July-September 2023 (compared with July-September 2022)

• Net sales amounted to SEK 587.2m (550.6), which corresponds to an increase of 6.6% (74.5) compared to the corresponding quarter previous year.
• Organic sales growth for the quarter amounted to 6.6% and 16.3% excluding covid-19 related sales in Ginolis (27.8% including Ginolis and 29.6% excluding Ginolis).
• The gross margin amounted to 69.2% (76.5).
• Adjusted EBITDA amounted to SEK 69.2m (18.1), corresponding to a margin of 11.8% (3.3) and SEK 97.1m (17.8) excluding covid-19 related sales in Ginolis corresponding to a margin of 16.6% (3.5).
• EBITDA amounted to SEK 64.2m (1.8), corresponding to a margin of 10.9% (0.3) and SEK 92.3m (3.3) excluding covid-19 related sales in Ginolis corresponding to a margin of 15.8% (0.7).
• Net profit/loss for the quarter amounted to SEK -70.2m (66.5), corresponding to earnings per share before and after dilution of SEK -1.00 (1.04).
• Cash flow from operating activities amounted to SEK 3.6m (-15.6).

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

• Net sales amounted to SEK 1,629.0m (1,565.4), which corresponds to an increase of 4.0% (112.1) compared to the corresponding period previous year.
• Organic sales growth for the period amounted to 3.6% and 11.7% excluding covid-19 related sales in Ginolis (23.6% including Ginolis and 27.7% excluding Ginolis).
• The gross margin amounted to 67.7% (74.5%).
• Adjusted EBITDA amounted to SEK 49.7m (35.3), corresponding to a margin of 3.1% (2.3) and SEK 137.9m (67.6) excluding covid-19 related sales in Ginolis corresponding to a margin of 8.6% (4.7).
• EBITDA amounted to SEK 107.7m (-80.6), corresponding to a margin of 6.6% (-5.1) and SEK 271.6m (-43.4) excluding covid-19 related sales in Ginolis corresponding to a margin of 16.9% (-3.0).
• Net profit/loss for the period amounted to SEK -1,087.0m (66.1), corresponding to earnings per share before and after dilution of SEK -15.40 (1.04).
• Cash flow from operating activities amounted to SEK 16.4m (-200.3).

“BICO managed to deliver sales growth, despite a softer market. Cost control focus, right sizing and seasonal volume effect resulting in higher operational efficiency contributed with improved profitability.” 
Erik Gatenholm, President & CEO BICO Group AB

Q3 takeaways

• Continued stable sales levels despite a softer market.
• Improved profitability and EBITDA.

Significant events after Q3

• Ginolis divested on November 10, 2023.
• Maria Forss will assume office as BICO’s new CEO and President on November 20, 2023.

Presentation for media and investors
A telephone conference, with the opportunity to ask questions, will be held later today, on November 14, 2023, at 10:00am CET, at which President & CEO Erik Gatenholm and CFO Jacob Thordenberg will present the interim report. The presentation will be given in English.

Information about presentation and webcast
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:
Via the webcast you can ask written questions.
https://ir.financialhearings.com/bico-q3-2023

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=5004608