Bioretec (BRETEC) Q2 2024 earnings summary

Executive summary

• Net sales grew 9% year-over-year to EUR 2,061 thousand in H1 2024, with Q2 net sales up 68% compared to Q2 2023, driven by strong U.S. and European demand for Activa products and the RemeOs™ trauma screw launch.

• Positive clinical outcomes from the U.S. controlled launch of RemeOs™ trauma screw; all treated patients experienced expected healing, supporting expansion plans.

• CEO Alan Donze and VP of U.S. Sales Frank Sarcone appointed in Q2 2024 to strengthen commercialization and management.

Financial highlights

• H1 2024 net sales: EUR 2,061 thousand (up 9% year-over-year); Q2 net sales: EUR 1,379 thousand (up 68% year-over-year).

• Sales margin (excl. other income) for H1: EUR 1,451 thousand (70.4% of net sales); Q2: EUR 1,033 thousand (74.9%).

• EBITDA for H1: EUR -1,864 thousand (down from -1,130 thousand year-over-year); net loss for H1: EUR -1,884 thousand (improved from -2,075 thousand year-over-year).

• Cash and cash equivalents at period end: EUR 3,947 thousand (down from EUR 9,196 thousand year-over-year).

• Earnings per share (undiluted) for H1: EUR -0.09 (improved from EUR -0.11 year-over-year).

Outlook and guidance

• Net sales expected to be more robust in H2 2024 as production capacity expands and U.S. market development continues.

• Financial targets: net sales of EUR 62 million by end of 2027 and positive operating cash flow by end of 2026.