BICO Group’s shares jumped 13.07% in pre-market trading after the Swedish biotech company reported stronger-than-expected Q2 2026 financial results, with gross margin expanding to 59% from 44% a year earlier.
The company, formerly known as Cellink AB, posted SEK 336 million in sales, reflecting 7% organic growth in local currencies and a 4% total increase despite currency headwinds. Adjusted EBITDA rose to SEK 20 million, while the adjusted EBITDA margin reached 6%, a significant improvement from a negative 2.6% in Q2 2025. Reported EBITDA totaled SEK 60 million. Operating expenses declined 7% year-over-year, and the company recorded a SEK 4.5 million restructuring provision related to its U.S. project business.
Cash reserves stood at SEK 628 million, including SEK 57 million in restricted funds, though operating cash flow remained negative at SEK 53 million due to a SEK 54 million net working capital reduction. Net working capital now represents 10% of trailing 12-month sales, down from 27%, with management expecting a normalization toward 20% over time.
CEO Maria Forss highlighted progress in restructuring efforts, noting the company’s transition from a net debt position of SEK 877 million to a net cash position of SEK 207 million during her tenure. The consolidation of R&D operations from Lyon to Berlin is projected to yield annualized savings of SEK 30 million, with benefits expected in the second half of the year.
Product performance showed strength, with consumables revenue growing 10% year-over-year. New product launches included the G.PURE Gen 2 for automated DNA purification and Confluency AI, an AI-driven cell analysis tool integrated into the company’s Rebel and Revolve systems. Additionally, BICO secured a 10-year license and supply agreement with SCIENION, valued at approximately 50 million euros over the term, with license revenue recognized in Q3 under IFRS rules.
The company’s financial turnaround follows broader industry challenges, including therapy development timelines exceeding 10 years and costs ranging from $2 billion to $4 billion, with a Phase I approval probability of just 10%.
