Q1 2026 report
Segment mikrobiologii (63% przychodów) rośnie, ale spadek dużego kontraktu analityki (efekt wysokiej bazy 1Q25) obniżył całą sprzedaż grupy o 7,6% r/r.
Sentiment
Neutral
No guidance change
BMX
Q1 2026 report
Revenue
14,118 k PLN
— YoY
Net income
328 k PLN
— YoY
EBITDA
1,498 k PLN
— YoY
Net debt / EBITDA
3.49x
— YoY
Summary
Investment thesis
- Produkty własne rosną szybciej niż towary handlowe (+18% r/r) — poprawa struktury marżowej działalności w czasie.
- Segment MIC (paski gradientowe) przechodzi z fazy wdrożeniowej do rutynowej sprzedaży — potencjalny katalizator wzrostu w kolejnych kwartałach.
- OCF głęboko ujemny (-2 357 tys. zł) na skutek wzrostu należności i zapasów — jakość zysku wymaga potwierdzenia w kolejnych kwartałach.
- Wskaźnik dług finansowy/EBITDA (4 kw.) wzrósł do 3,49x, a wolne limity kredytowe skurczyły się z 2 513 do 397 tys. zł — bufor płynnościowy się zawęża.
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Financials
BETA
BMX · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 14,118 | — | — | reported | — | 1.00 |
|
Revenue
Mikrobiologia
|
8,871 | — | — | reported | Mikrobiologia | 1.00 |
|
Revenue
Analityka
|
4,791 | — | — | reported | Analityka | 1.00 |
| EBITDA | 1,498 | — | — | derived | — | 1.00 |
| EBIT | 541 | — | — | reported | — | 1.00 |
| EBT | 394 | — | — | reported | — | 1.00 |
| Net income | 328 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.08 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.08 | — | — | reported | — | 1.00 |
| D&A | 957 | — | — | reported | — | 1.00 |
| Interest expense | 212 | — | — | reported | — | 0.70 |
| Shares (basic) (m units) | 4.19 | — | — | reported | — | 1.00 |
| EBITDA margin | 10.61% | — | — | reported | — | 1.00 |
| EBIT margin | 3.83% | — | — | reported | — | 1.00 |
| EBT margin | 2.79% | — | — | reported | — | 1.00 |
| Net margin | 2.32% | — | — | reported | — | 1.00 |
| D&A margin | 6.78% | — | — | reported | — | 1.00 |
| Cash | 423 | — | — | reported | — | 1.00 |
| Total debt | 16,124 | — | — | reported | — | 1.00 |
| Net debt | 15,701 | — | — | derived | — | 0.90 |
| Equity | 47,963 | — | — | reported | — | 1.00 |
| Total assets | 79,450 | — | — | reported | — | 1.00 |
| Working capital | 7,956 | — | — | reported | — | 1.00 |
| Current assets | 28,198 | — | — | reported | — | 1.00 |
| Current liabilities | 20,242 | — | — | reported | — | 1.00 |
| Goodwill | 929 | — | — | reported | — | 1.00 |
| Tangible equity | 47,034 | — | — | reported | — | 0.90 |
| CFO | -2,357 | — | — | reported | — | 1.00 |
| CapEx | 263 | — | — | reported | — | 1.00 |
| FCF | -2,620 | — | — | derived | — | 0.90 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| Current ratio | 1.39x | — | — | reported | — | 1.00 |
| Quick ratio | 0.66x | — | — | reported | — | 1.00 |
| Cash ratio | 0.02x | — | — | reported | — | 1.00 |
| Net debt / EBITDA | 3.49x | — | — | reported | — | 0.80 |
| Debt / equity | 0.34x | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | -7.61% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -17.78% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | -41.51% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | -44.31% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | -42.86% | — | — | reported | — | 0.80 |
Q1 2026 · Δ YoY
Revenue
14,118
—
14,118
—
- Q1 2025
- —
Revenue
Mikrobiologia
8,871
—
Mikrobiologia
8,871
—
- Q1 2025
- —
Revenue
Analityka
4,791
—
Analityka
4,791
—
- Q1 2025
- —
EBITDA
1,498
—
1,498
—
- Q1 2025
- —
EBIT
541
—
541
—
- Q1 2025
- —
EBT
394
—
394
—
- Q1 2025
- —
Net income
328
—
328
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.08
—
0.08
—
- Q1 2025
- —
EPS (diluted)
(PLN)
0.08
—
0.08
—
- Q1 2025
- —
D&A
957
—
957
—
- Q1 2025
- —
Interest expense
212
—
212
—
- Q1 2025
- —
Shares (basic)
(m units)
4.19
—
4.19
—
- Q1 2025
- —
EBITDA margin
10.61%
—
10.61%
—
- Q1 2025
- —
EBIT margin
3.83%
—
3.83%
—
- Q1 2025
- —
EBT margin
2.79%
—
2.79%
—
- Q1 2025
- —
Net margin
2.32%
—
2.32%
—
- Q1 2025
- —
D&A margin
6.78%
—
6.78%
—
- Q1 2025
- —
Cash
423
—
423
—
- Q1 2025
- —
Total debt
16,124
—
16,124
—
- Q1 2025
- —
Net debt
15,701
—
15,701
—
- Q1 2025
- —
Equity
47,963
—
47,963
—
- Q1 2025
- —
Total assets
79,450
—
79,450
—
- Q1 2025
- —
Working capital
7,956
—
7,956
—
- Q1 2025
- —
Current assets
28,198
—
28,198
—
- Q1 2025
- —
Current liabilities
20,242
—
20,242
—
- Q1 2025
- —
Goodwill
929
—
929
—
- Q1 2025
- —
Tangible equity
47,034
—
47,034
—
- Q1 2025
- —
CFO
-2,357
—
-2,357
—
- Q1 2025
- —
CapEx
263
—
263
—
- Q1 2025
- —
FCF
-2,620
—
-2,620
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Current ratio
1.39x
—
1.39x
—
- Q1 2025
- —
Quick ratio
0.66x
—
0.66x
—
- Q1 2025
- —
Cash ratio
0.02x
—
0.02x
—
- Q1 2025
- —
Net debt / EBITDA
3.49x
—
3.49x
—
- Q1 2025
- —
Debt / equity
0.34x
—
0.34x
—
- Q1 2025
- —
Revenue growth (YoY)
-7.61%
—
-7.61%
—
- Q1 2025
- —
EBITDA growth (YoY)
-17.78%
—
-17.78%
—
- Q1 2025
- —
EBIT growth (YoY)
-41.51%
—
-41.51%
—
- Q1 2025
- —
Net income growth (YoY)
-44.31%
—
-44.31%
—
- Q1 2025
- —
EPS growth (YoY)
-42.86%
—
-42.86%
—
- Q1 2025
- —