Biovica International (BIOVIC) Q4 23/24 earnings summary

Executive summary

• Q4 and full-year sales grew strongly, with Q4 sales up 225% year-over-year and full-year sales reaching SEK 7.3 million, though below the SEK 10 million target.

• Significant momentum in the U.S. market, with patient numbers and ordering institutions increasing, and pharma services expanding through new master service agreements.

• Cost reduction and restructuring program implemented, reducing headcount by 10 and targeting SEK 30 million in annual savings, with SEK 8 million in restructuring costs booked in Q4.

• Clinical traction increased with new trials, positive results presented at ASCO, and patent portfolio expansion for immunotherapies.

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

Financial highlights

• Q4 net sales were SEK 1.9 million, up 225% year-over-year; full-year net sales reached SEK 7.3 million, up 115% from the prior year.

• U.S. IVD Q4 sales were SEK 423,000, with full-year U.S. IVD sales at SEK 788,000.

• Pharma services revenue grew 79% year-over-year, with Q4 sales at SEK 1.4 million and work order book at SEK 11.6 million.

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

• Cash position at year-end was SEK 79.4 million, down from SEK 114 million at the start of the year.

Outlook and guidance

• Aggressive sales growth and cost savings are required to reach cash flow positivity in the second half of 2025, with CDx development revenues included in the plan.

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

• Limited additional investments required for scaling operations in the next 24–36 months.

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