I honestly wonder how on earth Inderes’s or anyone else’s estimate and forecast can carry any weight at all? Kauppalehti reports in a way that makes it sound as if targets weren’t met just because they fell slightly short of Inderes’s forecasts. One could surely report it in a way that suggests Bioretec’s result was in line with forecasts and expectations. It’s important to remember that when revenue has been extremely low, this result—where growth in the US was 130%—is a significant sign of life. There is a good chance that the sales momentum that has started will fuel itself and could grow rapidly over the coming quarters. The products are so good that their actual sales shouldn’t be an issue; rather, the bottleneck is more about getting into the market. Perhaps the door has now been opened?
Let’s highlight the comparison of revenue changes between H1/25 and H1/26.
- Europe +120.3%
- USA +225.2%
- Rest of the world -38.6%
In other words, one could say that the two main markets are progressing positively while the rest of the world has dipped. Is China the main factor in this “rest of the world” segment?
A small observation regarding that “rest of the world” section. When comparing revenue for Q2-25 vs Q2-26, there was growth of 33.5%.
Bioretec’s CEO Sarah van Hellenberg Hubar-Fisher was interviewed by Antti regarding their H1 results 
Topics:
00:00 Introduction
00:12 Key highlights of the beginning of the year
01:33 Drivers behind growth in Europe
02:37 Drivers behind growth in the United States
03:39 Developments in China and the rest of the world
04:22 Clinical trials
05:37 Preclinical studies for the spinal product portfolio
Here is the company report on Bioretec for Q2 from Antti
Bioretec’s revenue for the beginning of the year continued its positive trend compared to the comparison period, but profitability fell short of our forecasts. However, growth leveled off in Q2 compared to the previous quarter. Geographically, the strongest performance was seen in the United States (+134% vs Q2’25). The profitability shortfall relative to our estimates was due to costs from the sales representative model, which grew more than we expected. Regarding our forecasts, we left our revenue estimates unchanged, but lowered our earnings estimates as a result of higher costs. Following these forecast revisions, we are adjusting our target price to 0.024 euros (previously €0.026). After the share price increase and the forecast revisions, the risk-reward ratio remains unsatisfactory in our view, so we are downgrading our recommendation to “Reduce” (previously “Accumulate”).