BioPorto (BIOPOR) Q2 2026 earnings summary

Executive summary

• Achieved significant progress in executing the Forward Strategy, including market access milestones and commercialization efforts in the AKI diagnostics market, with a sharpened focus on the NGAL platform after divesting the antibody business.

• Advanced U.S. regulatory pathway for adult NGAL, expanding the validation study after FDA feedback and initiating key studies.

• Focused on expanding adoption of the NGAL Test, with a growing hospital base and strong sales momentum in the U.S.

• Voluntary product recall in Q2 2026 impacted reported revenue, but underlying NGAL sales showed robust growth, especially in the U.S.

• Completed divestment of the antibody business in April 2026, providing a positive cash flow boost and enabling a sharper focus on core diagnostics.

Financial highlights

• Total NGAL operative revenue reached DKK 15.2 million in H1 2026, up 34% year-over-year in constant currency.

• Q2 2026 revenue was DKK 6.9 million, down 35% year-over-year due to antibody business divestment and product recall; adjusted for these, revenue would have been DKK 9.6 million, up 22% organically.

• Underlying NGAL revenue rose 23% year-over-year (34% at constant exchange rates), driven by a 78% increase in U.S. NGAL RUO sales.

• Operative adjusted EBITDA loss narrowed to DKK 31.4 million in H1 2026, a 33% improvement compared to H1 2025; Q2 2026 adjusted EBITDA loss was DKK 16.3 million, improved 11% year-over-year.

• EBIT for Q2 2026 was a profit of DKK 34.8 million, reflecting a DKK 53.8 million gain from the antibody business divestment.

Outlook and guidance

• 2026 financial guidance remains unchanged post-antibody divestment: total revenue DKK 38–48 million, NGAL revenue DKK 33–42 million, and adjusted EBITDA loss DKK 58–68 million.

• NGAL revenue growth expected between 20–50% for 2026, with sales for the remainder of 2026 expected to be back-end loaded.

• Lower adjusted EBITDA loss anticipated in 2026 versus 2025.

• Strategic plan targets FY 2028 revenue of DKK 135–185 million and EBITDA margin above 15%.