Reported Earnings • May 02
First quarter 2026 earnings released: kr1.86 loss per share (vs kr3.32 loss in 1Q 2025) 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 is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Life Sciences industry in Europe. 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 28% per year, which means it has not declined as severely as earnings. Announcement • 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. Announcement • 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 Reported Earnings • Feb 19
Full year 2025 earnings released: kr22.38 loss per share (vs kr1.28 loss in FY 2024) 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 is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Life Sciences industry in Europe. 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. New Risk • Feb 18
New major risk - Revenue and earnings growth Earnings have declined by 43% 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 43% per year over the past 5 years. Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (kr78m net loss in 2 years). Reported Earnings • Nov 05
Third quarter 2025 earnings released: kr15.68 loss per share (vs kr3.49 loss in 3Q 2024) 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 is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Life Sciences industry in Europe. 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 33% per year, which means it has not declined as severely as earnings. Board Change • Nov 03
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. Board Change • Oct 13
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. Announcement • 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 24
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. Reported Earnings • Aug 19
Second quarter 2025 earnings released: kr2.55 loss per share (vs kr1.10 loss in 2Q 2024) Second quarter 2025 results: kr2.55 loss per share (further deteriorated from kr1.10 loss in 2Q 2024). Revenue: kr324.2m (down 39% from 2Q 2024). Net loss: kr179.8m (loss widened 131% from 2Q 2024). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Life Sciences industry in Europe. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. New Risk • Jul 10
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. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 42% per year over the past 5 years. Breakeven Date Change • Jul 09
Forecast to breakeven in 2027 The 3 analysts covering BICO Group expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr10.0m in 2027. Average annual earnings growth of 84% is required to achieve expected profit on schedule. Announcement • 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. Announcement • 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. Announcement • 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. Announcement • 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 27
Now 21% undervalued Over the last 90 days, the stock has risen 6.4% to €3.08. The fair value is estimated to be €3.90, 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 25
Full year 2024 earnings released: kr1.28 loss per share (vs kr11.16 loss in FY 2023) 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). Post-clinical trial products Launched (during full year): 7 Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Life Sciences industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 28 percentage points per year, which is a significant difference in performance. 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 losses will reduce by 28% per year to 2026. The company is expected to 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 19
Full year 2024 earnings released Full year 2024 results: Net income: (up kr1.70b from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 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 75% 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 Risks Shares are highly illiquid. Earnings have declined by 75% per year over the past 5 years. Announcement • 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 26
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 11% growth forecast for the Life Sciences industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 32 percentage points per year, which is a significant difference in performance. Breakeven Date Change • Nov 15
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. Announcement • Oct 09
BICO Group AB (publ), Annual General Meeting, May 08, 2025 BICO Group AB (publ), Annual General Meeting, May 08, 2025. 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 11% growth forecast for the Life Sciences industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 22 percentage points per year, which is a significant difference in performance. Announcement • 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. New Risk • Jun 11
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: Major Risk Shares are highly illiquid. Minor Risk Currently unprofitable and not forecast to become profitable next year (kr60m net loss next year). Breakeven Date Change • Jun 11
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. Announcement • 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. Reported Earnings • May 07
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 11% growth forecast for the Life Sciences industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 34 percentage points per year, which is a significant difference in performance. Announcement • 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. Announcement • 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. Announcement • 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 22
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 10% growth forecast for the Life Sciences industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. New Risk • Feb 20
New major risk - Revenue and earnings growth Earnings have declined by 87% 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 Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 87% per year over the past 5 years. Announcement • 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 18
Group Chief Financial Officer recently bought €75k worth of stock On the 15th of November, Jacob Thordenberg bought around 18k shares on-market at roughly €4.30 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. 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 58 percentage points per year, which is a significant difference in performance. Announcement • Aug 04
Beos Light Industrial Germany 1 Fund, a fund managed by BEOS AG agreed to acquire property on Wagner-Régeny-Straße 15 from BICO Group AB (publ) (OM:BICO) for €21 million. Beos Light Industrial Germany 1 Fund, a fund managed by BEOS AG agreed to acquire property on Wagner-Régeny-Straße 15 from BICO Group AB (publ) (OM:BICO) for €21 million on August 3, 2023. According to customary processes, the transaction needs to seek approval by the city of Berlin and that is expected to take up to 3 months to complete. The transaction is expected to be completed in Q4, 2023. White & Case LLP acted as legal advisor and JLL acted as broker to BICO. Announcement • 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 11% growth forecast for the Life Sciences industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Announcement • 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 Reported Earnings • Feb 22
Full year 2022 earnings released: kr13.00 loss per share (vs kr3.97 loss in FY 2021) Full year 2022 results: kr13.00 loss per share (further deteriorated from kr3.97 loss in FY 2021). Revenue: kr2.53b (up 84% from FY 2021). Net loss: kr832.9m (loss widened 266% from FY 2021). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Life Sciences industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Jan 14
Independent Chairman of the Board recently sold €747k worth of stock On the 10th of January, Carsten Browall sold around 80k shares on-market at roughly €9.33 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 €654k. Announcement • 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. Announcement • 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. Announcement • Nov 22
BICO Group AB (publ) to Report Q1, 2023 Results on May 04, 2023 BICO Group AB (publ) announced that they will report Q1, 2023 results on May 04, 2023 Buying Opportunity • Nov 16
Now 28% undervalued Over the last 90 days, the stock is up 70%. The fair value is estimated to be €9.27, 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. 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 11% growth forecast for the Life Sciences industry in Europe. Announcement • 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 13% growth forecast for the Life Sciences industry in Germany. 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. Buying Opportunity • Jun 14
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 36%. The fair value is estimated to be €11.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 91% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 19
First quarter 2022 earnings released: kr0.68 loss per share (vs kr0.90 loss in 1Q 2021) First quarter 2022 results: kr0.68 loss per share (up from kr0.90 loss in 1Q 2021). Revenue: kr537.4m (up 250% from 1Q 2021). Net loss: kr43.6m (loss narrowed 8.2% from 1Q 2021). Over the next year, revenue is forecast to grow 41%, compared to a 13% growth forecast for the industry in Germany. Announcement • May 12
BICO Group Adds Åsa Hillsten as SVP and Head of IR Åsa Hillsten has been appointed SVP and Head of IR at BICO and will be a member of the company's executive management This newly created position constitutes a step in BICO's continued efforts to increase the service level to the market, improve the clarity of its communication and clarify its business model for the investor market. Åsa Hillsten has more than fifteen years of solid experience in international strategic communication and IR issues at the executive management level at growth companies in several sectors. Former positions include Head of IR and communication roles at Catena Media (mid-cap) and Collector Bank (large cap), where she was also Head of PR. Hillsten will assume her position on August 8, 2022, but she will assist the company in an advisory capacity starting in May. Announcement • May 08
BICO Group AB (publ) (OM : BICO) acquired Allegro 3D for $11 million. BICO Group AB (publ) (OM : BICO) acquired Allegro 3D for $11 million on May 6, 2022. As a part of consideration the shareholders of Allegro will receive $5 million as Earnout Payment contingent on Allegro 3D's financial performance in the coming two years.
BICO Group AB (publ) (OM : BICO) completed the acquisition of Allegro 3D on May 6, 2022. Announcement • May 02
BICO (publ) Appoints Mikael Engblom as Interim CFO Mikael Engblom will take the position as interim CFO for BICO (publ) from 29 April 2022 until a new permanent CFO is in place. Engblom will be part of Group management during this period. Engblom most recently came from the role of CFO at Vitrolife. Prior to that, he worked as a controller at Vitrolife and Volvo Cars. Buying Opportunity • Apr 28
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 44%. The fair value is estimated to be €11.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 89% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 67% in a year. Earnings is forecast to grow by 83% in the next year. Board Change • Apr 27
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 5 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. Recent Insider Transactions • Mar 04
Co-Founder recently bought €94k worth of stock On the 2nd of March, Erik Gatenholm bought around 6k shares on-market at roughly €15.89 per share. In the last 3 months, they made an even bigger purchase worth €1.9m. Despite this recent buy, Erik has been a net seller over the last 12 months, reducing personal holdings by €15m. Reported Earnings • Feb 24
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: kr3.97 loss per share (down from kr0.82 loss in FY 2020). Revenue: kr1.43b (up 283% from FY 2020). Net loss: kr227.6m (loss widened kr191.5m from FY 2020). Post-clinical trial products Launched (during full year): 3 Revenue exceeded analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 66%, compared to a 25% growth forecast for the pharmaceuticals industry in Germany. Announcement • Feb 24
BICO Reaches Beneficial and Sustainable Solution with Organovo BICO have reached a settlement with Organovo in which BICO agreed to resolve all aspects of the disputes between the parties. Organovo and BICO were engaged in several legal disputes regarding Organovo's patents. Under the new agreement, all civil actions regarding potential infringements and IPRs concerning validity of Organovo's patents are dismissed and/or terminated. Both BICO and Organovo have released each other from all previous claims, demands, liabilities and costs in favor of finding a beneficial and sustainable solution created through this patent license agreement. The patent license agreement with Organovo provide BICO with possibilities to access Organovo's bioprinting technologies, which will further empower BICO to continue to advance and expand BICO's product portfolio. BICO offering will become even stronger by accessing these technologies and BICO, through group company CELLINK, will have the freedom to operate globally with the strongest and most extensive bioprinting portfolio on the market. The total annual revenue covered by the license agreement is expected to, as previously communicated via release on January 11, 2022, amount to approximately 1-2% of the Group's estimated revenues in 2022 and therefore is deemed as non-material for the Group. Announcement • Feb 03
DISPENDIX, A BICO Company, Announces That the I.DOT HT Non-contact Dispenser and the L.DROP Liquid Handler will be introduced at SLAS 2022 DISPENDIX, a BICO company, announces that the I.DOT HT Non-contact Dispenser and the L.DROP Liquid Handler will be introduced at SLAS 2022. Driven by several years of growth of the I.DOT non-contact Dispenser, DISPENDIX has invested in strategic R&D and industry partnerships to deliver two disruptive platforms that will come together to provide scientists with more holistic workflow solutions for genomics and drug discovery research. The I.DOT HT builds on the core technology of the I.DOT, expanding the source well layout to a 384 format to support the management of compound libraries at large pharmaceutical and smaller biotechnology companies. The I.DOT HT provides the same degree of precision and process safety that users have come to expect from the DISPENDIX family of products, while expanding the applicability of the I.DOT; now users can seal and store source plates that contain compound libraries for assay development, optimization, and screening. DISPENDIX has also announced the introduction of the L.DROP Liquid Handler with the goal of commoditizing laboratory automation. The L.DROP couples sensor technology and a web-based architecture to provide a more dynamic instrument that is capable of scaling protocols across instruments and even laboratories without tedious optimization. Features like automated deck calibration, web-based protocol fitting, and closed-loop pipetting promise to revolutionize the way that researchers and automation engineers leverage liquid handling technologies. This launch is the latest in DISPENDIX's mission to deliver simple and elegant solutions for the liquid handling industry. These products will be on display and demoed at the upcoming SLAS (Society for Laboratory Automation and Screening) in Boston from February 7-9, 2022 at booth 2727. Announcement • Jan 12
BICO Group AB Announces Statement Regarding Counterclaims in Patent Lawsuit by Organovo Against Cellink Due to recently filed counterclaims in patent lawsuit by Organovo, Inc., (Organovo) to the Federal Court in Delaware, BICO Group AB (BICO) released the following statement to explain the background and context. BICO, CELLINK and all its group companies respect valid intellectual property and believe that Organovo's patent claims at issue are invalid, not infringed, or both. CELLINK filed a complaint for a declaratory judgment in June 2021 to the U.S. District Court in Delaware about non-infringement of certain of Organovo's patents in order to strengthen its market position and freedom to operate. In July, 2021, Organovo, filed a patent infringement action against CELLINK in the U.S. District Court in the Western District of Texas, asserting that a single CELLINK product family infringes four U.S. patents. Organovo'sTexas Court Action was later, in December 2021, transferred to the Delaware Court and both cases will from now on be tried by the Delaware court. The so-called counterclaims filed by Organovo in January 2022 refers to the transferred claims from the Texas Court. Recent Insider Transactions • Dec 18
Co-Founder recently bought €1.9m worth of stock On the 16th of December, Erik Gatenholm bought around 74k shares on-market at roughly €26.32 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Erik has been a net seller over the last 12 months, reducing personal holdings by €15m. Announcement • Dec 17
BICO Group AB (publ) (OM:BICO) agreed to acquire Biosero Llc. BICO Group AB (publ) (OM:BICO) agreed to acquire Biosero Llc on December 16, 2021. Approximately 63 percent of the purchase price will be paid in cash, 21 precent by issuance of the Considerations Shares, and approximately 16 percent will be paid through an earnout component (shares and cash) over the coming three years. At closing 1.2 million Consideration shares will be issued to the sellers. Biosero will remain under current entity and management post-transaction. Biosero has an enterprise value of $165 million. BICO’s Board of Directors will resolve to issue the Consideration Shares in accordance with the authorization from the Extraordinary General Meeting held on November 17, 2021. The Acquisition’s completion and the transfer of Biosero’s shares will take place as soon as reasonably possible after signing, provided that all conditions for completion are met. In addition, and as a closing pre-condition, the completion of the Acquisition is dependent on approval by the relevant competition authorities. Biosero will be consolidated in BICO's financial statements and in the financial reporting from Q1, 2022. Foley & Lardner acts as legal advisors to BICO in connection with the Acquisition, PwC advises on financial and tax due diligence. Reported Earnings • Nov 12
Third quarter 2021 earnings released The company reported a decent third quarter result with improved revenues, although losses increased and control over costs was weaker. Third quarter 2021 results: Revenue: kr347.3m (up 457% from 3Q 2020). Net loss: kr104.2m (loss widened kr90.0m from 3Q 2020). Recent Insider Transactions • Sep 01
Insider recently sold €1.1m worth of stock On the 23rd of August, Jonas Schondube sold around 20k shares on-market at roughly €53.24 per share. In the last 3 months, there was an even bigger sale from another insider worth €17m. Insiders have been net sellers, collectively disposing of €50m more than they bought in the last 12 months. Announcement • Aug 28
BICO Group AB (publ) (OM:BICO) acquired all outstanding shares in Advanced BioMatrix, Inc. for $18 million. BICO Group AB (publ) (OM:BICO) acquired all outstanding shares in Advanced BioMatrix, Inc. for $18 million on August 27, 2021. The consideration settled on a cash and debt-free basis of approximately $15 million, provided that the working capital upon completion of the transaction corresponds to the normalized working capital. The sellers may also receive a maximum additional earn out of $3 million in cash based on milestones over a three-year period. Advanced BioMatrix obtained approximately USD 3 million, with an adjusted EBITDA margin of around 50% in their latest fiscal year. Post transaction, Advanced BioMatrix will remain under current legal entity and management as a subsidiary of BICO Group Bioprinting and become part of the Bioprinting business area. Advanced BioMatrix will be integrated in the financial reporting as of August 2021.
BICO Group AB (publ) (OM:BICO) completed the acquisition of all outstanding shares in Advanced BioMatrix, Inc. on August 27, 2021. Recent Insider Transactions • Aug 25
CEO & Director recently sold €17m worth of stock On the 18th of August, Erik Gatenholm sold around 280k shares on-market at roughly €59.24 per share. This was the largest sale by an insider in the last 3 months. This was Erik's only on-market trade for the last 12 months. Reported Earnings • Aug 21
Second quarter 2021 earnings released: kr0.89 loss per share (vs kr0.58 loss in 2Q 2020) The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2021 results: Revenue: kr328.4m (up kr275.8m from 2Q 2020). Net loss: kr50.3m (loss widened 99% from 2Q 2020). Announcement • Jul 03
CELLINK Receives Patent for Robotic Systems for Personalized and Automated Aesthetic Medical Procedures CELLINK has been granted a patent for a unique set of robotic systems for transcutaneous delivery of substances, such as cosmetic or surgical fillers, into patients. This is CELLINK’s first granted patent in the field of personalized and automated aesthetic medical procedures - combining the strengths of 3D bioprinting, biomaterials, robotics, automation, and artificial intelligence to optimally administer substances, such as dermal fillers, into subcutaneous regions to improve aesthetical outcomes in patients. This is one technological example of the power of Bioconvergence. This patent protection applies to the Swedish market. The company is also expanding patent protection in the USA and other important markets. The patent protection (SE 543714) from the Swedish Patent and Registration Office shows novelty, inventive step, and industrial applicability. Aesthetic plastic surgery is a field where CELLINK sees great opportunities and potential to disrupt by personalizing, digitizing, and automating the processes. The patented invention covers the use of a person’s 3D face scan as a digital input to compare to the person’s desired bodily features. Based on the results from the artificial intelligence powered algorithm, determine an optimal substance dispensing plan that can be executed autonomously and precisely by a robotic arm in the required facial regions with the adequate type of dermal filler and amounts. The personalized and automated approach may provide a faster and more accurate substance dispensing plan than a human counterpart would be able to do, may reduce treatment times and probability of complications associated with dispensing the substance, while simultaneously achieving superior results compared to the human counterpart. Announcement • Jul 01
Cellink AB (publ) (OM:CLNK B) completed the acquisition of Discover Echo Inc. Cellink AB (publ) (OM:CLNK B) entered into an agreement to acquire Discover Echo Inc. for $110 million on June 26, 2021. The consideration is on a cash- and debt-free basis, and under the assumption that the working capital at closing equals the normalized working capital. Pursuant to the agreement, Cellink AB (publ) shall pay approximately 11% of consideration through issuance of shares of series B while remaining payable in cash. Discover Echo Inc. will remain under current entity and management post-transaction. Cellink AB (publ) Board of Directors will resolve on an issue in kind of the Consideration Shares in accordance with the authorization from the Annual General Meeting held on April 26, 2021. Post satisfaction of all conditions for the transaction, completion will take place as soon as possible. Foley & Lardner acted as legal advisors to CELLINK in connection with the transaction while Duff & Phelps advises on financial and tax due diligence.
Cellink AB (publ) (OM:CLNK B) completed the acquisition of Discover Echo Inc. on June 30, 2021. Total purchase price of $110 million of which approximately $12.5 million was paid in 0.26 million newly issued shares of series B in CELLINK and the reminder in cash. Announcement • Jun 01
Cellink AB (publ) (OM:CLNK B) completed the acquisition of Nanoscribe GmbH for approximately €37 million. Cellink AB (publ) (OM:CLNK B) entered into an agreement to acquire Nanoscribe GmbH for approximately €50 million on May 19, 2021. The consideration is on cash- and debt-free basis. Consideration consists of approximately €34 million as fixed purchase price and approximately €16 million in earn-outs. Approximately 35% of the fixed purchase price of €34 million will be paid in newly issued shares of series B in CELLINK and the remaining portion will be paid cash. The earn-out is paid based on target fulfillment of financial targets for the fiscal years 2021–2023. Hans-Jörg Ziegenhain, Elisabeth Kreuzer, Markus Ernst, Dirk Uwer, Hendrik Bockenheimer, Jakub Lorys, Susanne Koch and Patrick Wilkening of Hengeler Mueller Partnerschaft von Rechtsanwälten mbB acted as legal advisors, Duff & Phelps GmbH acted as financial and tax due diligence provider and Zacco Gmbh acted as intellectual property due diligence provider to Cellink.
Cellink AB (publ) (OM:CLNK B) completed the acquisition of Nanoscribe GmbH for approximately €37 million on May 31, 2021. The purchase price for all shares amounted to approximately €36.9 million based on net cash/debt and of which approximately €12.2 million was paid in 301,332 newly issued shares of series B in CELLINK and the reminder in cash. Announcement • May 21
Cellink AB (publ) (OM:CLNK B) entered into an agreement to acquire Nanoscribe GmbH for €34 million. Cellink AB (publ) (OM:CLNK B) entered into an agreement to acquire Nanoscribe GmbH for €34 million on May 19, 2021. Consideration consists of approximately €16 million in earn-outs. The earn-out is paid based on target fulfillment of financial targets for the fiscal years 2021–2023. Approximately thirty-five percent of the fixed purchase price of €34 million will be paid in newly issued shares of series B in CELLINK (the “Consideration Shares”) and the remaining part which consists of an earn-out will be paid cash. Hengeler Mueller Partnerschaft von Rechtsanwälten mbB acted as legal advisor, Duff & Phelps GmbH acted as financial and tax due diligence provider and Zacco Gmbh acted as intellectual property due diligence provider to Cellink.