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

• Market Cap: kr126.96M
• Dividend Yield: N/A
• Average Volume (3M): 324.11K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.03
• Revenue Growth: 40.91%
• EPS Growth: 57.92%
• Country: SE
• Employees: 26
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.08
• Shares Outstanding: 275,289,060
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: kr0.42 ▲(21.14% Upside)

The score is held down primarily by very weak profitability and heavy cash burn (including negative TTM gross profit), which increases funding/dilution risk despite strong revenue growth. Technical signals are mixed with longer-term trend still negative, and valuation signals are limited due to the negative P/E and lack of dividend yield data.

Positive Factors

Rapid revenue growth

Sustained high trailing revenue growth indicates improving commercial traction for DiviTum and broader customer adoption. Over 2-6 months this momentum can materially improve scale economics, supporting investment in operations and increasing bargaining power with labs and pharma partners if growth persists.

Low financial leverage

Very low debt reduces near-term liquidity risk and preserves financial flexibility, enabling management to prioritize commercial expansion or R&D without immediate debt servicing pressure. This structural balance-sheet strength lowers default risk and supports financing options over the medium term.

Specialized oncology diagnostic platform

A focused, proprietary DiviTum biomarker platform creates durable differentiation in oncology monitoring. Niche expertise and clinical integration can generate recurring testing revenue, clinical-trial collaborations, and barriers to entry, supporting steady demand and longer-term commercial partnerships with healthcare providers and pharma.

Negative Factors

Negative gross profit

A negative TTM gross profit signals that core unit economics are currently unprofitable, which is structurally unsustainable. Unless product costs or pricing improve, the business will struggle to convert revenue growth into operating profits, prolonging the need for external capital and limiting reinvestment capacity.

Heavy cash burn

Large, persistent negative operating and free cash flow increases dependency on external financing. This structural cash burn elevates dilution risk and constrains long-term investments in commercialization or R&D, forcing trade-offs that can slow sustainable margin expansion and market penetration.

Deep negative returns and dilution risk

Extremely negative ROE reflects large accumulated losses versus equity and signals that shareholder value is being eroded. Volatile equity and continued losses imply likely future financing rounds, potentially diluting holders and complicating long-term investor confidence and capital access for strategic initiatives.

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 generates revenue primarily through the commercialization of its diagnostic products, particularly the DiviTum assay. The company sells its tests to hospitals, laboratories, and healthcare providers, charging fees for each test conducted. Additionally, Biovica may engage in partnerships with pharmaceutical companies and research institutions, which can involve licensing agreements, joint research initiatives, and collaborative studies. These partnerships not only provide additional revenue streams but also enhance the company's market reach and credibility in the oncology diagnostics field. The growth in demand for precise cancer monitoring solutions and the increasing emphasis on personalized medicine further bolster Biovica's potential for generating income.

Biovica International AB Class B Financial Statement Overview

Summary

Despite very strong trailing revenue growth, overall fundamentals are pressured by extremely weak profitability (deeply negative operating and net margins, and TTM gross profit turning negative) and heavy cash burn with declining free cash flow. The balance sheet has low leverage, but losses drive highly negative ROE and imply continued external funding/dilution risk unless margins and scale improve.

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	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
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: Positive
• Last Price: 0.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BIOVIC.B, the sentiment is Positive. The current price of 0.35 is below the 20-day moving average (MA) of 0.43, below the 50-day MA of 0.47, and below the 200-day MA of 0.61, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 51.36 is Neutral, neither overbought nor oversold. The STOCH value of 76.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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
NXTCL	52 Neutral	kr144.81M	-2.95	-52.45%	―	2.56%	52.76%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BIOVIC.B	44 Neutral	kr126.96M	-0.81	-72.82%	―	40.91%	57.92%
NICA	44 Neutral	kr36.14M	-0.72	-294.38%	―	186.74%	73.17%
ALZ	42 Neutral	kr81.37M	-2.71	-20.85%	―	-67.00%	13.62%
BIOSGN	42 Neutral	kr98.63M	-2.92	-201.21%	―	―	49.09%
LPGO	41 Neutral	kr7.27M	-0.09	-213.85%	―	―	―