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

• Market Cap: kr79.42M
• 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: kr0.27 ▼(-24.29% 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

Proprietary diagnostic platform & oncology focus

Biovica's proprietary DiviTum assay and focused oncology positioning create a durable product moat: specialized biomarker tests are hard to replicate quickly, support clinical adoption in cancer care and provide a platform for recurring clinical and pharma trial revenue streams if validated and adopted.

Rapid reported revenue growth

Strong TTM revenue growth indicates early commercial traction and expanding end-market adoption. If sustained, scaling revenue can absorb fixed costs, improve unit economics, and reduce the reliance on financing, turning growing top-line momentum into durable operational leverage.

Low leverage and balance-sheet flexibility

Very low debt reduces near-term solvency risk and gives management flexibility to invest in commercialization or R&D. This lowers refinancing pressure and extends runway compared with highly leveraged peers, an enduring advantage while the business scales or seeks partnerships.

Negative Factors

Heavy operating cash burn

Sustained, large negative operating and free cash flow sharply increases dependency on external funding. Over months this raises dilution risk and constrains strategic options; without material revenue scale or cost reductions, cash burn threatens viability of current growth plans.

Negative gross profit in TTM

A negative TTM gross profit implies product-level economics or recent accounting/cost issues that overwhelm revenue. If this persists, the core diagnostic business cannot be profitable at scale, undermining long-term viability unless pricing, cost structure, or revenue recognition anomalies are resolved.

Large cumulative losses and negative returns

Deep losses and highly negative ROE reflect persistent unprofitability and erosion of equity value. Over time this forces reliance on dilutive financings or strategic exits, reducing shareholder value and signalling that operations have yet to achieve sustainable profitability.

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 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: Positive
• STOCH: Neutral

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 0.38, 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 24.21 is Positive, neither overbought nor oversold. The STOCH value of 22.18 is Neutral, 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	kr147.71M	-1.48	-52.45%	―	2.56%	52.76%
BIOVIC.B	43 Neutral	kr79.42M	-2.37	-72.82%	―	40.91%	57.92%
NICA	43 Neutral	kr117.81M	-1.34	-294.38%	―	186.74%	73.17%
ALZ	42 Neutral	kr90.01M	-4.20	-20.85%	―	-67.00%	13.62%
BIOSGN	42 Neutral	kr89.23M	-1.86	-201.21%	―	―	49.09%
LPGO	41 Neutral	kr3.88M	-3.06	-213.85%	―	―	―