Despite facing slower sales in the Academia and Diagnostics sectors, BICO saw a 5% organic growth in sales, reaching SEK 510 million for the quarter. The management highlighted the change in goodwill impairment testing methodology, resulting in retroactive adjustments for 2022 and 2023, and the addition of new executives.

North America and Europe displayed positive sales trends, while the Asian market remained challenging. The company also reported a negative cash flow from operating activities of SEK 17 million but maintained a robust cash reserve of SEK 796 million.

Key Takeaways

• BICO presented a net loss of SEK 29 million and negative adjusted EBITDA of SEK 9 million in Q1 2024.

• Sales reached SEK 510 million with 5% organic growth, despite slower sales in academia and diagnostics.

• Goodwill impairment testing methodology changed, affecting past financial statements.

• New executives added to the management team.

• North America and Europe saw positive sales, while Asia lagged behind.

• Cash reserves stood at SEK 796 million, with improved net working capital.

• Biosciences delivered strong sales, while bioprinting and bio-automation faced challenges.

• The company is implementing cost cuts and strengthening commercial organizations.

Company Outlook

• BICO is actively working on cost reductions and enhancing commercial teams in key business areas.

• The company remains cautious with a conservative five-year forecast for terminal value.

• Strategic review underway to evaluate the portfolio and focus R&D investments.

• No current plans to divest any assets.

• Investments made in expanding commercial capacities for SCIENION and Cellenion.

• Collaboration with Sartorius is gaining traction despite a soft Asian market.