BioPorto (BIOPOR) Q1 2026 earnings summary

Executive summary

• NGAL revenue grew 33% year-over-year to DKK 6 million in Q1 2026, with 48% growth at constant exchange rates.

• Total revenue reached DKK 9.4 million, up 23% year-over-year (32% at constant currency), driven by US NGAL RUO sales and distributor performance.

• Divestment of the AntiBody business completed in April for USD 9 million upfront and up to USD 1.5 million in earn-outs, sharpening focus on NGAL and improving financial position.

• FDA pre-submission for adult ProNephro AKI (NGAL) completed; feedback expected June 2026.

• Four new US university hospitals onboarded for NGAL RUO, totaling 48 by end of Q1 2026.

Financial highlights

• Adjusted EBITDA loss for Q1 2026 was DKK 17.9 million, a 36% improvement year-over-year.

• Cash at hand was DKK 39.6 million at Q1 end; post-divestment, cash increased to DKK 98 million.

• US NGAL RUO sales showed strong 12-month rolling growth, up 36% at constant exchange rates.

Outlook and guidance

• 2026 total revenue expected at DKK 38-48 million; NGAL revenue forecasted at DKK 33-42 million.

• Adjusted EBITDA loss for 2026 projected at DKK 58-68 million, lower than previous guidance.

• Additional capital from antibody business divestment expected to bridge needs until cash flow positive in H1 2028.

• Cash flow positive targeted for 1H 2028, with FY 2028 revenue of DKK 135-185 million and EBITDA margin above 15%.