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BICO (BICO) investor relations material

BICO Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary18 Feb, 2026

Executive summary

  • Ended 2025 with double-digit organic sales growth in Lab Automation in Q4 and a strengthened cash position, despite overall negative organic sales growth and challenging market conditions.

  • Successfully raised new capital in January 2026, supporting future growth and strategic initiatives.

  • Executed on strategic initiatives, including portfolio focus, debt reduction, leaner operations, and customer-centric product launches.

  • Significant non-cash impairments of SEK 1,036m were recognized in Q3, mainly due to revised forecasts and lower trading.

  • Balance sheet strengthened by convertible bond buy-backs and divestments, with no dividend proposed for 2025.

Financial highlights

  • Full-year 2025 net sales: SEK 1,497 million, with organic sales growth of -7.9% and adjusted EBITDA of SEK 5 million (0.3% margin).

  • Q4 2025 net sales: SEK 451 million, organic sales growth -3.7%, adjusted EBITDA SEK 56 million (13% margin).

  • Cash flow from operating activities: SEK 68 million for 2025; SEK 52 million in Q4.

  • Year-end cash reserves: SEK 1,282 million, expected to be around SEK 670 million after bond settlement in March 2026.

  • Full-year net loss: SEK -1,583.8 million (EPS: -22.38); Q4 net loss: SEK -59.2 million (EPS: -0.84).

Outlook and guidance

  • Focus for 2026 on commercial excellence, R&D pipeline delivery, and financial discipline for profitable growth.

  • Market for U.S. Academia expected to remain stable but subdued, with no further NIH funding cuts anticipated.

  • OpEx levels in Q4 2025 seen as a new base for 2026, with ambition to scale on current cost base and continued cost controls.

  • Financial targets: double-digit organic growth in constant currency, EBITDA margin above 10%, net debt/EBITDA below 3.0x.

  • New capital from bond issuance positions the company to support growth and capture market recovery.

What actions follow Biosero/Discover Echo impairments?
How will GoSimple partnerships drive adoption?
How will BICO achieve double-digit organic growth?
What is the capital allocation strategy for SEK 670M?
GoSimple: How will partnerships drive market adoption?
Beyond academia, what market segments show 2026 growth?
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Frequently asked questions

BICO Group AB operates as a bio convergence company in North America, Europe, Asia, and internationally. The company offers various services under the Monarto trading platform comprising consumer electronics products; energy services, such as power over Ethernet infrastructure and controllers; and medical devices, such as glucose meters, blood pressure monitors, thermometers, pulse oximeters, and other point of care testing devices. BICO Group AB was founded in 2016 and is based in Gothenburg, Sweden.

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