Medartis Reports H2 2025 Results with Accelerating Growth but Weak Outlook

LootboxPhobia · 2026-03-17T12:29:53+00:00

Medartis reported second-half 2025 sales of 146.3 million Swiss francs, in line with expectations, with full-year organic growth of 15.7%. Second-half core EBITDA was 26.8 million Swiss francs, below expectations. The company projects 16-18% organic growth for 2026, with sales expected to reach 322-328 million Swiss francs.

LootboxPhobia

2026-03-17 12:29:53

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Investing.com – Medartis announced on Tuesday that its group sales for the second half of 2025 reached CHF 146.3 million, in line with the market consensus of CHF 146.1 million.

The company achieved 15.7% organic growth for the full year, with reported growth of 12.0%, indicating approximately 16% organic growth in the second half.

The company’s core EBITDA for the second half of 2025 reached CHF 26.8 million, below the market expectation of CHF 27.3 million. The full-year profit margin was 18.4%, up 60 basis points year-over-year.

Capital expenditures accounted for 9.6% of sales, while free cash flow from operations was CHF 9.3 million, down from CHF 32.1 million in 2024.

Revenue growth in Europe, the Middle East, and Africa drove the second-half performance, with organic growth of 18.0%, with Keri Medical contributing about a quarter of the growth.

Growth in North America slowed to 13.4% organic growth, due to distributor optimization and the replacement of Florida’s largest distributor, which accounts for about 10% of U.S. sales.

Five distributors have filled the coverage gap, with integration expected to be completed within 12 months. The Asia-Pacific and Latin America regions grew by 13.3% and 10.4%, respectively.

Upper limb products grew 15.7% at fixed exchange rates, driven by the company’s wrist implant and Keri Touch prosthesis. Lower limb products increased 15.1%, while cranio-maxillofacial/other segments grew 16.8%.

The CHF 9.3 million free cash flow reflects incremental investments in U.S., Brazil, and Basel manufacturing equipment.

Medartis announced the acquisition of CADskills, a Belgian company specializing in personalized implants and titanium metal printing, as well as upper limb products for wrist joint arthroplasty. The deal includes an upfront payment and an earn-out based on sales.

For 2026, Medartis expects organic core sales growth of 16-18%, with core EBITDA margin approaching 20% at fixed exchange rates.

Considering a negative 2.5% foreign exchange impact and approximately 6% M&A impact, this implies sales of about CHF 322-328 million and EBITDA of CHF 52-59 million in 2026.

This article was translated with the assistance of artificial intelligence. For more information, please see our Terms of Use.

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