Biotage - Public Comps and Valuation Multiples

Biotage Overview

About Biotage

Biotage AB provides separation technology and solutions for analytical and organic chemistry from research to commercial analytical laboratories and industrial applications. Its customers span a broad range of market segments including pharmaceutical, biotech, diagnostic, contract research, and contract manufacturers as well as clinical, forensic, and academic laboratories in addition to organizations focused on food safety, clean water, and environmental sustainability. It serves three geographic markets: The Americas, APAC (Asia-Pacific,) and EMEA (Europe, Middle East & Africa). The company's product areas include Small Molecules & Synthetic Therapeutics, Biologics & Advanced Therapeutics, Scale-Up, Diagnostics, Analytical Testing, and Water & Environmental Testing.

Founded

1997

HQ

Employees

687

Website

biotage.com

Sectors

Laboratory Services

Financials

LTM Revenue $211M

LTM EBITDA $56.4M

EV

$1.2B

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Biotage Financials

Biotage has a last 12-month revenue of $211M and a last 12-month EBITDA of $56.4M.

In the most recent fiscal year, Biotage achieved revenue of $214M and an EBITDA of $55.1M.

Biotage expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Biotage P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$194M	$214M	XXX	XXX	XXX
Gross Profit	$98.6M	$119M	XXX	XXX	XXX
Gross Margin	51%	56%	XXX	XXX	XXX
EBITDA	$48.4M	$55.1M	XXX	XXX	XXX
EBITDA Margin	25%	26%	XXX	XXX	XXX
Net Profit	$27.9M	$25.6M	XXX	XXX	XXX
Net Margin	14%	12%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Biotage Stock Performance

As of May 1, 2025, Biotage's stock price is SEK 141 (or $15).

Biotage has current market cap of SEK 11.3B (or $1.2B), and EV of SEK 11.1B (or $1.2B).

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Biotage Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.2B	$1.2B	XXX	XXX	XXX	XXX	$0.38

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Biotage Valuation Multiples

As of May 1, 2025, Biotage has market cap of $1.2B and EV of $1.2B.

Biotage's trades at 5.5x LTM EV/Revenue multiple, and 20.5x LTM EBITDA.

Analysts estimate Biotage's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Biotage Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$1.2B	XXX	XXX	XXX
EV/Revenue	5.4x	XXX	XXX	XXX
EV/EBITDA	20.9x	XXX	XXX	XXX
P/E	39.7x	XXX	XXX	XXX
P/E/Growth	4.0x	XXX	XXX	XXX
EV/FCF	45.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Biotage Valuation Multiples

Biotage's NTM/LTM revenue growth is 0%

Biotage's revenue per employee for the last fiscal year averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, Biotage's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate Biotage's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Biotage Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	10%	XXX	XXX	XXX	XXX
EBITDA Margin	26%	XXX	XXX	XXX	XXX
EBITDA Growth	14%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	26%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.3M	XXX	XXX	XXX	XXX
Opex per Employee	$0.1M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	23%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	11%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	9%	XXX	XXX	XXX	XXX
Opex to Revenue	44%	XXX	XXX	XXX	XXX

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