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Bioretec (BRETEC) investor relations material
Bioretec Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
2025 was a foundational rebuilding year with major C-suite changes, five new management team members, and a strategic shift to direct U.S. distribution, resulting in a more agile organization and improved commercial focus.
Achieved significant regulatory milestones, including a third Breakthrough Device Designation for RemeOs DrillPin, CE mark approval, and CMS Transitional Pass-Through Payment for RemeOs Trauma Screw.
Enhanced commercial strategy with direct sales growth, expanded KOL program, and new distribution partners in key global markets, with commercial momentum increasing in key markets.
Updated strategic priorities focus on commercial leadership, innovation, and evidence generation for breakthrough products.
New product launches are planned to further strengthen the portfolio.
Financial highlights
Net sales for 2025 were EUR 3,522 thousand, down 22.5% year-over-year, with H2 net sales falling 41.7%.
2025 revenue was slightly below 2024, reflecting transition impacts and a shift from the old distribution model; 2024 revenue included €0.9 million from the previous distribution model.
EBITDA for 2025 was EUR -8,476 thousand, with a net loss of EUR -9,483 thousand, both significantly worse than 2024.
One-off items in 2025 included €1.1 million related to unrepurchased inventory.
R&D expenditure rose to 85.8% of net sales, reflecting heavy investment in product development.
Outlook and guidance
New financial targets for 2026-2028: net sales exceeding EUR 10 million by 2028 and average sales margin above 70%.
No annual guidance for 2026 is provided; focus remains on commercial growth and execution.
No expectation of cash flow positivity or profitability during the strategy period due to ongoing R&D and commercialization investments.
2028 targets do not include potential acceleration from business development or partnerships.
The Board proposes no dividend for 2025.
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