Medartis (MED) H1 2026 earnings summary

Executive summary

• Organic sales grew 17.0% at constant exchange rates in H1 2026, with total group revenue reaching CHF 160.8 million, up 30.7% year-over-year, including contributions from NeoOrtho, KeriMedical, and CADskills.

• Core EBITDA margin improved to 18.0% despite FX headwinds and US tariffs, reflecting operational leverage and cost discipline.

• Growth was driven by strong performance in the US (27.4% organic growth) and EMEA (17.7% organic growth), new product launches, and expanded sales force.

• Successful rollout of KeriMedical TOUCH in the US, Australia, and key European markets, with TOUCH cases expected to reach 1,800 in the US for 2026.

• Strategic investments in production capacity and organizational changes, including new facilities in Brazil, expansion in Europe, and completion of the Cold Fusion project in LATAM.

Financial highlights

• Core sales reached CHF 160.8 million, up 31% year-over-year, with 17.0% organic growth and CHF 19 million M&A contribution.

• Core EBITDA rose to CHF 28.8 million (18.0% margin), up CHF 7 million, with margin improvement of 0.2pp year-over-year.

• Gross margin improved to 81.5% for the core business, up 0.8pp year-over-year.

• Net profit swung from a CHF 0.4 million loss to CHF 6.8 million, aided by operational gains and FX benefits.

• Free cash flow was negative CHF 10.1 million due to high CapEx and M&A outflows, but would be breakeven excluding extraordinary investments.

Outlook and guidance

• Full-year 2026 organic core sales growth guidance raised to 17%-19% at CER, with core EBITDA margin expected in the high teens.

• TOUCH case volume guidance for the US increased from 1,200 to 1,800 for 2026.

• Continued investment in production and innovation, with free cash flow expected to improve significantly by 2027-2028.

• Management confident in meeting raised TOUCH unit projections and ongoing expansion plans.