BICO’s CEO Shakeup and €50M Contract Signal a New Chapter
Life-science tools group posts solid organic growth, appoints Anders Fogelberg as CEO, and books a major Scienion licensing deal.
BICO.ST · Earnings Call · 2026-08-19
The Quiet Coup: A New CEO at BICO
The most striking development in BICO’s Q2 2026 report is not in the numbers alone: it’s the automation solution provider’s executive suite. Maria Forss, who led the company through three years of restructuring, commercials and balance-sheet repair, is stepping down as CEO. Ewa Linsater, Chairman, explained that the change was a natural inflection point:
After constructive discussions together with Maria Forss, the Board of Directors concluded that this is the right time for a leadership change as BICO enters its next phase of development with amplified focus on commercialization, customer engagement and profitable growth.
Anders Fogelberg, the current Chief Commercial Officer, will take over on September 1. Forss called it a clean handover: “It's been a privilege to lead BICO during an important period of transformation.” — Maria Forss, Senior Adviser / Former CEO · 2026-08-19 From his prepared remarks, Fogelberg asserted the company’s positioning: “BICO has an attractive position at the intersection of automation, intelligence and life science workflows, serving leading pharma and biotech customers globally.” — Anders Fogelberg, President and CEO · 2026-08-19
The Quarter: Momentum, But With Cautious Optimism
The quarter itself showed encouraging organic traction. Sales grew 7% organically in local currencies to SEK 336 million, with a 10% jump in consumables. “We saw a continued good sales momentum,” Forss said, but she was quick to temper enthusiasm: “…we are gaining confidence in a gradual market recovery, although the academic end markets remain soft due to reduced funding.” — Maria Forss, Senior Adviser / Former CEO · 2026-08-19 The benchtop instrument lines were the primary growth drivers, while larger project-based business remained volatile. Gross margin expanded to 59% from 44% a year ago, aided by favorable product mix and a lower base from the 2025 project adjustment.
Management also announced a group-wide cost-efficiency program and continued progress on restructuring its U.S. integrated lab automation business. The company took a SEK 4.5 million restructuring provision, reflecting alignment of staffing with current demand.
The Scienion Deal: A €50 Million Vote of Confidence
The real headline-grabber came after the quarter end. Scienion, a BICO subsidiary, signed long-term supply and license agreements with an existing customer worth around EUR 50 million over ten years. CFO Ewa Linsater clarified the accounting: “So as you can see in the report, for the license we will take EUR 10.6 million at the point of time in the Q3.” — Ewa Linsater, Chairman of the Board · 2026-08-19 This is a non-cancelable license that will be recognized immediately, even though cash flow will spread across years. For a company that has been repositioning its license agreement business, the deal underscores the value of its proprietary dispensing technology. It also raises confidence in the diagnostic business, which faced longer sales cycles earlier in the year.
What Changes, What Stays
The new leadership is doubling down on the existing strategy—commercial execution, operational discipline, and profitable growth. The challenge remains the legacy lab-automation projects and the softness in academic segments, a theme that has persisted in prior calls. In February, Forss described the market as “the new normality” for academic spending: “I would say that this is the new normality and the market has adapted to that and there is – there are no news that is making any more insecurities than before.” — Maria Forss · 2026-02-18 Yet the company continues to see substantial demand from large pharma; as Forss said in November: “We are landing substantial orders of more than USD 15.2 million, and we continue to see demand also from other big pharma customers.” — Maria Forss, President and CEO · 2025-11-04
With a net cash position of SEK 207 million and working capital normalized to 10% of sales, BICO has financial headroom to invest in R&D and pursue bolt-on acquisitions—a strategy Maria she outlined earlier. The market will be watching how Fogelberg balances the urgency of commercial momentum with the discipline of project execution, and whether the Scienion license becomes a blueprint for similar partnerships.