In This Article:
Bioretec Ltd Company announcement 15 August 2024 at 8:00 a.m.
TAMPERE, Finland, Aug. 15, 2024 /PRNewswire/ -- This announcement is a summary of Bioretec Ltd's half-year report January-June 2024. The complete half-year report with tables is attached to this release as a pdf file and available at the company's web pages at https://bioretec.com/investors/investors-in-english/releases.
April-June 2024 in brief
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Net sales increased by 68% and amounted to EUR 1,379 thousand (4-6/2023: EUR 820 thousand).
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Sales margin (excl. other income) was EUR 1,033 (609) thousand, or 74.9% (74.3%) of net sales.
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Profit (loss) for the reporting period was EUR -787 (-1,518) thousand. The comparison period included the cost of financing arrangement amounting to EUR 795 thousand.
January-June 2024 in brief
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Net sales amounted to EUR 2,061 thousand (1-6/2023: EUR 1,891 thousand).
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Sales margin (excl. other income) was EUR 1,451 (1,327) thousand or 70.4% (70.2%) of net sales. The sales margin in January-June 2024 includes other income of EUR 72 (0) thousand accrued relating to a Business Finland grant.
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Profit (loss) for the reporting period was EUR -1,884 (-2,075) thousand.
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Earnings per share (undiluted) were EUR -0.09 (-0.11).
Key figures
| EUR 1,000 | 4-6/2024 | 4-6/2023 | Change, % | 1-6/2024 | 1-6/2023 | Change, % | 1-12/2023 |
| Net sales | 1,379 | 820 | 68.3 % | 2,061 | 1,891 | 9.0 % | 3,906 |
| Sales margin | 1,045 | 609 | 71.6 % | 1,523 | 1,327 | 14.8 % | 2,810 |
| Sales margin (excl. other income) | 1,033 | 609 | 69.8 % | 1,451 | 1,327 | 9.4 % | 2,728 |
| Sales margin, % of net sales | 75.7 | 74.3 | | 73.9 % | 70.2 % | | 71.9 % |
| Sales margin% (excl. other income) | 74.9 | 74.3 | | 70.4 % | 70.2 % | | 69.8 % |
| EBITDA | -752 | -639 | 17.8 % | -1,864 | -1,130 | 65.0 % | -2,833 |
| EBIT | -782 | -690 | 13.4 % | -1,921 | -1,233 | 55.8 % | -3,034 |
| Profit/-loss for the period (+/-) | -787 | -1,518 | -48.2 % | -1,884 | -2,075 | -9.2 % | -3,789 |
| R&D spend on total costs, % | 23.9 % | 33.5 % | | 24.8 % | 29.2 % | | 25.6 % |
| Equity ratio, % | 77.9 % | 85.6 % | | 77.9 % | 85.6 % | | 77.3 % |
| Cash and cash equivalents at the end of the period | 3,947 | 9,196 | -57.1 % | 3,947 | 9,196 | -57.1 % | 6,910 |
| Earnings per share (undiluted) | -0.04 | -0.07 | | -0.09 | -0.11 | | -0.19 |
| Earnings per share (diluted) | -0.04 | -0.06 | | -0.08 | -0.09 | | -0.15 |
| Shares at end of period (undiluted) | 20,336, 858 | 19,136, 858 | | 20,336, 858 | 19,136, 858 | | 19,536, 858 |
| Shares at end of period (diluted) | 24,908, 133 | 23,908, 133 | | 24,908, 133 | 23,908, 133 | | 24,908, 133 |
| Personnel at end of period | 43 | 30 | 43.3 % | 43 | 30 | 43.3 % | 37 |
Key events in April-June 2024
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In May, Alan Donze was appointed Bioretec's CEO.
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In June, Frank Sarcone was appointed as Vice President of Sales for the US and a member of the Management team.
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Also in June, Bioretec communicated positive clinical outcomes from the controlled launch of RemeOs™ trauma screw.
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European market authorization application for the RemeOsTM trauma screw returned from expert panel evaluation in June and the market authorization is expected later compared to earlier estimate (Q2/2024).