Iconovo AB (ICO) AI Stock Analysis

• Market Cap: kr58.90M
• Dividend Yield: N/A
• Average Volume (3M): 46.24K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.31
• Revenue Growth: -45.59%
• EPS Growth: 37.79%
• Country: SE
• Employees: 26
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.17
• Shares Outstanding: 53,061,250
• 10 Day Avg. Volume: 58,575
• 30 Day Avg. Volume: 46,237
• PEG Ratio: 0.04
• Price to Book (P/B): 0.51
• Price to Sales (P/S): 22.59
• P/FCF Ratio: -1.43
• 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: 42 Neutral
• Price Target: kr1.00 ▼(-10.71% Downside)

The score is primarily pressured by weak financial performance (sharp revenue decline, negative margins, and negative operating/free cash flow). Technicals add modest downside bias given the price below key longer-term moving averages and negative MACD, while valuation remains constrained by a negative P/E and no stated dividend yield.

Positive Factors

Low Leverage

Low leverage provides financial flexibility and reduces risk, allowing the company to potentially invest in growth opportunities without the burden of high debt costs.

Partnerships with Pharma Companies

Strategic partnerships can drive revenue through licensing fees and royalties, leveraging Iconovo's technology to expand market reach and product offerings.

Proprietary Inhalation Platform

The proprietary platform positions Iconovo as a leader in inhalation technology, offering a competitive edge in developing unique drug delivery solutions that improve patient outcomes.

Negative Factors

Declining Revenue

Significant revenue decline indicates challenges in market demand or competitive pressures, impacting the company's ability to sustain growth and profitability.

Negative Profit Margins

Persistent negative profit margins highlight operational inefficiencies and cost management issues, threatening long-term financial stability and shareholder value.

Cash Flow Challenges

Negative cash flows restrict the company's ability to fund operations and invest in growth, necessitating strategic changes to improve liquidity and financial health.

Iconovo AB Business Overview & Revenue Model

Company Description

Iconovo AB (publ) develops and licenses inhalation devices in Sweden. It develops ICOres, a flexible multi-dose dry powder inhaler; ICOcap, a capsule based dry powder inhaler; ICOone, a single-dose disposable dry powder inhaler; and ICOpre, a pre-metered dry powder inhaler, as well as provides customized inhalation solutions. It serves generic companies. The company has an agreement with Immune System Regulation AB for the development of an inhaled covid-19 vaccine in Iconovo's inhaler ICOone; and Respiratorius AB (publ) to develop inhalation product to treat COPD. Iconovo AB (publ) was founded in 2013 and is based in Lund, Sweden.

How the Company Makes Money

Iconovo AB generates revenue primarily through the licensing of its inhalation technology and products to pharmaceutical companies. This includes upfront licensing fees, milestone payments tied to the progress of product development, and royalties on sales of products that utilize Iconovo's technology. The company also engages in contract development services, providing tailored solutions and expertise to partners looking to develop their own inhalation therapies. Collaborations with notable pharmaceutical companies enhance its revenue potential, as successful partnerships can lead to significant financial returns through shared development costs and commercialization success.

Iconovo AB Financial Statement Overview

Summary

Iconovo AB faces significant financial challenges, with declining revenues and persistent losses impacting profitability. The balance sheet shows low leverage, which is a positive aspect, but the negative return on equity highlights inefficiencies. Cash flow issues further compound the company's financial difficulties, necessitating strategic interventions to stabilize and improve financial performance.

Income Statement

Iconovo AB's income statement shows significant challenges with declining revenue and negative profit margins. The TTM data reveals a sharp revenue decline of 53.67%, and the company has consistently reported negative net profit margins, with the latest at -7.04%. The gross profit margin is low at 2.58%, indicating high cost relative to revenue. These factors suggest financial instability and a need for strategic adjustments to improve profitability.

Balance Sheet

The balance sheet reflects a relatively low debt-to-equity ratio of 0.044, suggesting conservative leverage. However, the return on equity is negative at -34.91%, indicating that the company is not generating returns on shareholder investments. The equity ratio is stable, but the overall financial health is weakened by poor profitability metrics.

Cash Flow

Cash flow analysis shows negative operating and free cash flows, with a slight improvement in free cash flow growth at -10.15% in the TTM. The operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio is positive at 1.76, suggesting some efficiency in converting net income to cash, but overall cash flow remains a concern.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.59M	2.93M	7.08M	17.12M	15.41M	17.79M
Gross Profit	3.84M	19.13M	17.58M	17.24M	21.31M	20.81M
EBITDA	-30.62M	-29.83M	-35.29M	-38.73M	-24.90M	-16.62M
Net Income	-41.23M	-41.14M	-45.89M	-50.31M	-26.16M	-17.13M
Balance Sheet
Total Assets	142.36M	145.69M	128.08M	121.27M	148.54M	101.04M
Cash, Cash Equivalents and Short-Term Investments	18.55M	29.76M	18.48M	13.45M	94.94M	61.69M
Total Debt	5.32M	7.90M	7.72M	10.03M	0.00	0.00
Total Liabilities	11.65M	16.47M	14.55M	31.97M	11.51M	8.32M
Stockholders Equity	130.71M	129.21M	113.53M	89.29M	137.03M	92.73M
Cash Flow
Free Cash Flow	-39.29M	-46.44M	-61.43M	-80.65M	-36.91M	-28.54M
Operating Cash Flow	-25.71M	-24.54M	-38.60M	-43.70M	-11.01M	-15.96M
Investing Cash Flow	-15.79M	-21.90M	-22.91M	-36.95M	-25.99M	-12.58M
Financing Cash Flow	51.15M	52.65M	66.55M	-936.22K	70.25M	1.07M

Iconovo AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.12
• 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:ICO, the sentiment is Neutral. The current price of 1.12 is below the 20-day moving average (MA) of 1.17, below the 50-day MA of 1.39, and below the 200-day MA of 1.82, indicating a neutral trend. The MACD of -0.07 indicates Negative momentum. The RSI at 48.31 is Neutral, neither overbought nor oversold. The STOCH value of 52.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:ICO.

Iconovo AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ARCOMA	58 Neutral	kr111.32M	24.83	―	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SDOS	50 Neutral	kr67.84M	-49.17	―	―	―	―
SCIB	44 Neutral	kr199.64M	-0.96	-253.54%	―	36.15%	26.67%
CLS.B	44 Neutral	kr255.57M	-4.70	-63.39%	―	14.18%	72.73%
HEART	43 Neutral	kr143.96M	-0.87	―	―	―	―
ICO	42 Neutral	kr58.90M	-0.77	―	―	-45.59%	37.79%