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

• Market Cap: kr100.79M
• Dividend Yield: N/A
• Average Volume (3M): 324.11K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.25
• Revenue Growth: 40.91%
• EPS Growth: 57.92%
• Country: SE
• Employees: 26
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• 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: kr0.32 ▼(-9.14% 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

Revenue Growth

Sustained, rapid revenue growth from a small base signals improving commercial traction for DiviTum assays. Over 2-6 months this trend supports scaling economics if adoption continues, enabling the company to leverage fixed infrastructure and expand service income to labs, hospitals and pharma partners.

Low Leverage

Very low debt reduces near-term solvency risk and preserves financial flexibility to fund commercialization or R&D. This balance-sheet conservatism buys time to execute growth plans or secure non-dilutive collaborations, which is durable over several months while revenues scale or strategic partnerships are pursued.

Differentiated Product Platform

A focused, proprietary diagnostic platform addressing oncology treatment monitoring creates a durable competitive position. DiviTum’s clinic and trial use cases offer recurring test volumes and pharma collaborations, supporting sustainable revenue streams if clinical utility and adoption persist over the medium term.

Negative Factors

High Cash Burn

Large and persistent negative operating and free cash flow materially increases dependence on external financing or dilutive equity raises. Over a 2-6 month horizon this elevates execution risk if revenue scaling or cost reduction is delayed, potentially forcing unfavorable funding terms or program cuts.

Negative Gross Profit

A negative gross margin implies unit economics are currently broken or that one-time recognition/costs overwhelmed core margins. This is a structural red flag: unless product cost, pricing or revenue recognition is corrected, operating leverage from revenue growth will not translate into sustainable profits.

Severe Profitability Deficit

Extremely negative operating and net margins indicate costs far outstrip revenues today, producing negative returns for shareholders. This undermines self-funding prospects and requires material margin improvement or continued external funding to sustain operations over the medium term.

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: Neutral
• Last Price: 0.35
• 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:BIOVIC.B, the sentiment is Neutral. The current price of 0.35 is above the 20-day moving average (MA) of 0.35, below the 50-day MA of 0.39, and below the 200-day MA of 0.56, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 44.55 is Neutral, neither overbought nor oversold. The STOCH value of 25.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	kr135.23M	-1.48	-52.45%	―	2.56%	52.76%
BIOVIC.B	43 Neutral	kr100.79M	-2.37	-72.82%	―	40.91%	57.92%
NICA	43 Neutral	kr118.69M	-1.34	-294.38%	―	186.74%	73.17%
ALZ	42 Neutral	kr98.82M	-4.20	-21.31%	―	-67.00%	13.62%
BIOSGN	42 Neutral	kr85.48M	-1.86	-120.13%	―	―	49.09%
LPGO	41 Neutral	kr3.76M	-3.06	-213.85%	―	―	―