Translation: Original published in Finnish on 12/9/2025 at 8:00 am EET.

Biohit announced on Monday a new clinical study that supports the reliability of the GastroPanel test in ruling out the need for gastroscopy (stomach endoscopy). The news supports the company's growth story and sales arguments, but does not cause immediate changes to our forecasts.

Research supports the suitability of the test for screenings

Biohit announced on Monday the Kappa study carried out at Oulu University Hospital, the results of which have been published in the journal Anticancer Research. The research results show a strong correlation between the GastroPanel test and biopsy findings. A key finding is that if the GastroPanel test result is normal, invasive and expensive gastroscopy (stomach endoscopy) is usually not needed. According to the company, up to 90% of gastroscopies could be avoided based on a normal test result, which would bring significant savings to healthcare systems and free up treatment capacity.

Support for the long-term growth story

The news reinforces Biohit's key sales argument that GastroPanel serves as a cost-effective and safe screening method (triage) in primary healthcare. We have previously emphasized that the scarcity of healthcare resources and cost pressures are key drivers for the demand for Biohit's products, the most recent example of which is Chile's decision to include the test in its national cancer prevention program.

The independent research evidence now published supports the company's justifications for marketing the test. The release has no immediate impact on our financial forecasts, which already anticipate strong growth for the company in the coming years. However, the news supports our confidence in the competitiveness of the company's product and its long-term growth prospects.