BICO (BICO) Q1 2026 earnings summary

Executive summary

• Achieved 11% organic growth in Q1 2026, mainly driven by desktop instrument sales, despite a reported decline of 1.4% due to currency headwinds.

• Transitioned to reporting as a single operating unit, focusing on lab automation and software intelligence after divesting three bioprinting companies.

• Adjusted EBITDA improved to SEK -11m, reflecting cost control and restructuring efforts, with a margin of -3.4%.

• Cash flow from operating activities was SEK 47m, positively impacted by working capital changes.

• Continued to face challenges from geopolitical uncertainty and weak academic funding in the U.S., but saw improvement in next-generation sequencing, OEM, and non-academic segments.

Financial highlights

• Q1 sales reached SEK 330m, with organic growth of 11% year-over-year, but reported sales declined 1.4% due to currency effects.

• Adjusted EBITDA was SEK -11m, with SEK 30.2m to SEK 52.5m in restructuring costs impacting results.

• Cash reserves at period end were SEK 744m, including SEK 497.2m in restricted funds.

• Total cash flow for the quarter was minus SEK 547m, mainly due to settlement of SEK 1,008m in convertible bonds.

• Gross profit margin declined year-over-year due to unfavorable product mix, but adjusted EBITDA margin improved to -3.4% from -6.4%.

Outlook and guidance

• Management expects annualized savings of approximately SEK 30m from restructuring, with full impact in 2027.

• No formal forecasts provided for 2026, but focus remains on scaling lab automation, software, and capturing market recovery.

• Strategic focus on commercial execution, R&D pipeline, and financial discipline.