Biosynex: net loss reduced to €4.2 million in first half, revenue down 10.4%
Biosynex published on October 21, 2026 its accounts for the first half of 2026 and its third-quarter revenue, just days after its exit from safeguard proceedings. The reduction in net loss is supported by three factors cited by the group: the decrease in intangible asset impairments (€3.6 million compared to €33.4 million a year earlier), restructuring measures and a disposal gain of €2.2 million.
At the same time, the published gross operating surplus remained negative at -€0.9 million, compared to -€0.1 million in the first half of 2025, and the gross margin rate fell from 67.2% to 59.0%. The statutory auditors are also considering maintaining a reserve on the valuation of intangible assets.
Net loss of €4.2 million on revenue of €45.3 million
In the first half of 2026, consolidated revenue was €45.3 million, down 10.4%. The Pharmacy division fell 16.3% to €17.3 million, due to the sluggish retail pharmacy market in France, destocking in the pest control range and a decline in self-tests. The Diagnostic Europe division was stable at €18.7 million, an amount that includes €1.5 million related to the disposal of the molecular biology business.
The Diagnostic USA division fell 17.2% to €9.2 million, mainly due to lower activity at Chembio; at constant exchange rates, the decline is 11.6%. Overall gross margin was €26.7 million, or 59.0% of revenue compared to 67.2% a year earlier. Adjusted for the disposal of molecular biology inventory, it stands according to the company at €28.4 million, or 64.8% of adjusted revenue.
On the same basis, adjusted gross operating surplus stands at €0.7 million, driven by the decrease in external charges (-€4.1 million) and personnel costs (-€2.5 million). Operating profit was -€6.9 million compared to -€45.4 million, and net income attributable to the group was -€4.2 million compared to -€48.6 million. As a reminder, fiscal year 2025 ended with revenue of €95.2 million and a net loss of €58.2 million.
Net debt of €53.5 million and auditors' reserve on assets
At June 30, 2026, equity attributable to the group was €29.5 million, compared to €34.9 million at December 31, 2025, a change essentially related to the period's results and exchange differences. Gross cash increased by €0.9 million to €9.3 million, but it includes €3.7 million that is unavailable, paid to the Caisse des Dépôts et Consignations to settle certain privileged creditors. Available cash thus stands at €5.6 million, down €2.9 million over six months.
Financial debt reaches €62.9 million, for a net debt of €53.5 million and a gearing of 181%. On October 12, 2026, the Strasbourg District Court approved the safeguard plan, opened on September 29, 2025, following its approval by affected parties in September 2025. This plan, which targeted liabilities of €20.1 million, provides for debt forgiveness and settlement of liabilities over ten years according to a progressive schedule.
The board of directors deemed the going concern principle appropriate and indicates that there is no longer significant uncertainty on this point. Conversely, the statutory auditors do not consider themselves able to comment on the level of impairment of intangible assets, due to insufficient elements to assess the assumptions of the 2026-2030 business plan. They are considering maintaining a reserve in their report, as the limited review of accounts is underway.
Third quarter stable at €21.0 million and revised business plan
Over nine months, revenue was €66.3 million, down 7.4% (-6.5% at constant scope and exchange rates). The third quarter, taken in isolation, is stable at €21.0 million, and the company indicates it would have shown slight growth excluding the molecular biology disposal. In the United States, activity increased 2.5% at constant exchange rates; in Europe, rapid diagnostic test sales increased while Covid-19 products declined.
Management revised downward the provisional revenue for fiscal year 2026 and growth for subsequent years, incorporating expected savings from new restructuring measures. Before the end of the fiscal year, the group plans to reorganize its operations in Belgium (closure of the logistics warehouse, maintenance of a local sales force) and cease its Italian subsidiary. Larry Abensur, Chief Executive Officer, stated that "the refocusing of the product offering around growth activities [...] is coming to an end".
Annual revenue for 2026 will be published on January 21, 2027 after market close. The group faces this milestone with a net debt of €53.5 million and liabilities to be settled over ten years.
