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Publication of BICO Group interim report April – June 2023

MAR

BICO Group AB 559050–5052 (NASDAQ STOCKHOLM: BICO).

April-June 2023 (compared with April-June 2022)

  • Net sales amounted to SEK 541.1m (537.6), which corresponds to an increase of 0.7% (83.4%) compared to the corresponding quarter previous year.
  • Organic sales growth for the quarter amounted to 0.5%, and 8.3% excluding covid-19 related sales in Ginolis (6.6% including Ginolis and 14.0% excluding Ginolis).
  • The gross margin amounted to 63.7% (73.0%). Excluding one-off inventory write-downs the gross margin amounted to 71.4%.
  • Adjusted EBITDA amounted to SEK -11.5m (11.1), corresponding to a margin of -2.1% (2.1) and SEK 11.8m (35.5) excluding covid-19 related sales in Ginolis corresponding to a margin of 2.2% (7.2%).
  • EBITDA amounted to SEK 66.0m (-62.9), corresponding to a margin of 12.2% (-11.7%).
  • Net profit/loss for the quarter amounted to SEK -898.4m (43.1), corresponding to earnings per share before and after dilution of SEK -12.73 (0.68). This was affected by goodwill impairment in Group companies as well as other non-cash flow one-off items.
  • Cash flow from operating activities amounted to SEK -47.7m (-115.4).

January-June 2023 (compared with January-June 2022)

  • Net sales amounted to SEK 1,041.8m (1,014.8), which corresponds to an increase of 2.7% (140%) compared to the corresponding period previous year.
  • Organic sales growth for the period amounted to 2.0%, and 9.2% excluding covid-19 related sales in Ginolis (20.5% including Ginolis and 26.3% excluding Ginolis).
  • The gross margin amounted to 66.9% (73.4%). Excluding one-off inventory write-downs, the gross margin amounted to 70.9%.
  • Adjusted EBITDA amounted to SEK -20.8m (17.1), corresponding to a margin of -2.0% (1.7) and SEK 40.5m (49.8) excluding covid-19 related sales in Ginolis corresponding to a margin of 3.9% (5.2%).
  • EBITDA amounted to SEK 43.5m (-82.3), corresponding to a margin of 4.2% (-8.1%)
  • Net profit/loss for the period amounted to SEK -1,016.8m (-0.4), corresponding to earnings per share before and after dilution of SEK -14.40 (0.00). This was affected by goodwill impairment in Group companies as well as other non-cash flow one-off items.
  • Cash flow from operating activities amounted to SEK 12.7m (-184.6).

“BICO delivered stable sales despite a slower market. In addition, we resolved on non-cash one-off items, which affects EBITDA and EBIT. The items mainly consist of goodwill impairment, predominantly due to increased WACC, write-down of assets and revised earn-out estimates. All in all, we continue our focus on transformation towards profitability and strengthening BICO’s financial position.”
Erik Gatenholm, President & CEO BICO Group AB

Q2 Key takeaways

  • Strong sales growth in business areas Bioprinting and Biosciences
  • Stable gross margin of 71.4% excluding effects of inventory write-down of SEK 42m.
  • Divestment of Berlin property for EUR 21m which will strengthen BICO’s financial position and is expected to generate a positive cash flow contribution in Q4 2023.
  • One-off non-cash flow items affecting EBIT and EBITDA, resulting in an effect on EBITDA of SEK 94m and an effect on EBIT of SEK -830m in Q2 2023.

Significant event after end of Q2

  • Maria Forss appointed new President and CEO of BICO.

Presentation for media and investors A telephone conference, with the opportunity to ask questions, will be held later today, on August 22, 2023 at 10:00am CEST, at which President & CEO Erik Gatenholm and CFO Jacob Thordenberg will present the Q2 report. The presentation will be given in English.

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

If you wish to participate via webcast, please use the link below: Via the webcast you can ask written questions.
https://ir.financialhearings.com/bico-q2-2023

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.financialhearings.com/teleconference/?id=200862

For further information, please contact:
Erik Gatenholm, President & CEO, BICO Group AB
Telephone US: +1 (650) 515-5566
Telephone Sweden: +46 73 267 00 00
E-mail: eg@bico.com

Jacob Thordenberg, Chief Financial Officer, BICO Group AB
Phone: +46 73 534 88 84
E-mail: jt@bico.com

This information is information that BICO Group is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-08-22 07:00 CEST.

For inquires related to the presentation or teleconference or if you wish to send questions to the speakers, please contact BICO Investor Relations.
Phone: +46 735 46 57 77
E-mail: ir@bico.com

About BICO
BICO is a leading provider of life science solutions and laboratory automation that enable more efficient development of new treatments with more specificity and less need for animal testing.

The company uses bioconvergence as its operating system, combining advanced technologies with biology to streamline and automate workflows within the pharmaceutical and biopharma industries.

With 32,000+ instruments installed in over 65 countries, BICO products and solutions are found in more than 3,500 laboratories, including the world’s top 20 pharmaceutical companies, and have been cited in over 11,000 publications.

Operating through three business areas – Bioprinting, Biosciences and Bioautomation – the BICO Group strives towards the long-term ambition of enabling the reduction the world’s organ shortage and speeding up drug development to create the future of life-saving treatments.

BICO is listed on Mid-Cap, Nasdaq Stockholm under BICO. www.bico.com

Attachments
Q2 2023 BICO ENG

Datum 2023-08-22, kl 07:00
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Q2 2023 BICO ENG
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