BICO Group AB (publ)

Q2 sales were SEK 336 million, up 7% organically in local currencies and up 4% in total due to currency headwinds. Adjusted EBITDA was SEK 20 million, equal to a 6% adjusted EBITDA margin, and EBITDA was SEK 60 million. Gross profit margin improved to 59% from 44% in Q2 last year, while operating expenses decreased 7% year over year. Cash flow from operating activities was negative SEK 53 million, and cash reserves at period end were SEK 628 million, of which SEK 57 million was restricted. Management also said a Scienion license agreement will contribute EUR 10.6 million of revenue in Q3, while cash will be invoiced annually going forward. Forward-looking commentary was limited: management expects the first half to be seasonally slower than the second half, sees gradual market recovery with continued softness in U.S. academia, expects the Lyon-to-Berlin restructuring to deliver NOK 30 million of annualized savings, and said the Q3 license revenue is noncancelable and will be recognized at a point in time.

Maria Forss said the company has moved through a transformation phase focused on commercialization, consolidation, and professionalization, and that BICO is now entering a new phase with more emphasis on execution, customer engagement, and sustainable profitable growth. She framed the CEO handover as orderly and low drama, and said she is confident Anders Fogelberg will continue the strategy while bringing an even sharper commercial focus. Anders said his immediate priorities are supporting customers, building the commercial engine, improving operational efficiency, and driving profitable growth.

Ewa Linsater highlighted the quarter’s financial improvement: SEK 336 million of sales, 7% organic growth, 4% total growth, SEK 20 million of adjusted EBITDA, and a 6% adjusted EBITDA margin. She said gross margin improved to 59% from 44% last year, helped by product mix and a higher share of direct sales, while operating expenses were down 7% year over year. She also pointed to cash flow from operations of negative SEK 53 million, driven by a negative SEK 54 million working-capital change, and said cash ended at SEK 628 million, including SEK 57 million restricted. On the restructuring side, she said the Lyon-to-Berlin project remains on track, the expected NOK 30 million of annualized savings is still fully achievable, and the impact should start in the second half.

Analysts focused heavily on the new Scienion license and supply agreement, asking about the customer, margin profile, cash flow, and whether similar deals could recur. Management said the agreement is a prolongation of earlier business, mainly a technology license and consumables relationship in the diagnostic business, and that the revenue recognition is EUR 10.6 million in Q3 under IFRS while cash will come in annually over time. Questions also centered on legacy lab automation projects and weak academic demand in the U.S.; management said some larger projects take longer than expected, several were completed in 2025 and more will be completed in 2026, while U.S. academic funding remains soft and especially hurts commodity-type instruments. On the CEO transition, management emphasized continuity, with Anders saying his focus will remain on the commercial engine and operational efficiency.