BICO (BICO) Q2 2025 earnings summary

Executive summary

• Q2 2025 was the first period under a new business area structure, following the divestment of MatTek and Visikol to Sartorius for USD 80 million, which strengthened the balance sheet and shifted focus to Lab Automation and Life Science Solutions.

• Lab Automation faced significant project delays, fewer starts, and negative organic growth, prompting leadership and process changes in Biosero.

• Life Science Solutions delivered flat sales in line with peers, with SCIENION and diagnostics showing growth, while the academic segment remained soft.

• Macroeconomic headwinds, including NIH funding cuts and tariff uncertainties, continued to impact demand and delay CapEx investments, especially in academia.

Financial highlights

• Q2 2025 net sales were SEK 324.2 million, with organic growth of -17% and a gross margin of 43.9%, down 8 percentage points year-over-year.

• Adjusted EBITDA was SEK -49 million (margin -15.1%).

• Cash flow from operating activities was SEK -28 million in Q2; total Q2 cash flow was SEK -54 million, with cash reserves at SEK 636 million at period end.

• Net working capital was 11% of last 12 months' sales, down from 24% year-over-year.

• Net loss from continuing operations in Q2 was SEK -181.7 million, EPS SEK -2.55 after dilution.

Outlook and guidance

• No formal guidance provided, but management expects no further negative project revisions in Lab Automation and anticipates stronger H2 performance.

• Transformation and investments in Biosero are expected to yield results over time, though patience is required.

• Macroeconomic uncertainties persist, but long-term demand in life sciences remains strong.