Biovica International AB

Biovica's capital structure is characterized by a high proportion of equity, with total equity of 96.64 million SEK and long-term debt of 7.83 million SEK, resulting in a debt-to-equity ratio of 0.08. The company maintains a strong liquidity position, with cash and equivalents of 79.41 million SEK and a current ratio of 3.11, indicating a robust ability to meet short-term obligations.

Profitability metrics are negative, with a return on equity of -40.91% and a return on assets of -30.08%. These figures are significantly below the industry median for biotechnology firms, which typically exhibit positive returns during growth phases. The company reported a net loss of 39.53 million SEK, driven by a substantial operating loss of 41.49 million SEK.

Geographically, Biovica's revenue is concentrated in a limited number of markets, with no detailed breakdown provided in the available data. The company's exposure to specific regions or customer segments is not disclosed, but its reliance on a narrow product portfolio increases vulnerability to market shifts.

Growth prospects are mixed. The company's current fiscal year revenue is 18.99 million SEK, with analyst estimates projecting a significant increase to 40 million SEK in the next fiscal year. However, the company's operating cash flow is negative at -114.57 million SEK, and free cash flow is also negative at -37.31 million SEK, indicating ongoing cash burn despite revenue growth.

Risk factors include the company's unprofitable operations and high cash burn rate, which could necessitate additional financing. The risk assessment indicates low dilution potential, but the company's liquidity risk is classified as low, supported by its strong cash reserves. No immediate filing-based liquidity or dilution flags were detected.

Recent events include the publication of financial results showing continued losses and a lack of positive earnings surprises. The company has not issued new shares recently, and there are no indications of upcoming equity offerings or material regulatory changes affecting its operations.

Revenue grew 42.7% annually over four years, demonstrating strong top-line expansion momentum for the biotechnology firm.

Free cash flow improved 31.6% year-over-year, indicating better cash generation efficiency despite ongoing operational losses.

Cash conversion ratio ranks best-in-class at 2.9, significantly outperforming the cohort median of 0.87.

Long-term debt decreased to 4.7 million SEK in 2025, reflecting a conservative balance sheet with low leverage.

Dilution, liquidity, and credit risks are all assessed as low, suggesting a stable financial risk profile.

The company posted a net loss of 87.6 million SEK in 2025, highlighting persistent unprofitability.

Net margin of -20.8% places the company in the bottom quartile of its biotechnology cohort.

Operating margin of -21.8% ranks in the bottom quartile, signaling severe inefficiency relative to peers.

Gross profit remains negative at -20.2 million SEK, indicating core operations do not cover direct costs.

Revenue kr 3.3M, +45,7% YoY; Operating income +19,9% YoY.

• ▍Revenue kr 3.3M, +45,7% YoY
• ▍Operating income +19,9% YoY
• ▍Net income +21,8% YoY
• ▍Free cash flow +23,9% YoY
• ▍Net margin -542.0%

Revenue kr 2.7M, +15,7% YoY; Operating income +24,2% YoY.

• ▍Revenue kr 2.7M, +15,7% YoY
• ▍Operating income +24,2% YoY
• ▍Net income +28,6% YoY
• ▍Free cash flow +31,8% YoY
• ▍Net margin -564.9%

Revenue kr 2.6M, +51,5% YoY; Operating income +17,9% YoY.

• ▍Revenue kr 2.6M, +51,5% YoY
• ▍Operating income +17,9% YoY
• ▍Net income +22,3% YoY
• ▍Free cash flow +23,1% YoY
• ▍Net margin -684.7%

Revenue kr 2.3M, +22,8% YoY; Operating income +51,0% YoY.

• ▍Revenue kr 2.3M, +22,8% YoY
• ▍Operating income +51,0% YoY
• ▍Net income +47,5% YoY
• ▍Free cash flow +49,9% YoY
• ▍Net margin -890.5%

Revenue kr 2.3M; Operating income -kr 22.2M.

• ▍Revenue kr 2.3M
• ▍Operating income -kr 22.2M
• ▍Net margin -1009.1%

Revenue kr 2.3M; Operating income -kr 19.8M.

• ▍Revenue kr 2.3M
• ▍Operating income -kr 19.8M
• ▍Net margin -914.9%

Revenue kr 1.7M; Operating income -kr 23.6M.

• ▍Revenue kr 1.7M
• ▍Operating income -kr 23.6M
• ▍Net margin -1335.4%

Revenue kr 1.9M; Operating income -kr 41.5M.

• ▍Revenue kr 1.9M
• ▍Operating income -kr 41.5M
• ▍Net margin -2081.7%

Revenue kr 8.6M, +18,2% YoY; Operating income +32,3% YoY.

• ▍Revenue kr 8.6M, +18,2% YoY
• ▍Operating income +32,3% YoY
• ▍Net income +29,8% YoY
• ▍Free cash flow +31,6% YoY
• ▍Net margin -1016.6%

Revenue kr 7.3M, +115,5% YoY; Operating income −14,8% YoY.

• ▍Revenue kr 7.3M, +115,5% YoY
• ▍Operating income −14,8% YoY
• ▍Net income −13,0% YoY
• ▍Free cash flow −10,0% YoY
• ▍Net margin -1712.2%

Revenue kr 3.4M, +65,4% YoY; Operating income −83,8% YoY.

• ▍Revenue kr 3.4M, +65,4% YoY
• ▍Operating income −83,8% YoY
• ▍Net income −84,2% YoY
• ▍Free cash flow −84,4% YoY
• ▍Net margin -3266.1%

Revenue kr 2.0M, −1,5% YoY; Operating income −49,6% YoY.

• ▍Revenue kr 2.0M, −1,5% YoY
• ▍Operating income −49,6% YoY
• ▍Net income −52,0% YoY
• ▍Free cash flow −54,4% YoY
• ▍Net margin -2934.1%