Slide 1: Q1 2024 Earnings Call
Q1 2024 EARNINGS CALL – 2024-05-07 MAY 7, 2024
Slide 2: Disclaimer
DISCLAIMER You must read the following before continuing. The fol- for publication, release or distribution in the United affect the extent to which a particular projection is real- lowing applies to this document and the information pro- States, the United Kingdom, Australia, Canada or Japan, ised.
Slide 3: Maria Forss, President and CEO / Jacob Thordenberg, CFO
MARIA FORSS/ PRESIDENT AND CEO JACOB THORDENBERG / CFO
Slide 4: Agenda
AGENDA MAY 7, 2024 Summary Q1, 2024 Market Development and Outlook Financial Performance Q1, 2024 Business Areas Q1, 2024 Q&A 3 4
Slide 5: Summary Q1, 2024
Summary 901, 2024
Slide 6: Organic growth while mixed sales performance impacted Q1 profitability
SUMMARY Q1, 2024 Organic growth while mixed sales 510 5 performance impacted Q1 profitability NET SALES ORGANIC GROWTH SEK m % Mixed sales performance throughout the business areas; where Biosciences delivered strong sales growth Slower sales in Academia and Diagnostics -9 -2 Strategic review of cur
Slide 7: Whistleblower report and investigation
SUMMARY Q1, 2024 Whistleblower report Whistleblower investigation • Conclusions from a whistleblower investigation communicated in March. • Three aspects should be underlined; • the whistleblower report refers to historical events, 2017-2021, • the report has not been able to show any criminal act a
Slide 8: BICO changes method for impairment test of goodwill
SUMMARY Q1, 2024 BICO changes method for impairment test of goodwill resulting in retroactive impairment of goodwill and other intangible assets • BICO has resolved to change method for impairment test of goodwill. This results in a retroactive impairment of goodwill and other intangible assets with
Slide 9: Retroactive impairment of goodwill and other intangible assets
SUMMARY Q1, 2024 BICO changes method for impairment test of goodwill resulting in retroactive impairment of goodwill and other intangible assets December 31, 2023 December 31, 2022 Previously reported Adjustment Adjusted reporting Previously reported Adjustment Previously reported BALANCE SHEET Inta
Slide 10: Strategic review: R&D projects and product portfolio
SUMMARY Q1, 2024 Whistleblower STRATEGIC REVIEW report Current R&D projects and the Group’s product portfolio • The Project Management Office (PMO) reviews current R&D projects across the Group. • R&D board established- review of key projects ensuring focused and customer insight driven R&D investme
Slide 11: Market Development and Outlook
Market Development and Outlook
Slide 12: Market development and sales per geography Q1 2024 vs Q1 2023
MARKET DEVELOPMENT AND OUTLOOK Market Development and sales per geography Q1 2024 vs. Q1 2023 North America Europe Asia 66% (52) 25% (28) 8% (19) Market development Rest of the world 1% (1) • The indications of slower business in the Academia and Diagnostic segments were continued during Q1 2024 • G
Slide 13: Financial Performance Q1 2024
Financial Performance Q1 2024
Slide 14: Financial Performance Q1 2024
FINANCIAL PERFORMANCE Q1 2024 JANUARY – MARCH 2024 510 5 NET SALES SEK m / ROLLING 12 MONTHS NET SALES ORGANIC GROWTH SEK m % -9 -19 ADJUSTED EBITDA EBITDA SEK m SEK m 45 -29 GROSS MARGIN % NET PROFIT/LOSS SEK m Services Consumables Net sales excluding consumables and services Share of product reven
Slide 15: Sales Development (SEKm)
FINANCIAL PERFORMANCE Sales Development (SEKm) • Mixed sales performance from our business areas, where Biosciences delivered strong sales levels. SEK m 4% 700 • Historically Q1 seasonally normally a 637 seasonally weak quarter, and this was 600 588 not an exception for the Bioprinting and 537 Bioau
Slide 16: Adjusted EBITDA (SEKm) and Margin (%)
FINANCIAL PERFORMANCE Adjusted EBITDA (SEKm) and Margin (%) SEK m % 100 20 80 • Softer business in Bioprinting and 16% 15 Bioautomation, primarily CELLINK 14% and SCIENION had a negative impact. 60 94 10 • The strong sales from Biosciences 86 compensated to a certain extent. 40 5% • Staying on cours
Slide 17: Comment on Cash Flow, Working Capital and Financial Position
FINANCIAL PERFORMANCE Comment on Cash Flow, JANUARY- Working Capital and Financial MARCH 2024 Position CASH FLOW FROM OPERATING ACTIVITIES Cash flow from operating activities for Q1 amounted to SEK -17m -17 • • This includes a positive effect from changes in working capital of SEK 27m SEK m • Operat
Slide 18: Development in Net Working Capital between Q1 2023 and Q1 2024
FINANCIAL PERFORMANCE Development in Net Working Capital between Q1 2023 and Q1 2024 SEKm • Between Q1 2023 and Q1 2024, NWC decreased from SEK 608m 1,400 40.0% to SEK 463m 33.1% • Main drivers for this development WC Liabilities include; 1,050 30.0% 26.6% 26.8% o Account receivables improved 23.5%
Slide 19: Business Areas Q1 2024
Business Areas Q1 2024
Slide 20: Bioprinting
BUSINESS AREAS Bioprinting JANUARY – MARCH 2024 113 -21 NET SALES ORGANIC GROWTH SEK m % -21 -19 ADJUSTED EBITDA ADJUSTED EBITDA SEK m MARGIN % 20
Slide 21: Biosciences
BUSINESS AREAS Biosciences JANUARY – MARCH 2024 313 36 NET SALES ORGANIC GROWTH SEK m % 35 11 ADJUSTED EBITDA ADJUSTED EBITDA SEK m MARGIN % 21 21
Slide 22: Bioautomation
BUSINESS AREAS Bioautomation JANUARY – MARCH 2024 84 -27 NET SALES ORGANIC GROWTH SEK m % 6 8 ADJUSTED EBITDA ADJUSTED EBITDA SEK m MARGIN % 22
Slide 23: Q&A
Q&A 23 2024-05-07
Slide 24: Join the Revolution
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Slide 25: Financial Calendar and Contact details
Financial Calendar MAY 20, 2024 Contact details Annual General Meeting 2024 MARIA FORSS, CEO AND PRESIDENT JACOB THORDENBERG, CFO AUGUST 20, 2024 BICO GROUP AB Phone: +46 73 534 88 84 Interim Report Q2, 2024 E-mail: jt@bico.com Phone: EA Isabella Lundin, +46 735 15 99 64 SEPTEMBER 2024 E-mail: mf@bi
Slide 26: 2024-05-07
2024-05-07