Medartis Holding AG

MED

Equity

ISIN CH0386200239 / Valor 38620023

SIX Swiss Exchange (2026-07-03)

CHF 85.30+2.16%

Medartis Holding AG
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About company

Medartis Holding AG is a Swiss medical‑device company that develops, manufactures and sells internal fixation implants, instruments and surgical systems for orthopaedic and trauma applications, with particular emphasis on fixation of small and medium bones such as those of the hand, wrist, foot/ankle and cranio‑maxillofacial areas. Its product range includes titanium and stainless‑steel plates, screws, locking systems and complementary surgical instruments, which it supplies to hospitals and surgeons through a network of subsidiaries and distributors across multiple regions; the business model is driven by product sales, aftermarket instrumentation and incremental R&D and regulatory work to broaden its clinical portfolio. As a publicly listed specialist in the orthopaedic-trauma segment, Medartis competes on product engineering, clinical support and targeted market coverage rather than on broad hospital consumable lines.

Summarized from source with an LLMView SourceSector: Healthcare

Revenue and growth

Total revenue CHF 269.3m; core revenue CHF 266.1m. Organic growth 15.7% CER worldwide, with all regions reporting double‑digit organic growth (EMEA ~18.0%, APAC ~15.7%, LATAM ~13.3%, US ~10.4%).

Profitability (EBITDA)

Reported EBITDA CHF 51.5m (19.1% margin). Core EBITDA CHF 48.8m (18.4% margin), reflecting OPEX leverage and investments in growth while offsetting gross‑margin pressures.

Net result and finance impacts

Net income ~CHF 9.3m. Bottom line reduced by unrealised FX losses (~CHF 5.6m) and CHF ~3.5m in convertible bond expenses tied to an acquisition; finance result was a negative CHF 13.2m.

US distributor transition and tariffs

US growth was affected by an unplanned distributor restructuring in Florida; management says excluding the Florida transition full‑year growth would have been ~18%. New US tariffs reduced gross margin (FY‑2025 impact ~0.9pp); mitigation includes ramping US production (targeting ~70% of US volume by end‑2026 and ~80% by mid‑2027). FY‑2026 tariff impact estimated at ~CHF 4m based on current guidance.

M&A and portfolio changes

Two acquisitions completed in 2025 (KeriMedical and NeoOrtho), establishing the Medartis Group and expanding addressable markets; group headcount ~1,400. Certain businesses were classified non‑core (NSI contract manufacturing and NeoOrtho hip business — the latter divested H2‑2025).

Product and commercial highlights

TOUCH rollout accelerated (TOUCH growth cited at +60%) with US training and initial procedures underway; CCS screw and other upper‑extremity portfolios showed strong momentum. Company emphasises expanded addressable market and strengthened US channel for next growth phase.

One‑off items and adjustments

M&A accounting and transition effects affected reported results (inventory step‑up, amortisation, revaluation items); there were also one‑off costs such as product write‑offs (~CHF 3m) and pension past‑service costs (~CHF 6.6m) following a pension foundation change.

Guidance and management view

Management states it delivered on full‑year 2025 guidance despite unexpected headwinds (tariffs, US distributor changes) and highlights structural actions (US production ramp, distributor re‑structure, product rollouts) to support future growth and margin recovery.

Summarized from source with an LLMView Source

Key figures

9.64%1Y

4.02%3Y

-8.08%5Y

Performance

36.3%1Y

42.4%3Y

43.1%5Y

Volatility