Reported Earnings • May 02
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: kr1.86 loss per share (improved from kr3.32 loss in 1Q 2025). Revenue: kr329.9m (down 1.5% from 1Q 2025). Net loss: kr131.3m (loss narrowed 44% from 1Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 86%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Aankondiging • Apr 01
BICO Group AB (publ) Announces Susan Tousi, Alexandra Gatzemeyer and Bengt Sjöholm Decline Re-Election as Members of the Board of Directors BICO Group AB (publ) announced that at the AGM to be held on May 7, 2026, Susan Tousi, Alexandra Gatzemeyer and Bengt Sjöholm have declined re-election as members of the Board of Directors. Aankondiging • Mar 24
BICO Group AB (publ) to Report Fiscal Year 2026 Results on Feb 17, 2027 BICO Group AB (publ) announced that they will report fiscal year 2026 results on Feb 17, 2027 Major Estimate Revision • Feb 25
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from kr1.62b to kr1.58b. Losses expected to increase from kr2.01 per share to kr2.33. Life Sciences industry in Sweden expected to see average net income growth of 25% next year. Consensus price target broadly unchanged at kr30.67. Share price was steady at kr17.94 over the past week. Reported Earnings • Feb 19
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: kr22.38 loss per share (further deteriorated from kr1.28 loss in FY 2024). Revenue: kr1.50b (down 23% from FY 2024). Net loss: kr1.58b (loss widened kr1.49b from FY 2024). Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) exceeded analyst estimates by 30%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 38% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Nov 11
Consensus EPS estimates fall by 209% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr1.59b to kr1.57b. Losses expected to increase from kr6.93 per share to kr21.39. Life Sciences industry in Sweden expected to see average net income growth of 41% next year. Consensus price target of kr34.33 unchanged from last update. Share price fell 15% to kr20.38 over the past week. Reported Earnings • Nov 05
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: kr15.68 loss per share (further deteriorated from kr3.49 loss in 3Q 2024). Revenue: kr386.9m (down 22% from 3Q 2024). Net loss: kr1.11b (loss widened 349% from 3Q 2024). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates significantly. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. Price Target Changed • Oct 27
Price target decreased by 8.4% to kr34.33 Down from kr37.50, the current price target is an average from 3 analysts. New target price is 53% above last closing price of kr22.46. Stock is down 45% over the past year. The company is forecast to post a net loss per share of kr6.93 next year compared to a net loss per share of kr1.28 last year. Aankondiging • Oct 11
BICO Group AB (publ), Annual General Meeting, May 07, 2026 BICO Group AB (publ), Annual General Meeting, May 07, 2026. Board Change • Sep 23
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Susan Tousi was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Aug 20
Price target decreased by 25% to kr52.00 Down from kr69.67, the current price target is an average from 2 analysts. New target price is 98% above last closing price of kr26.22. Stock is down 45% over the past year. The company is forecast to post a net loss per share of kr6.90 next year compared to a net loss per share of kr1.28 last year. Reported Earnings • Aug 19
First quarter 2025 earnings released: kr3.32 loss per share (vs kr0.27 loss in 1Q 2024) First quarter 2025 results: kr3.32 loss per share (further deteriorated from kr0.27 loss in 1Q 2024). Revenue: kr388.6m (down 17% from 1Q 2024). Net loss: kr234.0m (loss widened kr214.8m from 1Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 8.3% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Aug 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 23% to kr27.00. The fair value is estimated to be kr34.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has declined by 37%. Buy Or Sell Opportunity • Jul 25
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.3% to kr40.00. The fair value is estimated to be kr33.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has declined by 37%. New Risk • Jul 09
New major risk - Revenue and earnings growth Earnings have declined by 42% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Aankondiging • Jul 03
Sartorius Lab Holding GmbH completed the acquisition of MatTek Corporation from BICO Group AB (publ) (OM:BICO). Sartorius Lab Holding GmbH entered into an agreement to acquire MatTek Corporation from BICO Group AB (publ) (OM:BICO) for $80 million on April 4, 2025. The consideration is in cash and debt-free basis. The transaction includes the acquisition of Visikol Inc. During 2024, the business operations of Visikol were merged and operationally integrated into MatTek.
For the period ending December 31, 2024, MatTek Corporation reported total revenue of $20 million. MatTek employs more than 80 people. The closing of the transaction is subject to customary regulatory approvals which are expected to be obtained during Q2 2025.
Carnegie Investment Bank AB acted as financial advisor for BICO Group AB. Foley & Lardner LLP acted as legal advisor for BICO Group AB. PricewaterhouseCoopers Sweden acted as accountant for BICO Group AB. Led by Michael Bernhardt, Dean W. Sattler, Max Goodman, Alexander Rinne, and John Garces, Milbank LLP acted as legal advisor to Sartorius. Led by Matthias Zahn, Tobias Neukirchner, Kai Schmidt, Steven Wender, Sabrina Trümbach, Christoph Götz, Frank Breitenfeldt, Steve Ratmeyer, Kimberly Setz, and Susann Sturm, Rödl & Partner acted as financial advisor and accountant to Sartorius.
Sartorius Lab Holding GmbH completed the acquisition of MatTek Corporation from BICO Group AB (publ) (OM:BICO) on July 1, 2025. Aankondiging • Jun 25
BICO Group AB Announces Change in General Counsel BICO Group AB announced the appointment of Lars Risberg as General Counsel. He will succeed Andréas Joersjö, who has decided to leave BICO to pursue his career outside the Group. Lars Risberg has 20+ years of working as a General Counsel (GC) and attorney at law whereof the last four years as General Counsel for Vitrolife Group. Prior to that Lars worked as Regional Lead Counsel Northwest Europe for Dekra and as attorney at law at Awa Patent and Setterwalls Business Law firm. Lars Risberg will be joining BICO on June 26 and Andreas Joersjö will remain at BICO until August 31 for handover to Lars Risberg. As General Counsel Lars Risberg will report to BICO’s President and CEO and be a member of the Executive Management. Recent Insider Transactions • Jun 05
Global Head of Human Resources recently bought kr61k worth of stock On the 30th of May, Catharina Nordlund bought around 2k shares on-market at roughly kr35.70 per share. This transaction amounted to 85% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Aankondiging • May 09
BICO Group AB (publ) Announces Board Changes BICO Group AB (publ) at the AGM held on May 8, 2025, the shareholders approved Johan Westman were elected new members of the Board of Directors. The members of the Board of Directors, Ulrika Dellby and Helena Skåntorp, had announced that they were not available for re-election. New Risk • May 05
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: kr305m Forecast net loss in 2 years: kr29m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr29m net loss in 2 years). Share price has been volatile over the past 3 months (11% average weekly change). Reported Earnings • Apr 30
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: kr3.32 loss per share (further deteriorated from kr0.40 loss in 1Q 2024). Revenue: kr388.6m (down 24% from 1Q 2024). Net loss: kr234.0m (loss widened kr205.8m from 1Q 2024). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 107%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Breakeven Date Change • Apr 30
Forecast breakeven date moved forward to 2026 The 2 analysts covering BICO Group previously expected the company to break even in 2027. New consensus forecast suggests the company will make a profit of kr18.5m in 2026. Average annual earnings growth of 107% is required to achieve expected profit on schedule. Major Estimate Revision • Apr 24
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr2.09b to kr2.07b. Losses expected to increase from kr1.92 per share to kr2.34. Life Sciences industry in Sweden expected to see average net income growth of 6.7% next year. Consensus price target up from kr64.67 to kr66.00. Share price rose 8.0% to kr38.72 over the past week. Aankondiging • Apr 07
BICO Group AB (publ) Announces Ulrika Dellby and Helena Skåntorp Decline Re-Election of the Board of Directors BICO Group AB (publ) at the Annual General Meeting to be held on May 8, 2025, Ulrika Dellby and Helena Skåntorp have declined re-election of the Board of Directors. Buy Or Sell Opportunity • Mar 26
Now 20% undervalued Over the last 90 days, the stock has risen 5.5% to kr34.30. The fair value is estimated to be kr42.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has declined by 69%. Revenue is forecast to grow by 18% in 2 years. Earnings are forecast to grow by 38% in the next 2 years. Reported Earnings • Mar 24
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: kr1.28 loss per share (improved from kr11.16 loss in FY 2023). Revenue: kr1.95b (down 3.2% from FY 2023). Net loss: kr90.1m (loss narrowed 89% from FY 2023). Revenue missed analyst estimates by 12%. Earnings per share (EPS) exceeded analyst estimates by 98%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 30 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Mar 07
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr2.41b to kr2.09b. Forecast losses increased from -kr0.825 to -kr2.54 per share. Life Sciences industry in Sweden expected to see average net income decline 0.3% next year. Consensus price target down from kr75.00 to kr64.67. Share price rose 8.6% to kr39.78 over the past week. Breakeven Date Change • Mar 04
Forecast breakeven date pushed back to 2027 The 2 analysts covering BICO Group previously expected the company to break even in 2026. New consensus forecast suggests the company will make a profit of kr79.8m in 2027. Average annual earnings growth of 51% is required to achieve expected profit on schedule. Reported Earnings • Feb 20
Full year 2024 earnings released: kr1.28 loss per share (vs kr24.05 loss in FY 2023) Full year 2024 results: kr1.28 loss per share (improved from kr24.05 loss in FY 2023). Revenue: kr1.95b (down 19% from FY 2023). Net loss: kr90.1m (loss narrowed 95% from FY 2023). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 31 percentage points per year, which is a significant difference in performance. New Risk • Feb 19
New major risk - Revenue and earnings growth Earnings have declined by 72% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 72% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Price Target Changed • Feb 19
Price target decreased by 25% to kr75.00 Down from kr100.00, the current price target is an average from 2 analysts. New target price is 70% above last closing price of kr44.12. Stock is down 6.6% over the past year. The company is forecast to post a net loss per share of kr4.19 next year compared to a net loss per share of kr24.04 last year. Aankondiging • Nov 29
Lab14 GmbH acquired Nanoscribe GmbH from BICO Group AB (publ) (OM:BICO) for €26 million. Lab14 GmbH agreed to acquire Nanoscribe GmbH from BICO Group AB (publ) (OM:BICO) for €26 million on November 21, 2024. Following net debt and working capital adjustments, the equity value amounts to €26 million (SEK 294 million). Net proceeds, following transaction expenses, will be used to reduce long term debt.
Nanoscribe revenue LTM September 2024 amounted to SEK 230 million (€19.826 million) and the adjusted EBITDA margin to 12 percent according to IFRS.
The transaction is expected to close during the fourth quarter 2024.
Bryan, Garnier & Co acted as financial advisor and Clemens Höhn, Matthias Rothkopf, Jan D. Bonhage, Christian Dankerl, Markus Ernst and Sonnhild Draack of Hengeler Mueller acted as legal advisor to BICO Group.
Lab14 GmbH completed the acquisition of Nanoscribe GmbH from BICO Group AB (publ) (OM:BICO) on November 28, 2024. Reported Earnings • Nov 27
Third quarter 2024 earnings released: kr3.49 loss per share (vs kr1.00 loss in 3Q 2023) Third quarter 2024 results: kr3.49 loss per share (further deteriorated from kr1.00 loss in 3Q 2023). Revenue: kr495.5m (down 21% from 3Q 2023). Net loss: kr246.2m (loss widened 249% from 3Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 36 percentage points per year, which is a significant difference in performance. Breakeven Date Change • Nov 16
Forecast to breakeven in 2026 The 2 analysts covering BICO Group expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 87% per year to 2025. The company is expected to make a profit of kr100.4m in 2026. Average annual earnings growth of 130% is required to achieve expected profit on schedule. Aankondiging • Oct 09
BICO Group AB (publ), Annual General Meeting, May 08, 2025 BICO Group AB (publ), Annual General Meeting, May 08, 2025. Major Estimate Revision • Sep 12
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr2.43b to kr2.38b. Losses expected to increase from kr1.36 per share to kr1.61. Life Sciences industry in Sweden expected to see average net income growth of 88% next year. Consensus price target of kr120 unchanged from last update. Share price rose 6.7% to kr45.92 over the past week. Reported Earnings • Aug 21
Second quarter 2024 earnings released: kr1.10 loss per share (vs kr12.73 loss in 2Q 2023) Second quarter 2024 results: kr1.10 loss per share (improved from kr12.73 loss in 2Q 2023). Revenue: kr534.0m (down 4.4% from 2Q 2023). Net loss: kr77.9m (loss narrowed 91% from 2Q 2023). Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 9.4% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 21 percentage points per year, which is a significant difference in performance. Aankondiging • Jul 10
BICO Group AB Announces Management Changes BICO Group AB announced the appointment of Andréas Joersjö as General Counsel. He will succeed Lotta Bus who has decided to leave BICO to pursue her career outside the Group. Andréas Joersjö will assume his new position by mid-October 2024 at the latest. Andréas Joersjö has 15+ years of experience working in an international business environment as General Counsel, lawyer, and advisor. Before joining BICO, Andréas has worked for Swedish law firms Delphi and Hammarskiöld & Co, in connection with which he has had several in-house assignments with large companies in various businesses, as well as PwC, and most recently as General Counsel for Hedin Group. For Hedin Group he established and headed the Group's Legal & Compliance team and was also a member of the Executive Management. Andréas Joersjö will report to BICO's President and CEO and be a member of the Executive Management. He will assume his position by mid-October 2024 at the latest. Major Estimate Revision • Jun 13
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr2.49b to kr2.43b. Now expected to report a loss of kr1.06 per share instead of kr0.20 per share profit previously forecast. Life Sciences industry in Sweden expected to see average net income growth of 66% next year. Consensus price target down from kr133 to kr120. Share price was steady at kr44.92 over the past week. New Risk • Jun 10
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: kr1.6b Forecast net loss in 1 year: kr60m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (kr60m net loss next year). Share price has been volatile over the past 3 months (10% average weekly change). Breakeven Date Change • Jun 10
No longer forecast to breakeven The analyst covering BICO Group no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of kr31.3m in 2024. New forecast suggests the company will make a loss of kr131.0m in 2025. Aankondiging • May 23
BICO Group AB (publ) Elects Alexandra Gatzemeyer as Member of the Board of Directors BICO Group AB (publ) at its AGM held on May 20, 2024, approved the election of Alexandra Gatzemeyer as new member of the Board of Directors. Recent Insider Transactions • May 12
President & CEO recently bought kr450k worth of stock On the 7th of May, Maria Forss bought around 12k shares on-market at roughly kr37.34 per share. This transaction amounted to 43% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Maria's only on-market trade for the last 12 months. Reported Earnings • May 08
First quarter 2024 earnings released: kr0.40 loss per share (vs kr1.67 loss in 1Q 2023) First quarter 2024 results: kr0.40 loss per share (improved from kr1.67 loss in 1Q 2023). Revenue: kr510.3m (down 5.1% from 1Q 2023). Net loss: kr28.2m (loss narrowed 76% from 1Q 2023). Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 9.9% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 35 percentage points per year, which is a significant difference in performance. Aankondiging • Apr 19
BICO Group AB (publ) Announces the Appointment of Anders Fogelberg as Chief Commercial Officer, Effective June 13, 2024 BICO Group AB (publ) announced the appointment of Anders Fogelberg as Chief Commercial Officer (CCO). Commercial excellence has been defined as one of the top strategic priorities for BICO and this position is pivotal in setting and driving the strategy towards that target, i.e., in scaling the BICO business, increasing the commercialization efforts of the portfolio and further explore opportunities for collaborations and partnerships. Anders Fogelberg has 20+ years' experience of working with marketing and sales & business development in global organizations. He has extensive experience from different leadership positions foremost as a Managing Director for the SKF Group in Malaysia and Indonesia respectively. Before joining BICO, Anders has worked in the Med Tech industry now latest as Chief Marketing Officer and Head of Sales for Profundus and before that as CEO for Bellman & Symfon. Anders Fogelberg will assume his new position on June 13, 2024. The CCO role is newly established, will be a member of the Executive Management and report to BICO's CEO and President. The CCO will be main responsible for the commercial activities within the BICO Group and ensure cooperation between subsidiaries and that long-term partnerships are built with relevant partners throughout the global life science industry. Aankondiging • Apr 16
BICO Group AB (publ) Announces Gerry Mackay and Erik Gatenholm Decline Re-Election of the Board of Directors BICO Group AB (publ) at the Annual General Meeting on May 20, 2024, Gerry Mackay and Erik Gatenholm have declined re-election of the Board of Directors. Aankondiging • Mar 15
BICO Group AB (publ) to Report Fiscal Year 2024 Results on Feb 19, 2025 BICO Group AB (publ) announced that they will report fiscal year 2024 results on Feb 19, 2025 Reported Earnings • Feb 21
Full year 2023 earnings released: kr24.05 loss per share (vs kr12.94 loss in FY 2022) Full year 2023 results: kr24.05 loss per share (further deteriorated from kr12.94 loss in FY 2022). Revenue: kr2.58b (up 4.5% from FY 2022). Net loss: kr1.70b (loss widened 104% from FY 2022). Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. New Risk • Feb 21
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr435m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr435m free cash flow). Earnings have declined by 87% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Aankondiging • Jan 25
BICO Group AB (publ) Appoints Catharina Nordlund as Global Head of HR BICO Group AB (publ) announced the appointment of Catharina Nordlund as Global Head of HR. The role will further strengthen the Executive Management and be responsible for shaping and executing BICO's global HR strategy in order to build a people and high-performance culture. Catharina Nordlund has 25+ years' experience of Human Resources (HR), Learning & Development as well as Sales and Marketing in global organizations. She has held various positions within the medtech and the life science industries at companies such as Cochlear Bone Anchored Solutions, Mölnlycke Health Care and Pfizer, and now latest as VP Global HR for Surgical Science. Her vast experience covers functional responsibility for HR as well as line manager positions within sales from the life science industry. Catharina Nordlund will be part of the Executive Management and report to the CEO and President. Recent Insider Transactions • Nov 17
Group Chief Financial Officer recently bought kr860k worth of stock On the 15th of November, Jacob Thordenberg bought around 18k shares on-market at roughly kr49.12 per share. This transaction increased Jacob's direct individual holding by 19x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jacob's only on-market trade for the last 12 months. New Risk • Nov 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 82% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (10% increase in shares outstanding). Price Target Changed • Sep 29
Price target decreased by 8.1% to kr130 Down from kr142, the current price target is an average from 2 analysts. New target price is 332% above last closing price of kr30.06. Stock is up 1.4% over the past year. The company is forecast to post a net loss per share of kr7.37 next year compared to a net loss per share of kr12.94 last year. Reported Earnings • Aug 23
Second quarter 2023 earnings released: kr12.73 loss per share (vs kr0.68 profit in 2Q 2022) Second quarter 2023 results: kr12.73 loss per share (down from kr0.68 profit in 2Q 2022). Revenue: kr568.8m (down 3.1% from 2Q 2022). Net loss: kr898.3m (down kr941.9m from profit in 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • May 15
Independent Deputy Chairwoman recently bought kr59k worth of stock On the 11th of May, Ulrika Dellby bought around 1k shares on-market at roughly kr59.26 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr100k. This was Ulrika's only on-market trade for the last 12 months. Aankondiging • May 10
BICO Group AB (publ) Elects Gerry Mackay to Its Board of Directors BICO Group AB (publ) at its Annual General Meeting held on 9 May 2023, elected Gerry Mackay to Its Board of Directors. Reported Earnings • May 08
First quarter 2023 earnings released: kr1.67 loss per share (vs kr0.68 loss in 1Q 2022) First quarter 2023 results: kr1.67 loss per share (further deteriorated from kr0.68 loss in 1Q 2022). Revenue: kr537.6m (up 3.6% from 1Q 2022). Net loss: kr117.7m (loss widened 170% from 1Q 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Aankondiging • May 05
BICO Group AB (publ) to Report Fiscal Year 2023 Results on Feb 20, 2024 BICO Group AB (publ) announced that they will report fiscal year 2023 results on Feb 20, 2024 Price Target Changed • Mar 03
Price target decreased by 8.0% to kr133 Down from kr144, the current price target is an average from 2 analysts. New target price is 96% above last closing price of kr67.62. Stock is down 57% over the past year. The company is forecast to post a net loss per share of kr0.82 next year compared to a net loss per share of kr12.94 last year. Recent Insider Transactions • Feb 28
Independent Director recently bought kr100k worth of stock On the 23rd of February, Helena Skantorp bought around 1k shares on-market at roughly kr69.03 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr7.1m more in shares than they have sold in the last 12 months. Buying Opportunity • Feb 22
Now 38% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be kr102, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 82% over the last 3 years. Earnings per share has declined by 70%. Revenue is forecast to grow by 1.1% in a year. Earnings is forecast to grow by 92% in the next year. Recent Insider Transactions • Jan 14
Independent Chairman of the Board recently sold kr8.4m worth of stock On the 10th of January, Carsten Browall sold around 80k shares on-market at roughly kr104 per share. This transaction amounted to 71% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Carsten has been a net seller over the last 12 months, reducing personal holdings by kr7.4m. Aankondiging • Jan 06
BICO Group AB Appoints Marius Balger as Chief Operating Officer, Effective March 1, 2023 BICO Group AB announced the appointment of Marius Balger as Chief Operating Officer, as BICO continues to accelerate its growth journey across geographies and business strategies. Mr.Balger will be part of the Executive Management team and report directly to President & CEO Erik Gatenholm. As COO, Mr. Balger will take office 1 March 2023 and lead the strategic development of BICO’s operational efficiency and cost control. Mr. Balger brings nearly 20 years of experience in the global life science industry, most recently serving as Senior Vice President, Commercial Operations at Tecan AG, a public life science company headquartered in Zurich, where he has worked since 2017. Before Tecan AG, Mr. Balger had a long and esteemed career as CEO, successfully growing a global Contract Development and Manufacturing Organization for life science and in-vitro diagnostics laboratory instrumentation. In line with BICO's previously communicated strategy with a focus on cost control, operational efficiency, and decentralized organizational structure the Executive Management of BICO Group will, as of January 5, 2023, consist of the following people: President and CEO Erik Gatenholm; CTO Hector Martinez; CFO Jacob Thordenberg and SVP & General Counsel & HR Lotta Bus. As of 1 March 2023, both COO Marius Balger and Head of Corporate Development & M&A Artur Aira are included in the Executive Management team. Aankondiging • Jan 03
BICO Group AB Announces the Appointment of Jacob Thordenberg as Group CFO BICO Group AB announced the appointment of Jacob Thordenberg as Group CFO. Thordenberg will begin his employment in his new position as Group CFO, on January 2, 2023, and will be part of the company's executive management team. Jacob Thordenberg has a Master of Science in Corporate and Financial Management, and has more than ten years' experience from mergers and acquisitions from Deloitte, Telia and BICO Group AB. Most recently he comes from a role as Head of M&A at BICO, where he has been since December 2021. Thordenberg succeeds Mikael Engblom, who has been interim Group CFO since May 2022. Engblom will continue to advise the company on strategic projects. Price Target Changed • Dec 14
Price target increased to kr144 Up from kr124, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of kr139. Stock is down 47% over the past year. The company is forecast to post earnings per share of kr0.67 next year compared to a net loss per share of kr3.97 last year. Major Estimate Revision • Dec 02
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from kr2.21b to kr2.33b. EPS estimate increased from kr1.97 to kr2.24 per share. Net income forecast to shrink 213% next year vs 25% growth forecast for Life Sciences industry in Sweden . Consensus price target down from kr153 to kr124. Share price rose 8.7% to kr77.16 over the past week. Price Target Changed • Dec 01
Price target decreased to kr124 Down from kr150, the current price target is provided by 1 analyst. New target price is 59% above last closing price of kr78.10. Stock is down 72% over the past year. The company is forecast to post earnings per share of kr1.97 next year compared to a net loss per share of kr3.97 last year. Major Estimate Revision • Nov 18
Consensus EPS estimates increase by 101% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from kr2.16b to kr2.21b. EPS estimate increased from kr0.98 to kr1.97 per share. Net income forecast to grow 364% next year vs 24% growth forecast for Life Sciences industry in Sweden. Consensus price target up from kr150 to kr153. Share price fell 10% to kr78.04 over the past week. Buying Opportunity • Nov 16
Now 29% undervalued Over the last 90 days, the stock is up 69%. The fair value is estimated to be kr103, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 85% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 59% in 2 years. Earnings is forecast to grow by 881% in the next 2 years. Price Target Changed • Nov 16
Price target decreased to kr150 Down from kr282, the current price target is provided by 1 analyst. New target price is 104% above last closing price of kr73.50. Stock is down 77% over the past year. The company is forecast to post earnings per share of kr0.98 next year compared to a net loss per share of kr3.97 last year. Board Change • Nov 16
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 4 experienced directors. No highly experienced directors. Independent Director Bengt Sjoholm is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 10
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr623.2m (up 79% from 3Q 2021). Net income: kr66.4m (up kr170.6m from 3Q 2021). Profit margin: 11% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Aankondiging • Nov 10
BICO Group AB (publ) to Report Q2, 2023 Results on Jul 20, 2023 BICO Group AB (publ) announced that they will report Q2, 2023 results on Jul 20, 2023 Breakeven Date Change • Oct 22
Forecast breakeven date moved forward to 2022 The 2 analysts covering BICO Group previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of kr12.0m in 2022. Earnings growth of 112% is required to achieve expected profit on schedule. Reported Earnings • Aug 24
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: kr612.4m (up 88% from 2Q 2021). Net income: kr43.6m (up kr93.9m from 2Q 2021). Profit margin: 7.1% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 18%, compared to a 11% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Breakeven Date Change • Jul 21
Forecast breakeven date moved forward to 2022 The 2 analysts covering BICO Group previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of kr12.0m in 2022. Earnings growth of 105% is required to achieve expected profit on schedule.