H1 2026 report
Urteste to przedprzychodowa spółka biotechnologiczna (testy IVD do wczesnej diagnostyki nowotworów z moczu) – wynik zależy od dotacji i kosztów, nie od sprzedaży.
Sentiment
Cautious
No guidance change
URT
H1 2026 report
Net income
-46 k PLN
— YoY
EBITDA
197 k PLN
— YoY
FCF
-11.19 m PLN
— YoY
CFO
-4.14 m PLN
— YoY
Summary
Investment thesis
- Zysk operacyjny 50 tys. zł w 1H2026 (wobec straty 2 510 tys. zł rok wcześniej) jest w całości efektem odwrócenia kosztów programu motywacyjnego (+3 799 tys. zł) – bez tego strata operacyjna wynosiłaby ok. 3,7 mln zł.
- Gotówka spadła z 8,8 mln do 1,3 mln zł w pół roku; przepływy operacyjne -4,1 mln zł, a nakłady na prace rozwojowe 6,9 mln zł.
- Audytor zwrócił uwagę na założenie kontynuacji działalności – zarząd przyznaje, że potrzebne jest dodatkowe finansowanie (emisje akcji 5,5 mln zł w IV kw. 2026 i 5,0 mln zł w II kw. 2027).
- Katalizatory: refundacja ok. 7,3 mln zł z dotacji, patent USPTO dla markera raka trzustki (PANURI), postęp projektów dofinansowanych z NCBR/PARP.
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Financials
BETA
URT · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| EBITDA | 197 | -5,701 | +103.5% | 197 | +103.5% | derived | — | 0.70 |
| EBIT | 50 | -6,023 | +100.8% | 50 | +100.8% | reported | — | 1.00 |
| EBT | -33 | -5,937 | +99.4% | -33 | +99.4% | reported | — | 1.00 |
| Net income | -46 | -5,981 | +99.2% | -46 | +99.2% | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.03 | -4.24 | — | -0.03 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.03 | -4.11 | — | -0.03 | — | reported | — | 1.00 |
| D&A | 147 | 322 | −54.3% | 147 | −54.3% | reported | — | 1.00 |
| Shares (basic) (units) | 1,526,080 | — | — | 1,526,080 | — | reported | — | 1.00 |
| Cash | 1,330 | 8,840 | −85% | — | — | reported | — | 1.00 |
| Total debt | 742 | 2,975 | −75.1% | — | — | reported | — | 0.85 |
| Net debt | -588 | -5,865 | +90% | — | — | derived | — | 0.70 |
| Equity | 22,525 | 24,928 | −9.6% | — | — | reported | — | 1.00 |
| Total assets | 40,759 | 45,137 | −9.7% | — | — | reported | — | 1.00 |
| Working capital | 4,962 | — | — | — | — | derived | — | 0.70 |
| Current assets | 9,267 | 20,577 | −55% | — | — | reported | — | 1.00 |
| Current liabilities | 4,305 | 9,979 | −56.9% | — | — | reported | — | 1.00 |
| Non-current liabilities | 13,929 | 10,230 | +36.2% | — | — | reported | — | 1.00 |
| Trade receivables | 7,937 | 5,732 | +38.5% | — | — | reported | — | 0.80 |
| Trade payables | 2,849 | 332 | +758.1% | — | — | reported | — | 0.80 |
| Goodwill | 29,335 | 22,073 | +32.9% | — | — | reported | — | 1.00 |
| Tangible equity | -6,810 | 2,855 | −338.5% | — | — | derived | — | 0.70 |
| CFO | -4,141 | 10,668 | −138.8% | -4,141 | −138.8% | reported | — | 1.00 |
| CapEx | 7,050 | 12,414 | −43.2% | 7,050 | −43.2% | reported | — | 0.90 |
| FCF | -11,191 | -1,746 | −541% | -11,191 | −541% | derived | — | 0.70 |
| Current ratio | 2.15x | 2.06x | +0.09x | — | — | derived | — | 0.70 |
| Quick ratio | 2.15x | — | — | — | — | derived | — | 0.70 |
| Cash ratio | 0.31x | 0.89x | −0.58x | — | — | derived | — | 0.70 |
| Debt / equity | 0.03x | 0.12x | −0.09x | — | — | derived | — | 0.70 |
| Debt / assets | 0.02x | 0.07x | −0.05x | — | — | derived | — | 0.70 |
| Net debt / equity | -0.03x | -0.24x | +0.21x | — | — | derived | — | 0.70 |
H1 2026 · Δ YoY
EBITDA
197
+103.5%
197
+103.5%
- H1 2025
- -5,701
- YTD 2026
- 197
- Δ YoY
- +103.5%
EBIT
50
+100.8%
50
+100.8%
- H1 2025
- -6,023
- YTD 2026
- 50
- Δ YoY
- +100.8%
EBT
-33
+99.4%
-33
+99.4%
- H1 2025
- -5,937
- YTD 2026
- -33
- Δ YoY
- +99.4%
Net income
-46
+99.2%
-46
+99.2%
- H1 2025
- -5,981
- YTD 2026
- -46
- Δ YoY
- +99.2%
EPS (basic)
(PLN)
-0.03
—
-0.03
—
- H1 2025
- -4.24
- YTD 2026
- -0.03
- Δ YoY
- —
EPS (diluted)
(PLN)
-0.03
—
-0.03
—
- H1 2025
- -4.11
- YTD 2026
- -0.03
- Δ YoY
- —
D&A
147
−54.3%
147
−54.3%
- H1 2025
- 322
- YTD 2026
- 147
- Δ YoY
- −54.3%
Shares (basic)
(units)
1,526,080
—
1,526,080
—
- H1 2025
- —
- YTD 2026
- 1,526,080
- Δ YoY
- —
Cash
1,330
−85%
1,330
−85%
- H1 2025
- 8,840
- YTD 2026
- —
- Δ YoY
- —
Total debt
742
−75.1%
742
−75.1%
- H1 2025
- 2,975
- YTD 2026
- —
- Δ YoY
- —
Net debt
-588
+90%
-588
+90%
- H1 2025
- -5,865
- YTD 2026
- —
- Δ YoY
- —
Equity
22,525
−9.6%
22,525
−9.6%
- H1 2025
- 24,928
- YTD 2026
- —
- Δ YoY
- —
Total assets
40,759
−9.7%
40,759
−9.7%
- H1 2025
- 45,137
- YTD 2026
- —
- Δ YoY
- —
Working capital
4,962
—
4,962
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
9,267
−55%
9,267
−55%
- H1 2025
- 20,577
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
4,305
−56.9%
4,305
−56.9%
- H1 2025
- 9,979
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
13,929
+36.2%
13,929
+36.2%
- H1 2025
- 10,230
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
7,937
+38.5%
7,937
+38.5%
- H1 2025
- 5,732
- YTD 2026
- —
- Δ YoY
- —
Trade payables
2,849
+758.1%
2,849
+758.1%
- H1 2025
- 332
- YTD 2026
- —
- Δ YoY
- —
Goodwill
29,335
+32.9%
29,335
+32.9%
- H1 2025
- 22,073
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
-6,810
−338.5%
-6,810
−338.5%
- H1 2025
- 2,855
- YTD 2026
- —
- Δ YoY
- —
CFO
-4,141
−138.8%
-4,141
−138.8%
- H1 2025
- 10,668
- YTD 2026
- -4,141
- Δ YoY
- −138.8%
CapEx
7,050
−43.2%
7,050
−43.2%
- H1 2025
- 12,414
- YTD 2026
- 7,050
- Δ YoY
- −43.2%
FCF
-11,191
−541%
-11,191
−541%
- H1 2025
- -1,746
- YTD 2026
- -11,191
- Δ YoY
- −541%
Current ratio
2.15x
+0.09x
2.15x
+0.09x
- H1 2025
- 2.06x
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
2.15x
—
2.15x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.31x
−0.58x
0.31x
−0.58x
- H1 2025
- 0.89x
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.03x
−0.09x
0.03x
−0.09x
- H1 2025
- 0.12x
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.02x
−0.05x
0.02x
−0.05x
- H1 2025
- 0.07x
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.03x
+0.21x
-0.03x
+0.21x
- H1 2025
- -0.24x
- YTD 2026
- —
- Δ YoY
- —