Biovica International (BIOVIC) Q1 24/25 earnings summary

Executive summary

• DiviTum TKa, a cell proliferation biomarker, saw record US sales growth of 48–50% sequentially, with expanding adoption among new and existing prescribers and institutions, despite a reduced US team and recent reorganization.

• Pharma services experienced high demand, with a 10–11% sequential increase in the work order book and a 300% surge in August service testing, though some project delays shifted revenue recognition to the next quarter.

• Cash flow improved by SEK 8 million year-over-year, supported by cost reductions and a direct share issue raising SEK 16.4 million, with an option for an additional SEK 7.5 million.

• Funding for the next twelve months is not fully secured and depends on warrant exercises and continued sales growth.

• DiviTum TKa results were presented at ASCO, and new master service and drug development agreements were signed with US biopharma companies.

Financial highlights

• Q1 net sales were SEK 1.7 million, nearly flat year-over-year, with US IVD sales rising to SEK 627,000 from SEK 13,000.

• Q1 US IVD net sales reached $58,600, up 48% from the previous quarter.

• Cash and cash equivalents at quarter-end were SEK 65.2 million.

• Operating loss improved to SEK -23,562,000 from SEK -32,192,000 year-over-year.

• Cash flow from operating activities improved to SEK -29,044,000 from SEK -38,227,000 year-over-year.

Outlook and guidance

• The company targets cash flow positivity in the second half of 2025, aiming for SEK 35 million in quarterly revenue.

• Anticipates continued US sales growth and expects delayed European and pharma revenues to be recognized in the next quarter.

• Application for NCCN guideline inclusion is planned for Q2 2025.

• Several new master service agreements in pharma are expected in the coming months.

• Ongoing cost controls and anticipated warrant exercises are expected to support the path to profitability.