Mauna Kea Technologies (ALMKT) H1 2025 TU earnings summary

Executive summary

• First half 2025 revenue declined 5% year-over-year to €3.7m, mainly due to weaker EMEA and ROW sales, while U.S. sales grew strongly at +17% constant currency.

• U.S. sales productivity reached record levels, with over $900K per sales rep, despite a reduced sales force and ongoing safeguard procedure.

• Pay-per-use procedure volumes stabilized at over 800 per quarter, with new hospital contracts signed at the end of Q2 2025.

• Company is restructuring operations and expanding into high-potential markets like Australia to improve efficiency.

Financial highlights

• U.S. revenue for H1 2025 grew +14% as reported and +17% at constant currency, offsetting declines elsewhere.

• EMEA & ROW revenue dropped 81% year-over-year; Asia Pacific revenue more than doubled.

• License revenue increased 36% year-over-year, while consumables and services declined 33% and 19%, respectively.

• System sales rose 18% year-over-year, with Q1 2025 up 195% versus Q1 2024.

Outlook and guidance

• Management expects commercial momentum in the U.S. to continue, supported by new hospital contracts and ongoing efforts to address Medicare reimbursement challenges.

• Restructuring and geographic expansion are expected to improve efficiency and support a rebound in volumes.