HidraMed COO Conan Cavanagh joins Bioretec as head of R&D to lead pipeline expansion

Conan Cavanagh, currently chief operating officer and head of research & development at HidraMed Solutions, will join Bioretec Oy as head of R&D on Sept. 1, as the Finnish absorbable orthopedic implant developer works toward launching new products and reaching more than EUR 10 million in annual sales by 2028.

Cavanagh will join the management team and report to CEO Sarah van Hellenberg Hubar-Fisher, the medical technology company announced recently.

Cavanagh’s appointment follows the hiring of CFO Tuukka Paavola in January and the restructuring of the company's technology organization, which included CTO Timo Lehtonen's transition to an external executive advisor role effective July 6 and the creation of separate product development and clinical affairs positions. 

Orthopedic device veteran joins leadership build-out

Cavanagh brings more than 25 years of experience across medical device and biomaterial development, from concept generation through commercialization.

He currently serves as COO and head of R&D at HidraMed Solutions, a wound care and tissue engineering company. Previously, he was the engineering director at Smith & Nephew, where he led the development and commercialization of orthopedic and sports medicine products.

His experience spans clinical studies, regulatory affairs, and intellectual property management, areas that are becoming increasingly important as Bioretec expands its portfolio of bioresorbable metal alloy RemeOs™ internationally.

"We are thrilled to welcome Conan Cavanagh to Bioretec," van Hellenberg Hubar-Fisher said. "We look forward to his leadership and input as we continue on our mission to become the global market leader in absorbable orthopedic implants."

Cavanagh said he was joining the company at an important stage in its development and looked forward to advancing growth through innovation and new technology.

R&D sits at the center of the growth plan

Bioretec has set two financial targets for its 2026–2028 strategy period: exceed EUR 10 million in annual net sales by the end of 2028 and maintain an average adjusted sales margin above 70%.

The company has tied those ambitions to a series of operational priorities. Proceeds from its April 2026 rights issue are earmarked to support commercial expansion, particularly in the United States, advance the development pipeline, launch three new products within 18 months, improve production capabilities and fund working capital requirements.

Cavanagh's responsibilities map directly onto those objectives. As head of R&D, he will oversee research strategy, product portfolio management, and execution of the development program behind the planned launches.

The appointment also fills one of the leadership positions created when responsibilities previously held by Lehtonen were split into dedicated product development and clinical affairs functions.

Growth markets are expanding, but the financial backdrop remains demanding

The hire comes as Bioretec continues to invest in growth while operating at a loss.

First-quarter net sales declined 13% year over year to EUR 1.2 million, while EBITDA widened to a loss of EUR 1.4 million. Cash and cash equivalents stood at EUR 1.9 million at the end of March, down from EUR 4.4 million a year earlier.

The headline decline masked stronger performance in the company's priority markets. US revenue increased over fivefold year over year to EUR 292,000, while European revenue tripled to EUR 434,000. Adjusted sales margin improved to 70.1%, reaching the level Bioretec has targeted for the current strategy period.

Management has also been reducing costs. In June, the company concluded change negotiations affecting its Finnish production operations, resulting in three job reductions and around EUR 0.2 million in annual savings. Together with measures announced in late 2025, the cuts reflected management's assessment that production capacity exceeded current sales volumes.