Translation: Original published in Finnish on 02/06/2026 at 05:50 am EET

Source: Inderes

Biohit publishes its 2025 financial statements release on Wednesday, February 11, 2026. We expect the company's revenue to have returned to a clear growth path in the second half of the year after a challenging start to the year, when the situation in the Middle East hampered deliveries. For the full year 2025, we estimate revenue to be at the lower end of the company's guidance range and profitability to remain at a good level. In the report, we are particularly interested in the normalization of the Middle East market, the development of receivables, and the progress of the US FDA approval process.

We expect revenue to have picked up towards the end of the year

We expect Biohit's 2025 revenue to be 15.7 MEUR, which would mean growth of around 10% year-on-year. Our expectation is at the lower end of the company's guidance range of 15.7-17.1 MEUR (10-20% growth). The first half of the year (H1'25) was disappointing, with revenue remaining at the previous year's level due to supply difficulties caused by the Middle East conflict. However, the underlying growth in other markets was strong. We also expect the situation in the Middle East to have eased in the second half of the year. Our H2'25 revenue estimate is 8.3 MEUR, and its growth is supported by new distribution agreements in Europe, alongside the GastroPanel product family, and a new sample processing product launched in early 2025. While the exact revenue level has traditionally been difficult to predict, we believe the defensive demand for the company's products and healthcare cost pressures support the long-term growth story.

We expect profitability to remain at a good level

We expect Biohit's 2025 EBIT to be 2.5 MEUR, corresponding to an EBIT margin of 15.9%. This is in line with the company’s guidance of a 10-20% EBIT margin. For H2'25 we expect an EBIT of 1.3 MEUR. Although the company's profitability has remained at an excellent level, we estimate that changes in the sales mix will put slight pressure on margins going forward. Growth focusing on lower-margin OEM sales and new distribution agreements for other manufacturers' products may decrease relative profitability compared to the company's own high-margin manufacturing. On the other hand, the scalability of the company's fixed costs as revenue grows supports its earnings capacity. On the balance sheet side, our attention is drawn to the development of receivables related to the Chinese market, which have grown strongly since H1'24.

New market openings and the progress of the FDA process are of interest in the 2026 outlook

For 2026, we estimate Biohit's revenue growth to accelerate to 15% and reach 18.1 MEUR. The key things to monitor are the realization of the previously delayed significant new market opening and progress in the US market. The company is seeking FDA approval for its GastroPanel test in 2026, which would open access to the world's largest diagnostics market. The approval may well extend into 2027, as long and complex regulatory processes tend to be delayed. News related to the FDA process and the potential commercialization timeline are important factors for the stock's long-term value creation.

On the balance sheet side, we are particularly monitoring the development of trade receivables, which previously increased, especially in connection with the company's China business. Although the stock pledges related to the Chinese contract limit the risk, the repatriation of receivables is important for cash flow. Biohit's balance sheet is very strong, which enables investments in growth and creates a basis for initiating dividend payments in the coming years. We expect the company to reiterate its strategic target of 15-20% annual growth.