Bioretec Q4'25 preview: Expectations for the rest of the year are at a moderate level

Source: Inderes

Translation: Original published in Finnish on 2/11/2026 at 7:15 am EET.

Bioretec will publish its Q4 report on Friday, February 13, 2026, and the company's earnings release can be followed here at 1:00 pm EET. We expect the company to show moderate revenue growth and a clearly negative result due to increasing commercialization and R&D investments. Our attention will be particularly drawn to the commercial progress of the RemeOs product family in the United States and Europe, as well as the company's financial position, as the cash reserves will likely need to be replenished by mid-2026 at the latest.

Revenue growth is based on the gradual ramp-up of the RemeOs product family

We expect Bioretec's Q4 revenue to be 1.0 MEUR. We expect growth to come from the traditional Activa product family and the gradually commencing sales of RemeOs trauma screws in the United States and Europe. However, the company's commercial progress has been slower than expected, which is why Bioretec significantly lowered its 2028 revenue target to 10 MEUR from the previous 65 MEUR at the end of 2025. In the Q4 report, it will be crucial to see if there are signs of progress in the sales of the RemeOs product family in the key markets of the United States and Europe. Regarding Activa products, China's volume-based pricing continues to put pressure on sales margins.

Cost pressures and investments keep the result in the red

We expect Q4 EBIT to be -1.8 MEUR. Bioretec's earnings are burdened by front-loaded investments in research, product development, and building the sales network. The company concluded change negotiations at the end of the year, aiming for annual savings of roughly 0.4 MEUR, but the impact of these savings is modest compared to the company's total losses. The company aims for a gross margin of over 70%, but the slow volume growth of RemeOs products and pricing pressures in China are weighing on profitability. Cash flow has traditionally been in line with the result. Regarding cash sufficiency, we estimate the company will need new funding by summer 2026 at the latest.

Strategy update lowered expectations; financing needs in focus

Bioretec does not provide numerical guidance, but the company's strategy for 2026–2028, updated in December 2025, paves the way for more moderate growth than before. The company does not expect to achieve profitability during the strategy period, which was a significant downgrade from previous expectations. As a positive step forward, the company received FDA Breakthrough Device status for RemeOs-DrillPin in December, which should streamline the product's market authorization process. However, this does not solve the company's short-term challenges. From an investor's perspective, the most important aspect of the report is the comments on the progress of RemeOs trauma screw sales. In addition, the company management's comments on financing options are central.