Medartis Holding AG

Latest Results (09.03.2026):

Medartis Holding AG — Half‑year results H1 2025 (covering Q1–Q2 2025): Group sales were CHF 123.0 million with organic growth of +15.3% at constant exchange rates (total growth +14.1% CER). Core EBITDA margin was sustained at 17.8% while core gross margin softened to 80.7% (about -2.1 percentage points versus prior period). Cash and equivalents stood at CHF 120.5 million after initial M&A payments. Management raised its FY 2025 organic sales guidance to 14–16% CER and expects core EBITDA to remain in the high‑teens range despite tariff and FX headwinds.

Revenue and growth

Sales CHF 123.0m; organic growth +15.3% (CER); total growth +14.1% (CER). All regions returned to growth with US and EMEA as main contributors. Product drivers included TOUCH, NX Nail and CCS screw portfolio; CMX digital solutions expanded across product categories.

Profitability

Core gross margin at 80.7% (softened ~2.1 pp, partly from FX and US tariffs). Core EBITDA margin sustained at 17.8% (an increase of ~1.4 pp at CER). Net result was negatively affected by unrealised FX losses (~CHF 5m) and higher financing costs (convertible bond), reducing reported net profit versus prior year.

Cash, cashflow and financing

Cash balance CHF 120.5m as of 30 June 2025. Group reported stable cashflow and improved receivables/inventory management. NeoOrtho acquisition generated a net cash outflow (about CHF 14.2m related investments); there are undrawn credit facilities available and further KeriMedical payments expected in H2.

M&A and integration

NeoOrtho acquired in May 2025 (three months of sales included in H1); its value line carries a lower gross margin but lower OPEX. Medartis secured the remaining 53% stake in KeriMedical in July — current dilution from KeriMedical should reverse when fully consolidated in H2 and is expected to be accretive thereafter.

US tariffs and mitigation

New US tariffs (from April) reduced H1 gross margin by ~0.5 percentage points. Mitigation measures include US production ramp‑up (targeting 60% of US volume by end‑2026 and 80% by mid‑2027), price reviews and further cost efficiencies; short‑term actions expected to offset additional H2 impacts.

Segments and market execution

All segments delivered double‑digit growth, led by upper and lower extremities. TOUCH product continues strong uptake with a controlled US roll‑out; reimbursement work and local training initiatives are in progress as Medartis expands US market coverage and reorganises distributor footprint.

Guidance and outlook

Full‑year 2025 organic sales guidance raised to 14–16% CER. Company maintains a target of a high‑teens core EBITDA margin and is investing in US expansion and a new Curitiba production facility expected to be concluded in early 2026. Management flags FX, tariffs and near‑term consolidation effects (KeriMedical) as items to watch in H2.