Sweden's Biovica Q1 sales rise on Pharma Services growth
Sweden's Biovica Q1 sales rise on Pharma Services growth
Overview
Sweden cancer biomarker assay developer's fiscal Q1 sales grew 56% yr/yr, driven by Pharma Services
Operating loss widened, reflecting SEK 2.2 mln in restructuring costs
Company announced SEK 29.2 mln fully guaranteed rights issue to secure capital
Outlook
Biovica plans to communicate updated strategic and financial plan in coming months
Result Drivers
PHARMA SERVICES MOMENTUM - Co said Q1 sales growth was primarily driven by continued strong momentum in Pharma Services, with revenue up 95% yr/yr
COST SAVINGS AND RESTRUCTURING - Co implemented cost savings and organizational changes, resulting in SEK 2.2 mln in restructuring costs this qtr but expected to improve cost base going forward
US ONCOLOGY REFOCUS - Co refocused US clinical oncology business on evidence generation, leading to higher test volumes but flat revenue due to payer coverage challenges
Company press release: ID:nMFN2LdML2
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 Sales |
| SEK 4.04 mln |
|
Q1 Loss Per Share |
| SEK 0.07 |
|
Q1 Operating profit |
| -SEK 20.33 mln |
|
Analyst Coverage
Wall Street's median 12-month price target for Biovica International AB is SEK0.60, about 42.9% above its September 8 closing price of SEK0.42
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For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)