Translation: Original published in Finnish on 7/31/2026 at 8:23 am EEST.

Source: Inderes

Biohit publishes its H1 report on Wednesday, August 5. We expect moderate revenue growth compared to the weak comparison period. This growth is supported by progress on Chile's screening program and the company's positive comments regarding new customers. While the escalation of the situation in the Middle East is likely to cause headwinds, sales to this market were nonexistent in the comparison period. We expect profitability to remain at a good level. In the report, we will focus particularly on the commercial figures of the Chilean project, the development of receivables, the timeline for ceasing royalty payments from China, and the progress of the US FDA approval process.

We expect moderate revenue growth

We forecast Biohit's H1 revenue to have grown to 8.0 MEUR (H1'25: 7.4 MEUR), which corresponds to an 8% year-on-year increase. Revenue in the comparison period was weighed down by delivery difficulties caused by the conflict in the Middle East. The market normalization that began during H2'25 has likely slowed in H1 due to the war in Iran, but due to weak comparison figures, the negative impact relative to the comparison period remains minimal. Revenue growth is driven by demand for GastroPanel products and, in particular, by the progress of Chile's national cancer prevention program. Biohit has previously announced that the pilot program in Chile led to the adoption of GastroPanel as part of a national program, and we expect to see concrete commercial results from this in the first half of the year. In its Q1 blog post, the company also reported on market expansion and positive progress in the United Kingdom. We believe that the company's defensive demand and cost pressures in the healthcare sector will support sales. This view is reinforced by a study published in April on the benefits of GastroPanel in shortening endoscopy waiting lists.

Profitability remains at a good level

We expect Biohit's H1 revenue to settle at 1.1 MEUR (H1'25: 1.2 MEUR) which corresponds to an EBIT margin of 14.2% (H1'25: 16.2%). In connection with its financial statement report, Biohit announced the end of its royalty income from China but did not specify a timeline for this. Any changes in royalty income could have a significant impact on earnings. As for the balance sheet, we will continue to closely monitor the development of accounts receivable related to the Chinese market because we believe there are uncertainties regarding the collection of these receivables.

Focus of outlook on Chile's commercial figures and progress in the FDA process

For the current year, Biohit expects revenue growth of 5–10% and an EBIT margin of at least 10%. We estimate full-year revenue growth at 8% and the EBIT margin at 15.4%. The guidance is moderate compared to the company's strategic growth target of 15–20%. In our view, this reflects the termination of China's license revenues and the GastroPanel validations, which have progressed more slowly than expected. The new escalation of the situation in the Middle East keeps our expectations at a moderate level.

In the report, we are particularly interested in Chile's national screening program's commercial progress and any figures on the project's scope. In addition, we are closely monitoring the progress of the FDA approval process for the US market. The company is seeking FDA approval for its GastroPanel test, which would open access to the world's largest diagnostics market. We believe that approval and the timeline for commercialization are crucial factors for the stock's long-term value creation. We are also monitoring any news about new market launches, such as in Chile’s neighboring countries.