Bioretec (BRETEC) Q3 2024 earnings summary

Executive summary

• Net sales grew 41.9% year-over-year in Q3 2024, driven by strong demand in Asia and ongoing U.S. commercialization of RemeOs Trauma Screw.

• U.S. launch of RemeOs Trauma Screw moved to next phase; EU authorization in final stage.

• Product development for RemeOs Spinal Interbody Cage accelerated, targeting a substantial market opportunity by 2028.

Financial highlights

• Q3 2024 net sales: EUR 685 thousand (Q3 2023: EUR 483 thousand); 9M 2024: EUR 2,746 thousand (9M 2023: EUR 2,373 thousand).

• Q3 2024 EBITDA: EUR -1,353 thousand (Q3 2023: EUR -978 thousand); 9M 2024: EUR -3,217 thousand (9M 2023: EUR -2,108 thousand).

• Q3 2024 net loss: EUR -1,367 thousand (Q3 2023: EUR -1,013 thousand); 9M 2024 net loss: EUR -3,251 thousand (9M 2023: EUR -3,088 thousand).

• Cash and cash equivalents at period end: EUR 2,377 thousand, down 72% year-over-year.

Outlook and guidance

• Anticipates strong revenue growth from the second phase of RemeOs Trauma Screw U.S. launch from 2025 onwards.

• Updated financial targets: net sales of EUR 65 million by end of 2028 and over EUR 100 million by end of 2030; positive operating cash flow by end of 2027.