Medacta Group (MOVE) H1 2025 TU earnings summary

Executive summary

• H1 2025 revenue reached €344.1 million, up 19.8% in constant currency and 19.2% in Euro year-over-year, outpacing the market by 4-5%.

• Growth was driven by innovation, personalized surgeon training, medical education, and global sales expansion, with strong performance across all geographies and product lines.

• Acquisition of Parcus Medical in March 2025 contributed 1.2% to group revenue and expanded the Extremities and Sportsmed business line.

• Outperformed the orthopaedic industry market by more than 4.5x on a group level, with continued underpenetration in key markets offering room for expansion.

Financial highlights

• H1 2025 revenue of €344.1 million, up 19.2% in EUR and 19.8% in constant currency year-over-year.

• Hip portfolio grew 11.5%, Knee 23.8%, Extremities 44.0%, and Spine 18.7% year-over-year in constant currency.

• Organic growth in Extremities was approximately 35-36%, with 1.2% of total growth from the Parcus acquisition.

• Group revenue CAGR of 17.6% from H1 2021 to H1 2025.

Outlook and guidance

• Upgraded FY 2025 revenue growth guidance to 16–18% in constant currency (previously 13–15%).

• Adjusted EBITDA margin guidance raised to around 28% for FY 2025 (previously 27%), including Parcus acquisition.

• Mid-term (2024–2027E) revenue CAGR now expected at 10–14% in constant currency, with adjusted EBITDA margin targeted at 28%.