BICO (BICO) Q2 2024 earnings summary

Executive summary

• Q2 2024 net sales reached SEK 534 million, with organic growth at -2% and all business areas reporting positive EBITDA amid volatile market conditions.

• Adjusted EBITDA was SEK 46 million (9% margin), up from Q1 2024, supported by cost control and strategic priorities.

• Strategic review and leadership changes are underway, with new CHRO, CCO, and General Counsel appointed.

• Market volatility and reduced CapEx spending, especially in Asia, impacted instrument sales.

• Updated BICO 2.0 strategy to be presented at Capital Markets Day in September 2024.

Financial highlights

• Q2 2024 sales were SEK 534 million, with organic growth -2% year-over-year and flat total sales growth of -0.6%.

• Adjusted EBITDA was SEK 46 million (9% margin); EBITDA was SEK 36 million (7% margin), both improved from Q1 2024.

• Gross margin improved to 52% from 46% in Q2 2023, aided by product mix and absence of prior year write-offs.

• Net loss for the quarter was SEK -79 million; EPS: -1.10.

• Cash reserves at end of June: SEK 688 million; total Q2 cash flow: SEK -101 million.

Outlook and guidance

• No formal financial guidance provided; management expects H2 to be seasonally stronger and cost savings to be more visible with higher sales.

• Market remains unpredictable, with continued slowdowns in academia and diagnostics, and updated strategy to be presented in September.

• Financial targets include double-digit organic growth and EBITDA margin above 10% (rolling 12 months: 7.0% adjusted).