contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Antti Siltanen

Biohit operates in the medical technology sector. The company develops and manufactures laboratory equipment, consumables and diagnostic analysis systems adapted for research, healthcare and industrial laboratories. In addition to its main business, it offers technical support, maintenance and training services within the aforementioned field of work. The largest operations are conducted in the Nordic market. The company has its headquarters in Helsinki.

Warning: this post is pure speculation and irresponsible doom-mongering. I don’t actually have any idea what the most likely outcome will be. It could go well or very badly​ I can’t say anything more specific regarding the need for cash or possible share issues, but I personally consider the Hefei and China business operations to be the greatest risk. There are €7.5 million in receivables from Hefei, against which there is a pledge of 1.5 million B-shares (value approx. €4.5 million). The matter is further complicated by the fact that Hefei is Biohit’s second-largest owner (over 20% of shares and votes) and, additionally, China is Biohit’s most important market (Asia accounted for nearly half of the revenue in 2025), the distribution of which is handled by Hefei. One can then wonder what happens if Hefei, for one reason or another, gets into financial difficulties and is at risk of total collapse. Or what if Hefei is nationalized in the name of China’s public health​ The receivables would go unpaid, the pledge could be liquidated, but at what price if the distributor for the most important market collapses? In that case, would Hefei also sell the rest of its holdings at a fire-sale price to the other major owner? Quite many other things could also go wrong related to this. The problem and risk simply culminate in the fact that, from the outside, a private investor has no way of assessing the probabilities of these options.

This really good clarification by @JP199 to my own previous ramblings kept playing on my mind disturbingly. I have hyped up the company’s great openings (UK, India, South Korea, Chile) and their immense potential here. In my opinion, this “ketchup bottle effect” is still real. However, I now have one tiny reservation about it, at least at the current share price. According to Inderes, the company is delivering strong results. “Biohit’s operating profit (EBIT) in H2 was EUR 1.7 million, which grew strongly from the comparison period and exceeded our forecast (EUR 1.3 million). The operating margin was an excellent 21% in H2 and 19% for the full year.” Except that the money isn’t landing in the company’s account. “Operational cash flow for the full year remained EUR 0.7 million negative (H2: +0.2 MEUR).” Quotes here: Biohit H2'25: Vahva tulos – kasvunäkymät aiempaa maltillisemmat - Inderes According to the Stockanalysis.com website, FCF was 0.2M in H2/2025 and solidly in the red at -1.5M in the first half of the year. So, the free cash flow for 2025 was -1.3 million. The thing that hit me hardest today is the following: The company had cash (Cash & Equivalents) of 3.5M on Dec 31, 2025. The amount of cash has remained pretty much the same compared to H2/2024 (3.8M) and H1/2025 (3.9M). A slight decrease, which I’m not worried about. But. Short Term Investments have collapsed to zero during that time.  H2/2024 3M H1/2025 1.3M and H2/2025 0  So the entire cash-equivalent position (Cash & Short Term Investments) has nearly halved (-47.8%) since H2/2024  H2/2024 6.7M H1/2025 5.2M H2/2025 3.5M  The company only has actual cash left. Antti also noted that:  So we have a company that makes a strong, growing profit on paper. At the same time, it has burned through its cash-equivalent assets without (at least yet) having to touch the hard cash itself. Now only that 3.5M in cash remains. How far will it last when even the analyst warns that no money is currently coming into the company, and that those large (and exceptional) licensing revenues from China were practically it? How big of an operation do you believe can be launched in the UK, India, South Korea, and Chile with 3.5 million? My guess (which I hope with all my heart proves to be wrong) is that more money will still be needed. Possibly quite soon. How large a (directed) share issue or, at worst, even a convertible bond (VVK) arrangement would you expect? At what stage? And at what price?

Phew, wow, and oh my goodness. Huge and most humble thanks to both @JP199 and @Antti_Siltanen !! I admit I was completely in the dark that the situation regarding those receivables is this bad. This is starting to remind me of the TEM1V case one-to-one (1:1). As I have written, I believe in the product and its value-add for customers like a rock. I no longer believe so much in the company itself, or especially its leading insiders. I am still strongly of the opinion that Biohit’s (BIOBV) international openings and approvals last year (UK, South Korea, India, Chile) especially build huge potential that is materializing right now. This is mentally tough. I felt forced to reduce my holding by 40%. Ha, just after I had loaded back up to the max last Friday =). There are (for me personally) too high risks here that the share price level will be driven down even lower before what I believe is a completely possible VMBO (buyout) offer is made. If I were even half sure that the offer I predicted with my tinfoil hat on could come, for example, at the current level or even after the price rose a bit from here, I would probably stay sitting on my hands and my whole position. Now, however, it’s slowly starting to seem like 80s-style Wall Street is being cautiously tested in our small-town stock exchange. It feels like there are already a few of these cases ongoing or starting. I wonder if some pantyhose-selling consultancy firm has found a “completely new and original” angle to advise their clients (and themselves at the same time) on how to make some faster BIG money? Yep, I’m clicking BIOBV off my active price monitoring and will stop grinding out conspiracy theories (in this thread) at the same time. Godspeed to everyone with this, great success! Kiitos. Edit(s).  The word BIG added. Apology removed. I do stand by these thoughts, however. The thanks at the end still stands.

At least in my opinion, the analysis (including management interviews) has highlighted this very well, which is why these receivables/cash flow have been monitored closely from the start  If a risk materializes in this regard, no one can at least blame Inderes for ignoring the risk

It has not provided an estimate. Sales in North and South America have been 0.1–0.2 MEUR per half-year in recent years. Based on the interview, they have more or less reached full speed in Chile already, so some conclusions regarding the scale can probably be drawn from the H1’26 report based on how much it rises above that baseline.

This seems to be a case of the so-called Urpilainen  “first of all, I would like to remind you of the royalty income from China”  Hefei has been paying them. The new contract structure clearly no longer includes licensing income from a certain point onwards. There will surely be an impact already this year based on the guidance. It would have been nice to hear something a bit more concrete about it, but I assume that we will reach a low level already this year. Perhaps limiting Chinese income to product sales in the future will also limit the growth of receivables… It would, of course, be better if receivables started to clearly decline.  Good that you broke down those figures for the coming years  Regarding the concern: the issue itself has remained the same, i.e., trade receivables + contract-based items have grown since H1’24, and since then (hopefully) they have been flagged in every report and interview. As the scale grows, the importance of the matter has naturally increased further, and the growth of receivables has proven to be faster and longer-lasting than I previously thought. I think it is important that potential risks are clearly flagged. On a general level, it would be a massive mistake for the analysis if a major risk were to materialize and it hadn’t been brought up in the reports/interviews. Of course, the intention isn’t to paint devils on the wall, but rather to bring key issues to light.

And it’s no longer just minor friction in receivables. Since Biohit’s impressive turnaround, they have generated a cumulative net profit of just under €8 million on paper during the 2022-2025 financial years.  Cash flow tells a slightly different story. I quickly calculated that the cumulative free cash flow for the same period is only about €300k  In this analysis, I calculated free cash flow by subtracting investments and payments of lease liabilities (from the financing cash flow section) from the operating cash flow. Meanwhile, on the balance sheet side, accounts receivable are €3.6 million and contract assets are €7.5 million, totaling a staggering €11.1 million  And the message was clear: at least contract-based receivables are still rising; for other trade receivables, there was apparently some timing issue. In principle, there is a rational explanation for all of this—there are the pledged shares and so on—but this is starting to get a bit “acidic” (tough to swallow), especially as one also has to tolerate ownership risk, and there is no external visibility into the China situation or the interaction between the two main owners. The impression from the Inderes report was that Antti has also started to worry a notch more about the receivables and cash flow.

Biohit

Biohit's H1 report exceeded our expectations in terms of both revenue and earnings. The launch of the GastroPanel® fingertip blood test, during H1 and the partial periodization of China's revenue to H2 strengthen our growth expectations for the near future.

<p>We reiterate our Accumulate recommendation for Biohit and raise our target price to EUR 2.4 (previous 2.1). The H1 report exceeded our expectations in terms of both revenue and earnings. The launch of the GastroPanel&reg; fingertip blood test, during H1 and the partial periodization of China's revenue to H2 strengthen our growth expectations for the near future. The valuation picture remains attractive with estimate hikes.</p>

	2022	23e	24e
Revenue	11.0	12.4	13.6
growth-%	17.0 %	13.2 %	9.9 %
EBIT (adj.)	1.1	1.9	2.2
EBIT-% (adj.)	10.3 %	15.4 %	16.0 %
EPS (adj.)	0.04	0.11	0.13
Dividend	0.00	0.00	0.05
Dividend %			1.9 %
P/E (adj.)	39.3	24.8	20.1
EV/EBITDA	11.4	14.2	12.2

Biohit: Positive result from H1 test

Key Estimate Figures10.08.2023

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