Medartis Holding AG

Latest Results (11.07.2026):

Medartis Holding AG — full‑year 2025: The company reported total revenue of CHF 269.3 million (core sales CHF 266.1 million) and delivered its full‑year guidance despite FX headwinds and unexpected US tariffs. Organic growth was strong at ~15.7% (CER) across all regions, EBITDA was about CHF 51.5 million (reported margin ~19.1%; core EBITDA margin ~18.4% at CER), and net income was CHF 9.3 million, pressured by unrealised FX losses and financing costs. Two acquisitions (KeriMedical and NeoOrtho) expanded the group and contributed both to growth and to one‑off M&A accounting effects.

Revenue and regional growth

Core sales CHF 266.1m; worldwide organic growth ~15.7% at constant exchange rates. All regions grew in double digits, with EMEA the strongest (around high‑teens) and the US mid‑teens but affected by distributor changes in Florida—excluding that transition US full‑year growth would have been ~18%.

Profitability and margins

Reported EBITDA about CHF 51.5m (≈19.1% margin). On a core basis at CER, EBITDA margin improved modestly (core ~18.4%), reflecting OPEX leverage that offset a lower gross margin driven by FX, tariffs and brand mix.

Net result and one‑offs

Net income reported at CHF 9.3m, down materially year‑on‑year. Key negative impacts were roughly CHF 5.6m of unrealised FX losses and ~CHF 3.5m of convertible‑bond related expenses tied to the KeriMedical deal; M&A accounting (inventory step‑up, revaluation and earn‑out release) had mixed effects on reported gross profit and EBITDA.

M&A and portfolio actions

Two acquisitions closed in 2025 (KeriMedical, NeoOrtho), creating the Medartis Group and broadening the product portfolio and addressable market. Non‑core items include the NSI contract manufacturing business and the divested NeoOrtho hip business (together ~CHF 3.2m contribution). A portfolio review led to discontinuation/write‑offs of legacy NSI products.

US tariffs and mitigation

US tariffs reduced FY‑2025 results by ~0.9 percentage points. Management is mitigating via a US production ramp‑up (targeting ~70% of US volume produced in the US by end‑2026 and ~80% by mid‑2027). Estimated tariff impact for 2026 is about CHF 4 million.

Product momentum and commercial execution

Product lines showed strength: TOUCH rollout in the US advanced (KOL training, initial cases, first US CMC procedure in Q4) with TOUCH growing strongly (~+60%), CCS screws and intramedullary nails also key growth drivers. Digital CMX solutions expanded coverage across extremities.

Outlook and management

Medartis states it met its 2025 financial guidance despite headwinds and has strengthened leadership (new CFO Peter Hackel). The company highlights continued investment in growth initiatives while managing cost discipline and executing tariff‑mitigation and US commercial integration plans.