TAMPERE, Finland, May 15, 2026 /PRNewswire/ -- Bioretec Ltd. | Company announcement | 15 May 2026 at 9:00 a.m.
This announcement summarizes Bioretec Ltd's business review for January-March 2026. The complete business review 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.
January--March 2026 in brief
-- Net sales amounted to EUR 1,220 thousand (1--3/2025: EUR 1,396 thousand)
-- Adjusted sales margin was 70.1% (56.7%) of net sales. From Q1/2026, the
company will transition to reporting adjusted sales margin to be aligned
with industry reporting standards. Adjusted sales margin comprises the
net sales of implants deducted by related cost of sales and extraordinary
expenses.
-- EBITDA was EUR -1,375 (-1,236) thousand
-- The result for the reporting period amounted to EUR -1,371 (-1,298)
thousand
-- On March 27, Bioretec announced that the Board of Directors has resolved
on a rights issue
-- The rights issue was completed after the end of the reporting period. 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 receives gross proceeds of approximately EUR 12.9 million
from the offering.
Key figures
EUR 1,000 unless otherwise indicated 1--3/2026 1--3/2025 Change, % 1--12/2025 ------------------------------- ---------- ---------- --------- ---------- Net sales 1,220 1,396 -12.6 % 3,522 ------------------------------- ---------- ---------- --------- ---------- Adjusted sales margin, % of net sales (1) 70.1 % 56.7 % 59.3 % ------------------------------- ---------- ---------- --------- ---------- EBITDA -1,375 -1,236 -8,476 ------------------------------- ---------- ---------- --------- ---------- EBIT -1,435 -1,287 -8,686 ------------------------------- ---------- ---------- --------- ---------- Profit / loss for the period -1,371 -1,298 -9,483 ------------------------------- ---------- ---------- --------- ---------- R&D expenditure, % of net sales 47.3 % 45.7 % 85.8 % ------------------------------- ---------- ---------- --------- ---------- Equity ratio, % 82.2 % 82.2 % 84.3 % ------------------------------- ---------- ---------- --------- ---------- Cash and cash equivalents 1,880 4,424 -57.5 % 4,126 ------------------------------- ---------- ---------- --------- ---------- Earnings per share (undiluted) -0.04 -0.06 -0.34 ------------------------------- ---------- ---------- --------- ---------- Earnings per share (diluted) -0.04 -0.05 -0.28 ------------------------------- ---------- ---------- --------- ---------- Number of shares 30,788,092 23,336,858 30,788,092 ------------------------------- ---------- ---------- --------- ---------- Number of shares (diluted) 33,821,751 27,515,133 33,821,751 ------------------------------- ---------- ---------- --------- ---------- Number of personnel at the end of the period 60 48 25.0 % 60 ------------------------------- ---------- ---------- --------- ---------- (1) From Q1/2026, the company will transition 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 1--3/2026 1--3/2025 Change, % 1--12/2025 ----------------- --------- --------- --------- ---------- Europe 434 143 203.3 % 887 ----------------- --------- --------- --------- ---------- The U.S. 292 53 449.0 % 488 ----------------- --------- --------- --------- ---------- Rest of the World 494 1,200 -58.8 % 2,146 ----------------- --------- --------- --------- ---------- Total 1,220 1,396 -12.6 % 3,522 ----------------- --------- --------- --------- ----------
CEO Sarah van Hellenberg Hubar-Fisher's comments
Early traction from renewed strategy
The first quarter of 2026 reflects intentional direction and early traction from the operational and commercial reset initiated in the second half of 2025. Net sales reached EUR 1.2 million, with growth in both the U.S. and Europe reaching 449% and 203.3% respectively for the year-over-year comparison period. This growth is not only volume-driven but structurally healthier: revenue is now supported by a broader mix of customers and distribution partners across key markets. Adjustments to gross margins were made in an effort to align our financial reporting more closely with that of our industry peers, an initiative we identified in 2025 and implemented at the start of this financial year.
During the quarter, we activated new distribution channels in the U.S. and internationally while expanding our direct customer base. This reduces concentration risk and improves the quality and resilience of our revenue as we scale. The focus is clear -- build a commercially robust business in high-value markets with repeatable demand drivers.
Our strategy for 2026--2028 prioritizes disciplined execution, capital efficiency, and continued innovation through the expansion of the RemeOs$(TM)$ platform. The first quarter of 2026 already provided clear signals that the updated strategy is translating into measurable results. The commercial investments made in late 2025, particularly in leadership and capability building, are accelerating our momentum both in the U.S. and Europe.
We have continued to strengthen our market presence and visibility, particularly in the United States. During the quarter, we further established our Key Opinion Leader $(KOL)$ program, including hosting our first KOL roundtable in January and launching a series of monthly surgeon-led webinars. In addition, we presented at several important industry events, including the AOFAS winter meeting, the ACFAS annual scientific conference, the Canaccord Genuity Musculoskeletal Conference and the AAOS Annual Meeting in New Orleans in March. These activities enhance our engagement with clinical and economic stakeholders and support broader awareness of our technology in the world's largest medtech market.
Looking ahead, we remain focused on driving commercial growth, advancing launch readiness for our near-term pipeline, and driving operational excellence. Advancing production capabilities and process discipline is a priority to ensure that growth is supported by reliable and efficient delivery.
Successful rights issue supports the next phase of targeted growth
After the reporting period, we successfully completed a rights issue. This strengthens our financial position and provides additional resourcing required to execute the next phase of our targeted growth. Specifically, it allows us to progress the execution of our strategy with a focus on the near-term pipeline, U.S. commercial organization and operational scale. We are greatly encouraged by the outcome of the rights issue and grateful for the continued commitment from our shareholders.
We carry this momentum into 2026 with a strengthened financial base, clear operational priorities, and an organizational focus with an emphasis on execution.
Significant events in January--March 2026
-- On January 15, Bioretec announced the appointment of Tuukka Paavola as
Chief Financial Officer and part of the management team.
-- On February 13, Bioretec announced that its Board of Directors is
assessing a potential rights issue in the near future.
-- On March 10, Bioretec announced that it is planning a rights issue of at
least EUR 5 million and up to EUR 15 million with a maximum of
1,500,000,000 new shares.
-- On March 10, Bioretec issued a notice of an Extraordinary General Meeting
to be held on March 27, 2026.
-- On March 12, Bioretec announced that Chief Technology Officer Timo
Lehtonen will transition to the role of External Executive Advisor
(Technology & Strategy) and step down from the management team and CTO
role as of July 6, 2026. Bioretec is establishing two new dedicated roles
to cover the day-to-day operational needs in both product development and
clinical affairs, and recruitment efforts are already underway.
-- On March 26, Bioretec announced that The Finnish Financial Supervisory
Authority has granted Stephen Industries Inc Oy and Kustaa Poutiainen a
permanent exemption from the obligation to launch a mandatory public
takeover bid relating to the upcoming rights issue.
-- On March 27, Bioretec announced the resolutions of the Extraordinary
General Meeting and that the Board of Directors has resolved on a rights
issue of up to approximately EUR 14.8 million.
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