olivLaw · European equity research
BioPorto A/S BIOPOR.CO
Denmark · Nasdaq Copenhagen · ISIN DK0011048619 · Vertical: Listed companies from Denmark
BioPorto A/S develops and sells diagnostic tests for acute kidney injury, mainly its NGAL test, with a focus on US hospitals. In the first half of 2026 revenue totalled DKK 16.3 million, and its US NGAL research-use segment grew strongly in a year marked by a voluntary product recall and the sale of its antibody business.
At the close of 05 Nov 2026, BioPorto A/S (BIOPOR.CO) stock was 1.00 DKK (−1.48% on the day), with market capitalisation 456.2 m DKK, beta 0.65, 52-week range 0.84–1.37 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 37.6
- weak (30–45)
- Bollinger (20, 2)
- 0.99 – 1.07
- in the lower half of the band · %B 0.11 · band width 7.3%
- SMA 50 / 200
- 1.09 / 1.08
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.4% | +0.4% | −7.8 pp | — |
| 3 months | −13.4% | −3.3% | −10.2 pp | — |
| 6 months | −15.6% | +4.0% | −19.6 pp | — |
| Year to date | −2.0% | +8.1% | −10.1 pp | — |
| 1 year | −10.7% | +10.7% | −21.4 pp | −5.3% |
| 3 years | −40.8% | +50.1% | −90.9 pp | +3.3% |
| 5 years | −68.3% | +43.6% | −111.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 36.2 m | 40.3 m |
| Revenue YoY | unavailable | +11.2% |
| Net income | -68.2 m | -82.1 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.00 | -0.18 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -188.3% | -203.8% |
| Free cash flow | -83.9 m | -77.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 54.9 m DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 63.0 m DKK
- Total assets
- 93.2 m DKK
- Debt / equity
- unavailable
- Current ratio
- 3.25x
- ROE
- -125.6%
- ROA
- -86.8%
- FCF margin
- -191.3%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 36.2 m | 40.3 m | esef· 29 Apr 2026verified |
| Cost of revenue | 11.7 m | 9.9 m | esef· 29 Apr 2026verified |
| Gross profit | 24.5 m | 30.4 m | esef· 29 Apr 2026verified |
| Research & development | 33.5 m | 50.5 m | esef· 29 Apr 2026verified |
| Operating income | -75.5 m | -86.1 m | esef· 29 Apr 2026verified |
| Interest expense | 834.0 k | 2.1 m | esef· 29 Apr 2026verified |
| Pre-tax income | -73.7 m | -87.6 m | esef· 29 Apr 2026verified |
| Income tax | -5.5 m | -5.5 m | esef· 29 Apr 2026verified |
| Net income | -68.2 m | -82.1 m | esef· 29 Apr 2026verified |
| Diluted EPS | -0.00 | -0.18 | esef· 02 Sept 2026verified |
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 59.7 m | 54.9 m | esef· 29 Apr 2026verified |
| Inventories | 4.6 m | 9.2 m | esef· 29 Apr 2026verified |
| Current assets | 83.9 m | 85.0 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 2.1 m | 1.5 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 276.0 k | 138.0 k | esef· 29 Apr 2026verified |
| Total assets | 96.0 m | 93.2 m | esef· 29 Apr 2026verified |
| Current liabilities | 20.4 m | 26.1 m | esef· 29 Apr 2026verified |
| Total liabilities | 28.2 m | 30.2 m | esef· 29 Apr 2026verified |
| Equity | 67.8 m | 63.0 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | — | 456.2 m | esef· 29 Apr 2026derived |
Cash flow · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -83.6 m | -77.1 m | esef· 29 Apr 2026verified |
| Capex | 350.0 k | 0 | esef· 29 Apr 2026verified |
| Free cash flow | -83.9 m ≈ | -77.1 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | 1.2 m | 1.3 m | esef· 29 Apr 2026verified |
| Financing cash flow | 75.5 m | 71.9 m | esef· 29 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 456.2 m DKK
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -203.8% | 0 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -41.9x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 4.1x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -16.9% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BIOPORTO A/S (BIOPOR.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 40.3 m DKK in 2025; YoY growth 11.2%; net margin -203.8%; ROE -117.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.1x
What contradicts it
- Net margin: -203.8%
- Interest coverage: -41.9x
- FCF yield: -16.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for BIOPOR.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (DKK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
BioPorto A/S develops and sells diagnostic tests for acute kidney injury, mainly its NGAL test, with a focus on US hospitals. In the first half of 2026 revenue totalled DKK 16.3 million, and its US NGAL research-use segment grew strongly in a year marked by a voluntary product recall and the sale of its antibody business.
SWOT
Strengths
- The NGAL platform already has a user base in US hospitals, and RUO sales grew strongly in the first half.
- Constructive FDA feedback reduces regulatory uncertainty and supports the adult clearance strategy.
- Divesting the antibody business lets the company focus resources on products with the highest long-term potential.
Weaknesses
- Revenue is still small and fell in the second quarter, and the company reports adjusted EBITDA losses.
- Reliance on a few large orders and a single distributor makes revenue sensitive to one-off events.
- Operating cash flow remains negative, which keeps cost control and financing in focus.
Opportunities
- Growing the number of active US hospitals and adult clearance could open a larger market.
- Updated KDIGO guidelines could encourage adoption of biomarker-based diagnostics.
- CE marking under IVDR could allow expansion into the European market.
Threats
- Delays in the validation study or the FDA process could postpone revenue from adult adoption.
- Quality problems or supply issues with components from single-source suppliers could affect deliveries.
- Uncertainty in the US, including possible tariffs, could affect the company's activities.
Risks
- FDA clearance delay for adultshigh
Expanding the validation study could raise costs and postpone adult clearance, which could also delay revenue from this market.
- Dependence on a distributorhigh
The distributor's instrument platform transition could reduce ordered volumes for the rest of 2026.
- Product quality and lot recallsmedium
A new quality problem could lead to further recalls and credit notes, affecting revenue and customer confidence.
- Supply chainmedium
Components from single-source suppliers could delay production or deliveries if geopolitical or logistical problems arise.
- Financing and cash flowmedium
Negative operating cash flow could make additional financing necessary if revenue does not grow enough.
Investment thesis
What would need to be true (bull case)
- If US RUO sales keep growing and the company reaches its active hospital target, revenue could move toward the 2028 objectives.
- Favourable FDA feedback and biomarker-oriented KDIGO guidelines could speed up adoption of the NGAL test.
- Focusing on the NGAL platform after the antibody sale could improve long-term margins.
What would break the thesis
- If revenue stays concentrated in a few customers and one distributor, one-off declines could repeatedly affect results.
- An expanded validation study could lengthen the path to clearance and increase capital needs.
- Negative operating cash flow could make the company dependent on future financing if its break-even goal is not reached.
What to watch
- Number of active US RUO hospitals against the target of more than 602026
- Development of distributor order volumes after the platform transitionQ3 2026
- Publication of the final KDIGO guidelines2026
- Progress of the adult validation study and CE marking2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
BioPorto A/S is a Danish diagnostics company whose core product is the NGAL test, a biomarker for early detection of acute kidney injury. The company focuses its resources on the NGAL platform under its « Forward » strategy announced in November 2025. Revenue for the first half of 2026 was DKK 16.3 million 1, and in April 2026 the company completed the divestment of its antibody business to concentrate on core diagnostic solutions.
Segments
NGAL for research use (RUO) in the US
The most dynamic segment is the sale of NGAL tests for research use only to US hospitals. Revenue from this segment reached DKK 13.3 million in the first half of 2026, growing 50% year on year 1. The company had 54 active RUO hospitals in the US after the first half and targets more than 60 by the end of 2026 1.
NGAL outside the US and ProNephro AKI distribution
NGAL sales in the rest of the world declined sharply, mainly because of a large order in 2025, and ProNephro AKI distribution was hit by a credit note issued in connection with the voluntary product recall. The company said order volume to its distributor could remain affected during the rest of 2026 due to the distributor's instrument platform transition 1.
Market context
The company cites an addressable market of USD 700 million for its biomarker in acute kidney injury diagnostics 1. Its strategy targets US market penetration, including a planned adult validation study and FDA clearance, and EU expansion, with CE marking under IVDR expected in 2027 1. The draft KDIGO guidelines, with final publication expected toward the end of 2026, could support adoption of biomarker-based diagnostics 1.
Trends
- Shift toward biomarker-based diagnosticstailwind
The draft updated KDIGO guidelines point toward biomarker-driven diagnostics, which could raise interest in the NGAL test if the final guidelines confirm this direction.
- FDA pathway for adultsmixed
Management views the FDA feedback as a constructive step, but expanding the validation study to around 900 patients could raise costs and delay the adult clearance planned for mid-2028.
- Voluntary recall of a product lotheadwind
The recall of an NGAL lot and credit notes to distributors reduced second-quarter revenue, and effects could persist through the year if the distributor relationship does not stabilise.
- Focus on hospitals and core diagnosticstailwind
Exiting the antibody business and concentrating on the NGAL platform could simplify the company and support margin improvement if US sales keep growing.
Competitive position
The acute kidney injury diagnostics market includes other biomarker producers and testing systems competing for the same hospitals and laboratories. The source analysed does not name competitors or their market shares, so the assessment of competitive position rests mainly on the company's data on hospital adoption and on its regulatory pathway.
- Producers of acute kidney injury biomarkers
Companies offering alternative tests for early detection of kidney injury; not named in the source.
- Immunodiagnostic platform providers
Companies owning instrument platforms on which biomarker tests run; the company's distributor relationship depends on its transition to new platforms.
- Distributors and reference laboratories
Partners that can promote or limit test adoption, whose purchasing decisions influence sales volume.
- Suppliers of laboratory diagnostic solutions
Companies offering alternative kidney function assessment methods used in hospital practice.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202529 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / BioPorto A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.