Bioretec raised 12.9 MEUR in a successful issue
Summary
- Bioretec successfully raised approximately 12.9 MEUR through a rights issue, nearing its target ceiling of 14.8 MEUR and securing funds for product commercialization and sales expansion in the U.S.
- The issue resulted in the subscription of approximately 1,287 million new shares, significantly increasing the total number of shares to around 1,336 million, with new shares representing 97.7% of the total.
- The main owner, Stephen Industries, subscribed to the remaining shares, increasing its voting share above 30%, with a permanent exemption from the tender offer obligation granted by the Financial Supervisory Authority.
- The raised capital provides Bioretec with operational flexibility until at least mid-2027, despite the company's uncertain situation and the need for a commercial breakthrough.
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Translation: Original published in Finnish on 04/24/2026 at 07:40 am EEST
Bioretec announced on Thursday the preliminary results of its rights issues, according to which the company will raise gross proceeds of around 12.9 MEUR. We consider the outcome a success, as it is clearly closer to the 14.8 MEUR target ceiling than the 5 MEUR minimum target. The issue secures funding for the company to advance the commercialization of RemeOs products and strengthen its sales organization in the United States. We will update the offering in our model after the share series are combined next week.
The raised financing provides breathing room
According to the preliminary results, a total of approximately 1,287 million new shares were subscribed in the issue, corresponding to around 87.1% of the shares offered. Of the subscriptions, around 861 million were made with unit rights and 103 million without them. In addition, the remaining around 323 million shares were subscribed for based on the underwriting commitment provided by the main owner, Stephen Industries Inc Oy. The 12.9 MEUR capital raised can be considered a positive achievement given the company's uncertain situation. The company previously commented that a full 14.8 MEUR share issue would have been sufficient until late 2027, so we estimate that the result achieved now will provide the company with operational breathing room until at least mid-2027.
The number of shares grows tremendously
As a result of the issue, Bioretec's number of shares will increase from just over 30 million shares to around 1,336 million shares at a subscription price of EUR 0.01. The new shares represent approximately 97.7% of all the company's shares after the issue. The voting share of the main owner, Stephen Industries, and indirectly the Chair of the Board, Kustaa Poutiainen, is expected to exceed the 30% threshold, but the Financial Supervisory Authority has already granted a permanent exemption from the tender offer obligation for this. We consider it important that the main owner is committed to financing the company in a situation where a commercial breakthrough and turning cash flow positive still require time.
Bioretec operates in the medical technology sector. The company specializes in the development of medical technology products. The product portfolio includes, for example, implants for pediatric and adult orthopedics and other materials for bone and soft tissue injuries. In addition to the main business, service and related ancillary services are also offered. The business is operated globally with the largest presence in the Nordic region.
Read more on company pageKey Estimate Figures30.03
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 3.5 | 4.6 | 7.9 |
| growth-% | -22.5 % | 29.4 % | 73.4 % |
| EBIT (adj.) | -8.7 | -8.5 | -6.3 |
| EBIT-% (adj.) | -246.6 % | -185.5 % | -80.3 % |
| EPS (adj.) | -0.31 | -0.01 | -0.00 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | neg. | neg. | neg. |
| EV/EBITDA | neg. | neg. | neg. |
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