I listened to that. They come across as really sharp and seem to have industry experience. And best of all; a very commercially-minded person, who is truly desired in this situation.
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Spotted on Bioretec’s LinkedIn;
\We’re proud to deliver on our commitment from last quarter’s financing round: investing in outstanding commercial talent to expand Bioretec Ltd.’s US footprint.\n\nOver the summer, we welcomed two exceptional leaders—Megan Pino as Head of Global Marketing and Blake Helm as VP of Sales, Area West—to advance our US operations.\n\nTogether, Megan and Blake bring more than four decades of medtech leadership to our growing team. Both began their careers at Stryker, developed deep expertise in launching new businesses, and share a strong commitment to shaping the future of early-stage innovation. Their strategic vision and practical know-how are exactly what Bioretec needs at this critical phase of our US growth.\n\nWe are genuinely excited to have Megan and Blake onboard for the Bioretec journey. Their impact—on our team, our partners, and ultimately on patient care in the US—will be impossible to miss!\**
It feels like the company has a whole new gear under Sarah 
I also checked that these new recruits have impressive backgrounds. Blake’s previous company Artelon was apparently sold to Stryker - there he had the same role as now at Bioretec, Vice President West.
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This M&A/exit matter is also a bit interesting in the case of Bioretec.
In connection with another matter, a company acquisition came up where Smith & Nephew bought CartiHeal. The price was $330 million ($180/$150 million). It was a cartilage repair implant. The product received FDA approval, and subsequently, the first commercial implant installation was made in July. In November, Smith & Nephew already made a takeover bid. So, sales were practically at zero, and such a purchase price.
If we compare this to the global revenue potential of the RemeOs product family, what would be the level of a takeover bid for Bioretec today? And also, what would be the level approved by the board… that is, what would Kustaa say to this?
The understanding is that RemeOs’ potential is on a completely different level than the potential of CartiHeal’s cartilage repair product.
https://www.orthoworld.com/smithnephew-completes-acquisition-of-cartiheal/
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In my opinion, Bioretec’s potential is really high.
I don’t know about the permits, but I could see that, for example, in animal care, these could also be a big thing. Anesthesia is often much more dangerous for animals than for humans. Has there been any talk or mention of this?
Most likely, this will be bought from us Finns. Let’s hope for at least a good price if that happens.
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Well now! One would think this would help the product enter the market and increase its recognition.
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Here are Antti’s comments on this latest news. 
Bioretec announced it had received temporary TPT reimbursement for its RemeOs™ trauma screw in the United States. TPT status offers hospitals additional reimbursement for using the product, which lowers the threshold for adopting new technologies. The news is a positive and important milestone on the company’s commercialization path in the United States and increases confidence in the realization of growth forecasts.
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Stock markets are indeed mysterious at times - after a positive announcement, the price collapses… 
It rose 30% yesterday, so I wouldn’t talk about a collapse. Many are just jumping off the train or cashing in profits. This will still turn out well! 
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There seem to be enough people jumping under that train. However, I’d rather wait until mid-November before I jump under that train. It seems Bioretec’s train has finally started moving.
We talked with Antti about Bioretec’s news in a video. 
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Too bad
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The headline in Kauppalehti’s feed lost its air; “Bioretec issues profit warning, revokes guidance” but the content was less dramatic. It’s acknowledged that the company won’t be exchanging 65 million in 2028, and that a new strategy will be published later.
Sarah, as CEO, seems to be the best the company has had so far, and I’d guess she’s seen that the previously painted growth path doesn’t look realistic. So, a more credible, more “actionable” strategy is desired, one that both the company itself and the markets can believe in.
A sigh of relief related to the fact that the release was not about current performance or some technical setback. So, it is still likely that screw sales in both the USA and the EU will start to rise in the coming quarters (fingers crossed).
I didn’t actually find the profit warning, so was it fake news from Kauppalehti’s side? 
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Completely agree. If the market had truly believed in the achievement of previous targets at the announced times, the company’s share price would be completely different from what it has been recently. Each of us has been very skeptical about the achievement of these targets, and what is more essential is the sales development from quarter to quarter and obtaining regulatory approvals for new applications.
This is a long game, and only real sales development matters, not the targets set by the company.
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Given Inden’s forecasts of 19 million in revenue, it probably won’t come as a surprise to anyone following the case that the 65 million revenue target won’t be met. As a result, I added more because the reaction was quite overblown.
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Hopefully this doesn’t foreshadow sales continuing to slump badly. Achieving positive operating cash flow has now been pushed back a couple of years. Several share issues will be needed unless the direction can be turned around, so it remains to be seen whether the stock’s reaction was overblown or not. Q3 is unlikely to show huge sales yet, so in February we might be able to assess where things stand. I still have quite pessimistic expectations regarding this.
The stock exchange release states the following:
"The previous financial targets, which are now cancelled, were:
Achieving a revenue of 65 million euros by the end of 2028 and a revenue of over 100 million euros by the end of 2030 (previous target: 62 million euros by the end of 2027); and
Achieving a positive operating cash flow by the end of 2027 (previous target: by the end of 2026)"
In this situation, I personally considered the latter, also cancelled, guidance more essential, i.e., cash flow positivity by the end of 2027. In other words, before new financial targets can be confirmed sometime late this year, there is no publicly stated idea of when the cash burn will end. This was such bad news on top of other bad news that I decided to divest from this, admittedly very small (approx. 0.25% of my portfolio) investment and take a loss of about 30%. However, I will certainly follow the story’s progress with interest.
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True, I messed up there, so even two years to positive cash flow was too optimistic.
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I didn’t bother to rack my own brain but asked Gemini what steady growth % is required for revenue to grow from 5 million to 65 million in 2026-2028. Answer: 135 %
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Answer and Verification
For Bioretec to go from 5 million in revenue to 65 million in three years with steady growth, the annual growth should be approximately 135.13\\%
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Antti Siltanen has, if I recall correctly, predicted something like 60% growth ??
Edit.
If we take Kuros Biosciences as a comparison, in 2024, revenue grew by 125%. This year, Q1 growth is 82% and 9-month growth is 77%.
Let’s wait for that Bioretec INFLECTION POINT moment……….
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My own investments have recently focused on bio-sector companies, both domestic and foreign. And it certainly requires quite an investment horizon, of which this is a prime example. Quick profits can be forgotten, and the milestones should be set five years ahead. And that’s good. ‘Buy and forget’ is a good strategy - if only it would work in my own head. The main culprit is, of course, Inderes’ excellent forum, which I tend to check too often. But yeah.. slowly but surely, good things will come.
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