Slide 1: Q3 2024 Earnings Call
Q3 2024 EARNINGS CALL – 2024-11-26 TUESDAY NOVEMBER 26, 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 3
Slide 4: Agenda
AGENDA TUESDAY NOVEMBER 26, 2024 Summary Q3 2024 Market Development Financial Performance Q3, 2024 Business Areas Q3, 2024 Strategic Priorities, Strategic Agenda, and Financial Targets Q&A 44 3
Slide 5: Summary Q3 2024
Summary Q3 2024 5
Slide 6: Updated Strategy Launched during CMD, Mid-September
Updated Strategy Launched during CMD, Mid-September • New vision and mission launched RECORDINGS • Strategic initiatives and financial AVAILABLE ON targets reiterated BICO.COM OR • Commercial excellence, which is our VIA THE QR-CODE key priority, has been reinforced with five focus areas • New busin
Slide 7: Summary Q3, 2024
SUMMARY Q3, 2024 Summary Q3 2024 496 -13 Soft market for instruments sales primarily in Academia & Research and Diagnostics segments due to Capex constraints and NET SALES ORGANIC GROWTH SEK m % fewer project starts in Lab Automation, hampered Q3 sales All business areas EBITDA positive during the q
Slide 8: Event after the end of the Quarter: Divestment of Nanoscribe
Q3 SUMMARY Event after the end of the Quarter: Divestment of Nanoscribe Nanoscribe • Producer of hardware equipment used in the microfabrication segment with customers mainly outside life science SEKm LTM Q3 2024 Net sales 230 Gross profit margin, % 54% Adjusted EBITDA margin, % 12% Net working capi
Slide 9: Event after the end of the Quarter: Divestment of Nanoscribe
Q3 SUMMARY Event after the end of the Quarter: Divestment of Nanoscribe Divestment • Enterprise value, cash and debt free basis, of EUR 28.6m (SEK 323m) • Following net debt and working capital adjustments, the equity value amounts to EUR 26m (SEK 294m) • The divestment is in line with the updated s
Slide 10: Event after the end of the Quarter: Convertible Bonds
Q3 SUMMARY Event after the end of the Quarter: Convertible Bonds • In March 2021, BICO issued convertible bonds with a total nominal amount of SEK 1.5bn • On November 22, 2024, BICO repurchased convertible bonds with a total nominal amount of SEK 118m at a purchase price of 83.6 percent of the conve
Slide 11: Event after the end of the Quarter: Further right-sizing in CELLINK
Q3 SUMMARY Event after the end of the Quarter: Announced further right-sizing and launched sharpened commercial agenda in CELLINK • Yesterday we announced a plan for long-term stability and profitability • This entails further right-sizing and a sharpened commercial agenda to achieve a sustainable c
Slide 12: Market Development
Market Development 12
Slide 13: Market Development and sales per geography Q3 2024 vs. Q3 2023
MARKET DEVELOPMENT Market Development and sales per geography Q3 2024 vs. Q3 2023 North Asia America Europe 6% (18) 53% (56) 37% (26) Rest of the world 4% (0) Market Development • The market environment continues to be challenging and uncertain with regards to demand as well as macro-economic and ge
Slide 14: Financial Performance Q3 2024
Financial Performance Q3 2024 14
Slide 15: Q3 2024 Financial Performance July–September 2024
Q3 2024 FINANCIAL PERFORMANCE JULY – SEPTEMBER 2024 NET SALES 496 -13 SEK m / ROLLING 12 MONTHS NET SALES ORGANIC GROWTH SEK m % 40 37 ADJUSTED EBITDA SEK m EBITDA SEK m 53 -248 NET PROFIT/LOSS GROSS MARGIN SEK m % Consumables & Lab Automation Instruments Services Projects Consumables & Services, pe
Slide 16: Sales Development (SEKm)
FINANCIAL PERFORMANCE Sales Development (SEKm) SEK m -13%* • In Q3 sales amounted to SEK 496m, 700 corresponding to a negative organic 637 growth of 13 percent compared to a 600 588 strong corresponding quarter last year 534 510 496 500 • Soft market for instruments sales primarily in Academia & Res
Slide 17: Adjusted EBITDA (SEKm) and Margin (%)
FINANCIAL PERFORMANCE Adjusted EBITDA (SEKm) and Margin (%) SEK m % 100 20 • All business areas were profitable in the quarter and adjusted EBITDA 80 16% amounted to SEK 40m, corresponding 15 14% to a margin of 8 percent for Q3, 2024 94 60 • The margin drop of 8 percentage units 86 86 9% 10 can be e
Slide 18: Comment on Cash Flow, Working Capital and Financial Position
FINANCIAL PERFORMANCE Comment on Cash Flow, Working Capital and Financial JULY-SEPTEMBER 2024 Position CASH FLOW FROM OPERATING ACTIVITIES • Cash flow from operating activities for Q3 amounted to SEK 45m 45 • This includes a positive effect from changes in working SEK m capital of SEK 33m • Operatin
Slide 19: Development in Net Working Capital between Q3 2023 and Q3 2024
FINANCIAL PERFORMANCE Development in Net Working Capital between Q3 2023 and Q3 2024* SEKm • Between Q3 2023 and Q3 2024, 1,400 40.0% NWC decreased from SEK 550m to SEK 456m 1,050 30.0% • Main drivers for this development include: 24.2% 21.1% 22.9% 20.9% • WC Liabilities decreased by 700 20.4% 20.0%
Slide 20: Business Areas Q3 2024
Business Areas Q3 2024 20
Slide 21: Former Business Area structure
BUSINESS AREAS Former Business Area structure BIOPRINTING BIOSCIENCES BIOAUTOMATION 21
Slide 22: New Business Area structure
BUSINESS AREAS New Business Area structure LIFE SCIENCE LAB AUTOMATION BIOPRINTING SOLUTIONS 22
Slide 23: Lab Automation
BUSINESS AREAS Lab Automation JULY – SEPTEMBER 2024 101 -25 NET SALES ORGANIC GROWTH SEK m % 7 7 ADJUSTED EBITDA ADJUSTED EBITDA SEK m MARGIN % 23
Slide 24: Lab Automation
BUSINESS AREAS Lab Automation JANUARY – SEPTEMBER 2024 449 26 NET SALES ORGANIC GROWTH SEK m % 74 16 ADJUSTED EBITDA ADJUSTED EBITDA SEK m MARGIN % 24
Slide 25: Life Science Solutions
BUSINESS AREAS Life Science Solutions JULY – SEPTEMBER 2024 238 -12 NET SALES ORGANIC GROWTH SEK m % 30 13 ADJUSTED EBITDA ADJUSTED EBITDA SEK m MARGIN % 25
Slide 26: Bioprinting
BUSINESS AREAS Bioprinting JULY – SEPTEMBER 2024 159 -3 NET SALES ORGANIC GROWTH SEK m % 24 15 ADJUSTED EBITDA ADJUSTED EBITDA SEK m MARGIN % 26
Slide 27: Strategic Priorities, Strategic Agenda, and Financial Targets
Strategic Priorities, Strategic Agenda, and Financial Targets 27
Slide 28: Four Strategic Priorities
STRATEGIC PRIORITIES Four Strategic Priorities LAUNCHED Q4 2023 AND REITERATED DURING CMD 2024: 1. Drive commercial excellence 2. Strategic review 3. Invest in people & culture 4. Continue operational excellence initiatives 28
Slide 29: Lab Automation and Selected Workflows are the Cornerstones in BICO's Offering
Lab Automation and Selected Workflows are the Cornerstones in BICO’s Offering Instruments Consumables Bioprinting Lab Automation and selected workflows Services Data, AI and software 29
Slide 30: BICO Vision and Strategic Agenda
BICO Vision and Strategic Agenda BICO ENABLES AND AUTOMATES Vision THE LIFE SCIENCE LAB OF THE FUTURE Mission Be the first-choice lab automation partner and provider of selected workflows to pharma and biotech Enable end-to-end Further develop Ensure regulatory Provide scientific Increase Strategic
Slide 31: Q&A 2024-11-26
Q&A 31 2024-11-26
Slide 32: BICO Financial Calendar 2024-2025
FINANCIAL CALENDAR BICO Financial Calendar 2024-2025 • Year-end report 2024: February 19, 2025, 7am CET • Annual Report 2024: March 20, 2025, during the day • Q1 report 2025: April 29, 2025, 7am CEST • Annual General Meeting 2025: May 6, 2025. Time to be confirmed in Notice to AGM • Q2 report 2025:
Slide 33: 2024-11-26
2024-11-26
Slide 34: Contact Details
Contact Details MARIA FORSS, CEO AND PRESIDENT JACOB THORDENBERG, CFO BICO GROUP AB Phone: +46 73 534 88 84 Phone: EA Isabella Lundin, +46 735 15 99 64 E-mail: jt@bico.com E-mail: mf@bico.com BICO enables and automates the life science lab of the future BICO is a lab automation partner and provider
Slide 35: 2024-11-26
2024-11-26