Hey there, community ✌️

Today I’d like to introduce you to another candidate from my watchlist. Yesterday, $LGND (-2,11%) it was the royalty sector’s turn; today we’re focusing on medical technology! 🩺

For that, we’re turning our attention to Japan 🇯🇵 today, and I’ll be introducing you to the “mastermind” behind the medtech sector.

At the request of @PikaPika0105 , I put this presentation together on the fly and will try to sell this stock to him—and maybe one or two of you—today. 😏😂

Let’s go! 🚀

🧬 Asahi Intecc $7747 (+3,2%) : The invisible mastermind behind global surgery

Asahi Intecc $7747 (+3,2%) is not a conventional medical technology company that markets directly to patients. It is the global technological monopolist in the field of ultra-fine wire technology. While other companies sell catheters or stents under their own brand names, Asahi supplies the critical, irreplaceable “inner workings” for these products. Its proprietary manufacturing process allows it to bend wires as thin as a human hair while enabling absolute control (torque transmission)—this is the “high-fidelity connection” between the surgeon and the surgical site.

1. The Business Model: The Triad of Wire Dominance 🔬⚙️📈

Asahi controls the entire process of minimally invasive surgery through three pillars:

Core Technology (Only-One Manufacturing): Asahi masters the integration of metal and polymer technologies at the microscopic level. They don’t just produce wire; they engineer precision of movement. In cardiology, their guidewires are the global gold standard—when a surgeon clears a complicated blockage, they reach for Asahi almost without hesitation.

The OEM software layer (partnerships): The largest medtech giants (Boston Scientific $BSX (+0,02%) , Medtronic $MDT (+1,78%) , Edwards Lifesciences $EW (+0,78%) are not competitors, but paying partners. They rely on Asahi’s precision components to make their own catheter systems marketable in the first place. Asahi $7747 (+3,2%) is thus “embedded” in every major medtech ecosystem.

Global Expansion & Vertical Integration: Asahi $7747 (+3,2%) is aggressively expanding into its own end products (complete catheter systems) to capture the margins previously held by intermediaries. By focusing on robotic surgery and neurovascular procedures, the company is securing access to the fastest-growing fields in medicine.

2. Key Figures (Q3 2026 / FY2026) 📊

Market Capitalization: approx. 890–900 billion JPY (listed on the TSE Prime Market).

Revenue growth: Structural organic growth of 11–14% p.a. (in local currency), driven by demographic changes and the global shift from open surgery to minimally invasive procedures.

Gross margin:
Strong at ~67–70%. A phenomenal figure for a hardware manufacturer, underscoring its extreme pricing power due to its “only-one” technology.

Operating profitability: The operating margin remains consistently in the range of 22–25%. Asahi continues to consistently reinvest significant funds in R&D and capacity expansion (e.g., plants in Thailand and Vietnam) to keep imitators at bay.

Balance Sheet Strength: A flawless net-cash company (net debt/EBITDA ~ -0.4x). No significant debt risks, massive liquidity buffers. Growth is financed organically from operating cash flow.

3. Why is the stock exciting?

🚀1. Its “hidden champion” status: The market often underestimates the fact that Asahi is not just a standard supplier, but a systemically critical partner to the entire global surgical industry. Every minimally invasive surgery is a potential source of revenue for Asahi.

🚀2. Scaling & Capacity Expansion: The new production facilities in Thailand and Vietnam are increasingly coming online. Economies of scale are supporting the gross margin despite global cost pressures.

🚀3. Robotics as a Future Technology: Asahi is gearing up for robot-assisted surgery. As robots replace the surgeon’s hand, the demand for even more precise, sensor-equipped wire technology will rise—precisely Asahi’s area of expertise.

🚀4. Demographics as an Irrefutable Tailwind: The world’s aging population requires more cardiological, vascular, and neurovascular procedures. This is secular growth that remains virtually unaffected by recessions.

4. Risks ⚠️

❗️Currency risks (JPY): As a Japanese exporter (>70% of revenue generated abroad), currency fluctuations (particularly EUR/JPY and USD/JPY) cause apparent fluctuations in the figures upon conversion.

❗️Valuation at current levels: At exchange rates around ~3,689 JPY (P/E ratio ~32x), short-term growth is already largely priced in. The margin of safety relative to the base-case fair value (~2,850 JPY) has narrowed.

❗️Regulation: Delays in approval processes for new medical devices worldwide (FDA/MDR) can occasionally extend the time-to-market for new innovations.

🎯 EARNINGS PREP: ASAHI INTECC $7747 (+3,2%)

Date: Thursday, August 13 / Friday, August 14, 2026 (Official IR slot: 3:30 p.m. Tokyo local time)

Reporting Period: Q4 & Full Year FY2026 (Fiscal year-end: June 30, 2026)

since the stock price is at ~3,689 JPY is trading near its all-time high and the bar is set high.

1. 📊 EXPECTATIONS

Since these are the full-year results (FY2026) including the new guidance for FY2027, the market is scrutinizing them extremely closely:

Consensus revenue (Q4): ~34.7 billion JPY

Consensus EPS (Q4): ~17.3 JPY

Full-Year Revenue FY2026: Target is ~136–138 billion JPY (~14–15% YoY growth)

FY2027 Guidance: Crucial for the stock’s performance. The market expects further double-digit earnings growth (>12%) for FY2027.

My personal conclusion & Reaper Bonus 🧐

Asahi Intecc $7747 (+3,2%) is, in my view, one of the most exciting examples of how a company can build a real moat in a small niche often overlooked by the general public. Not a speculative tech stock, but a highly profitable medtech powerhouse with tremendous technological expertise.

Earnings are due next week, and I’m firmly convinced that $7747 (+3,2%) it will once again deliver strong results and blow expectations out of the water. 🔥

💀Jack’s Verdict:

“Forget short-term hype. Asahi Intecc is the kind of stock you hold in your portfolio and watch mature over the years. They provide the tools without which modern cardiology would simply grind to a halt—regardless of whether Medtronic, Boston Scientific, or Edwards ultimately comes out on top. The balance sheet is rock-solid. The only downside right now: The market has rediscovered the stock’s quality and driven the price up to nearly ¥3,700. No reason for panic for existing investors, but anyone looking to buy now should wait patiently for market noise toward the ¥2,850 to ¥3,000range.”

Reaper Rating: 🟡 HOLD / ACCUMULATE ON DIPs

DIP-BUYING RANGE: ¥2,800–¥3,000

Reaper Score:
7.5 / 10
(Quality remains at 9/10; the score is temporarily capped at ~3,689 JPY due to the valuation).

@Get_Rich_or_Die_Tryin
@Tenbagger2024
@PikaPika0105
@Multibagger
@Raketentoni And of course, everyone else ✌️

Have a great weekend, everyone 🫶

Hello everyone, I have had Medtronic $MDT (+1,78%) in my portfolio for a long time and it's just bobbing along. But what is happening now (with announcement) could be a significant turning point.

It's not just that they are taking their diabetes division (MiniMed) public (the announcement was officially published yesterday). This is just the most visible part of a radical strategy that CEO Geoff Martha has been implementing since he took over. He is doing exactly what General Electric has done so successfully - he is filleting the colossus so that the real gems can finally shine.

The MiniMed IPO and the sale of the lame "Respiratory" division (ventilation) are making the portfolio cleaner.

Medtronic is already going on the attack against Intuitiv Surgical with the Hugo system.

Anyone who thinks that Medtronic's Hugo system is only good for "small things" is mistaken. Hugo is modular. While Intuitive Surgical's da Vinci is a solid block, Hugo consists of four flexible individual arms. This is a huge advantage for clinics in terms of logistics and costs. Medtronic can use its market power to put together packages of robotics, pacemakers and suture material that a pure robotics specialist simply cannot match in terms of price. This is the lever that will really cost Intuitive Surgical market share.

The MiniMed spin-off is not about hardware, but about software. The SmartGuard algorithm is the real spearhead. Together with the new Simpler Sync sensor (finally without the hassle of stitching and gluing!), they deliver the complete "artificial pancreas" from a single source. While the competition (Tandem/Dexcom) is always dependent on partners, MiniMed controls the entire system. This is a moat that many still underestimate.

Geoff Martha is now delivering what he promised: He is freeing the growth machines from the ballast of the old divisions.

Medtronic is becoming a highly profitable cash machine for cardiac medicine and robotics (with stable dividends!). And Minimed will become the pure tech bet for all those who believe in automated diabetes cures.

I am delighted that the implementation is actually taking shape. As an idea, you can look at General Electric, for example, and see how the split has led to massively higher individual valuations.

It's getting exciting 🤑🤞🏼

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What should investors look for when it comes to buying the best dividend stocks for 2025?

At Morningstar, we believe that the best dividend stocks are not simply the stocks with the highest dividends or the stocks with the best dividend yields. We recommend that investors look beyond a stock's yield and short-term performance and instead consider stocks with sustainable dividends and buy them when they are undervalued.

"As tempting as they may be, the most attractive returns on the stock market are often illusory," explains Dan Lefkovitz, strategist at Morningstar Indexes. "High dividend yields are often found in risky sectors, industries and companies." Therefore, such high dividend yields are not always sustainable.

David Harrell, the publisher of Morningstar DividendInvestor, empfiehlt,to focus on companies with management teams that support their dividend strategy and to favor companies with competitive advantages or wirtschaftlichen Burggräben to be preferred.

"An economic moat rating is obviously no guarantee of dividends, but we have found some very strong correlations between economic moats and dividend consistency," says Harrell.

Investors looking for good dividend stocks might consider adding undervalued quality dividend stocks to their portfolio.

10 best US dividend stocks to buy

To find the best U.S. dividend stocks, we turn to the Morningstar Dividend Yield Focus Index. The dividend stocks on this list are among the top stocks in the index and were trading in the 4- and 5-star range as of June 13, 2025.

Merck MRK

Coca-Cola KO

PepsiCo PEP

ConocoPhillips COP

Medtronic MDT

Mondelez Global MDLZ

EOG Resources EOG

SLB SLB

Kimberly-Clark KMB

Colgate-Palmolive CL

Below you will find a brief description of the individual low-cost dividend stocks as well as some important Morningstar key figures. All data is valid until October 10, 2025.

Merck

• Morningstar rating: 4 stars
• Morningstar Economic Moat Rating: High
• Morningstar Uncertainty Rating: Medium
• Expected dividend yield: 3.77
• Sector: Pharmaceuticals - General

Merck tops our list of best dividend stocks with a share price 23% below our estimated fair value of $111 per share. Merck continues to see weak demand for its HPV vaccine Gardasil in China, which has dampened revenues this year. Nevertheless, we believe Merck shares are undervalued. The company's balance sheet is solid and low risk. We expect stable future dividends, supported by a payout ratio of nearly 50% of adjusted earnings per share, according to Morningstar Director Karen Andersen.

Coca-Cola

• Morningstar rating: 4 stars
• Morningstar Economic Moat Rating: Broad
• Morningstar Uncertainty Rating: Low
• Expected dividend yield: 3.04
• Sector: Beverages - non-alcoholic

Coca-Cola is the first Dividendenaristokrat on our list of this month's best dividend stocks. Dividend aristocrats are companies that have increased their dividends for at least 25 consecutive years. The company's impressive brand portfolio, pricing power and relationships with retailers underpin its high Economic Moat rating, says Morningstar analyst Dan Su. We expect the dividend payment to increase in line with earnings growth over the next ten years, with the dividend payout ratio likely to stabilize above 60%, Su adds. We estimate the value of Coca-Cola shares at USD 72.

PepsiCo

• Morningstar rating: 4 stars
• Morningstar Economic Moat Rating: Broad
• Morningstar Uncertainty Rating: Low
• Expected dividend yield: 3.79
• Sector: Beverages - non-alcoholic

Pepsi is the second Dividend Aristocrat on this month's list of best dividend stocks to buy. We estimate the value of the Pepsi-Aktie at $164 and the shares are trading 8% below this value. Despite short-term headwinds due to consumer austerity, we believe Pepsi continues to be able to strengthen its competitive position in beverages and snacks through marketing and product initiatives, reports Morningstar's Su. Over the next decade, we expect Pepsi's payout ratio to remain in the low 70% range on average and its dividend payment to grow in the mid-single digits annually, Su said.

ConocoPhillips

• Morningstar Rating: 4 stars
• Morningstar Economic Moat Rating: Low
• Morningstar Uncertainty Rating: High
• Expected dividend yield: 3.56
• Sector: Oil and Gas E&P

ConocoPhillips is the first energy stock on our list of best dividend stocks and is currently trading 19% below our estimated fair value of $108. Morningstar analyst Adam Baker points out that the company has been making large acquisitions at favorable prices without burdening the balance sheet. ConocoPhillips ties cash returns to cash flow and has committed to returning 30% of operating cash flow to shareholders, keeping dividend growth moderate but committing excess cash to buybacks and a variable dividend each year.

Medtronic

• Morningstar Rating: 4 stars
• Morningstar Economic Moat Rating: Low
• Morningstar Uncertainty Rating: Medium
• Expected dividend yield: 2.98
• Sector: Medical devices

Medtronic stock is one of the best dividend stocks and is currently trading 15% below our estimated fair value of $112. The largest pure-play medical device manufacturer is an important partner for its hospital customers thanks to its diversified product portfolio for a variety of chronic conditions, explains Morningstar Senior Equity Analyst Debbie Wang. The company aims to distribute at least 50% of its annual free cash flow to shareholders, but has been in the 60% to 70% range in recent years, Wang said. Medtronic is also a dividend aristocrat.

Mondelez Global

• Morningstar rating: 4 stars
• Morningstar Economic Moat Rating: Broad
• Morningstar Uncertainty Rating: Low
• Expected dividend yield: 3.25%
• Sector: Confectionery manufacturer

Mondelez International is one of the five Unternehmen mit breitem Burggraben on our list of the best dividend stocks to buy. "Mondelez has worked tirelessly to further simplify its operations by streamlining its supplier base, divesting unprofitable brands, and continuing to modernize its manufacturing facilities," argues Morningstar Director Erin Lash. We forecast that the company will increase its dividend on average in the high single digits through fiscal 2034. We estimate the value of this top dividend stock at USD 75, and the shares are trading 18% below this value.

EOG Resources

• Morningstar Rating: 4 stars
• Morningstar Economic Moat Rating: Low
• Morningstar Uncertainty Rating: Medium
• Expected dividend yield: 3.78
• Sector: Oil and gas production

EOG Resources returns to our list of the best dividend stocks to buy this month. This top dividend stock is trading 21% below our estimated fair value of USD 137. The company aims to return 70% of free cash flow to shareholders via dividends and share buybacks. "Unlike some peers that buy back shares at top valuations when they have ample cash, EOG also returns cash via special dividends," says Morningstar Director Josh Aguilar. EOG's balance sheet is strong, and the company should have no trouble meeting its fixed and variablen Dividenden cover its fixed and floating rate debt.

SLB

• Morningstar rating: 4 stars
• Morningstar Economic Moat Rating: Low
• Morningstar Uncertainty Rating: High
• Expected dividend yield: 3.59
• Sector: Oil and gas equipment and services

SLB, the last energy stock on our list of best dividend stocks, is trading 37% below our estimated fair value of $50. SLB is the world's leading oilfield services company by market share and has built a narrow economic moat based on its cost advantages and intangible assets. Morningstar's Aguilar calls the company's distributions "shareholder friendly" and we expect management to continue to return more than half of free cash flow to shareholders in the form of dividends or buybacks.

Kimberly-Clark

• Morningstar rating: 4 stars
• Morningstar Economic Moat Rating: Low
• Morningstar uncertainty rating: Medium
• Expected dividend yield: 4.22%
• Sector: Household and personal care products

Kimberly-Clark is the highest yielding stock on our list of best dividend stocks to invest in and is currently trading 15% below our estimated fair value of $140. The company's portfolio of well-known hygiene and tissue brands, including Huggies, Depend and Kleenex, generates significant excess cash, according to Morningstar's Lash. Lash's long-term outlook calls for mid-single-digit annual dividend growth. Kimberly-Clark is also a dividend aristocrat.

Colgate-Palmolive

• Morningstar Rating: 4 stars
• Morningstar Economic Moat Rating: Broad
• Morningstar Uncertainty Rating: Low
• Expected dividend yield: 2.67
• Sector: Household and personal care products

Colgate-Palmolive rounds out our list of best dividend stocks and is also a dividend aristocrat. The Colgate brand's solid intangible assets and cost advantages underpin the company's broad economic moat, says Morningstar's Lash. Over the next 10 years, we expect average annual dividend growth in the high single digits with a payout ratio of 55% to 60%, she adds.

Source

https://global.morningstar.com/de/aktien/die-10-besten-us-dividendenaktien?utm_source=eloqua&utm_medium=email&utm_campaign=Germany_Weekly&utm_content=None_68561&utm_id=35646

$ISRG (+0,35%)
$PATH (+1,6%)
$RR

Here is an exciting overview, for me the most attractive in terms of growth/potential of the stocks I know $RR
$PATH (+1,6%) also $ISRG (+0,35%) I would perhaps add to the portfolio again in the event of a correction. However, there are some stocks I don't know either.

What do you think are the most exciting stocks on the list, where should we perhaps take a closer look?

$AMZN (-0,59%)
$MSFT (+0,54%)
$NVDA (-1,98%)
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$GOOG (-1,57%)
$RIO (-0,43%)
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$INTC (-4,15%)
$PLTR (-2,9%)
$IRBT
$SYK (-1,42%)
$MDT (+1,78%)
$LMT (-0,9%)
$DPRO (-1,34%)

$MDT (+1,78%)

After 4 long years of stagnation and share price decline, I have decided to sell Medtronic and further expand my portfolio in line with my preferences.

To this end, I have reduced my positions

In Shell $SHEL (+1,22%) , Carrier Global $CARR (-0,57%) , Total Energies $TTE (+1,67%) and Nike $NKE (+0,5%) expanded.

With Nike I have now also reached my desired size 😁

There is currently only one single share in the standing order and that is Carrier Global.the standing order on the Vanguard FTSE all-world remains unchanged.

I still intend to $SHEL (+1,22%) , $TTE (+1,67%) , $XYL (+0,61%) , $ECL (+0,52%) and $LIN (+1,08%) to expand.

I am always open to comments and suggestions for improvement 😁

🧬 BICO
$BICO (+1,47%) has been on my watchlist since my early days on getquin.

In 2021, the company was on everyone's lips, celebrated as the company of the future in bioprinting.

But what followed was a classic hype cycle: the share price rose rapidly, was cheered by quite a few "finfluencers" and then plummeted just as sharply.

Many people got their fingers burnt back then. What remains is the image of an overvalued tech fantasy, fueled by empty promises and loud voices without substance.

And yet: The company has remained. So has the vision, and in recent months a lot seems to have changed structurally.

Today, more than 80 % below its all-time high, the question arises anew:

Is BICO simply an overrated stock market experiment...

... or is the current valuation realistic for the first time and BICO on the way to translating its technological substance into a genuine business model?

Over the past few weeks, I have been taking a closer look at the company's structure, history and current developments, including the latest figures [1] and the earnings call [2] from 29.04.25.

In this article, I share my collected insights, thoughts and assessments for those who also have the company on their watchlist.

As always:
No investment advice. I don't want to contribute to more burnt fingers, but to encourage reflection.

Have fun!

BICO Group AB (formerly CELLINK) is a Swedish life science company founded in 2016.

The original innovation: a biocompatible ink for 3D printing of living cells, a small revolution in research.

Today, BICO stands for a big goal: Bioconvergence.

This means merging biology, technology, software and automation to make research, diagnostics and drug development faster, cheaper and more efficient.

What is the vision and how does BICO make money?

The vision: The laboratory of the future. Automated, networked, efficient with AI, robotics and bioprinting.

This is how BICO earns money today:

• Bioprinting3D printing of living cells & tissue (CELLINK) read more...

• Diagnostic solutions & microdosing (SCIENION)

• Lab AutomationFully automated workflows through software such as Green Button Go® (Biosero)

• Consumables & services for laboratories and research facilities

Share of Sales 2024:

Excursus
Bioprinting:

BICO was with CELLINK was one of the first suppliers worldwide to offer bioprinters plus matching "bioinks" commercially.

The basic idea:

• A 3D printer (e.g. the CELLINK BIO X6) prints cells in layers, similar to how a normal 3D printer layers plastic.
• Instead of plastic, a special "ink" is used: Bioink.

Bioink and what it is made of:

Bioink is a gel-like substance that is mixed with living cells. It contains, for example:

• Alginate (from algae)
• gelatine
• collagen
• hyaluronic acid
• Cell nutrient solutions

This matrix keeps the cells alive and makes it possible to print biologically active structures, e.g. tissue samples, tumor models or skin structures.

Is this already being done today or is it all future?

Yes, it is being done, but not clinically.

Bioprinting is currently being used, for example:

• Cell models for drug testing (in research & at pharmaceutical companies)
• printing tumor tissue to better test therapies
• Tissue samples used for toxicology tests (e.g. skin, cartilage, blood vessels)

What is not yet possible:

• Complete organs (hearts, livers, kidneys) for transplants

Because...

• Organs are extremely complex (blood vessels, nerves, functions)
• Currently lack the ability to keep them alive in the long term
• This is also a huge step in regulatory terms

🔮 Future potential: unrealistic or groundbreaking

If bioprinting really breaks through in medicine, we will be talking about one of the biggest breakthroughs of the 21st century:

• organs on demand (no donor needed)
• personalized medicine
• Animal-free drug development

RealisticFirst functional organs could be available in 10 -20 years clinically relevant, but first in small pilot studies or animal models.

Are there any research results or publications on this?

Yes, BICO (especially CELLINK) is a regular co-author or technology partner in publications.

Especially in areas such as:

• Tumor models
• tissue modeling
• biocompatibility
• Skin and cartilage models

Several universities and research institutions use the BIO X printers, including for example MIT and Harvard

Trusted partners:

• Sartorius$SRT (+0,33%) (has taken over MatTek/Visikol, remains cooperation partner)
• AstraZeneca $AZN (+0,27%)
• Pfizer $PFE (+0,15%) (individual case studies)
• Top 20 pharmaceutical companies with Biosero projects (Lab Automation)
• Research centers worldwide
• Cooperation with Sartorius in the APAC region (e.g. Japan, South Korea)

Digression Conclusion

Bioprinting sounds like science fiction and yes, it is a long way from everyday transplantation. But in research and diagnostics it is real, applicable and in demand.

• BICO is not selling promises for the future, but tools that are used in leading laboratories today. The big leap is yet to come, but the foundations have been laid.

__________

History in brief From bioink to platform

• 2016: Founded as CELLINK, the first bioink worldwide

• 2020: Renamed BICO (for Bio Convergence)

• 2021-202315+ acquisitions (including SCIENION, Biosero, MatTek)

• 2024-2025: Streamlining of the structure (sales to Sartorius), withdrawal from non-strategic areas

• 2025: Focus on automation, diagnostics and bioprinting with a clear industry orientation

New CEO since 2024: Maria Forss

• PredecessorErik Gatenholm (co-founder & CEO for many years)

• Change: Gatenholm stepped down in fall 2023, Maria Forss officially became CEO in January 2024

Maria Forss brings decades of experience from leading life science companies:

At Vitrolife (2018 - 2023), she led global expansion and M&A projects, including the billion-euro deal with Igenomix. Prior to that (2014 - 2018), she was at Elekta (radiotherapy, oncology) where she was responsible for global marketing and product strategies.

She started her career at AstraZenecawhere she gained international experience in sales, regulatory affairs and market launch. There she learned what makes large pharmaceutical companies tick, particularly in terms of approval, market launch and regulatory navigation

She is an expert in:

• Business Development
• transformation & strategy
• international expansion

The retirement of founder Gatenholm points to a clear change in strategy, away from visionary, growth-driven development and towards cost control, profitability and integration.

In the Earnings Call Q1 2025 Forss emphasizes several times:

"We have implemented a new operational structure, are harmonizing global functions and are focusing on efficiency and selected growth areas."

📊 Q1 2025 in figures and what's really behind it (Caution currency: Swedish krona, 1 SEK ~ 0.10 USD)

• TurnoverSEK 389 million (-17 %)
• Organic growth: -19 %
• EBITDASEK -12 million
• Cash flow from operating activitiesSEK +77 million
• Net lossSEK -235 million
• Cash positionSEK 684 million
• Convertible bondSEK 1.1 bn outstanding (maturity: March 2026)

Supplement:

Q1 is seasonally weak as many customers (especially in research) do not make large investments at the beginning of the year. At the same time, Q4 was strong, which pulled sales forward.

Comparison of the three previous segments (Q1 2025)

With a view to organic growth:

👩‍🔬 Life Science Solutions:

• SalesSEK 191 million
• Organic growth: +4 % 👀
• ApplicationsDiagnostics, cell research, microdosing

🧬 Bioprinting:

• Sales105 million SEK
• Organic growth: +41 % 👀
• Applications: 3D cell printing, bioinks, in-vitro models

🔬Lab Automation:

• SalesSEK 94 million
• Organic growth: - 58 %
• ApplicationsAutomation of complete laboratory processes

What do the individual divisions do?

👩‍🔬 Life Science Solutions:

This is where BICO develops laboratory technologies for diagnostics and cell research, such as devices for high-precision dosing of tiny quantities of liquids, consumables and special analysis platforms.

Examples:

Cancer diagnostics:

• SCIENION devices help to precisely apply tumor markers to test chips, the basis for modern blood tests for early detection.

Allergy tests:

• Using microdosing technology, mini test fields are loaded with allergens to create personalized skin or blood tests.

Genetic testing & DNA analysis:

• Systems from BICO precisely dose minute amounts of liquid onto gene chips, which then analyze intolerances or genetic risk factors, for example.

Point-of-care diagnostics:

• Production of compact rapid test cartridges (e.g. for influenza, RSV, bacterial infections) for home use or the doctor's surgery.

🧬 Bioprinting (see excursus above)

• BICO sells 3D printers for living cells (e.g. from CELLINK) and bioinks, i.e. cell carrier gels for printing tissue.

• ApplicationResearch, drug testing, animal-free toxicology

🔬 Lab automation

This is about the complete automation of laboratories, e.g. robots that create cell cultures, carry out analyses or coordinate samples. Everything is controlled centrally via the Green Button Go® software from Biosero.

💰 How profitable is BICO currently?

BICO is not yet profitable in the traditional sense, as EBIT (operating result) was clearly negative at SEK -290 million in 2024.

However, the operating cash flow a completely different picture: this was 2024 positive at SEK +259 million, as well as in Q1 2025 at +77 MSEK.

This means that BICO is now earning money in its core business, meaning that liquidity is flowing into the company.

The EBIT is still burdened by high depreciation and amortization on earlier acquisitions, research expenditure and, in some cases, one-off restructuring costs.

Conclusion
up to here:

BICO is not yet "through", but the path to operational profitability is recognizable. The company is heading in the right direction, now it depends on whether it can stabilize its operating base and continue to scale its high-margin business areas.

🤝 Business divisions & restructuring (from Q2 2025)

BICO previously operated in 3 segments:

• Bioprinting (e.g. CELLINK)

• Life Science Solutions (e.g. SCIENION)

• Lab Automation (e.g. Biosero)

New from Q2 2025:

Only two divisions, as Bioprinting will be integrated into "Life Science Solutions". Why?

Because CELLINK & Co. are now closely interlinked with diagnostics and consumables. The new setup is intended to increase efficiency, leverage synergies and simplify reporting.

📊 Classification of the figures and why Lab Automation is not growing, even though it is strategically so important

Bioprinting & Life Science Solutions show positive organic growth, while Lab Automationthe third-largest division, shrank massively (-58%).

Automation in particular is one of the main growth drivers in the bioconvergence strategy.

Explanation according to earnings call:

Q1 2024 (PY) was an upward outlier:

• An exceptionally large order from Biosero was booked at that time (project business).
• This effect distorts the basis for comparison, which exaggerates the decline in 2025.

Fewer project starts and completions in Q1 2025:

• Projects in Lab Automation are not distributed linearly, but are completed in phases
• There were simply fewer completed milestones in Q1 = less sales.

Macro-related reluctance on the part of major customers (pharma):

• Investment decisions were delayed, not canceled.

According to CEO Maria Forss:

"The underlying demand for Lab Automation continues to be strong."

"Project cycles are longer - but demand from pharma remains intact."

Project business is naturally volatile:

• Lab Automation is not recurring, but order-based.
• This leads to strong quarterly fluctuations - even with a stable order backlog.

BICO's strategic response

Standardization of project packages:

• Shorter durations, modular solutions to cushion order fluctuations

Strengthening project management:

• To better control time delays and resource commitment

Focus on pharmaceutical customers:

• Cooperation with "Top 20 Pharma Companies" is being expanded, geographically flexible (USA, EU, Asia)

➡️ The decline in sales in Lab Automation looks dramatic, but is primarily due to timing and not a structural problem.

BICO is responding with strategic adjustments to its product portfolio and points to continued strong demand, only with longer lead times.

For investors, this means that the decline is unfavorable but explainable, not alarming

Further statements from the earnings call

CEO Maria Forss:

"Despite a decline in sales, Life Science Solutions and Bioprinting are showing positive development. Our strategy adjustment is taking effect."

• Bioprinting is booming: +41 % organic, CELLINK +130 % (on a low basis)

• SCIENION stabilizes Diagnostics: Miniaturization & home testing drive demand

• USA weakness in research: Reluctance to invest among academic customers due to uncertain NIH funding

• Tariffs & macro volatility: BICO has shifted production out of China, flexed supply chain

• Divestments: MatTek & Visikol sold, enables net cash position in Q2 2025

Why is bioprinting booming right now?

• New regulatory trends: FDA allows animal testing alternatives
• Increasing demand for in-vitro tissue models
• International expansion (e.g. India, Asia)
• Favorable product mix (bioinks, consumables)

Excursus in-vitro tissue models:

"In vitro" means: outside the living body, e.g. in a petri dish, on a chip or in a laboratory device.

Tissue models are replicated biological structures that resemble real human (or animal) tissue.

Example:

A skin tissue printed with cells that is used for cosmetic or drug tests, without animal testing.

What's the point?

• Safety & efficacy tests (e.g. for drugs, chemicals)
• Disease models (e.g. tumor tissue for cancer research)
• Personalized medicine (tissue from own cells)

In vitro tissue models are an ethically and scientifically attractive alternative to animal testing and BICO supplies the printing technology for this, among other things.

Is BICO a unique company in bioprinting?

No, but one of the pioneers with a broad portfolio.

There are competitors such as Allevi, Aspect Biosystems and Organovo, but BICO combines hardware, software and services under one roof - a strategic advantage.

Where does the market currently stand and what does the future look like?

• The market for bioconvergence is still young, provocatively speaking perhaps comparable to the cloud in 2010
• Applications such as automated laboratories, in-vitro models and AI-supported diagnostics are in their infancy
• Long-term demand is enormous for personalized medicine, increased efficiency and ethics (e.g. avoidance of animal testing)

Possible future scenarios

1 . BICO becomes a global playerBICO continues to grow, automates laboratories worldwide

2 . BICO becomes a takeover candidate: Groups such as Sartorius $SRT (+0,33%) , Danaher $DHR (+0,48%) or Thermo Fisher $TMO (-0,39%) could strike

3 . BICO remains niche leader: Focused on profitable segments with high innovation density

Risks & critical voices

• Unprofitable: No sustainable EBIT coverage yet
• Convertible bond (SEK 1.1bn, equivalent to USD 114m): Maturity 2026, repayment depends on cash flow & divestments
• Risk of dilution if convertible bond is serviced via shares
• Strong dependence on projects -> sales fluctuations
• Competitive pressure from large corporations

The topic of the convertible bond has made me sit up and take notice again; here are some more deep dives:

What's the deal with BICO's convertible bonds until 2026?

Convertible bonds are a kind of hybrid between a bond and a share. They work like this:

• Investors lend money to BICO (e.g. SEK 1,000)
• BICO pays interest in return

At the end of the term (March 2026), investors receive either:

• the money back
• or can convert the bond into shares - depending on the agreed price

The whole thing is attractive for companies because they:

• only have to pay interest at first, no return of capital
• and can often offer a lower interest rate because the conversion option is attractive

What this means in concrete terms:

• BICO originally had convertible bonds with a volume of over SEK 1.5 billion
• SEK 394 million have already been repurchased in 2024 & 2025
• Currently open (as of Q1 2025): SEK 1.106 billion (114.5 million USD)
• Maturity date: March 2026

Why is this an issue for investors

1 . Repayment or dilution:

If BICO cannot repay the amount, new shares must be issued, this is called dilution because your stake in the company decreases.

2 . Cash flow burden:

If BICO wants to repay the amount from its own resources, it needs a lot of liquidity, which can slow down other investments.

3 . Refinancing risk:

If the market is weak in 2025/26, refinancing could become expensive or not possible at all.

What is the current situation?

Positive:

• BICO currently has SEK 684m in cash (USD 71m)
• The sale of MatTek & Visikol will put BICO in a net cash position in Q2 2025

• Target: Early extinguishment of convertible bond 2026

Statement on financing / repayment

CFO Jacob Thornberg said:

"The closing of the divestment of MatTek and Visikol for USD 80 million is expected to take place during Q2 2025 [...]

The proceeds from the transaction will be used to resolve the outstanding convertible bond, which matures in March 2026."

Translated:

The entire proceeds from the sale of MatTek & Visikol to Sartorius (USD 80 million) are earmarked for the repayment of the convertible bond.

Management's assessment of the financial position:

"We expect to move into a net cash position during Q2 2025."

This means:

• After the transaction, BICO will have more cash and cash equivalents than debt
• These funds should enable repayment in 2026 without further dilution

Assessment: How credible is this?

Positive:

• BICO shows clear plan: repayment of convertible bond is top priority
• Cash position Q1: SEK 684m
• Sale of MatTek & Visikol: approx. SEK 870m (converted)

-> Repayment can be financed if no new setback occurs

But:

• The operating business is not yet making a stable contribution to financing
• New investments or declining sales could jeopardize the plan
• Market environment remains volatile (interest rates, project delays, etc.)

➡️ Management is actively pursuing the plan to redeem the convertible bond in full before maturity in 2026 without dilution.

The sale of MatTek & Visikol has freed up concrete capital for this.

The direction is right, but BICO remains a risky stock with operational debt.

More on profitability:

In the Q1 2025 Earnings Call BICO's management did not give a specific date for break-even or profitability

... which is typical for growth companies with highly volatile project business.

What was said instead?

On profitability in Q1 itself:

EBITDA was negative (SEK -12m), but:

"Adjusted EBITDA was in line with Q1 2024 due to the positive development in Life Science Solutions and Bioprinting."

-> Improvement due to mix effects and operational measures

• The positive margins from Q4 2024 could not be maintained, mainly due to Lab Automation weakness.

Long-term statements?

No specific annual figure or guidance on profitability. But:

"We have launched a new operating model [...] to achieve improved commercial as well as operational efficiencies."

"We will continue to optimize our cost base and drive efficiency through integration."

Interpretation:

• Management is actively working on profitability

The focus is on the short term:

• Cash flow
• Efficiency gains
• Segment focus

Butunfortunately no clear words like: "We plan to be profitable in 2025 or 2026." 😬

Will BICO be the company that prints organs, or is it more likely to be taken over?

Technologically, BICO is very well positioned today when it comes to bioprinting infrastructure:

• Hardware (BIO X printers)
• Bioinks (cell-compatible inks)
• Software & automation
• Worldwide customer base

ButPrinting fully functional organs for clinical applications is a gigantic leap, not only technologically, but also in regulatory, medical and logistical terms. This is what is needed:

• billions in long-term capital
• Clinical studies over many years
• integration into healthcare systems and transplant networks

These are competencies that are more common in corporations like Johnson & Johnson $JJ, Medtronic $MDT (+1,78%) , GE Healthcare $GEHC (+1,74%)
, Siemens Healthineers $SHL (+1,02%) or Thermo Fisher $TMO not a smaller platform provider like BICO.

Which is more likely?

1 . BICO remains the "toolmaker" of the bioprinting world:

Just like ASML for semiconductors or Illumina for genomics, but without building drugs/organs itself.

2 . BICO will be taken over when the topic becomes clinically concrete:

For example, when the first major organ projects enter the clinical phase, it is likely that a giant will strike to secure access to the technology.

3 . BICO remains an enabler, but not the final provider of clinical bioprinted organs

When organs are actually printed, will BICO become the global market leader?

🏷️ Unlikely.

➡️ More realistic is that BICO becomes one of the key technology suppliers or is taken over by one of the big players beforehand.

This can still be highly attractive for investors. After all, whoever supplies technology will be needed, regardless of who ends up operating on the patient.

Should we now focus on BICO or rather on a large corporation with bioprinting potential? 🤔

1 . Buy BICO for speculative returns

Pros:

• Favorable valuation after the "crash/hype" (more than 80 % below all-time high)
• One of the technology leaders in bioprinting
• Strategic focus, efficiency program, divestments, clear direction
• Enabler position in a highly scalable future market
• Possible takeover candidate = extra share price potential

Contra:

• Not yet profitable, operational risks exist
• Market for organs is still many years away
• Capital structure (convertible bond) is a medium-term uncertainty factor
• If large investors fail to materialize, BICO could be technologically overtaken

2 . Alternatively: back a large corporation for more stability

Which big players have the potential to drive bioprinting forward (or take over BICO)?

Sartorius

• Already has close cooperation with BICO (and acquired MatTek/Visikol)
• Focus on cell biology, diagnostics & laboratory automation
• Strong in APAC region and with biotech customers

-> Best-case candidate for takeover or joint venture

Thermo Fisher Scientific

• Global leader in laboratory equipment, genomics, diagnostics
• Great financial strength, active M&A strategy
• So far, however, more focused on classic diagnostics

-> Comes into play when bioprinting is more closely integrated into pharmaceutical production

Danaher

• Parent company of brands such as Cytiva and Beckman Coulter
• Very active in diagnostics and research technology
• M&A-driven, high margin focus

-> Could strike when the market matures, but rather late and strategically

3D Systems / Stratasys

• Directly active in 3D printing
• Have already acquired bioprinting units (e.g. Allevi)
• Fluctuating in strategy & implementation

-> Riskier than classic medtechs, but a direct bioprinting play

Personal classification: substance or science fiction on credit?

What makes more strategic sense? Which investment is "the right one"?

• High potential return and very high risk tolerance: Then BICO

• Takeover speculation: Then BICO or e.g. Sartorius

• Stable yield and dividend: Then Sartorius, Dabaher or Thermo Fisher

• Bet on "market leader of the future": Then wait and see, today there is no clear bioprinting world leader

OR

Combination strategy:

I invest a small position in BICO as a "moonshot", combine this with a solid underlying position in Sartorius or Thermo Fisher and cover the technology and protect the capital if BICO fails.

The two underlying positions mentioned can of course also represent a global ETF.

My personal assessment of BICO currently fluctuates between cautious optimism and realistic doubt.

On the one hand, I see a clear technological lead and a strategy that, unlike a year or two ago, now appears more well thought-out and focused. Partnerships with established players such as Sartorius also give me the feeling that BICO is not operating alone in a vacuum.

On the other hand, the operational foundation is still shaky. Profitability has not been achieved and the issue of the 2026 convertible bond hangs over the company.

Without sufficient cash flow or fresh capital, the ambitious vision could stumble, and despite all the enthusiasm for bioprinting and automation, we should always be aware of this.

BICO is not a stock for quiet nights, but for visionaries with patience it may be a ticket to the future of medicine.

I am currently waiting for an entry opportunity with a good feeling. The goal could be a portfolio share of up to approx. 3-4%, which then remains in place and is reduced in the future through portfolio growth without selling.

Thanks for reading! 🤝

______________

Sources:

[1] https://storage.mfn.se/5a3030c0-d13b-4177-80d0-94da59c7302d/bico-q1-2025-eng.pdf

[2] https://bico.events.inderes.com/q1-report-2025/register

/ https://web.quartr.com/link/companies/4484/events/247443/transcript?targetTime=0.0

More:

https://bico.com/investors/

https://www.sartorius.com/en/company/investor-relations

https://www.bloomberg.com/quote/BICO:SS