Biohit Oyj Stock exchange release 22 November 2023 at 9.30 a.m. EET

BIOHIT RENEWS ITS STRATEGY TO ACCELERATE PROFITABLE GROWTH – CHANGES IN THE MANAGEMENT TEAM

Biohit’s Board of Directors has approved the company's new strategy and financial targets for 2024–2028. The strategy aims for strong and profitable growth, based on organic growth enabled by the market and carefully considered acquisitions. Through active development, Biohit has turned its operations to profitable growth over the past two years. The new targets and strategy will further accelerate growth while maintaining good profitability.

Biohit – Innovating for Health

Biohit promotes people's health with its innovative products. The company's product portfolio includes diagnostic products for gastrointestinal diseases and carcinogenic acetaldehyde binding products. The products have a global and growing market, and approximately 98 per cent of the company’s production is exported. The most significant potential lies in the GastroPanel® product range that is used for testing gastric health. The ageing of the population, scarce healthcare resources and the simultaneously increasing prevalence of gastrointestinal diseases require more cost-effective diagnosis of diseases and easier screening for cancer risks. Biohit's innovations meet these challenges.

”With up to 40% of the world's population suffering from upper abdominal disorders, there is a clear market need for modern diagnostics that save healthcare costs and improve the effectiveness of treatment. The diagnostics we are developing are global solutions to global problems. Currently, our largest markets are in Europe and Asia, but we see significant potential in areas such as South and North America”, says Biohit’s CEO Jussi Hahtela.

Financial targets for the strategy period 2024–2028:

• Revenue growth 15–20% annually
• Operating profit (EBIT) at least 10% of revenue

Priorities and actions of the strategy:

• Continuing the innovation legacy of the expert of the gastrointestinal tract: Strengthening competitive edge by developing business operations and investing in product development while understanding the laws of health technology. Strengthening cooperation with industry, research institutes, universities, hospitals and laboratories.
• Widening the markets: Presence in all relevant markets, either through own subsidiaries or through local sales representatives. Ensuring high quality of the distributor network and digital channels.
• Completing the product range: Dynamic modification of the product range based on customer needs.
• Active selling: Strengthening customer understanding, better identifying their needs and providing tailored, value-added solutions. A systematic order-to-supply chain.
• A company that attracts investors and talents: Strengthening the reputation of a profitably growing health technology company through an active IR policy and through providing excellent development opportunities for new talents.

Changes in the Management Group

To implement the growth strategy, the Management Group will be strengthened, and responsibilities will be changed to create a global sales organisation that enables synergies and scalability.

Ilari Patrakka is appointed Chief Commercial Officer. Mr Patrakka has previously worked as of Biohit’s Director of Sales and Marketing. Mr Patrakka will continue to be a member of the Management Group. The position of CCO is new and strategically significant. Patrakka will play an important role in opening new markets and developing the business.

Graham Johnson, Managing Director of Biohit's UK subsidiary, is appointed Head of Global Sales and Marketing and member of the Management Group. Johnson will continue to lead the UK subsidiary.

BIOHIT OYJ

Additional information:
CEO Jussi Hahtela, Biohit Oyj
tel. +358 9 773 861
investor.relations@biohit.fi

Biohit in brief

Biohit Oyj is a globally operating Finnish biotechnology company. Biohit’s mission is “Innovating for Health” – we produce innovative products and services to promote research and early diagnosis. Biohit is headquartered in Helsinki, Finland, and has subsidiaries in Italy and the UK. Biohit Series B share (BIOBV) is quoted on Nasdaq Helsinki in the Small cap/Healthcare group. www.biohithealthcare.com