Postos
105✅ EPS: $1.80 vs. $1.72 est. (+4.6% Y/Y)
✅ Revenue: $6.23B vs. $6.00B est. (+3.8% Y/Y)
• Core revenue growth driven by Life Sciences and Diagnostics
• Operating margin expanded modestly on cost discipline
• Reaffirmed FY25 guidance with steady cash flow performance
📊 Takeaway: Danaher delivered another solid quarter, beating expectations on both top and bottom lines. Strong execution in core segments and reaffirmed outlook underscore resilience amid a cautious macro backdrop.
Over the past few days, I have made several share purchases. I have taken the opportunity to diversify my portfolio and selectively add stocks that I consider to be promising in the long term. My focus was on a balanced mix of stable companies and opportunities with growth potential. This allowed me to consistently pursue my investment strategy and further strengthen the basis for the future development of my portfolio.
Energiekontor $EKT (+0,59%) (subsequent purchase)
Novo Nordsik $NOVO B (-0,39%) (subsequent purchase)
LVMH $MC (+0,69%) (subsequent purchase)
Pernod Ricard $RI (-2,32%) (subsequent purchase)
Frosta AG $NLM (-2,58%) (first position)
Adobe $ADBE (-0,2%) (Subsequent purchase)
Nestle $NESN (-1%) (Subsequent purchase)
Occidental Petrolium $OXY (+2,5%) (first position)
Sixt Vz $SIX2 (+2,79%) (Subsequent purchase)
Realty Income $O (+0,02%) (Subsequent purchase)
Ping An Insurance (Subsequent purchase)
Volkswagen $VOW3 (+0,02%) (Subsequent purchase)
The Trade Desk $TTD (+0,26%) (subsequent purchase)
Daikin $6367 (-1,38%) (subsequent purchase)
Danaher $DHR (+2,07%) (subsequent purchase)
Have a great rest of the week!
Let's see what the next few days bring🧐
Today I have eliminated four mini-positions and invested the proceeds in the global core.
Sales
- $DHR (+2,07%) (-22 % compared to EP → loss pot)
- $DGE (-1,17%) (-28 % compared to EP → loss pot)
- $MCD (-0,98%) (residual position)
Purchases
- $VWRL (+0,55%) 10 pcs (Core)
- $FAST (+0,68%) 5 pcs (small satellite - thesis: fast charging networks growth, high volatility accepted)
Why this?
Hello, GetQuin community. I have been a silent reader for quite some time now and wanted to share my portfolio with you.
First of all, I am M22 and started investing in the market in 2020 with small amounts. I currently still live at home with my parents. I have a completed apprenticeship, but I decided to catch up on my A-levels to be able to study. I also have a part-time job.
My strategy is a classic core-satelite strategy to build up a small fortune for the future.
The core therefore consists of 4 ETFs which I invest in monthly as follows:
Now I come to my individual shares in the savings plan:
I also hold shares in a few other companies, the reasons for which are described below:
I don't save my cryptocurrencies monthly. I started putting a super small amount into Bitcoin early on. I just leave it to work.
I would now appreciate a little feedback, criticism and food for thought.
Thank you very much
$XDWH (+0,04%)
$XLV (-0,04%)
$CSPX (+0,51%)
$VUSA (+0,49%)
$UNH (-0,46%)
$OSCR (-14,67%)
According to Goldman Sachs, healthcare is the only sector in the S& P 500 that is cheaper than the 10- and 30-year averages.
This is an extremely attractive risk/reward ratio and the coming months will be exciting.
$ELV (+0,24%)
$CNC (+2,79%)
$DHR (+2,07%)
$SRT (-0,62%)
$LLY (+0,99%)
$NOVO B (-0,39%)
$NVO (-0,22%)
$ISRG (+4,41%)
$JNJ (-0,67%)
$ABBV (-0,51%)
$PFE (-0,23%)
$SAN (+0,63%)
$MRK (-0,73%)
$BMY (-0,68%)
$TMO (+0,14%)
$UNH (-0,46%)
$OSCR (-14,67%)
$XDWH (+0,04%)
$ELV (+0,24%)
$LLY (+0,99%)
$XLV (-0,04%)
The US healthcare sector is experiencing its biggest crash in the last 20 years.
If the strong weighting no. 1 $LLY (+0,99%) (over 12%), one would have to go back even further/longer. (probably before the existence of the ETF).
I have positioned myself strongly here as I believe this is a great opportunity.
I also believe that a lot of capital will flow into the sector in the coming months. ✌️
Do you have a similar view? ✌️
The start of summer in June combined sport and leisure for me. By that I mean swimming, hiking, running and sport at home. Apart from the incoming dividends, I hardly noticed anything on the stock market. It was not the strongest distribution month due to the postponement of three distributions, but it was still a very strong one. Time for a review.
Overall performance
The portfolio tended to tread water in June, but that is no cause for concern. Bit by bit, it is fighting its way out of the lows of the customs conflict. And cash flow continues to be generated by distributions to the clearing accounts. The key performance indicators are:
Share allocation & performance
Which shares performed particularly well in June? Which are at the top and which at the bottom of the rankings? Which were the biggest losers?
Size of individual share positions by volume
Smallest individual share positions by volume:
Top-performing individual shares
Flop performer individual shares
ETFs vs. shares
The breakdown of ETFs vs. shares across all portfolios is 38.7% to 61.3%. This differs from the breakdown of my ETFs to equities savings plans (43% to 57%). Equities have performed better, which is due to the fact that I also include high-dividend ETFs in the ETFs.
Investments and additional purchases
Here is a brief overview of what I have invested in savings plans according to my fixed planning.
In addition, there were the following additional investments from returns, refunds, cashback, etc. as one-off savings plans/repurchases:
Additional purchases were made from other surpluses:
There were no additional purchases from the components of my cashback pension (e.g. reimbursements from health insurance premiums, insurance premiums, shopping vouchers, etc.) this month.
If you would like to know how my cashback pension supplements my equity and ETF pension, please let me know.
Passive income from dividends
My income from dividends amounted to € 152.30 (€ 179.04 in the same month last year). This corresponds to an increase of -14.94 % compared to the same month last year. The following is further key data on the distributions:
The top payers are:
My passive income from dividends (and some interest) mathematically covered 15.91% of my expenses in the month under review.
Crypto performance
My crypto investments also moved a little:
I find the topic exciting, but it is very underrepresented in my overall portfolio due to my passive income strategy. The first profits have already been realized and more will definitely follow. For me, crypto is a lever to turn play money into even more play money, which is then put into the solid distributors to make the income snowball grow bigger and bigger. New accumulation will take place in the coming bear market.
Performance comparison: portfolio vs. benchmarks
A comparison of my portfolio with two important ETFs shows:
Outlook and conclusion
I'm using the summer, which has already begun, not only for hiking, but also for city trips for my "non-financial" TikTok and Insta channel. I can often be found at one of the lakes near Leipzig, which were once created from the open-cast mining pits of the brown coal era. It's nice that the lunar landscapes have become a local recreation area. That's why I'm less active at the moment. That will certainly change again in the fall.
For now, I'm just enjoying life, and my money continues to work stubbornly and steadily for me in the background. Current events in the world and in politics don't interest me in the slightest. As I write this review, the first third of the summer will soon be over.
👉 You want my review as an Instagram post?
Then follow me on Instagram:
📲 You'll find regular posts there as well as the portfolio and budget review: @frugalfreisein
How did your June at the depot go? Do you have any tops & flops to share? Leave your thoughts in the comments!
BEFORE: I have completely revised my portfolio review. There are now even more in-depth figures to see and I have greatly reduced the body text. Only my introduction is a little more detailed. The visual overview on Instagram has also been completely revamped. There is also a budget review, which I am not publishing here as a post. However, I have included a few key figures from this one in the portfolio review.
I am very happy about likes here at GQ and on both IG posts, as the complete renewal has cost me a lot of nerves and time. 🙃 If you also want to know how my personal finances have developed, I'd like to refer you to my personal budget review on Instagram.
In future, I will publish my detailed assessments on individual topics that were previously part of the review (such as crypto cycles or my succession strategy for crypto) separately in individual posts on GQ. Perhaps as a kind of supplementary post.
Are you missing important key figures or do you have suggestions for optimization? Constructive suggestions are always welcome.
For me, May was characterized by calm and composure, because I kept the noise of the markets and US trade policy away from me. I can do no more than simply buy more. I like to refer here to the stoic way of thinking, which focuses on prioritizing what you can influence. And that is my personal development. So that meant doing sport (at home with YouTube cardio and strength, abs, core, running), stockpiling Instagram posts so that I have some breathing space in the summer and delving deeper into the topic of AI. And the tax return was also completed. Meanwhile, dividends have been stable with the second strongest month ever, which was April. Time for a deep dive into my figures.
Overall performance
My portfolio performed well in May. Bit by bit, we are fighting our way up from the tariff lows. The key performance indicators are
Share allocation & performance
Which shares performed particularly well in May? Which are at the top of the chain and which at the bottom? Which were the biggest losers?
Size of individual share positions by volume
Share: Share of total portfolio in % (portfolio)
Smallest individual share positions by volume:
Share: Share of total portfolio in % (securities account)
Top-performing individual shares
Share: Performance since first purchase % (securities account)
Flop performer individual stocks
Share: Performance since first purchase % (securities account)
ETFs vs. shares
The breakdown of ETFs vs. shares across all portfolios is 38.8% to 61.2%. This differs slightly from the breakdown of my ETFs to equities savings plans (43% to 57%).
Investments and subsequent purchases
Here is a small overview of what I have invested via savings plans according to my fixed planning.
In addition, there were the following additional investments from returns, refunds, cashback, etc. as one-off savings plans/repurchases:
Additional purchases: as one-off savings plans as part of my cashback pension, reinvested discounts from previous grocery and drugstore purchases and a refund from the health insurance bonus program.
If you want to know how my cashback pension tops up the share and ETF pension, please let me know.
Passive income from dividends
My income from dividends amounted to € 163.13 (€ 89.68 in the same month last year). This corresponds to an increase of +42.32 % compared to the same month last year. The following is further key data on the distributions:
The top payers are:
My passive income from dividends (and some interest) mathematically covered 21.08% of my expenses in the month under review.
Crypto performance
My crypto investments also moved a little:
I find the topic exciting, but it is very underrepresented in my overall portfolio due to my strategy. Profits have long since been realized, my focus here has long been elsewhere. Accumulation will take place in the coming bear market.
Performance comparison: portfolio vs. benchmarks
A comparison of my portfolio with two important ETFs shows:
Outlook and conclusion
According to the tax estimate, I can expect a tax refund. When this arrives, part of it will be donated and the rest will of course be reinvested. May was also a no-spend month for me and, as a convinced frugalist, this went off without a hitch. I was able to reflect more closely on my spending behavior and even found further potential despite my basic low spend attitude. Now I'm preparing a Hartz IV/citizen's allowance experiment for at least 3-4 months (or more) for the second half of the year. Simply because I feel like challenging myself. My planned expenses and provisions according to the budget only just exceed my theoretical entitlement to citizen's allowance. More info coming soon on Instagram. After March and April, I was again able to record expenses of less than €1,000 per month in May. This will change in June due to a large annual insurance premium, but maybe I'll be lucky and stay at a maximum of €1,100 to €1,200. As in the previous months, I will continue to use the early summer in June for hiking, swimming and day trips.
👉 You want my review as an Instagram post?
Then follow me on Instagram:
📲 As well as the depot and budget review, there's also: @frugalfreisein
How was your May at the depot? Do you have any tops & flops to share? Leave your thoughts in the comments!
TL;DR like to roast my deposit, appreciate all opinions!
I always find the many posts here and reading various biographies very interesting, so I've wanted to say a few words for a while now.
Tried early, but started late
I am now 32 and unfortunately started investing seriously far too late, studied far too long, and with the larger salaries finally built up as much as possible and tried to catch up as quickly as possible. "Unfortunately" means for the most part the past calendar year, which is why I put a large part of my money into shares at already high prices and then had very little cash left in the crash to add to it. Fully invested, in other words. During the crash, I mainly reallocated and continued to fully invest what was left over from my monthly salaries.
Yet back in 2011, at the age of 18, I had a share called Facebook and a Starbucks share in my portfolio without much of a clue. I just wanted to know what my mother was actually doing with her shares and how it worked, and with FB and Starbucks I simply chose two companies that "everyone" uses/needs anyway. The idea wasn't that stupid, it worked, and after a short time I was happy about the small profit in absolute terms, sold the shares at DiBa despite the high fees at the time and simply forgot about shares for years - wealth accumulation, a word that wasn't in my vocabulary, the money I had was simply turned upside down as a young adult. Well, young me, just leave the shares lying around or, even better, take a closer look at them and carry on, it "might" have been worth it...
Of priorities and wrong horses
The years went by without any shares, but with lots of fast food and partying, but at least things have changed. At some point, I started to think about the future and wealth accumulation, first taking an interest in interest rates, and then the logical next step was dividends and shares. Unfortunately, it started rather haphazardly. As a student, I started investing small amounts, and of course betting on the wrong horses. Speculative lithium shares were particularly bad in this phase, unfortunately these were large sums even by my standards, from my grandfather's estate. That was bad. However, crypto was a very good horse, more precisely $BTC (+0,49%) and $ETH (+0,66%) which (as a computer scientist) I became interested in early on and exited several times with high profits, also thanks to domestic mining. It's just stupid that back then, in the last decade, I would never have imagined how cryptos would develop. If I had, I would have simply left it all, or at least part of it. You learn and you're always smarter afterwards anyway.
Fully invested - excessive, unhealthy, or simply good housekeeping?
So now I'm 32 - and proud of a portfolio that I think I've built up to a good size in a relatively short time. Which has given me other ideas for some time now. I'm still a long way from reaching my goal, but I have to get back on the "invest 100%" path, which has been completely contrary to my past for a long time now, and strangely enough, I'm finding it difficult to do so - something to reflect on. There are too many (supposed?) opportunities every day. So I simply could not $UNH (-0,46%) after a long period of observation yesterday and of course the savings plans had to run today too. I think I've always been good at budgeting, or let's put it this way, at least good at getting by with the money available to me in a perfectly timed way, but "indulging", not just in company shares, may become a little more prominent again. I don't go without noticeably in everyday life, I need very little, which I don't think is a bad quality to begin with. But I have changed a lot in the area of "consumption" compared to the past. I think it would be good to find a healthy balance. In my opinion, just as you don't just live to work, but work to live, the same applies to saving/investing. I actually read a post here on gq today that described exactly that and I could relate to it very well. So, reflection and taking your foot off the gas is allowed - no, it's a must! I am familiar with frugalists, but I never wanted to be one. I'd be interested to know if anyone else here feels the same way, or did?
Wrong decisions, mistakes... and (hopefully) the right conclusions
Back to the topic! (Not only) on the way to today's portfolio I have made many wrong decisions, as already mentioned, so I thought that a well-kept portfolio roast could do me some good. Other, new opinions and assessments can't be bad!
In particular, in the past I have often missed the opportunity to simply let profits run their course and instead dragged losses around with me for too long (which brings us back to lithium). A thought that I recently had again when I was thinking about when it would make sense to $HIMS (+2,06%) possibly realize, as an example. $PLTR (+2,84%) and $NVDA (+1,16%) are two examples that, like so many others, I naturally had on my radar, but they always seemed too expensive, the setback never came and I really missed the big rallies as a result. At the same time, I also get caught out by FOMO from time to time. So in both good and bad phases, I try not to just see red or green, fear or hope, but simply to evaluate what actually makes sense "from now on". Sometimes you realize a loss in order to try your luck elsewhere, sometimes you should let profits run, sometimes take them, sometimes endure the dip, sometimes be courageous and sometimes defensive. Easier said than done. I find it very nice and helpful to exchange ideas on this platform and how open and "yet" respectful it generally is. Of course, I will most likely never reach some portfolio sizes, but you can always learn something about how some people manage their portfolios, regardless of the absolute figures. You will always make mistakes, but at least you should deal with them correctly and draw the best possible conclusions.
Portfolio restructuring, planned investments / savings plans
And today? After some evaluation, research, regrouping and restructuring, I now have fewer, but still quite a few positions in different sectors, most of which are already of a decent and roughly balanced size. My medium-term plan is now to build up all positions to a certain target size. This is why I am currently running savings plans:
ETF/ETC:
Partly with small weekly amounts, until enough cash is available to fill the target position evenly. With $AVGO (+2,3%) for example, there is not much left. Also $BRK.B (-0,38%) / $APH (+5,1%) and others are already approaching the target. In some cases with somewhat larger sums for still small but prioritized positions, until opportunities and/or resources for individual purchases arise, such as the $ALV (+0,06%) and $RSG (-0,05%) should be mentioned here, as well as $DGE (-1,17%) as a turnaround candidate.
Once the aforementioned positions are full, I would like to turn my attention to the more defensive candidates that are already in the portfolio but which I am currently prioritizing - $MCD (-0,98%) / $KO (-1,23%) / $CCEP (-1,38%) / $ULVR (+1,05%) and others - and finally increase the ETF and gold share in the long term.
$VKTX (+7,91%) is a bit of a gamble, as I have actually said goodbye to pharma - $ABBV (-0,51%) / $NOVO B (-0,39%) / $LLY (+0,99%) and $MRK (-0,73%) were still part of the inventory until recently. Instead, I decided to go with $DXCM (-0,11%) / $ISRG (+4,41%) / $DHR (+2,07%) on medical technology.
$BTC (+0,49%) remains a fixed value in the portfolio, while I $ETH (+0,66%) (incorrectly entered due to staking - around 0.4 shares or €1000) and $XRP (+0,29%) would/will sell at corresponding prices.
I still lack around €15,000 in individual stocks at current prices to bring all positions to the current desired/dream target. This will take some time, but is foreseeable. And then I would be really quite proud and happy "as things stand now"! In any case, I now feel very comfortable on the path I have chosen and, as I said, I have to stop myself from forgetting that not all money has to be invested all the time.
Savings rate
To put this into figures, I have averaged a savings rate of around €1500 over the last 24 months, with an average of €100 a month in dividends. 1400€ investment, that's about 82% of my monthly budget after deducting all "unavoidable" fixed costs including fuel and household, but not including consumption such as clothes, going out or vacations. Exaggerated, I can't say otherwise myself. But at least I have a good reason to step on the gas and get the compound interest going.
So what is all this for?
In the long term, my girlfriend and I dream of owning a property somewhere on the Croatian Adriatic, her homeland, and where I was able to spend many wonderful weeks with my parents every year as a child. A beautiful region that I consider an important part of my life, with many great moments and memories that may become even more. I hope to get closer to this goal "quickly" with the depot. The language is already halfway there! :)
In the long term, this would probably involve a little reallocation into value dividend payers, which should help with repayment. However, I would also like to lay the foundations for later distributions today, without neglecting growth. There is probably no perfect mix for this, but you are welcome to rate mine.
So, unfortunately I was once again unable to be brief. Thank you for reading, whoever has made it this far, and for your comments! I'm very excited and wish you all a great weekend.
$DHR (+2,07%)
$AJG (+0,7%)
$FICO (+2,58%)
$TPL
$TYL (+0,55%)
$CSU (+0,99%)
$PH (+3,27%)
$ROP (-5,95%)
$HEI (+1,09%)
$TDG (+2,67%) have now published all their earnings, so a little update. Some could be summarized better than others, I hope the formatting is still bearable.
The Wikifolio https://www.wikifolio.com/de/de/w/wf000natxc has so far reached the necessary capital reservations and the general reservations are already 7/10. If one of you is one of them, I would like to thank you very much for the trust you have placed in me.
The next major update will probably come at the end of the next earnings season.
Danaher Q1 2025
Only the year-end report will probably be really interesting
Constellation Software Q1 2025
TransDigm Q2 2025
HEICO Q1 2025
Parker-Hannifin Q3 2025
FICO Q2 2025
Arthur J. Gallagher Q1 2025
Tyler Technologies Q1 2025
Roper Technologies Q1 2025
Texas Pacific Land Q1 2025
All companies except Danaher, which is still undergoing restructuring, delivered solid quarterly results. I was particularly impressed by $TYL (+0,55%)
$FICO (+2,58%)
$HEI (+1,09%)
$PH (+3,27%) and $TDG (+2,67%) particularly liked. The dear @Tenbagger2024 also shared a great article on Transdigm, which you can find in the comments. $CSU (+0,99%) and $TPL (+1,19%) are expected to show stronger growth towards the end of Q3, which is related to the acquisition speed, especially I hope the $TPL (+1,19%) acquires new flats.
If you are interested in a detailed earnings review on $TPL (+1,19%) just write a comment.
Enjoy the nice weather <3
🧬 BICO
$BICO (+1,71%) 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:
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:
Bioink and what it is made of:
Bioink is a gel-like substance that is mixed with living cells. It contains, for example:
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:
What is not yet possible:
Because...
🔮 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:
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:
Several universities and research institutions use the BIO X printers, including for example MIT and Harvard
Trusted partners:
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.
__________
History in brief From bioink to platform
New CEO since 2024: Maria Forss
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:
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)
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:
🧬 Bioprinting:
🔬Lab Automation:
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:
Allergy tests:
Genetic testing & DNA analysis:
Point-of-care diagnostics:
🧬 Bioprinting (see excursus above)
🔬 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:
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:
Fewer project starts and completions in Q1 2025:
Macro-related reluctance on the part of major customers (pharma):
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:
BICO's strategic response
Standardization of project packages:
Strengthening project management:
Focus on pharmaceutical customers:
➡️ 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."
Why is bioprinting booming right now?
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?
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?
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 (-0,62%) , Danaher $DHR (+2,07%) or Thermo Fisher $TMO (+0,14%) could strike
3 . BICO remains niche leader: Focused on profitable segments with high innovation density
Risks & critical voices
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:
At the end of the term (March 2026), investors receive either:
The whole thing is attractive for companies because they:
What this means in concrete terms:
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:
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:
Assessment: How credible is this?
Positive:
-> Repayment can be financed if no new setback occurs
But:
➡️ 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
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:
The focus is on the short term:
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:
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:
These are competencies that are more common in corporations like Johnson & Johnson $JJ, Medtronic $MDT (-1,04%) , GE Healthcare $GEHC (+0,75%)
, Siemens Healthineers $SHL (+0,5%) 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:
Contra:
2 . Alternatively: back a large corporation for more stability
Which big players have the potential to drive bioprinting forward (or take over BICO)?
Sartorius
-> Best-case candidate for takeover or joint venture
Thermo Fisher Scientific
-> Comes into play when bioprinting is more closely integrated into pharmaceutical production
Danaher
-> Could strike when the market matures, but rather late and strategically
3D Systems / Stratasys
-> 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"?
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://www.sartorius.com/en/company/investor-relations
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