Grok’s listing of the latest sales or distribution agreements.
Here are Siltanen’s comments on Bioretec releasing its Q1 report on Thursday. 
Bioretec will publish its Q1 report on Thursday, May 15th. At the beginning of Q1, the company received CE marking for its RemeOs™ trauma screw. The marking covers several product models, sizes, and intended uses. With this marking, we expect the first orders from Europe, but their scale is difficult to estimate beforehand. Despite growth, we expect the result to be roughly at the comparison period’s level due to increased costs.
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Business Review Q1 2025
JANUARY–MARCH 2025 IN BRIEF
• Bioretec’s RemeOs™ trauma screw product family received comprehensive CE approval in January, which
enables product launch in Europe and in non-European countries that accept the CE mark.
• Commercialization progressed in the United States, where several new distribution agreements were signed.
• New CE-marked RemeOs products are moving into production, and preparations for increasing manufacturing capacity
and ramping up production are ongoing.
• Revenue was 1,396 thousand euros (1–3/2024: 682 thousand euros). Growth was achieved due to strong sales in China. The timing of Activa orders for the first quarter allows for more resources
for RemeOs for the rest of the year.
• Gross profit (excluding other income) was 822 (418) thousand euros, or 58.9% (61.3%) of revenue.
The gross profit percentage was slightly lower due to increased sales in the first quarter
to China, where volume-based procurement policy continued to affect pricing. Additionally, the comparable period’s
gross profit was impacted by a planned production shutdown related to the ramp-up of new production capacity.
• EBITDA was -1,236 (-1,112) thousand euros. EBITDA was burdened by increased personnel costs due to the growth in headcount
and increased fixed costs caused by both commercialization and product development projects.
• The result for the reporting period was -1,298 (-1,097) thousand euros
The report itself
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Now that good report came.
Donze’s interview is probably not going to happen, but what about Poutiainen’s 
?
Edit. Or Sarah van Hellenberg Hubar-Fisher’s interview ? :'D
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Quick thoughts on the Q1 review:
- At a high level, everything seems to be progressing as planned (excl. Alan Donze’s departure, for which more information would be important)
- Good revenue growth is explained by China’s Activa orders, which were reported to have been concentrated in Q1. Mentioning the concentration suggests that China’s orders for the rest of the year will be significantly smaller.
- The commercialization of RemeOs products seems to be progressing slower than I had thought. It’s good that the number of distributors in the USA is growing, but orders are missing or small. Will RemeOs sell in the USA without disposable instruments, the development of which only started this year? (I don’t remember if Alan gave more specific information about the instrument development timeline in an earlier interview)
- Can we assume that the commercialization of RemeOs in Europe will be faster than in the USA? The start of growth in the USA has been awaited for a year, but concrete results are still scarce. Of course, Europe has a more mature distribution network, and as I understand it, disposable instruments are not needed, so things can progress more quickly.
- “We signed the largest number of new Mexican distribution agreements in a single quarter.” I don’t recall Mexican distribution agreements being mentioned before, so this sentence isn’t very clear. Was one distribution agreement signed, which is more than the previously signed 0 units? Or is it a significant number?
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It’s good to note here that these new ones are sales rep-driven, whereas the first distributors, Spartan and TriState, were stock-ordering. I understand that revenue from this sales rep group will only come when the products start to be used. There’s also a delay because hospital processes must first be completed before use can begin. For stock-ordering distributors, on the other hand, revenue comes immediately as a lump sum.
Yes, because all screw models and sizes are immediately available for sale. Also, there are plenty of indications compared to 1 in the USA.
I’m quite sure this is a typo/copying error and refers to USA distribution.
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It seems things have really gone wrong there after all. The Q1 report was written by the chairman of the board, not the CEO. A week ago it was announced that he would continue until July 7th, and now he has already been replaced by a temporary one.
Strange indeed. Well, this doesn’t show in the results at all. Deliveries in Europe didn’t manage to start by the end of March as expected, meaning there is no RemeOS revenue included in these results yet.
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Donze himself announced that he would be available until 7.7.
The board is now taking responsibility and Donze was immediately shown the door. Great reaction in my opinion 
I agree that things have seriously gone awry. It somehow smells like Donze’s announcement came completely out of the blue for everyone.
Well, now it’s a new beginning and we’re on the verge of something exciting.
My own trust in the company grew again after Q1.
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Here, the clearest (screaming) common denominator is Alan Donze.
It would be interesting to hear how he managed to explain his previous short stints at different companies into a beautiful, coherent story and slither through the recruitment process.
One or two short stints are not alarming in themselves; recruitment doesn’t always succeed for one side or the other. Sometimes a great opportunity comes along, or simply life gets in the way. However, constantly jumping to the next train might indicate a larger (personality) disorder in the person themselves.
Such rascals often tend to be very credible storytellers. The fault or reason for their slippery moves is always someone else’s fault.
Someone (else) should always have done something differently.
A diamond in the rough is not always as hard a substance in its atomic structure as it appears at a quick glance. Especially small companies should try to understand this, no matter how intense the rush and urgency to make decisions.
No matter, according to the latest announcement, both the board and the new CEO are very enthusiastic about each other. That’s a good thing, as enthusiasm is very important.
I lightened up a bit (20%) a couple of days ago. If the fault was with Donze, all is (presumably) well, and I can buy back at some point. However, let’s first see what concrete results the renewed and enthusiastic leadership begins to achieve.
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Siltanen has published a new company report after Q1.
Bioretec’s Q1 revenue exceeded our forecast, and the result was in line with it. Overall, we found the report positive and it instilled confidence in the realization of growth this year. China was the engine of growth in Q1, where sales volumes have increased, but prices have, on the other hand, decreased. In the important US market, development has occurred through the addition of distributors, which lays the groundwork for future growth. European RemeOs™ orders appear to be realized later than expected, starting from summer. Forecast changes remain minor, and we reiterate our recommendation (add) and target price of 2.8 euros for the share.
Quoted from Rapsa:
Financing round in sight in Q3
Cash reserves at the end of the period were EUR 4.42 million, a decrease of EUR 1.87 million compared to the turn of the year. The balance sheet and cash flow statement were not published in the business update, so a more precise estimate cannot be made at this stage. However, we believe working capital has been tied up, signaling growth. The company reiterated its earlier estimate of the need for capital raising. Bioretec stated it is considering a financing round during Q3 this year. We consider its realization highly probable. Bioretec stated in connection with last autumn’s offering that its total financing need was EUR 18 million, of which approximately EUR 6 million was raised then. This figure includes the costs of the spinal fusion implant, which the company aims to cover through an industrial partnership, in our understanding. The upcoming financing round may thus cover a significant portion of the company’s financing need, but further financing needs cannot be ruled out at this stage.
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Where has the trading volume for this stock gone? It wasn’t very high even before, but for example, today not a single share has changed hands.
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reaching into the owners’ pockets
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That’s quite a steep discount.
This didn’t come as a surprise, and money is still being burned through quickly. It’s not a very attractive stock at the moment, even though there is a lot of potential in the future.
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Peculiar share price reaction in a situation where existing shareholders get to subscribe for shares at a significantly lower price than the current share price.
For once, the board acted in time to enable existing shareholders to participate in the offering.
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The discount percentage doesn’t really matter now, as it goes in proportion to holdings. A plus is that the chairman of the board has fully guaranteed the entire share issue.
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Here is indeed decisive ownership from Stephen Industries;
“Bioretec has received an irrevocable advance commitment from Stephen Industries Inc Oy, subject to certain customary conditions, to subscribe for New Shares in the Share Offering in full based on the Subscription Rights allocated to it (“Subscription Commitment”). The Subscription Commitment corresponds to approximately EUR 1.0 million, representing approximately 10.4 percent of the New Shares, assuming the Share Offering is fully subscribed. Bioretec has also received a subscription guarantee from Stephen Industries Inc Oy, according to which it will subscribe for all remaining new shares not allocated in the Secondary Subscription (“Subscription Guarantee”). Stephen Industries Inc Oy is the controlling entity of Kustaa Poutiainen, the Chairman of the Company’s Board of Directors. Stephen Industries Inc Oy will not be paid a fee for the Subscription Commitment or the Subscription Guarantee.”
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So, is it worth selling everything now if the price is over 1.5 € and subscribing to new ones with that? 
How do you subscribe if you don’t own (any)? It then depends on the price at which subscription rights can be bought. The biggest owners are quite well on board.
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It’s impossible not to notice when looking at the figures & forecasts/valuation that the number of shares is marked as the same (23.3) for the years 2024-2028. Even though the share issues have been known and the number of shares is growing even now (approx. 30.8), has the growing number of shares been taken into account, e.g., in EPS calculation forecasts?