BICO (BICO) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered 12.3% organic sales growth, with SEK 387 million in net sales and adjusted EBITDA of SEK 17 million (5% margin), driven by a strong Lab Automation rebound and stable Life Science Solutions, despite macroeconomic headwinds.

• Lab Automation achieved 35% organic sales growth year-over-year, while Life Science Solutions grew 4% organically.

• Major commercial wins included a $15.2 million order from a global pharma company under a new master framework agreement.

• Divestments of MatTek and Visikol generated SEK 740 million in net proceeds, significantly strengthening the cash position and supporting strategic focus.

• Impairments totaling SEK 1,036 million in Discover Echo and Biosero impacted EBIT but were non-cash, one-off items reflecting revised forecasts.

Financial highlights

• Net sales reached SEK 387 million, up 4.8% year-over-year, with organic sales growth at 12.3%.

• Adjusted EBITDA was SEK 17 million (margin 5%), up from SEK 6.3 million, reflecting improved cost control and operational efficiencies.

• Gross margin improved to 55.0% (Q3 2024: 54.3%).

• Cash flow from operating activities was negative SEK 32 million, mainly due to working capital changes.

• Cash and cash equivalents at period end were SEK 1,241 million, bolstered by divestments.

Outlook and guidance

• Long-term growth of around 10% CAGR is anticipated, in line with financial targets.

• Management expects to scale the cost base more efficiently and expand EBITDA margins in 2026.

• Continued investment in operational resources and standardization, with multiple product launches planned for 2026.