Source: Inderes

 Translation: Original published in Finnish on 5/12/2026 at 7:04 am EEST.

Bioretec will publish its Q1 business review on Friday, May 15. We expect the company's revenue to decline from the comparison period, which was supported by a one-time order, and the result to remain clearly loss-making. In the report, our attention is particularly drawn to the commercial progress of the RemeOs product family in the key markets of the United States and Europe.

Revenue declined against strong comparison period

We forecast Bioretec's Q1 revenue to be 0.85 MEUR (Q1'25: 1.40 MEUR) The expected decline in revenue is partly due to the strong comparison period and moderate expectations for the ramp-up of RemeOs trauma screw sales. Most of the revenue still comes from the sales of the Activa product family, especially from China, where unit sales have been strong, but prices, on the other hand, have been declining. In the comparison period, the Chinese distributor placed a significant order, which boosted the figures for that period. We also expect initial signs of sales growth for the RemeOs product family. In the US, Bioretec has increased the number of distributor partners and geographical coverage. In Europe, we expect that the country-specific market entry processes have been largely completed and the first signs of RemeOs sales are visible. Bioretec has also partially reorganized its European distribution network. There is little detailed visibility into commercial progress in the United States and Europe, so we believe surprises should be anticipated. Our estimate implies moderate growth compared to the previous quarter, reflecting our expectation of a gradual start to defensive growth.

Earnings under pressure due to growth investments

We expect Q1 EBIT to be -2.25 MEUR (Q1'25: -1.30 MEUR). Earnings are weighed down by strong front-loaded investments in the commercialization of RemeOs products, particularly in the US, and by product development projects. The company's headcount had increased to 60 at the end of FY2025, up from 47 in the comparison period. We believe the company has particularly focused on strengthening sales. Bioretec's cost structure is heavy compared to its current revenue, and personnel costs and the construction of the sales network are keeping the operating result in the red. We estimate EBITDA to be -2.15 MEUR.

Recent financing round provides breathing room for commercialization

Bioretec recently carried out a rights issue. The company raised gross proceeds of some 12.9 MEUR (maximum target 14.8 MEUR), which we estimate will be sufficient until Q3 2027. The funding enables the company to advance the commercialization of RemeOs products and aim to launch three new products within the next 18 months. In our view, it is crucial for the investment case that the company shows concrete signs of sales growth during the current year. This is key to restoring market confidence and strengthening earnings financing.

In the report, we will be looking for management's comments on the strengthening of the sales organization and the development of demand for RemeOs trauma screws in the US and Europe. Any comments on the progress of the RemeOs-DrillPin sales authorization process are also of interest to us.