Biovica International AB (publ)

BIOVIC-B.ST

Biotechnology · Healthcare

Price

kr 0.45

-0.02 (-4.68%)

Market Cap

kr 124.3M

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Apr 30, 2026

How the score breaks down

Quality

Weak

Growth

Strong

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+667.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 30.6M (2022) → 234.8M (2026)

Winston Score History

The full picture

Biovica International is a Swedish biotech company that makes a blood test used to monitor cancer treatment. Its main product is called DiviTum TKa, which measures how fast cancer cells are dividing in a patient's body. Doctors and hospitals use this test to track whether a treatment is working, mainly in breast cancer patients.

The company earns revenue by selling its diagnostic tests to hospitals, clinics, and research institutions, primarily in Europe and the United States. Biovica is small, with a market cap around $100 million, and it is still in an early commercial stage — meaning it spends far more money than it brings in, which explains its deeply negative margins. The key growth driver is wider adoption of DiviTum TKa as a standard monitoring tool in oncology, but the main risk is that the company may struggle to generate enough revenue to sustain operations without raising additional capital.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+106.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+68.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

11.8%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~13 months

kr 71M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

Biovica International AB (publ) grew revenue 106% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-375.8%

Thin — -375.8% gross margin

Profit after running costs

Operating Margin

-375.8%

Losing money on operations — -375.8%

Return on the money invested

ROCE

-81.4%

Weak — -81.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+55.2%

Fast-growing sales (+55.2% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-472.9%

Burning cash (-472.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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