests and related services based on the DiviTum platform. Revenue is generated from (1) commercial sales of DiviTum-based assays used for monitoring therapy response (typically sold to laboratories, hospitals/clinics, and healthcare systems either as test kits for local use or as testing performed through service laboratories, depending on market setup), and (2) service and collaboration income tied to using its assays in pharmaceutical and clinical research settings. A significant part of the business model is partnering with or selling into oncology care providers and diagnostic laboratories for clinical adoption, while also working with pharmaceutical companies and research organizations that incorporate Biovica’s biomarker testing into clinical trials to assess treatment effects and potentially support drug development. Specifics such as the exact pricing structure, customer concentration, or named partnership terms: null.

Biovica International AB Class B Financial Statement Overview

Summary

Despite rapid revenue growth off a small base, profitability is extremely weak (deeply negative operating and net margins) and TTM gross profit turned negative, which raises concerns about underlying unit economics or recent-period accounting/cost pressures. Cash flow is also a major drag, with heavy operating cash burn and declining free cash flow, increasing reliance on external funding. The balance sheet helps somewhat with very low leverage, but losses (negative ROE) remain the dominant factor.

Income Statement

Revenue is growing quickly (TTM (Trailing-Twelve-Months) up ~382% vs. the latest annual period), showing improving commercial traction from a small base. However, profitability remains very weak: TTM shows a deeply negative net margin (~-775%) and negative operating margin (~-771%), indicating costs are far ahead of the current revenue scale. A notable red flag is TTM gross profit turning negative (gross margin ~-83%) after historically strong positive gross margins in annual reports—this suggests unfavorable one-time items or cost/revenue recognition issues that overwhelm product economics in the most recent period.

Balance Sheet

Leverage is low, with modest debt relative to equity (TTM debt-to-equity ~0.02), which reduces near-term balance-sheet risk and gives the company flexibility. That said, returns for shareholders are meaningfully negative (TTM return on equity around -119%) because losses are large versus the equity base. Equity levels also appear volatile across periods, which can reflect financing activity and/or accumulated losses—supportive for liquidity, but it can be dilutive and underscores that the business is not yet self-funding.

Cash Flow

Cash burn remains heavy: TTM operating cash flow is about -70.6M and free cash flow about -71.0M, with free cash flow declining versus the prior period (growth ~-398%). Cash flow closely tracks net losses (free cash flow to net income ~1.01), which suggests limited non-cash distortion—losses are translating into real cash outflows. Overall, the cash profile increases dependency on external funding unless revenue scales materially or costs are reduced.

Breakdown	TTM	Apr 2024	Apr 2023	Apr 2022	Apr 2022	Apr 2021
Income Statement
Total Revenue	9.86M	8.62M	7.29M	3.38M	2.04M	2.08M
Gross Profit	-8.18M	8.08M	6.88M	4.62M	4.67M	5.27M
EBITDA	-67.46M	-76.22M	-119.51M	-105.96M	-53.47M	-36.56M
Net Income	-76.47M	-87.62M	-124.82M	-110.49M	-60.00M	-39.48M
Balance Sheet
Total Assets	138.57M	64.95M	131.41M	172.29M	151.63M	192.65M
Cash, Cash Equivalents and Short-Term Investments	100.66M	24.41M	79.41M	114.33M	89.79M	145.36M
Total Debt	3.04M	4.65M	7.83M	10.45M	13.25M	2.42M
Total Liabilities	14.77M	21.74M	34.77M	33.65M	27.54M	9.99M
Stockholders Equity	123.81M	43.21M	96.64M	138.63M	124.09M	182.66M
Cash Flow
Free Cash Flow	-71.01M	-85.65M	-114.72M	-97.42M	-55.52M	-37.97M
Operating Cash Flow	-70.58M	-85.37M	-114.58M	-94.64M	-52.13M	-34.41M
Investing Cash Flow	-433.00K	-287.00K	-585.00K	-2.78M	-3.40M	-3.56M
Financing Cash Flow	110.11M	30.93M	79.50M	122.01M	-136.00K	142.66M

Biovica International AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.35
• 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:BIOVIC.B, the sentiment is Negative. The current price of 0.35 is below the 20-day moving average (MA) of 0.37, below the 50-day MA of 0.40, and below the 200-day MA of 0.57, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 35.24 is Neutral, neither overbought nor oversold. The STOCH value of 15.26 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:BIOVIC.B.

Biovica International AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NXTCL	44 Neutral	kr142.58M	-1.48	-52.45%	―	2.56%	52.76%
BIOVIC.B	43 Neutral	kr89.24M	-2.37	-72.82%	―	40.91%	57.92%
NICA	43 Neutral	kr121.05M	-1.34	-294.38%	―	186.74%	73.17%
ALZ	42 Neutral	kr116.11M	-4.20	-21.31%	―	-67.00%	13.62%
BIOSGN	42 Neutral	kr90.17M	-1.86	-120.13%	―	―	49.09%
LPGO	41 Neutral	kr4.12M	-3.06	-213.85%	―	―	―