H1 2026 report
Jakość sprzedaży poprawia się: produkty własne urosły o 19,9% do 18,4 mln zł i stanowią 65,8% przychodów (z 54,4%), mikrobiologia własna +26% do 16,4 mln zł, eksport +32,8% do 11,4 mln zł.
Sentiment
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BMX
H1 2026 report
Revenue
27.92 m PLN
— YoY
Net income
690 k PLN
— YoY
EBITDA
3.27 m PLN
— YoY
FCF
-2.25 m PLN
— YoY
Summary
Investment thesis
- Przychody ogółem nieznacznie spadły (-0,9%) przez wysoką bazę dużych dostaw w analityce krajowej z 2025 r. i ograniczone budżety publicznej ochrony zdrowia; segment analityki -12,8%.
- EBITDA +42% do 3,3 mln zł i zysk netto 0,69 mln zł (rok temu strata 14 tys. zł), ale niemal cały wzrost EBIT zawdzięczamy pozostałym przychodom (dotacje 931 tys. zł, zysk ze zbycia środków trwałych 643 tys. zł).
- Przepływy operacyjne -1,9 mln zł przy EBITDA +3,3 mln zł: należności wzrosły o 3,1 mln zł (+25% od grudnia), przeterminowane należności handlowe 39% (z 34%).
- Dług rośnie (kredyty i leasing 16,7 mln zł, dług netto 15,5 mln zł), a zadłużenie krótkoterminowe w bankach wzrosło z 5,4 do 8,9 mln zł — bilans wciąż solidny (kapitał własny 48,3 mln zł, dług netto/kapitał 0,32), ale płynność wymaga obserwacji.
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Financials
BETA
BMX · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 27,920 | 60,904 | −54.2% | 27,920 | −54.2% | reported | — | 1.00 |
| EBITDA | 3,272 | 4,941 | −33.8% | 3,272 | −33.8% | reported | — | 1.00 |
| EBIT | 1,310 | 1,235 | +6.1% | 1,310 | +6.1% | reported | — | 1.00 |
| EBT | 794 | 188 | +322.3% | 794 | +322.3% | reported | — | 1.00 |
| Net income | 690 | 105 | +557.1% | 690 | +557.1% | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.17 | — | — | 0.17 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.17 | — | — | 0.17 | — | reported | — | 1.00 |
| D&A | 1,962 | 3,706 | −47.1% | 1,962 | −47.1% | reported | — | 1.00 |
| Interest expense | 581 | — | — | 581 | — | reported | — | 0.90 |
| Income tax | 104 | 83 | +25.3% | 104 | +25.3% | reported | — | 1.00 |
| Shares (basic) (m units) | 4.19 | — | — | 4.19 | — | reported | — | 1.00 |
| EBITDA margin | 11.72% | 8.11% | +3.6 pp | 11.72% | +3.6 pp | derived | — | 0.70 |
| EBIT margin | 4.69% | 2.03% | +2.7 pp | 4.69% | +2.7 pp | derived | — | 0.70 |
| Net margin | 2.47% | 0.17% | +2.3 pp | 2.47% | +2.3 pp | derived | — | 0.70 |
| Cash | 1,197 | — | — | — | — | reported | — | 1.00 |
| Total debt | 16,674 | — | — | — | — | reported | — | 0.90 |
| Net debt | 15,477 | — | — | — | — | derived | — | 0.90 |
| Equity | 48,329 | — | — | — | — | reported | — | 1.00 |
| Total assets | 79,696 | — | — | — | — | reported | — | 1.00 |
| Working capital | 9,768 | — | — | — | — | derived | — | 0.70 |
| Current assets | 28,601 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 18,833 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 12,535 | — | — | — | — | reported | — | 1.00 |
| Inventory | 14,022 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 13,382 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 7,891 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 873 | — | — | — | — | reported | — | 1.00 |
| CFO | -1,947 | — | — | -1,947 | — | reported | — | 1.00 |
| CapEx | 304 | — | — | 304 | — | reported | — | 1.00 |
| FCF | -2,251 | — | — | -2,251 | — | derived | — | 0.70 |
| CFO conversion | -59.5% | — | — | -59.5% | — | derived | — | 0.70 |
| Current ratio | 1.52x | 1.74x | −0.22x | — | — | derived | — | 0.70 |
| Quick ratio | 0.77x | 0.83x | −0.06x | — | — | derived | — | 0.70 |
| Cash ratio | 0.06x | 0.12x | −0.06x | — | — | derived | — | 0.70 |
| Interest coverage | 2.25x | — | — | 2.25x | — | derived | — | 0.70 |
| Debt / equity | 0.35x | — | — | — | — | derived | — | 0.70 |
| Debt / assets | 0.21x | — | — | — | — | derived | — | 0.70 |
| Net debt / equity | 0.32x | — | — | — | — | derived | — | 0.70 |
| Revenue growth (YoY) | -0.94% | 15.24% | — | -0.94% | — | derived | — | 0.70 |
| EBITDA growth (YoY) | 42.32% | 5.78% | — | 42.32% | — | derived | — | 0.70 |
| EBIT growth (YoY) | 178.72% | — | — | 178.72% | — | derived | — | 0.70 |
| EBITDA margin Δ (YoY) | 3.56 pp | — | — | 3.56 pp | — | derived | — | 0.70 |
| EBIT margin Δ (YoY) | 3.02 pp | — | — | 3.02 pp | — | derived | — | 0.70 |
H1 2026 · Δ YoY
Revenue
27,920
−54.2%
27,920
−54.2%
- H1 2025
- 60,904
- YTD 2026
- 27,920
- Δ YoY
- −54.2%
EBITDA
3,272
−33.8%
3,272
−33.8%
- H1 2025
- 4,941
- YTD 2026
- 3,272
- Δ YoY
- −33.8%
EBIT
1,310
+6.1%
1,310
+6.1%
- H1 2025
- 1,235
- YTD 2026
- 1,310
- Δ YoY
- +6.1%
EBT
794
+322.3%
794
+322.3%
- H1 2025
- 188
- YTD 2026
- 794
- Δ YoY
- +322.3%
Net income
690
+557.1%
690
+557.1%
- H1 2025
- 105
- YTD 2026
- 690
- Δ YoY
- +557.1%
EPS (basic)
(PLN)
0.17
—
0.17
—
- H1 2025
- —
- YTD 2026
- 0.17
- Δ YoY
- —
EPS (diluted)
(PLN)
0.17
—
0.17
—
- H1 2025
- —
- YTD 2026
- 0.17
- Δ YoY
- —
D&A
1,962
−47.1%
1,962
−47.1%
- H1 2025
- 3,706
- YTD 2026
- 1,962
- Δ YoY
- −47.1%
Interest expense
581
—
581
—
- H1 2025
- —
- YTD 2026
- 581
- Δ YoY
- —
Income tax
104
+25.3%
104
+25.3%
- H1 2025
- 83
- YTD 2026
- 104
- Δ YoY
- +25.3%
Shares (basic)
(m units)
4.19
—
4.19
—
- H1 2025
- —
- YTD 2026
- 4.19
- Δ YoY
- —
EBITDA margin
11.72%
+3.6 pp
11.72%
+3.6 pp
- H1 2025
- 8.11%
- YTD 2026
- 11.72%
- Δ YoY
- +3.6 pp
EBIT margin
4.69%
+2.7 pp
4.69%
+2.7 pp
- H1 2025
- 2.03%
- YTD 2026
- 4.69%
- Δ YoY
- +2.7 pp
Net margin
2.47%
+2.3 pp
2.47%
+2.3 pp
- H1 2025
- 0.17%
- YTD 2026
- 2.47%
- Δ YoY
- +2.3 pp
Cash
1,197
—
1,197
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
16,674
—
16,674
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
15,477
—
15,477
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
48,329
—
48,329
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
79,696
—
79,696
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
9,768
—
9,768
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
28,601
—
28,601
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
18,833
—
18,833
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
12,535
—
12,535
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
14,022
—
14,022
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
13,382
—
13,382
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
7,891
—
7,891
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
873
—
873
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-1,947
—
-1,947
—
- H1 2025
- —
- YTD 2026
- -1,947
- Δ YoY
- —
CapEx
304
—
304
—
- H1 2025
- —
- YTD 2026
- 304
- Δ YoY
- —
FCF
-2,251
—
-2,251
—
- H1 2025
- —
- YTD 2026
- -2,251
- Δ YoY
- —
CFO conversion
-59.5%
—
-59.5%
—
- H1 2025
- —
- YTD 2026
- -59.5%
- Δ YoY
- —
Current ratio
1.52x
−0.22x
1.52x
−0.22x
- H1 2025
- 1.74x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.77x
−0.06x
0.77x
−0.06x
- H1 2025
- 0.83x
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.06x
−0.06x
0.06x
−0.06x
- H1 2025
- 0.12x
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
2.25x
—
2.25x
—
- H1 2025
- —
- YTD 2026
- 2.25x
- Δ YoY
- —
Debt / equity
0.35x
—
0.35x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.21x
—
0.21x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.32x
—
0.32x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-0.94%
—
-0.94%
—
- H1 2025
- 15.24%
- YTD 2026
- -0.94%
- Δ YoY
- —
EBITDA growth (YoY)
42.32%
—
42.32%
—
- H1 2025
- 5.78%
- YTD 2026
- 42.32%
- Δ YoY
- —
EBIT growth (YoY)
178.72%
—
178.72%
—
- H1 2025
- —
- YTD 2026
- 178.72%
- Δ YoY
- —
EBITDA margin Δ (YoY)
3.56 pp
—
3.56 pp
—
- H1 2025
- —
- YTD 2026
- 3.56 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
3.02 pp
—
3.02 pp
—
- H1 2025
- —
- YTD 2026
- 3.02 pp
- Δ YoY
- —