Half Year 2026 Medacta Group SA Earnings Call Transcript
Key Points
- Medacta Group SA (MEDGF) grew revenue almost 10% in constant currency in H1 2026, reaching EUR368 million, significantly above market growth.
- The company reported a high adjusted EBITDA margin of 27.8% in constant currency, demonstrating strong profitability.
- Medacta Group SA (MEDGF) confirmed its 2026 outlook for revenue growth of 10-14% and a 50 basis point expansion in adjusted EBITDA margin.
- Double-digit growth was achieved in three out of four regions: EMEA (10%), APAC (13.1%), and Latin America (16.4%).
- The company continues to invest in innovation, medical education, and sales force expansion, driving above-market growth.
- Medacta Group SA (MEDGF) is expanding its US presence with the acquisition of land in Tennessee for a new headquarters and manufacturing facility.
- The company is not impacted by US tariffs and continues to monitor developments.
- Gross profit margin declined to 65.2% from 68.3% due to adverse FX impact, price erosion, and unfavorable geographic and product mix.
- North America growth was only around 7%, lower than other regions, due to market softness and Medacta-specific factors.
- Spine segment grew only 4.5%, impacted by a strategic refocus on enabling technology and direct sales, causing dilution.
- Net profit decreased to EUR42 million from EUR60 million, though adjusted for one-off items, it was EUR49 million vs. EUR46 million.
- Operating cash flow decreased to EUR56 million from EUR73 million, due to higher net working capital needs.
- Free cash flow was negative EUR18.6 million, reflecting increased capital expenditures and working capital investments.
- Strikes in Spain are ongoing and expected to continue, creating uncertainty in one of Medacta Group SA (MEDGF)'s fastest-growing markets.
Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Medacta first half 2026 results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Francesco Siccardi, CEO of Medacta. Please go ahead, sir.
Thank you very much, and good afternoon or good morning. Welcome to Medacta H1 2026 results conference call. So the slides of today's presentation can be found on the Medacta Investor Relations website along with the media release.
I would like to remind all participants that the presentation includes forward-looking statements, which are subject to risks and uncertainties. Listeners and readers are therefore encouraged to refer to the disclaimer on slide 2 of today's presentation.
And after those housekeeping remarks, I will now turn to slide number 4 and start with the highlights of today's publication.
As already reported,
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