BICO Group AB 559050-5052 (NASDAQ STOCKHOLM: BICO).
January-March 2024 (compared with January-March 2023)
- Net sales amounted to SEK 510.3m (488.7) which corresponds to an increase of 4.4% (increase of 11.5%) compared to the corresponding quarter previous year
- Organic sales growth for the quarter amounted to 4.7% (-1.1%). From Q1, BICO reports all organic growth figures in constant currency
- The gross margin amounted to 45.1% (51.5%). From Q1, BICO has changed to functional reporting and comparable numbers has been adjusted
- Adjusted EBITDA amounted to SEK -9.0m (26.1) corresponding to a margin of -1.8% (5.3%)
- EBITDA amounted to SEK -19.0m (15.7) corresponding to a margin of -3.7% (3.2%)
- Net profit/loss for the quarter from continuing operations amounted to SEK -29.2m (-76.5) corresponding to earnings per share from continuing operations before and after dilution of SEK -0.40 (-1.07)
- Cash flow from operating activities amounted to SEK -17.3m (60.4)
Q1 takeaways
- Mixed sales performance throughout the business areas, where Biosciences delivered strong sales growth
- Slower sales in Academia and Diagnostics
- As part of preparation before launching the updated strategy BICO performs a strategic review of the R&D roadmap and the Group's product portfolio
- Conclusions from whistleblower investigation communicated
Significant events after Q1
- Catharina Nordlund assumed office as Chief Human Resources Officer
- Anders Fogelberg appointed as Chief Commercial Officer (CCO)
- Announced changed method for impairment test of goodwill resulting in retroactive impairment of goodwill and other intangible assets for 2022 and 2023
BICO announced changed method for impairment test of goodwill which resulted in retroactive impairment of goodwill for 2022 and 2023
BICO has resolved on a retroactive impairment of goodwill and other intangible assets with an accumulated non-cash effect on EBIT in 2022 and 2023 of SEK -1,788m. The retroactive impairment of goodwill and other intangible assets and is non-cashflow affecting and will not negatively impact the P&L Q1 2024 figures. Full information is disclosed in this interim report, see note 1 and note 10.
Presentation for media and investors
A telephone conference, with the opportunity to ask questions, will be held later today, on May 7, 2024, at 10:00am CEST, at which President & CEO Maria Forss and CFO Jacob Thordenberg will present the interim 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:
https://ir.financialhearings.com/bico-q1-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.financialhearings.com/teleconference/?id=50048880
For further information, please contact:
Maria Forss, President & CEO, BICO Group AB
Phone: EA Isabella Lundin +46 73 515 99 64
E-mail: mf@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. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-05-07 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 46,000+ 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 12,000 publications.
Operating through three business areas - Bioprinting, Biosciences and Bioautomation - the BICO Group strives towards the long-term ambition of enabling the reduction of 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
