Rankings Pharma & medtech Bioretec
Bioretec
42
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin and returns−12
- Capital allocation and dilution−8
- Funding need−8
Strengths
- Insider buying+2
- Reimbursement in the USA+1
How the score is built
From 100 to 42, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.02 EUR
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −98%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−28 of −30
- −12Margin and returnsEBITDA −EUR 3.6m on revenue of 2.3m in H1 2026 (−156%) and −8.5m on 3.5m in 2025; net income −9.5m in 2025. Adjusted sales margin is nevertheless high (69%).
- −6Quality of growthRevenue fell 22% in 2025 to EUR 3.5m (H2 2025 -42%); H1 2026 +12% and Q2 +62% to 1.1m, but 12-month revenue (about 3.8m) is still below 2024 (4.5m). The USA, where the product has been approved since 2023, gave only EUR 0.6m in H1.
- −8Capital allocation and dilutionRights issue in 2025 and again in April 2026 at EUR 0.01 per share (EUR 12.9m gross, 1.29bn new shares plus 24.2m shares as underwriting fee to Stephen Industries); the share count rose about 43 times.
- −2MoatRemeOs is the first and only bioresorbable metal implant with FDA approval (De Novo, March 2023) and has CE marking from January 2025 plus several Breakthrough designations, but the scale is small, and large orthopedic companies have titanium and polymer alternatives.
Price
Today's multiples against the company's own history and its peers. · 2 findings−8 of −35
- −5Absolute price levelEV about EUR 19m (market value 31.4m minus cash 12.0m) = about 5x 12-month revenue for a company that itself says it will not be cash-flow positive until after 2028. The share price is 2.3x the issue price from April (EUR 0.01).
- −3Price versus targetThe target is revenue of only over EUR 10m by the end of 2028; on that target, EV/Sales is still about 2x - in 2028 and with further dilution along the way.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−19 of −35
- −8Funding needThe company does not expect to become cash-flow positive or profitable during the 2026-2028 strategy period; cash of EUR 12.0m (30 Jun) and a burn of about EUR 2m per quarter last until about the end of 2027, so another issue is likely.
- −5Commercial execution in the USThree years after FDA approval and one year after CMS's pass-through payment (October 2025), US sales are only EUR 0.6m per half-year; 2025 was marked by a strategy shift and cutbacks.
- −3Management turnoverCFO Tuukka Paavola left the company with immediate effect on 2/7-2026; the new CFO (Panu Mikkonen) did not start until 6/10-2026, and a new head of R&D on 1/9-2026.
- −3Controlling shareholderStephen Industries (controlled by chairman Kustaa Poutiainen) owns 39.3% after underwriting the issue and received an exemption from the mandatory takeover bid; the minority's influence is limited.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Insider buyingThe chairman's company Stephen Industries subscribed the unsubscribed shares in the issue (share rose from approx. 12% to 39.3%) - a large cash commitment from the largest insider.
- +1Reimbursement in the USACMS granted Transitional Pass-Through Payment to RemeOs Screw LAG Solid from 1/10-2025, which makes it easier for hospitals to use the product.
Caveats
What the score does not capture, or where the data is weak.
Stockanalysis has only a statistics page (financials, ratios and forecast return 404), so all financial figures come from the company's own announcements; there is no multiple history to compare against. Market value 1,341.8m shares × EUR 0.0234 = EUR 31.4m ≈ DKK 234m (Nordnet 251). The rights issue in April 2026 at EUR 0.01 per share raised the share count from about 30.8m to 1,341.8m (diluted 1,527.8m with options), so the share price fall of -98% in a year is primarily dilution. Cash flow statement, loans (e.g. Business Finland) and any warrants from the issue were not found in the half-year release - runway is calculated from the EBITDA loss. No listed direct peers found. Short register not checked.
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