BICO (BICO) Q1 2025 earnings summary

Executive summary

• Q1 2025 net sales were SEK 389 million, down 17.3% year-over-year, with organic growth at -19.0%; Life Science Solutions and Bioprinting segments grew, while Lab Automation declined due to fewer project starts and a tough comparison quarter.

• Gross margin improved to 54%, benefiting from product mix and operational improvements.

• Adjusted EBITDA was SEK -12 million (margin -3%), in line with Q1 2024 despite lower sales.

• Divestment of MatTek and Visikol for USD 80 million, expected to close in Q2 2025, will move the group to a net cash position and aligns with the updated strategy.

• Strategic focus is shifting toward pharma and biotech customers, with reduced emphasis on academia and increased presence in Asia and Europe.

Financial highlights

• Net sales: SEK 388.6–389 million, -17.3% year-over-year; organic growth -19.0%.

• Gross margin: 54% (up from 44.5% last year).

• Adjusted EBITDA: SEK -12 to -12.3 million; margin -3% to -3.2%.

• Cash flow from operating activities: SEK 76.6–77 million, mainly from positive working capital effects.

• Cash reserves at Q1 end: SEK 684–684.3 million.

Outlook and guidance

• Net cash position expected in Q2 2025 after MatTek and Visikol divestment.

• Working capital as a percentage of sales expected to return to around 20% from Q2 onwards.

• Commercial focus shifting to Pharma & Biotech, with initiatives in Asia, India, and Europe.

• Reporting will shift to two segments (Lab Automation and Life Science Solutions) from Q2 2025.

• Ongoing supply chain and manufacturing adjustments to mitigate tariff risks and improve cost efficiency.