BioStrategic Research sets SpineGuard fair value at EUR 0.39###

• BioStrategic Research reiterated a BUY view on SpineGuard, setting fair value at EUR 0.39 versus EUR 0.115 on Sept. 9.
• Half-year revenue fell 31.6%, driven by a US inventory unwind during the transfer of operations to Omnia Medical.
• Gross margin narrowed to 61.3% from 78.5% in H1 2025, reflecting distributor-level pricing under the new US model.
• Net loss widened to EUR 1.23 million, above the analyst’s EUR 0.8 million estimate, despite lower marketing and R&D costs.
• New US orders expected by year-end; China orders anticipated; operational breakeven target for December maintained, with fuller benefits in 2027.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. SpineGuard SA published the original content used to generate this news brief on September 10, 2026, and is solely responsible for the information contained therein.