Medistim (MEDI) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly revenue of MNOK 201.7, up 11.1% year-over-year, with strong currency-neutral growth of 18.5%.

• Own product sales grew 28.8% currency-neutral, with all regions contributing; Americas up 30.9%, EMEA up 11.5%, APAC up 57.5%, and China sales up 74.6%.

• EBIT margin was 28.3% (EBIT MNOK 57.1), slightly lower than last year due to U.S. tariffs and sales mix.

• Dividend of NOK 8 per share (MNOK 146.2) approved.

• Direct sales operation established in Japan to strengthen APAC presence and capture distributor margin.

Financial highlights

• Revenue: MNOK 201.7 (Q1 2026), up 11.1% year-over-year; currency-neutral growth at 18.5%.

• EBIT: MNOK 57.1 (Q1 2026), EBIT margin 28.3%; EBITDA: MNOK 63.3, slightly below last year.

• Gross margin: 79.6% (Q1 2026), impacted by APAC growth and U.S. tariffs.

• Profit after tax: MNOK 40.3; EPS: NOK 2.20.

• Cash position strong at MNOK 209.8; equity ratio 74.3%.

Outlook and guidance

• Strong growth expected in APAC, especially China and Japan, with direct sales model enhancing margins.

• Americas and U.S. expected to remain primary growth drivers.

• Focus on expanding direct market coverage, flexible pricing, and growing vascular surgery segment.

• Gross margin on own products expected to improve as direct sales increase.

• Ongoing investments in R&D and IT infrastructure to support innovation and future growth.