Bioretec Ltd Company announcement 16 February 2024 at 8:00 a.m.
TAMPERE, Finland, Feb. 16, 2024 /PRNewswire/ — This announcement is a summary of Bioretec Ltd’s financial statements bulletin for January-December 2023. The complete financial statements bulletin with tables is attached to this release as a pdf file and available at the company’s web pages at https://bioretec.com/investors/investors-in-english/releases.
July-December 2023 in brief
Net sales increased by 33% and amounted to EUR 2,016 thousand (7-12/2022: EUR 1,520 thousand).
Sales margin was EUR 1,483 (1,121) thousand or 73.6% (73.8%) of net sales, with year-on-year growth of 32%.
Net loss for the period amounted to EUR -1,714 (-1,049) thousand.
Earnings per share (undiluted) were EUR -0.09 (-0.07).
January-December 2023 in brief
Net sales grew 33% and amounted to EUR 3,906 thousand (1-12/2022: EUR 2,942 thousand).
Sales margin was EUR 2,810 (2,139) thousand or 71.9% (72.7%) of net sales, with year-on-year growth of 31%.
Net loss for the period amounted to EUR -3,789 (-2,416) thousand.
Earnings per share (undiluted) were EUR -0.19 (-0.17).
The Board of Directors proposes that no dividend be distributed for the financial period 1 January-31 December 2023.
Key events in 2023
In March 2023, Bioretec was granted a De Novo market authorization for its biodegradable RemeOs™ magnesium screw in the U.S.
In April 2023, Bioretec announced that it will update and refocus its product portfolio and refine its U.S. go-to-market strategy, and consequently update its financial targets.
In April 2023, Bioretec successfully completed a private placement and raised EUR 10 million.
In May 2023, Bioretec appointed Dr. Jeremy Dublon as a Regulatory Advisor to support the company’s U.S. go-to-market strategy.
In June 2023, Bioretec invested in a CNC machining center to increase the RemeOs™ production capacity.
In August 2023, Bioretec announced its revised Scientific Advisory Board, whose members are the world’s leading orthopedic experts in their own specialty.
In September 2023, Bioretec entered into a distribution agreement with Spartan Medical for the RemeOs™ screws launch in the U.S.
In October 2023, Bioretec changed its estimate for the granting of the European market authorization for its biodegradable RemeOs™ trauma screw and estimated that the approval will move to the first quarter of 2024.
In November 2023, Bioretec’s Board of Directors initiated a recruitment process for a new CEO.
This financial statements bulletin is unaudited. The full-year 2022 figures are audited.
Key figures
EUR 1,000
H2 2023
H2 2022
Change, %
FY 2023
FY 2022
Change, %
Net sales
2,016
1,520
32.6 %
3,906
2,942
32.8 %
Sales margin
1,483
1,121
32.3 %
2,810
2,139
31.4 %
Sales margin, %
73.6 %
73.8 %
71.9 %
72.7 %
EBITDA
-1,703
-916
85.9 %
-2,833
-2,112
34.1 %
EBIT
-1,801
-1,006
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