TAMPERE, Finland, Oct. 31, 2025 /PRNewswire/ -- Bioretec announced on 27 October 2025 that it will adjust and restate its previously reported figures for H1/2025.
The adjustment and restatement is related to the sales and distribution agreement with Tri-State Biologics ("TSB"), originally announced on 22 November 2024 (the "TSB Distribution Agreement"). The TSB Distribution Agreement was, upon its signing, based on a stocking distribution model, whereby TSB first purchases products from Bioretec for further sale and distribution by TSB to hospitals in the target geography. Following the signing of the TSB Distribution Agreement, a product repurchase addendum was added on 5 May 2025 to the TSB Distribution Agreement, whereby Bioretec would repurchase from TSB such unpaid products for which TSB was unable to procure purchasers within the payment terms ("Repurchase Addendum"). Following such repurchase under the Repurchase Addendum, Bioretec could then distribute such unpaid products directly to end-users itself, similarly to direct distribution models to which Bioretec is aiming to shift towards in an effort to move away from stocking distribution models in the United States, excluding the Orthopediatrics agreement focused solely on the pediatrics market.
In the company release dated 27 October 2025, Bioretec estimated that the corrections made in the accounting treatment related to the Repurchase Addendum and the products to be repurchased would result in a decrease of previously reported H1/2025 net sales of EUR 0.52 million, as well as an increase in costs of EUR 0.65 million. However, after further review, it was also determined that a one-time credit invoice related to the conclusion of a previous U.S. pilot distributor agreement with Spartan Medical had been incorrectly booked against net sales in Q2/2025. While the Repurchase Addendum causes a restatement of H1/2025 net sales by EUR 0.52 Million as per the company release dated 27 October 2025, the corrected accounting treatment of the aforementioned credit invoice of Spartan Medical offsets this reduction in net sales.
In this corrected half-year report, the aforementioned one-time credit invoice related to Spartan Medical's distribution agreement (of EUR 0.5 million), as well as the products to be repurchased worth approximately EUR 0.65 million under the TSB Distribution Agreement, are now reported in other expenses, increasing the previously reported other expenses by a total of approximately EUR 1.1 million. The previously reported total level of net sales remains mostly unchanged and represents the true volume of realized sales during the period of April-June 2025. Other minor changes detected during further review, related to changes in inventory and operating expenses, have also been adjusted
This company announcement is a summary of restated Bioretec Ltd's half-year report for January–June 2025. 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://investors.bioretec.com/en/reports_and_presentations. The half-year report is unaudited.
April–June 2025 in brief
Bioretec successfully closed a funding round of EUR 9 million, demonstrating investor confidence in the company.
Activa sales developed as expected, with growth particularly in China and Asia, while momentum for RemeOsTM sales builds globally.
First surgeries performed with RemeOs Trauma Screw in Europe mark another key event supporting the commercialization of RemeOs product line worldwide.
Net sales decreased by 50.9% and amounted to EUR 678 thousand (4–6/2024: EUR 1,379 thousand). The comparison period included a high initial delivery to a new distributor outside the U.S.
Sales margin (excl. other income) was EUR 486 (1,033) thousand, or 71.7% (74.9%) of net sales. Sales margin reflects preparation for commercial growth and was impacted by an increase in materials and services costs related to the shift in distribution partners, as well as the lower margin of sales to China. Sales margin during the market development and scale-up phases is planned to improve as sales increase and direct distribution channel partners are well established.
Profit (loss) for the reporting period was EUR -4,330 (-787) thousand. The cost of the rights issue financing round arranged in June 2025 amounted to EUR 1,065 thousand.
Earnings per share (undiluted) were EUR -0.14 (-0.04).
January–June 2025 in brief
Net sales amounted to EUR 2,074 thousand (1–6/2024: EUR 2,061 thousand).
Sales margin (excl. other income) was EUR 1,308 (1,451) thousand or 63.1% (70.4%) of net sales. The sales margin includes other income of EUR 202 (72) thousand accrued relating to received grants.
Profit (loss) for the reporting period was EUR -5,628 (-1,884) thousand.
Earnings per share (undiluted) were EUR -0.18 (-0.09).
Key figures
EUR 1,000
4–6/2025
4–6/2024
Change, %
1–6/2025
1–6/2024
Change, %
