Medartis released its second-half 2025 results showing continued revenue momentum but a cautious near-term financial picture. Group sales for 2H25 amounted to CHF146.3m, nearly identical to the consensus estimate of CHF146.1m.
On a full-year basis the firm recorded organic growth of 15.7% and reported growth of 12.0%. Those figures indicate the second half delivered approximately 16% organic expansion.
Core operating profitability for the half, as measured by Core EBITDA, reached CHF26.8m, coming in slightly below the consensus forecast of CHF27.3m. The full-year Core EBITDA margin rose to 18.4%, an improvement of 60 basis points versus the prior year.
Capital expenditure represented 9.6% of sales, while operating free cash flow for the period was CHF9.3m, down from CHF32.1m in 2024. Management said the decline in operating free cash flow reflected incremental investments into production machinery located in the US, Brazil and Basel.
Regional performance in 2H25 was led by EMEA, which posted 18.0% organic growth. Management attributed roughly one-quarter of this EMEA growth to Keri Medical. North America expanded more slowly, with organic growth of 13.4%. The slowdown in North America reflected distributor optimisation and the replacement of the companys largest distributor in Florida, which had accounted for about 10% of US sales. Five distributors have since been appointed to fill that coverage gap, with integration expected to take up to 12 months. APAC and LATAM grew 13.3% and 10.4% respectively.
By product area, Upper Extremities grew 15.7% on a constant currency basis, supported by the companys wrist implant and the Keri Touch prosthesis. Lower Extremities increased 15.1% on a constant currency basis, and the CMF/other segment rose 16.8%.
Strategic activity included the announced acquisition of CADskills, a Belgium-based specialist in personalised implants and titanium printing. The CADskills business also adds an upper extremity offering for carpal bone arthroplasties. The transaction structure comprises an upfront payment together with sales-based earnouts.
Looking to 2026, Medartis expects organic core sales growth of 16-18% and a core EBITDA margin in the high-teens at constant exchange rates. Taking into account a negative 2.5% foreign exchange impact and roughly a 6% merger and acquisition impact, management indicated this implies 2026 sales of approximately CHF322-328m and core EBITDA of roughly CHF52-59m.