BioPorto (BIOPOR) Q2 2025 earnings summary

Executive summary

• Achieved 15% revenue growth in Q2 2025 versus Q2 2024, driven by a 39% increase in NGAL sales and the first US ProNephro AKI order, marking commercial launch initiation.

• Board restructured with new Chair and CEO to support next growth phase.

• Completed direct issue of 25 million shares in April 2025, raising DKK 33.5 million.

• Patient enrollment for US clinical cut-off study for adult ProNephro AKI (NGAL) is nearing completion, with FDA submission targeted by end of 2026.

Financial highlights

• Q2 2025 total revenue: DKK 10.6 million, up 15% from Q2 2024, driven by 39% NGAL sales growth.

• Adjusted EBITDA loss: DKK 18.4 million in Q2 2025, a 14% increase year-over-year due to clinical costs and higher headcount.

• Cash position at end Q2 2025: DKK 47.8 million, down from DKK 103.9 million a year earlier.

• H1 2025 total revenue: DKK 18.3 million, down 2% from H1 2024; NGAL sales up 5%, US NGAL sales up 22%.

• Adjusted EBITDA loss for H1 2025 was DKK 46.5 million, up from DKK 31.5 million in H1 2024.

Outlook and guidance

• 2025 revenue guidance narrowed to DKK 45-50 million, from previous DKK 45-60 million; sales expected to be back-end loaded.

• Adjusted EBITDA loss for 2025 expected at DKK 75-80 million.

• FDA submission for adult ProNephro AKI (NGAL) on track for end of 2026, with potential US clearance in 2027.

• Targeting DKK 80-125 million revenue and EBITDA neutral by end 2026; DKK 700 million (USD 100 million) revenue and profitability by 2029.