EL7.AI
StocksMedium•11 November 2026•
3 min read

BICO Posts 20.2% Revenue Growth in Third Quarter as Profitability Improves

Key Facts

1Third-quarter revenue was SEK 465.2 million, up 20.2% year on year.
2Organic growth rose to 19.2% in the third quarter, from 12.3% a year earlier.
3Adjusted earnings before interest, taxes, depreciation and amortization were SEK 124.3 million, compared with SEK 17.0 million.
4The loss from continuing operations narrowed to SEK 220.4 million, from SEK 1,107.5 million a year earlier.

BICO reported third-quarter results on November 11, 2026, posting revenue of SEK 465.2 million, up 20.2% from the same period a year earlier, according to the company’s announcement published via MFN. The company said sales growth and profitability were supported by supply and licensing agreements it had previously announced with SCIENION. Revenue was SEK 386.9 million in the third quarter of 2025. Organic growth rose to 19.2% in the quarter, from 12.3% a year earlier. The results showed simultaneous improvement in sales and margins, while net income losses and negative operating cash flow continued.

Gross margin rose to 65.3%, compared with 55.0% in the third quarter of 2025. Adjusted earnings before interest, taxes, depreciation and amortization were SEK 124.3 million, compared with SEK 17.0 million a year earlier. The margin on these earnings widened to 26.7% from 4.4% in the year-earlier period. This operational improvement was a central feature of the quarter’s financial results, alongside revenue and organic growth. It also highlights the contrast between improved margins and higher adjusted earnings on one hand, and continued net losses and cash outflows from operating activities on the other.

The company’s net loss from continuing operations was SEK 220.4 million, compared with a loss of SEK 1,107.5 million in the third quarter of 2025. Diluted loss per share from continuing operations narrowed to SEK 3.12, from SEK 15.68 a year earlier. The comparison shows a year-on-year reduction in the net loss, but does not mean the result turned profitable, as continuing operations remained loss-making in the quarter. Operating cash flow was negative SEK 41.4 million, compared with negative SEK 31.5 million in the year-earlier period. Operating cash flow therefore remained negative and the outflow widened from a year earlier, despite improvements in sales and adjusted profitability metrics.

Describing the differing performance across its businesses, the company said small benchtop instruments and consumables continued to grow, while large-scale integrated lab automation projects continued to face challenges. BICO also said it wrote off the remaining goodwill and technology associated with Biosero. This places weakness in large projects alongside continued growth in instruments and consumables as part of the backdrop to the quarter’s results. The divergence is also linked to the company’s stated direction of redefining its areas of focus, while reducing its exposure to large-scale integrated lab automation projects. The available results statement did not substantiate a 25% share-price decline in the November 11 session or that results came in below expectations.

Chief Executive Anders Fogelberg said the company had launched its BICO 2030 strategy, explaining: "With the launch of the BICO 2030 strategy, we are increasing our focus on AI-powered precision biology." The strategy aims to increase focus on this field and reduce exposure to large-scale integrated lab automation projects. The shift comes amid the company’s challenges in those projects, alongside growth in small benchtop instruments and consumables. BICO scheduled an in-depth digital presentation of the strategy for November 25, 2026, at 09:00 Central European Time. The presentation is expected to provide further details on the company’s strategy.