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Medartis (MED) investor relations material
Medartis H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Organic revenue grew 15.3% at constant exchange rates in H1, reaching CHF 123 million, surpassing guidance and expectations, with NeoOrtho consolidated from May.
Integration of NeoOrtho in Brazil and full acquisition of KeriMedical completed, with both integrations and new production facility on track.
Raised full-year organic sales growth guidance to 14–16% at CER, supported by strong H1 and positive trends in July/August.
Management team strengthened with new CHRO and EVP R&D appointments, supporting digital transformation.
Digital offering CMX expanded across all segments, with continued investments in R&D and sales force.
Financial highlights
Core gross margin at 80.7% (down 2.7pp year-over-year), impacted by FX, US tariffs, and KeriMedical distributor margin dilution.
Core EBITDA margin sustained at 17.8%, aided by cost management despite FX and tariff pressures.
Net result turned slightly negative due to CHF 5.2 million unrealized FX losses and higher financing costs from convertible bond issued in April 2024.
Cash position at end of June was CHF 120.5 million, supporting recent acquisitions and stable cashflow.
Operating cash flow was CHF 8.6 million; free cash flow CHF 0.4 million after higher CAPEX.
Outlook and guidance
Full-year 2025 organic sales growth guidance raised to 14–16% at CER, with high teens core EBITDA margin expected.
U.S. growth expected above 16% in H2, with a midterm target of over 20% annual growth starting 2026.
Outlook supported by operating leverage, disciplined cost management, and mitigation actions for US tariffs.
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