BIOPORNasdaq CopenhagenDiagnostics & ResearchIFRS · DKK

BIOPORTO A/S

BIOPORTO A/S is a Danish in vitro diagnostics company focused on kidney biomarker tests for clinical decision-making. Its core business is the development and commercialization of NGAL-based assays used to aid the risk assessment and diagnosis of acute kidney injury, sold under regulatory clearances and registrations in multiple markets.

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Revenue40.3m DKK
+11.2 %y/y
Operating profit (EBIT)-86.1m DKK
−14.1 %y/y
EBIT margin-213.7%
−5.5 ppy/y
Net income-82.1m DKK
−20.3 %y/y
Free cash flow-77.1m DKK
+8.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-100-50050m DKK2020: 23 m DKK2020: EBIT -64 m DKK20202021: 24 m DKK2021: EBIT -65 m DKK20212022: 29 m DKK2022: EBIT -82 m DKK20222023: 31 m DKK2023: EBIT -61 m DKK20232024: 36 m DKK2024: EBIT -75 m DKK20242025: 40 m DKK2025: EBIT -86 m DKK202540-86
RevenueOperating profit (EBIT)
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Business

Share of revenue
NGAL diagnostic tests80 %

Commercial assays that measure NGAL to support early detection and risk assessment of acute kidney injury.

Other biomarker products10 %

Adjacent kidney biomarker products and related diagnostic offerings beyond the core NGAL line.

Research-use and assay development10 %

Development-stage biomarker work and related research-use products and services.

Customers

BioPorto sells into hospitals, clinical laboratories, and healthcare providers that need earlier insight into kidney injury risk. Its products are used by clinicians managing patients where rapid AKI identification can affect treatment decisions and outcomes. The company also serves distribution and diagnostic channel partners that help commercialize regulated IVD products across geographies.

Hospitals and acute care providers

Buy NGAL tests for patients at risk of acute kidney injury to support faster clinical decisions.

Clinical laboratories

Use the assays in routine or specialized testing workflows where kidney biomarkers are needed.

Healthcare systems and physicians

Adopt the tests to improve patient management, diagnosis timing, and care pathways.

Diagnostic distributors

Purchase and resell regulated diagnostic products into local healthcare markets.

Research and development users

Use research-use antibodies and biomarker tools for assay development and evaluation.

Strategy

BioPorto's stated direction is to focus on its core NGAL platform and the biomarker tests most closely tied to acute kidney injury care. The business strategy centers on expanding the clinical footprint of its regulated diagnostics, while using assay-development expertise to build a pipeline of kidney biomarker products. This focus matters because a narrower product strategy can strengthen commercialization, regulatory execution, and clinical relevance.

Grow NGAL commercializationShort term

The core business depends on converting regulatory approvals into routine clinical use.

Broaden the biomarker pipelineMedium term

Additional kidney biomarker products can reduce dependence on a single assay family.

Strengthen international market accessMedium term

Cross-border regulatory and distribution coverage is essential for scaling a diagnostics platform.

Geography

BioPorto is headquartered in Denmark and operates as a regulated diagnostics business with international commercial reach. Its NGAL products are marketed under CE mark registrations in several countries worldwide and include FDA-cleared offerings, indicating activity across Europe and the United States as key markets. Geography matters because regulatory approvals, reimbursement pathways, and distributor coverage shape where the tests can be sold and adopted.

Risks

BioPorto's main risks stem from regulatory dependence, adoption uncertainty, and concentration on a narrow diagnostic platform. As an in vitro diagnostics company, it also faces reimbursement, commercialization, and competitive risks typical of biomarker-based medical products, where clinical uptake can be slower than expected and evidence requirements are high.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Single-platform concentration1Regulatory access risk2Clinical adoption risk3Reimbursement and procurement risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Single-platform concentrationImpact: HighLikelihood: High

    The company is centered on NGAL and kidney biomarker products, creating product concentration risk.

    Exposure: Core NGAL assay family

  2. Regulatory access riskImpact: HighLikelihood: Medium

    Sales depend on maintaining and expanding CE mark and FDA-related approvals across markets.

    Exposure: NGAL tests and other regulated diagnostics

  3. Clinical adoption riskImpact: MediumLikelihood: Medium

    Hospitals and laboratories may adopt new biomarker tests slowly due to workflow and evidence requirements.

    Exposure: AKI diagnostic commercialization

  4. Reimbursement and procurement riskImpact: MediumLikelihood: Medium

    Even medically useful diagnostics can face slow uptake if payment and purchasing pathways are uncertain.

    Exposure: International hospital and lab sales

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Accounting

Judgemental items
Deferred tax asset recoverability

Management concluded the tax asset was not sufficiently probable to recognize, so future tax benefits may not appear on the balance sheet.

Impact: Can materially affect equity and tax expense presentation

Divestment gain recognition

Sale of the antibody business generated a one-time gain that flows through other operating income.

Impact: Can distort comparability of underlying operating performance

Share-based compensation

Warrants create equity-settled expense recognition over vesting periods.

Impact: Affects personnel cost and equity

Receivables impairment

Bad debt allowances are needed where customer collection risk exists.

Impact: Affects net revenue realization and working capital

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Last updated: 24/10/2026