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BICO Group AB Class B
(BICO)
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Rating:52Neutral
Price Target:
kr19.00
▼(-4.62% Downside)
Action:Reiterated
Date:08/20/26
The score is held back primarily by weak financial performance (large losses and deteriorating free cash flow) and limited valuation support (negative P/E, no dividend). These are partially offset by improving operational trends discussed on the earnings call (margin/EBITDA progress, stronger balance sheet, and a material long-term agreement) and favorable technical momentum, though overbought indicators temper the technical outlook.
Positive Factors
Structural Margin Improvement
The sharp gross-margin expansion, lower operating expenses and positive adjusted EBITDA indicate improved product mix and cost discipline. If sustained, these changes can strengthen the earnings model beyond a single quarter.
Negative Factors
Deeply Negative Profitability
Despite better gross margins, BICO has not yet converted revenue into sustainable bottom-line profits. Persistent operating losses can consume balance-sheet capacity, increase dependence on restructuring and raise future dilution or re-leveraging risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Structural Margin Improvement
The sharp gross-margin expansion, lower operating expenses and positive adjusted EBITDA indicate improved product mix and cost discipline. If sustained, these changes can strengthen the earnings model beyond a single quarter.
Read all positive factors
BICO Group AB Class B (BICO) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.41B
Dividend YieldN/A
Average Volume (3M)288.59K
Price to Earnings (P/E)―
Beta (1Y)1.11
Revenue Growth-15.45%
EPS Growth-164.23%
CountrySE
Employees557
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-11.89
Shares Outstanding69,074,900
10 Day Avg. Volume264,488
30 Day Avg. Volume288,586
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.85
Price to Sales (P/S)0.99
P/FCF Ratio26.97
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-2.66
Revenue Forecast (FY)kr1.54B
BICO Group AB Class B Business Overview & Revenue Model
Company Description
BICO Group AB (publ) is a global bio-convergence enterprise, extending its operations across North America, Europe, Asia, and other international markets. Its business is segmented into two primary divisions: Laboratory Solutions and Bioautomation...
How the Company Makes Money
BICO primarily makes money by selling life-science instruments and the recurring products and services attached to those installed systems across its business units. Key revenue streams include: (1) Instrument and system sales: one-time sales of c...
BICO Group AB Class B Earnings Call Summary
Earnings Call Date:Aug 19, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Neutral
The call combined meaningful operational and financial improvements (strong product launches, a large long-term license/supply agreement, substantial gross margin expansion, improved adjusted EBITDA margin, reductions in operating expenses and a stronger balance sheet) with persistent operational and market headwinds (project execution issues in the U.S. project business, negative operating cash flow driven by working capital movements, soft North American/academic end markets and longer sales cycles for large automation projects). Progress on commercialization and profitability is clear, but execution risk in project-based automation and short-term cash-flow/working-capital pressure leave mixed near-term visibility.Positive Updates
Quarterly Revenue and Organic Growth
Sales of SEK 336 million in Q2 2026, representing organic growth of 7% in local currencies and reported growth of 4% after currency headwinds.
Negative Updates
Project-Based Business Execution Challenges
Ongoing execution challenges in the U.S.-based integrated lab automation (project) business led to rightsizing of the U.S. organization. Legacy multi-year projects have caused delays and uneven, lumpy revenue recognition.
Read all updates
Q2-2026 Updates
Positive
Negative
Quarterly Revenue and Organic Growth
Sales of SEK 336 million in Q2 2026, representing organic growth of 7% in local currencies and reported growth of 4% after currency headwinds.
Read all positive updates
Company Guidance
The company did not provide formal forward-looking financial guidance, but offered directional expectations and several specific metrics: Q2 sales were SEK 336m (organic growth +7% in local currencies, total growth +4%), adjusted EBITDA SEK 20m (adjusted EBITDA margin 6%, a +21 percentage-point improvement), EBITDA SEK 60m, gross margin 59% (vs 44% a year ago), consumables +10%, and operating cash flow was negative SEK 53m (driven by a net working capital change of -SEK 54m: receivables +SEK 15m, inventories +SEK 6m, payables -SEK 33m). Balance-sheet and cash metrics included cash reserves SEK 628m (SEK 57m restricted) and net cash SEK 207m (improved from net debt of -SEK 877m previously). Management expects working capital to normalize toward an industry standard of ~20% of sales over time, anticipates annualized savings of NOK 30m from the Lyon→Berlin consolidation (effects starting H2), and disclosed a Scienion deal with ~EUR 50m contracted over 10 years plus a license of EUR 10.6m to be recognized as revenue in Q3 (cash invoiced annually).BICO Group AB Class B Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
48
Neutral
Cash Flow
36
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.50B | 1.50B | 1.95B | 2.01B | 2.24B | 1.26B |
| Gross Profit | 686.00M | 581.90M | 1.01B | 993.20M | 1.83B | 1.00B |
| EBITDA | -1.06B | -34.90M | 505.30M | 442.80M | 322.30M | 31.80M |
| Net Income | -839.20M | -1.09B | -5.50M | -1.17B | -835.70M | -229.20M |
Balance Sheet | ||||||
| Total Assets | 2.83B | 3.70B | 5.48B | 6.06B | 10.20B | 9.75B |
| Cash, Cash Equivalents and Short-Term Investments | 627.60M | 1.28B | 598.00M | 804.10M | 925.20M | 1.48B |
| Total Debt | 266.40M | 1.50B | 1.76B | 1.96B | 1.85B | 1.61B |
| Total Liabilities | 1.27B | 1.95B | 2.48B | 2.96B | 3.26B | 2.95B |
| Stockholders Equity | 1.57B | 1.75B | 2.98B | 3.07B | 6.91B | 6.77B |
Cash Flow | ||||||
| Free Cash Flow | -5.90M | 55.10M | 72.70M | -112.80M | -799.00M | -676.20M |
| Operating Cash Flow | 11.30M | 68.40M | 158.40M | 178.40M | -269.40M | -409.20M |
| Investing Cash Flow | 739.40M | 709.30M | 128.00M | -129.70M | 212.90M | -4.45B |
| Financing Cash Flow | -778.50M | -455.10M | -200.70M | -102.00M | 455.30M | 4.90B |
BICO Group AB Class B Technical Analysis
Positive
19.92
Price Trends
15.70
Positive
17.17
Positive
17.75
Positive
Market Momentum
1.30
Negative
75.93
Negative
80.50
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BICO, the sentiment is Positive. The current price of 19.92 is above the 20-day moving average (MA) of 16.89, above the 50-day MA of 15.70, and above the 200-day MA of 17.75, indicating a bullish trend. The MACD of 1.30 indicates Negative momentum. The RSI at 75.93 is Negative, neither overbought nor oversold. The STOCH value of 80.50 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:BICO.
BICO Group AB Class B Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | kr3.91B | 30.31 | 14.59% | 1.96% | -1.64% | -14.61% | |
72 Outperform | kr14.78B | 70.43 | 23.82% | ― | 21.08% | 44.49% | |
71 Outperform | kr8.78B | 100.00 | 4.13% | ― | 8.79% | -20.48% | |
57 Neutral | kr12.88B | -2.58 | -53.29% | 0.80% | -4.21% | -1194.93% | |
52 Neutral | kr1.41B | -1.67 | -51.81% | ― | -15.45% | -164.23% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
42 Neutral | kr442.50M | -8.54 | ― | ― | -2.61% | -0.28% |
* Healthcare Sector Average
SE:BICO
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BICO Group AB Class B Corporate Events
BICO lifts margins on stronger benchtop sales, restructures project business amid AI-driven push
Aug 19, 2026
BICO Group AB reported Q2 2026 net sales of SEK 336.1 million, up 3.7 percent year-on-year, with strong organic growth of 7.3 percent driven by benchtop instruments and consumables despite currency headwinds and soft academic demand. Adjusted EBIT...
BICO Group Names Chief Commercial Officer Anders Fogelberg as New CEO
Aug 18, 2026
BICO Group AB has announced a leadership change, appointing current Chief Commercial Officer Anders Fogelberg as President and CEO effective September 1, 2026, following a joint decision by the Board and outgoing CEO Maria Forss that the timing is...
BICO schedules Q2 2026 interim report and investor webcast
Aug 7, 2026
BICO Group AB will publish its interim report for the second quarter of 2026 on August 19 at 07:00 a.m. CEST, underscoring an important reporting date for investors following the company’s performance in the life-science tools market. The an...
BICO Appoints Erik Gatenholm as Interim Board Chair Amid Governance Shift
Jul 31, 2026
BICO Group AB has appointed company co-founder Erik Gatenholm as Board Chair with immediate effect, following the previously announced decision by outgoing Chair Maria Rankka to step down from the board and her leadership role on July 31, 2026. Th...
BICO Group to Overhaul Board Leadership, Calls Extraordinary General Meeting
Jul 6, 2026
BICO Group AB has announced a significant reshaping of its board, with Chair Maria Rankka and board members Susanne Lithander and Johan Westman all stepping down from their roles effective 31 July 2026. The board will convene an Extraordinary Gene...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.