Carl Zeiss Meditec disclosed first-quarter financials that fell short of market expectations, with sales missing consensus by 2% and organic growth turning negative. The German medical technology group recorded organic growth of -2.1%, versus the market's anticipated +1.2%.
The company's adjusted EBIT underperformed materially, coming in at million compared with the consensus estimate of 5.6 million - a shortfall of roughly 60% relative to expectations.
Management reiterated that it has previously withdrawn guidance for fiscal year 2026 and is conducting a review of its outlook. The company plans to present a broader strategic update no later than its six-month results, scheduled for April.
Segment performance
Within the ophthalmic devices business, organic growth declined by -2.4% against consensus expectations of flat performance. The segment's EBIT missed the street view by a sizable margin - down 154% relative to expectations - resulting in an EBIT margin of -2.3%, compared with an expected 4.1%.
The microsurgery segment also did not meet forecasts. Organic growth there was -0.9%, below the consensus forecast of +5.0%. EBIT for microsurgery was approximately 30% below expectations, producing an 8.4% margin versus an anticipated 11.3%.
Order intake and comparables
Order intake declined by 9.7% in the reported quarter. The company noted that the prior-year comparison was strong, with adjusted growth of 21.4% in the earlier period after accounting for foreign exchange and acquisition effects.
Outlook and next steps
Carl Zeiss Meditec is reviewing its outlook following the quarter and has committed to communicate a more comprehensive strategic direction by its six-month results in April. Until that communication, the company remains without a formal fiscal 2026 guidance.
Summary of reported figures
- Sales: missed consensus by 2%; organic growth -2.1% vs expected +1.2%
- Adjusted EBIT: million vs consensus 5.6 million (around 60% miss)
- Ophthalmic devices: organic growth -2.4% (consensus flat); EBIT margin -2.3% vs expected 4.1% (154% miss)
- Microsurgery: organic growth -0.9% (consensus +5.0%); EBIT margin 8.4% vs expected 11.3% (30% miss)
- Order intake: down 9.7% vs a strong prior-year adjusted growth of 21.4%
The company will provide further detail with its six-month results in April as it completes its review of guidance and strategy.