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Maria Vara
  • Maria Vara

BICO: Profitability gains and debt reduction amid persistent growth ch...

BICO closed Q4 2024 with strong profitability gains and a strengthened balance sheet, despite continued revenue challenges. Margin expansion and cost controls drove EBITDA growth, while a SEK394m convertible bond buyback reduced debt ahead of its 2026 maturity. However, soft demand in capital equip

Maria Vara
  • Maria Vara

BICO: navigating soft Q3 2024 demand with strategic focus

BICO reported Q3 2024 results showing continued profitability across all business segments, though overall sales and margins were affected by ongoing market challenges. Net sales declined by 15.7% YoY to SEK495.5m, with organic growth contracting by 12.6%. Gross margin improved slightly to 53.1% (5

Maria Vara
  • Maria Vara

BICO: optimises capital with SEK118m convertible bond buyback

Friday post-market, BICO announced the repurchased of SEK118m of its SEK1.5bn senior unsecured convertible bonds, originally issued in March 2021, at 83.63% of nominal value, amounting to SEK98.68m (excluding accrued interest). The buyback, enabled by the company’s liquidity position, reflects BICO

Maria Vara
  • Maria Vara

BICO: divests Nanoscribe for EUR26m in line with BICO 2.0 Strategy

BICO has agreed to sell Nanoscribe to LAB14 GmbH for an equity value of EUR26m (SEK294m), with the transaction set to close in Q4 2024. We are pleased to see the company executing the BICO 2.0 strategy shared during CMD 2024, which designates Nanoscribe as non-core due to its primary focus outside

Maria Vara
  • Maria Vara

BICO: CMD takeaways, a new vision amid tough market

Yesterday, BICO held a Capital Markets Day (CMD) where the new top executive management team provided an in-depth view of the renewed BICO 2.0 strategy. Aware of the Life Science (LS) Tools and Bioconvergence post-pandemic tough market conditions, the company's new vision focuses on Lab Automation

Maria Vara
  • Maria Vara

BICO: Q2 results show first signs of profitability, CMD in Sept

BICO has reported Q2 2024 results indicating a certain positive trend on profitability development with all segments reporting EBITDA positive for the first time despite sales remaining flatish. Net sales amounted to SEK 534m implying 5% QoQ growth yet a decrease of 1.3% YoY. The Biosciences segmen

Maria Vara
  • Maria Vara

BICO: profitability impacted by mixed sales in Q1 2024; CMD in Septemb...

BICO has reported Q1 2024 net sales amounting to SEK 510.3m (+2% vs. css) implying 4.4% YoY growth and organic growth of 4.7% (-1.1%). The Biosciences segment outperformed with net sales showing 36.3% organic growth to SEK 310m (SEK 230m), while Bioprinting and Bioautomation fell short of expectati

Maria Vara ... (+2)
  • Maria Vara
  • Oscar Haffen Lamm

Coverage update

Given team and strategy changes, Oscar Haffen Lamm is now assuming coverage of Medincell, Camurus, Valneva, Aelis Pharma, Abivax, Calliditas, Egetis Therapeutics, Basilea, Geneuro, Achilles, Valerio, Innate Pharma, Morphosys, Inventiva Pharma, Vicore, DBV Technologies, and Genfit.Maria Vara is now

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Terminating coverage

ABGSC terminates coverage of BICO HOLD is our final recommendation SEK 35 is our final target price

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - No light at the end of the tunnel yet

Improvement efforts not yet effective, Q2 FCF SEK -268m ’23e-‘24e EBITDA cut 10-6% on Bioautomation weakness Balance sheet and FCF trajectory still a concern: HOLD

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Weak cash flow in full Q2 report

EBITDA in line with prel, FCF -268m (ABGSCe -146m) Consensus to lower their cash flow expectations Expect share to be weak today

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Financial concerns, down to HOLD

PW for Q2 and a credit provision for 2021 sales Uncertainty regarding true demand and growth Balance sheet concerning, with weak FCF development

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - A clear path forward

New segment improves visibility on profitability Addressing outstanding issues, share remains depressed Limited estimate changes, keep BUY and TP SEK 210

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Improving visibity on margins

In line with prel. Q1 and small improvement to cash flow New segment reporting with underlying EBITDA margin We see some relief in the share today; cc. at 09.00 CET

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Show me the money

Sudden CFO departure has worsened market confidence Promising adj. EBITDA margin in preliminary Q1 figures ... but more is required to restore confidence

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Prelimenary Q1 figures: business as usual

Sales 477m, adj. EBITDA 6m - reduces uncertainty Slightly better than cons, true expectations likely lower Profitability and transparency important going forward

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Share plummets on CFO leaving

Effective immediately, three weeks ahead of Q1 report Significant uncertainty from timing and lack of information Market left to speculate; stock down -35%

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Looking to demonstrate profitability in 2022

Better sales and EBITDA margin in Q4 Profitability is a key priority near-term Small estimate revisions, keep BUY and TP of SEK 430

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

BICO Group - Better sales and breakeven EBITDA

Better orgnaic growth at 25% (ABGSCe 17%) Cons ‘22e EBITDA down 3-5% Expectations were lower – Share to hold up today

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