Biovica International (BIOVIC) Q2 25/26 earnings summary

Executive summary

• Net sales for Q2 increased by 16% year-over-year to SEK 2.7 million, with H1 sales up 31%, driven by strong growth in Pharma Services and US market expansion.

• Cash flow from operating activities improved to SEK -18.1 million in Q2 and SEK -35.3 million for H1, compared to prior periods.

• SEK 122.3 million was raised via rights and directed share issues, significantly strengthening liquidity and supporting operational runway to 2027.

• Focused US commercial efforts on NCI/NCCN centers and IDNs, with new agreements and process improvements, and expansion in Pharma Services with new Tier 1 agreements.

• DiviTum TKa's clinical value is supported by new studies presented at SABCS and collaborations with leading academic centers.

Financial highlights

• Q2 sales reached SEK 2.7 million, up 16% year-over-year; H1 sales were SEK 5.3 million, up 31%.

• US IVD business grew 47% in Q2; Pharma Services sales (RUO tests) up 86% year-over-year.

• Cash position at quarter-end was SEK 100.6 million, up from SEK 61.9 million, after capital injection and loan repayment.

• Operating loss for Q2 was SEK -14.96 million, improved from SEK -19.75 million year-over-year.

• Gross margin exceeds 85% at current US price points.

Outlook and guidance

• Ambition to achieve cash flow positivity in 2027 remains, though timing is now expected later in the year due to partnership and sales pipeline delays.

• Sales targets for FY 2025/26 and 2026/27 have been withdrawn; updates will follow after closing key agreements.

• Pharma Services pipeline is strong, with SEK 25–28 million in contracts to be recognized over the next 2–3 years and expected record revenues in coming quarters.

• U.S. clinical sales growth has flattened but is expected to rebound with new client bill agreements and adjuvant product rollouts.