Bioretec Q3'26 preview: Growth expected, but earnings still lagging
Summary
- Inderes expects Q3 revenue to rise to 1.2 MEUR from 0.7 MEUR, driven by the commercial ramp-up of RemeOs in the US and Europe.
- Inderes forecasts Q3 operating loss of 2.2 MEUR, wider than the 1.8 MEUR loss a year earlier, as US sales representative costs weigh on earnings.
- Bioretec has estimated that funds raised in April will last until Q3'27. Inderes expects the next funding round is likely in the first half of next year.
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| Estimates | Q3'25 | Q3'26 | Q3'26e | Q3'26e | 2026e |
| MEUR/EUR | Comparison | Actualized | Inderes | Consensus | Inderes |
| Revenue | 0.7 | 1.2 | 5.1 | ||
| EBITDA | -1.8 | -2.1 | -7.6 | ||
| EBIT | -1.8 | -2.2 | -8.0 | ||
| EPS (reported) | -0.06 | -0.00 | -0.01 | ||
| Revenue growth-% | 4.4% | 67.8% | 44.4% |
Source: Inderes
Translation: Original published in Finnish on 11/10/2026 at 7:20 am EET.
Bioretec will publish its Q3 report on Thursday, November 12. We expect revenue to have grown significantly from a weak comparison period, but earnings to have been weighed down by the costs of the US sales representative model. In the report, our focus will be particularly on the commercial progress of the RemeOs product family in the US and Europe.
RemeOs ramp-up and sales representative model support growth
We expect Q3 revenue to have risen to 1.2 MEUR (Q3'25: 0.7 MEUR). Growth is driven mainly by the gradual commercial ramp-up of the RemeOs trauma screw in the US and Europe. We expect the shift to a direct distribution model and the expansion of the US sales representative network to gradually start supporting volume growth. The CE mark received in Europe early in the year has enabled broader sales. We also expect the Activa product family to continue its moderate growth. In September, the company received FDA clearance for a new cannulated compression screw, which we expect to support growth from next year. Although year-on-year growth is strong in percentage terms, revenue remains low in absolute terms, so individual orders can cause significant swings in the figures. We are therefore also closely following the quarter-on-quarter trend to assess whether the growth is sustained.
Sales investments weigh on earnings
We estimate Q3 EBIT at -2.2 MEUR (Q3'25: -1.8 MEUR). The weaker result reflects the company’s heavy growth investments, in particular the costs of the US sales representative model. Sales representative commissions weigh on the reported gross margin, pushing earnings below the comparison period despite revenue growth. In October, Bioretec launched change negotiations in its Finnish organization, targeting annual savings of 0.3 MEUR on top of earlier savings programs. Although their effects are not yet visible in the Q3 figures, these measures show that the company is actively working to adjust its cost structure and curb negative cash flow.
Focus on commercialization progress and cash runway
Bioretec does not provide financial guidance, so the key takeaways from the report will be management’s comments on demand for the RemeOs product family and the expansion of the customer base. For the investment story, confirmation that the US sales representative model is starting to bear fruit and that the European launch is progressing as planned is extremely important. We also expect updates on marketing authorization processes and on the progress of clinical trials for new products, such as the RemeOs DrillPin.
We will also focus on the company’s cash position and burn rate. The company has previously estimated that the funds raised in the April share issue will last until Q3'27. We will follow with interest how the efficiency measures announced in October and any outsourcing of operations affect cash flow. We will also assess whether they give the company much-needed extra time to build commercial evidence before the next funding round, which is likely to take place in the first half of next year.