Biovica International (BIOVIC) Q4 23/24 earnings summary

Executive summary

• Full-year sales grew 115% to SEK 7.3 million, missing the SEK 10 million target, with Q4 sales up 225% year-over-year and strong momentum in the U.S. market.

• Pharma services business expanded with new master service agreements and a record work order, indicating robust demand.

• Cost-saving and restructuring program implemented, reducing headcount by 10 and targeting SEK 30 million in annual savings, with SEK 8 million in restructuring costs.

• Clinical collaborations advanced, including new trials at Mayo Clinic and Washington University, and positive patent developments in Europe.

• Rights issue completed in December 2023 raised SEK 100 million to support ongoing launches and operations.

Financial highlights

• Q4 sales reached SEK 1.9 million, up 225% year-over-year; full-year sales grew to SEK 7.3 million.

• Q4 operating loss was SEK -41.5 million; full-year operating loss was SEK -126.8 million.

• Q4 EPS after dilution: SEK -0.47; full-year EPS after dilution: SEK -2.14.

• Cash and cash equivalents at period end: SEK 79.4 million.

• Net operating cash flow for Q4 was -SEK 25 million, impacted by SEK 8 million in restructuring costs.

Outlook and guidance

• Aggressive sales growth required to reach break-even and become cash flow positive in the second half of 2025, with a lowered cost base post-restructuring.

• Majority of future revenues expected from the U.S., followed by pharma services, with Europe as a smaller contributor.

• Board is evaluating financing alternatives if warrants are not fully exercised.