Translation: Original published in Finnish on 10/15/2026 at 07:45 am EEST

Biohit published the CEO's third-quarter blog post on Wednesday, which provided a qualitative overview of the progress of the company's strategic projects without any new financial figures. We feel the review reflects the slow sales cycle typical of the healthcare market, where translating clinical evidence into routine use and revenue requires patience. The update's content, including the UK pilot projects and the US FDA approval process, aligns with our moderate schedule expectations. Therefore, the review does not change our view.

Moving from research to pilots in the UK

The study at Homerton University Hospital was published in January 2025. The results supported the use of GastroPanel in patient triage. Several pilots are currently underway, including Oxford and Cambridge. They examine the potential addition of the test as part of care pathways. According to the blog, the completion of the first pilots will still take at least another six months, but they have progressed as planned. The goal is to get the test into routine use first in pilot hospitals and then more broadly across the NHS (National Health Service). Numerous studies have already demonstrated GastroPanel's diagnostic performance. However, adoption depends on whether the company can demonstrate the benefit of the test in routine care, for example, in managing endoscopy queues. This has already been done in Chile. GastroPanel is included in the national strategy, and in the Molina project, endoscopy queues were shortened by 87%. In the UK, corresponding evidence from the NHS's own operations is required.

Advocacy at the EU level

Biohit has actively engaged in advocacy work within the EU for the prevention and early detection of gastric cancer. In September, the European Parliament's Subcommittee on Public Health (SANT) adopted a report on the implementation of Europe's Beating Cancer Plan. The report included several revisions supported by Biohit. The report urges member states to align their national cancer plans with EU recommendations. Gastric cancer was already added to the EU screening recommendations in 2022, particularly in countries and regions with a high prevalence. EU-level policies support the company's message and can facilitate the launch of national projects. However, the report is not binding on member states, and the path from recommendations to national programs is usually long. According to management, the work strengthens the company's position as an expert in gastrointestinal diagnostics.

FDA process slowed down in early 2026

The blog did not have anything new to report regarding the FDA process. According to management, the project progressed very slowly during the early part of the year due to reasons related to the US administration and the FDA. Communication with the authorities is now underway again. The company is aiming to catch up with the schedule and has strengthened the project's resourcing. The company did not provide an updated schedule. We estimated already in connection with the H1 report that the FDA process will likely be delayed, and the blog does not change this stance.

We expect moderate growth to continue in H2

According to our estimate, the moderate growth pace of H1 will likely be maintained during the rest of the year as well. Our full-year revenue forecast is 16.3 MEUR, which represents a 4% increase year-on-year. Our estimates are burdened by the closure of the Italian subsidiary, which created a headwind for H1, as well as low visibility into the contract situation in China. We expect growth to accelerate in the coming years as screening projects progress. In terms of EBIT, we expect moderate growth to 3.0 MEUR. The company's reported profitability has been at an excellent level. However, a significant amount of receivables remains uncollected, particularly from China, which has kept cash flow weak. According to the annual report, items based on licensing and royalty agreements in China should be realized gradually over several years. We believe the structure of the agreement is also changing, and further information on the matter is likely to be provided at the latest in connection with the release of the financial statements. From the perspective of the stock's risk/reward ratio, we believe that the realization of receivables is very important.