BICO

Strengthened profitability in a challenging market environment and further reduced debt

“We finished the year with strengthened profitability and operational cash flow in a continued challenging and uncertain market environment. Thanks to lower operating expenditures and seasonal effects we generated an adjusted EBITDA margin of 25%, a 12-percentage point improvement from the corresponding quarter last year. In addition, BICO has continued to reduce the convertible debt, on the back of a strong cash position, by further bond-buy backs. Our focus for 2025 is to continue to execute on the BICO 2.0 strategy, with commercial initiatives being one of our top priorities”, says Maria Forss, President and CEO, BICO Group AB.

October-December 2024 (compared with October-December 2023)

• Net sales amounted to SEK 570.8m (570.1) which corresponds to an increase of 0.1% compared to the corresponding quarter previous year
• Organic sales growth for the quarter amounted to −0.3% (−1.9%). From Q1 2024, BICO reports all organic growth figures in constant currency
• The gross margin amounted to 57.5% (49.3%). From Q1 2024, BICO has changed to functional reporting and comparable numbers have been adjusted
• Adjusted EBITDA amounted to SEK 142.0m (74.1) corresponding to a margin of 24.9% (13.0%)
• EBITDA amounted to SEK 122.0m (83.5) corresponding to a margin of 21.4% (14.6%)
• Net profit/loss for the quarter from continuing operations amounted to SEK 257.9m (−478.4) corresponding to earnings per share from continuing operations after dilution of SEK 3.53 (−6.77)
• Cash flow from operating activities amounted to SEK 181.6m (162.0)

January-December 2024 (compared with January-December 2023)

• Net sales amounted to SEK 1,946.3m (2,010.4) which corresponds to a decrease of −3.2% compared to the corresponding period previous year
• Organic sales growth for the period amounted to −2.8% (0.9%). From Q1 2024, BICO reports all organic growth figures in constant currency
• The gross margin amounted to 51.8% (49.4%). From Q1 2024, BICO has changed to functional reporting and comparable numbers have been adjusted
• Adjusted EBITDA amounted to SEK 196.7m (170.7) corresponding to a margin of 10.1% (8.5%)
• EBITDA amounted to SEK 155.7m (310.7) corresponding to a margin of 8.0% (15.5%)
• Net profit/loss for the period from continuing operations amounted to SEK −93.7m (−788.7) corresponding to earnings per share from continuing operations after dilution of SEK −1.28 (−11.16)
• Cash flow from operating activities amounted to SEK 158.4m (178.4)
• The Board of Directors proposes no dividend for 2024

Q4 2024 takeaways

• Sales levels on par with Q4 2023 despite mixed business area performance
• Significant improvements in profitability and adjusted EBITDA margin of 25% (an increase of 12 percentage units compared to Q4 2023)
• Ended 2024 with a strong cash position of SEK 946m (deducting for the most recent buy back, cash amounted to SEK 699m, all else equal)
• Nanoscribe divested in November 2024 and treated as discontinued operations from Q4 2024
• BICO completed a repurchase of convertible bonds to a nominal value of SEK 118m in November 2024
• CELLINK announced further right-sizing and launched a sharpened commercial agenda in November 2024

Significant events after Q4 2024

• BICO completed a repurchase of convertible bonds to a nominal value of SEK 276m in February 2025

Presentation for media and investors
A telephone conference, with the opportunity to ask questions, will be held later today, on February 19, 2025, at 10:00am CET, at which President & CEO Maria Forss and CFO Jacob Thordenberg will present the Year-end report.

The presentation will be available on BICO’s website from 09:00am CET.
https://bico.com/investors/

If you wish to participate via webcast, please use the link below:
https://bico.events.inderes.com/bico-q4-report-2024

If you wish to participate via teleconference, please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://conference.inderes.com/teleconference/?id=5002685