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Tuukka Paavola, former CFO of Nightingale Health, has left Bioretec as chief financial officer with immediate effect after serving less than six months, making him the medical device maker’s third finance chief within roughly a year.
Controller Anna-Mari Venola will assume the CFO role on an interim basis while Bioretec begins recruiting a permanent successor, extending a period of management turnover that had appeared to stabilize when Paavola joined in January.
Bioretec and Paavola mutually agreed he would not continue in the role, the company announced yesterday. No reason beyond the mutual agreement was disclosed, and the company said no financial reporting issues were associated with the departure.
Listeds reported earlier that Paavola had joined Bioretec early this year, succeeding interim CFO Anne-Mari Matikainen, who had taken over following Johanna Salko's departure. His appointment had marked what appeared to be a return to permanent leadership in the finance function after a period of interim management.
A short tenure during a company reset
Paavola entered the company as it sought to reset its strategy after a turbulent 2025 marked by withdrawn financial targets, restated financial results, and changes across the executive team.
His first quarterly report as CFO showed net sales declining 13% year over year to EUR 1.2 million. The decline was driven by Rest of the World sales, while the company's priority markets expanded rapidly. US sales surged by more than five times to EUR 0.3 million, and European sales tripled to EUR 0.4 million. Adjusted sales margin improved to 70.1%, although EBITDA widened to a loss of EUR 1.4 million.
Following the quarter, Bioretec completed a rights issue raising around EUR 12.9 million in gross proceeds to strengthen its balance sheet and fund targeted growth.
Paavola also became one of the company's more heavily invested executives during his brief tenure, subscribing for EUR 20,000 of shares in April before purchasing a further EUR 9,900 on the market in May. Company records show he held almost three million shares at the time of his departure.
Bioretec is rebuilding around lower growth targets
Bioretec is executing a revised 2026-2028 strategy after withdrawing more ambitious financial targets last year.
The company now aims to exceed EUR 10 million in annual net sales by the end of 2028 while maintaining an average adjusted sales margin above 70% across the strategy period. Management also plans to expand sales in the United States and Europe, broaden the RemeOs product family, continue investing in research and clinical evidence, and operate with a leaner cost base following two rounds of production change negotiations that resulted in three positions being eliminated in Finland.
Despite its modest revenue base, Bioretec has continued to expand regulatory approvals. The RemeOs implant platform, which uses an absorbable metal alloy designed to promote natural bone healing, received its first US market authorization in 2023 and CE mark approval in Europe in January 2025. Bioretec's products are used in around 40 countries, while its Activa product family comprises fully bioabsorbable orthopedic implants cleared in both Europe and the United States.
Bioretec has also continued strengthening its leadership team, appointing Conan Cavanagh as head of research and development effective Sept. 1, 2026, to advance technology development, clinical evidence, and regulatory capabilities.
Investor watch points
The immediate priority is appointing a permanent CFO. A fourth finance leader in roughly two years would further raise continuity questions as management works to deliver its revised 2026-2028 targets.
Investors will also be watching whether Paavola retains or sells his sizeable shareholding following his departure. They will also be looking for progress against Bioretec's rebased revenue and profitability targets. A further test will be whether strong growth in the US and Europe can offset weaker sales in other markets.
Investors will also monitor the company's cash runway following the EUR 12.9 million rights issue, as management does not expect positive operating cash flow during the current strategy period.
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