Bioretec Ltd's Half-year report 2026: H1 close signals momentum
Bioretec Ltd. | Company announcement | 13 August 2026 at 9:00 a.m.
This announcement summarizes Bioretec Ltd’s half-year report for January–June 2026. The complete half-year report is attached to this release as a PDF file and available on the company’s website at https://investors.bioretec.com/en/reports_and_presentations. The half-year report is unaudited.
April–June 2026 in brief
•Net sales amounted to EUR 1,100 thousand (4–6/2025: EUR 678 thousand)
•Adjusted sales margin was 68.0% (57.1%) of net sales
•EBITDA was EUR -2,251 (-3,321) thousand
•The result for the reporting period amounted to EUR -3,307 (-4,330) thousand
January–June 2026 in brief
•Net sales amounted to EUR 2,320 thousand (1–6/2025: EUR 2,074 thousand)
•Adjusted sales margin was 69.2% (56.8%) of net sales
•EBITDA was EUR -3,625 (-4,557) thousand
•The result for the reporting period amounted to EUR -4,678 (-5,628) thousand
Key figures
|
EUR 1,000 unless otherwise indicated |
4–6/2026 |
4–6/2025 |
Change, % |
1–6/2026 |
1–6/2025 |
Change, % |
1–12/2025 |
|
Net sales |
1,100 |
678 |
62.2% |
2,320 |
2,074 |
11.9% |
3,522 |
|
Adjusted sales margin, % of net sales1 |
68.0% |
57.1% |
69.2% |
56.8% |
59.3% |
||
|
EBITDA |
-2,251 |
-3,321 |
-3,625 |
-4,557 |
-8,476 |
||
|
EBIT |
-2,311 |
-3,373 |
-3,746 |
-4,660 |
-8,686 |
||
|
EBIT, % of net sales |
-210.1% |
-497.8% |
-161.5% |
-224.7% |
-246.6% |
||
|
Profit / loss for the period |
-3,307 |
-4,330 |
-4,678 |
-5,628 |
-9,483 |
||
|
R&D expenditure, % of net sales |
90.9% |
117.3% |
67.9% |
69.1% |
85.8% |
||
|
Equity ratio, % |
88.0% |
79.6% |
88.0% |
79.6% |
84.3% |
||
|
Return on equity, % |
-25.1% |
-39.0% |
-33.8% |
-48.2% |
-97.3% |
||
|
Cash and cash equivalents |
12,022 |
11,467 |
4.8% |
12,022 |
11,467 |
4.8% |
4,126 |
|
Earnings per share (undiluted) |
-0.003 |
-0.17 |
-0.01 |
-0.23 |
-0.34 |
||
|
Earnings per share (diluted) |
-0.002 |
-0.13 |
-0.003 |
-0.17 |
-0.28 |
||
|
Number of shares at the end of the period |
1,341,785,963 |
30,783,092 |
1,341,785,963 |
30,783,092 |
30,788,092 |
||
|
Number of shares (diluted) |
1,527,790,429 |
33,821,751 |
1,527,790,429 |
33,821,751 |
33,821,751 |
||
|
Number of personnel at the end of period |
58 |
57 |
1.8% |
58 |
57 |
1.8% |
60 |
1From Q1/2026, the company has transitioned to reporting adjusted sales margin to be aligned with industry reporting standards. The adjusted sales margin describes the profitability of implant sales before commercialization-related expenses, such as sales commissions. Adjusted sales margin comprises the net sales of implants deducted by related cost of sales and extraordinary expenses. Items recognized below the adjusted sales margin will include, among others, commissions and external services considered fixed in nature.
Net sales by geographical area
|
EUR 1,000 |
4–6/2026 |
4–6/2025 |
Change, % |
1–6/2026 |
1–6/2025 |
Change, % |
1–12/2025 |
|
Europe |
345 |
210 |
63.9% |
779 |
353 |
120.3% |
887 |
|
The U.S. |
305 |
131 |
133.6% |
597 |
184 |
225.2% |
488 |
|
Rest of the world |
449 |
337 |
33.5% |
944 |
1,537 |
-38.6% |
2,146 |
|
Total |
1,100 |
678 |
62.2% |
2,320 |
2,074 |
11.9% |
3,522 |
Significant events in April–June 2026
- On April 2, Bioretec published an exemption document relating to its rights issue.
- On April 20, Bioretec published the notice to the Annual General Meeting to be held on May 8, 2026.
- On April 23 and April 24, Bioretec published the preliminary and final results of the rights issue, respectively. The final results of the rights issue show that a total of 1,286,801,534 new shares were subscribed for in the offering, corresponding to approximately 87.1 per cent of the 1,477,828,416 new shares offered in the offering. The subscription price in the offering was EUR 0.01 per new share. Bioretec received gross proceeds of approximately EUR 12.9 million from the offering.
- On April 28, Bioretec announced that 1,286,801,534 new shares subscribed for in the rights issue and 24,196,337 new shares issued to Stephen Industries Inc Oy as an underwriting fee pursuant to the underwriting commitment have been registered with the Trade Register maintained by the Finnish Patent and Registration Office. In addition, Bioretec announced that it would adjust the terms and conditions of its stock option programs due to the completed rights issue.
- On May 8, Bioretec announced the resolutions of the Annual General Meeting and the constitutive meeting of the Board of Directors held on the same date.
- On May 13, Bioretec announced that it clarifies its 2026–2028 financial target regarding the sales margin to concern the adjusted sales margin.
- On June 1, Bioretec announced that it initiates new change negotiations in production to enhance operational efficiency. The change negotiations were concluded on June 17.
- On June 1, Bioretec announced that its Board of Directors has resolved on a new stock option plan.
- On June 17, Bioretec announced the appointment of Conan Cavanagh as Head of Research & Development and member of the Management Team.
Significant events after the reporting period
- On July 2, Bioretec announced that Chief Financial Officer Tuukka Paavola will leave the company with immediate effect. The duties of the Chief Financial Officer will be assumed on an interim basis by Controller Anna-Mari Venola.
- On August 5, Bioretec announced the appointment of Panu Mikkonen (M.Sc. Econ.) as Chief Financial Officer, effective 6 October 2026. In this role, Mikkonen will report to Chief Executive Officer Sarah van Hellenberg Hubar-Fisher and will join the company's Management Team.
CEO Sarah van Hellenberg Hubar-Fisher’s comments
H1 close signals momentum
In the second quarter, our commercial momentum continued by growing net sales by 62% to EUR 1.1 million. We achieved 133% year-over-year growth in the U.S. and 63% in Europe, demonstrating consistent volume growth and representation of market demand across targeted geographies. Our revenue base continues to reflect deliberate diversification through a broader mix of customers and distribution partners across key markets, reducing concentration risk and strengthening the quality of revenue. This is also reflected as improvements in the adjusted sales margin.
Alongside our commercial progress, we maintained a strong focus on cost discipline and operational efficiency. These results continue to signal the impact of the significant strategic adjustments made in 2025 and provide the foundation for sustainable long-term growth. Commercial growth combined with disciplined execution will be key to further improving the scalability of our business.
Expansion of the RemeOs™ platform remains a priority
Our strategy for 2026–2028 prioritizes disciplined execution, capital efficiency, and continued innovation through the expansion of the RemeOs™ platform. In research and development, our focus is on progressing the near-term product pipeline and expanding our patent portfolio across all three distinct materials, addressing a broader range of clinical needs in upper and lower extremities. In early development, we continue to progress our preclinical efforts for our spine portfolio, demonstrating further breadth of indication expansion and material performance with our hybrid composite.
Whilst we secure our future position with the continued development of material expertise and experience, we must also strengthen our focus on evidence generation through reputable clinical studies and related publications that demonstrate the value of our breakthrough claims.
To support us on this path, we announced the appointment of Conan Cavanagh as Head of Research & Development, effective as of 1 September 2026. Conan will be responsible for our R&D strategy, product portfolio management, and the execution of the product development program. We are confident that his experience will support the execution of our strategy, technology development and international growth. In addition, our former CTO Timo Lehtonen will continue his contributions toward our world class materials science leadership, technology expertise and strategy as an External Executive Advisor.
Discipline and Delivery
The results from the first half of this year represent a focus on discipline to drive deliverables. Across all functions of the business, our priorities and processes remain under scrutiny, ensuring that resourcing is allocated appropriately and effectively and the spirit of execution remains in service of a high performing organization. As we build our category leadership position further, we continue to set the foundation for a commercially robust and scalable business in high-value markets with repeatable demand drivers.
To achieve this, we will invest in strengthening our market presence and visibility across key markets, driving excellence in defined measures of success per market such as repeat surgeon utilization, consistent growth targets, industry defining publications, and expansion of the RemeOs™ product line.
The first two quarters of 2026 have provided clear signals that our strategy and commercial investments are translating into measurable results. We carry this momentum and increased confidence into the rest of 2026, with a continued commitment to defining our position as a category leader and delivering on our promise of patient outcomes that represent the best in material science where Biology meets Bone.
Financial reporting in 2026
In 2026, Bioretec will publish the following financial reports:
- Business review for January–September 2026 on Thursday, November 12, 2026
The releases will be published as company releases and will be available online on Bioretec’s website at https://investors.bioretec.com/en/reports_and_presentations.
Tampere, August 13, 2026
Board of Directors
Bioretec Ltd
For additional information:
Sarah van Hellenberg Hubar-Fisher
CEO
+31 6 1544 8736
sarah.hubar-fisher@bioretec.com
Certified Adviser
Nordic Certified Adviser AB, +46 70 551 67 29
Information about Bioretec
Bioretec is a globally operating Finnish medical device pioneer at the forefront of transforming orthopedic care with fully biodegradable implant technologies. The company has built unique competencies in the biological interface of active implants to enhance bone growth and accelerate fracture healing after orthopedic surgery. The products developed and manufactured by Bioretec are used worldwide in approximately 40 countries.
The company’s latest innovation, the RemeOs™ product line, is based on a high-performance magnesium alloy and hybrid composite, introducing a new generation of strong absorbable materials for enhanced surgical outcomes. The RemeOs implants are absorbed and replaced by bone, which eliminates the need for removal surgery while facilitating fracture healing. The first RemeOs product market authorization was received in the U.S. in March 2023, and in Europe, the CE mark approval was received in January 2025.
Bioretec’s Activa product line features fully bioabsorbable orthopedic implants made from a proprietary, self-reinforced PLGA both CE marked and FDA cleared for a wide range of indications in adult and pediatric patients.
Bioretec is shaping the future of orthopedic treatment with a focus on healing through absorption, paving the way for more effective and patient-friendly solutions.
To learn more about Bioretec, visit www.bioretec.com