Embla Medical (EMBLA) Q3 2026 earnings summary

Executive summary

• Q3 sales were USD 250m, up 4% organically and 5% reported; 9M sales reached USD 741m, up 5% organically and 10% reported.

• Prosthetics & Neuro Orthotics and EMEA led Q3 growth; Patient Care was flat as clinic integration and onboarding constrained performance.

• Disciplined cost control maintained a 22% Q3 EBITDA margin, matching Q3 2025, despite sales growth below expectations.

Financial highlights

• Q3 EBITDA was USD 56m at a 22% margin, versus USD 53m at 22% a year earlier; 9M EBITDA was USD 153m at a 21% margin.

• Q3 gross profit was USD 155m versus USD 148m; gross margin was 62% versus 63% in Q3 2025. 9M gross margin was 62.4% versus 62.6%.

• Q3 net profit was USD 26m, up 1% YoY; 9M net profit rose 19% to USD 70m.

• Q3 free cash flow was USD 31m, or 12% of sales, versus USD 38m a year earlier; 9M free cash flow rose 13% to USD 66m from USD 58m.

• Q3 reported sales growth was 5%; 9M reported growth of 10% included 3pp each from M&A and FX.

Outlook and guidance

• FY 2026 organic sales growth guidance narrowed to ~5% from 5–7%; EBITDA margin guidance narrowed to ~21% from 20–22%.

• FY CapEx guidance decreased to 2–3% of sales from 3–4%; effective tax-rate guidance remains 23–24%.

• Q4 outlook calls for solid Prosthetics & Neuro Orthotics performance; Bracing & Supports is expected to grow approximately in line with market growth.

• EBITDA margin drivers include high-end product mix, manufacturing efficiencies, improved Patient Care profitability and SG&A cost control; FX is expected to be neutral net of hedging YoY.