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Fluicell AB (publ)

FLUI.ST
39
Biotechnology · Healthcare
Price
kr 32.90
+1.50 (+4.78%)
Market Cap
kr 45.2M
Exchange
Stockholm Stock Exchange
Winston Score
39
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Good
Growth
Mixed
Cash Flow
Weak
Stability
Data not available
Valuation
Data not available

Share count rising — dilution

+16386.8% over 4y

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

Diluted shares outstanding: 493K (2021) → 81.3M (2025)

Winston Score History

The full picture

Fluicell is a Swedish biotechnology company that makes specialized lab instruments and tools for scientists who study individual cells. Its core products include the Biopixlar bioprinter, which lets researchers build tiny tissue structures one cell at a time, and the Dynaflow platform, used to test how single cells respond to drugs or chemicals. Its main customers are academic research labs, pharmaceutical companies, and biotech firms looking to study biology at a very fine scale.

Fluicell earns money by selling its instruments and the consumable supplies that go along with them, such as chips and reagents that labs need to keep running experiments. The company is based in Gothenburg, Sweden, and operates primarily in European and North American research markets. It is a small company with a market cap under $10 million and is not yet profitable. Its main growth opportunity is expanding adoption of its bioprinting technology in drug discovery, but its key risk is burning through cash before reaching a scale where revenues can cover operating costs.

Growth Profile

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

Revenue Growth

>+1,000% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+100.0% 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

10.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

kr 1M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Fluicell AB (publ) grew revenue 2538% 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
116.8%
Premium pricing power — 116.8% gross margin
Profit after running costs
Operating Margin
54.0%
Excellent — 54.0% operating margin
Return on the money invested
ROCE
-17.6%
Weak — -17.6% 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
+573.0%
Fast-growing sales (+573.0% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-71.4%
Burning cash (-71.4%)

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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