dHALF-YEAR 2025 KEY FINANCIALS | in CHF million, | | H1 2025 | | | H1 2024 | | Organic growth1
of core business |
| rounded | Reported | Non-core items2 | Core | Reported | Non-core items2 | Core | in CHF | at CER |
| Net sales | 123.0 | (1.0) | 122.1 | 111.5 | (3.9) | 107.6 | 11.4% | 15.3% |
| Gross profit | 97.8 | 0.7 | 98.5 | 89.6 | 0.2 | 89.7 | | |
| EBITDA | 21.0 | 0.8 | 21.7 | 23.9 | (4.7) | 19.1 | | |
| EBIT | 9.3 | 1.1 | 10.4 | 3.5 | 5.7 | 9.2 | | |
| Net profit / loss | -1.3 | 0.9 | -0.4 | 2.6 | 4.7 | 7.3 | | |
| | | | | | | | | |
| Margins in % of sales | | | | | | | Change in %-points (PP)
of core business |
| Gross profit | 79.5% | | 80.7% | 80.3% | | 83.4% | (2.7 PP) | (2.1 PP) |
| EBITDA | 17.0% | | 17.8% | 21.4% | | 17.8% | (0.0 PP) | 1.4 PP |
| EBIT | 7.6% | | 8.5% | 3.1% | | 8.6% | (0.1 PP) | 1.5 PP |
Basel, 19 August 2025: Medartis Holding AG (MED:SW), a leading orthopaedic company specialising in head and extremity surgery, today reported total sales of CHF 123.0 million for H1 2025, representing growth of 14.1% at constant exchange rates (CER). Core sales reached CHF 122.1 million with organic growth of 15.3%. EMEA and US operations were key growth drivers, with both regions growing 16%. Following this satisfying topline performance in H1, the Medartis management raises its sales guidance for the full-year. Matthias Schupp, CEO of Medartis, comments on the H1 result: "We delivered on our H1 commitments, giving us confidence in our outlook for the remainder of the year. My focus as CEO over the past nine months has been to strengthen our competitive positioning in the US and LATAM, and to finalise partnerships with NeoOrtho and KeriMedical that will serve as significant growth catalysts beyond 2025. We have also strengthened our R&D team to accelerate internal innovation. The cultural transformation is showing early positive signs—our US team has regained confidence, demonstrating a shift in attitude and adopted a more focused approach, with the new management making difficult yet necessary decisions to create an effective sales channel centred on the Medartis brand.”
PERFORMANCE BY REGION Core sales1 in
CHF million | H1 2025 | H1 2024 | Organic growth2
in CHF | Organic growth2
at CER |
| EMEA | 67.9 | 59.5 | 14.1% | 16.0% |
| US | 26.1 | 23.2 | 12.7% | 16.2% |
| APAC | 17.1 | 15.6 | 9.7% | 14.9% |
| LATAM | 11.0 | 9.4 | -5.7% | 8.2% |
| Total Group | 122.1 | 107.6 | 11.4% | 15.3% |
| 1 Core sales excl. the NSI contract manufacturing business |
| 2 Organic growth excl. the NeoOrtho business in LATAM, which has been consolidated since May 2025 |
In H1 2025, Medartis continued to demonstrate strong growth across its largest region,
EMEA, achieving a 16.0% increase (CER) in sales to CHF 67.9 million. The UK and Spain were the standout performers in H1. The UK further benefited from strong wrist sales and a surging demand for KeriMedical products, whilst Spain delivered its fifth consecutive year of dynamic growth since the transition to direct sales. France showed a significant improvement driven by strong lower limb sales and benefiting from organisational changes implemented in 2024. Performance in the DACH countries was positive despite fewer trauma cases due to the relatively mild winter conditions. Distributor sales expanded at double-digit rates, supported by tender gains in the Middle East region and share gains in Italy. Both lower and upper extremities segments in EMEA advanced in the double-digit range. KeriMedical maintained its strong momentum and contributed a quarter to overall growth. The TOUCH franchise benefited from additional surgeon onboarding through train-and-use programmes as well as increased procedure volumes among existing users. Arthroplasty gains strong momentum as surgeons recognise advantages over traditional treatment methods, which require the sacrifice of the trapezium bone. Following an initial observation period, top users in Germany are now performing up to 200 procedures annually. In 2025, the TOUCH Dual Mobility prosthesis from KeriMedical achieved a prestigious ODEP rating from the Orthopaedic Data Evaluation Panel (ODEP), signifying the availability of more than 5 years of published clinical evidence. The TOUCH prosthesis is the only dual mobility CMCJ prosthesis with an ODEP rating[3]. The company made further investments in its digital offering CMX, which management considers mission-critical for the future. What initially began with digital case planning in head surgery is now available across all segments where Medartis operates. The company is also progressively expanding beyond case planning and surgical templates to include patient-specific solutions.
Medartis records double-digit US growth and strengthens elbow portfolio Medartis' core business in the
US achieved growth of 16.2% (CER) with sales reaching CHF 26.1 million in H1 2025 (PY: CHF 23.2 million), securing additional market share. The declining US contract manufacturing business contributed an additional CHF 1.0 million in sales (PY: CHF 3.9 million). Performance was evenly distributed across product segments. The comprehensive review of the company's 57 distribution partners and necessary restructuring was completed in H1 2025, resulting in the discontinuation of 20 distributors. Most affected territories have since been reassigned, with the training department actively onboarding new distribution partners. All remaining distributors now operate under exclusive agreements with Medartis. To support new partnerships, the company has expanded its coverage by establishing a sixth sales region in the South East. Whilst management anticipates July and August will be required to complete the onboarding of its new distribution partners in Florida, performance acceleration is expected to materialise in the latter half of the year. The company strengthened its elbow portfolio during H1 with the launch of the Avenger radial head prosthesis and the dorsal olecranon plate. The next-generation Hand system, which has already been launched successfully in EMEA, is scheduled for launch in Q3. Following FDA approval of KeriMedical's TOUCH prosthesis on 10 July, the company has undertaken strategic preparations for its controlled market introduction. During H1, Medartis appointed a commercial director, recruited five clinical specialists, and expanded its education team. As part of the phased go-to-market strategy, 45 key opinion leaders (KOLs) designated to serve as peer-to-peer trainers are scheduled to perform their initial procedures in September. Distributed across 30 reference centres, these senior surgeons will gain experience before training their peers in H2 2026.
PERFORMANCE BY PRODUCT CATEGORY Core sales1 in
CHF million | H1 2025 | H1 2024 | Organic growth2
in CHF | Organic growth2
at CER |
| Upper Extremities | 81.9 | 73.2 | 12.0% | 15.8% |
| Lower Extremities | 22.5 | 19.9 | 13.2% | 16.8% |
| CMF and Others | 17.7 | 14.6 | 6.2% | 10.3% |
| Total Group | 122.1 | 107.6 | 11.4% | 15.3% |
| 1 Core sales excl. the NSI contract manufacturing business |
| 2 Organic growth excl. the NeoOrtho business, which has been consolidated since May 2025 |
The
APAC region delivered a strong start to H1 2025, with sales increasing 14.9% at CER to reach CHF 17.1 million. The largest country, Australia, achieved 10% volume growth driven by good momentum in wrist products and initial sales of the TOUCH prosthesis. However, revenue growth in Australia was constrained to 2% by government-mandated healthcare price reductions; this three-year deflationary cycle concluded in July. The company continues to gather clinical evidence demonstrating the product's medical advantages and strong health economic value proposition to secure appropriate reimbursement levels for this advanced solution. H2 will see the commercial launch of KeriFlex, which has obtained regulatory approval recently, alongside the introduction of the new Medartis hand system and the Dorsal Olecranon plate systems for elbow applications. The Japanese business showed strong growth in its CMF distribution business, whilst completing the transition to direct sales for upper extremities, establishing a dedicated and growing sales team. Building key opinion leader relationships and new customer acquisition represent the primary focus areas for the dedicated team. Performance in New Zealand and ASEAN markets progressed according to plan. The company benefited from working capital investment by the new distributor in New Zealand.
Negative trend in Brazil successfully reversed in H1 2025 The
LATAM business reported organic growth of 8.2% (CER) in H1, with organic sales reaching CHF 8.8 million. Growth would have been more pronounced without the significant depreciation of the Brazilian Real against the Swiss Franc (-13.9%). The NeoOrtho business, consolidated since May, contributed an additional CHF 2.2 million, bringing core sales to CHF 11.0 million. The company successfully reversed the negative trend of the past 18 months, returning to growth in the premium Medartis business. Since the completion of the NeoOrtho acquisition, the company has been implementing an integration plan to consolidate back-office functions and establish a new production facility in Curitiba, Brazil, scheduled for completion in early 2026. The premium and value brands will remain separate whilst exploiting cost synergies. The robust growth of NeoOrtho demonstrates the opportunities the company identifies in this market segment. In H1, NeoOrtho achieved the strongest growth in CMF, where premium players have encountered challenges in recent periods due to changes in insurance reimbursement policies. In response to the evolving regulatory landscape, the company has adapted its premium market approach, adjusted its pricing strategy and plans to commence sales of the CMF Modus 2 system in August following reapplication for market approval.
FINANCIAL PERFORMANCE This media release and other investor and financial press communications include Alternative Performance Measures (APMs). The Medartis management uses these metrics to assess Medartis' financial and operational performance, providing a complementary perspective to standard financial figures as defined by IFRS. These APMs exclude one-time effects and intangible asset amortization from M&A projects that could distort understanding of the company's ongoing operating performance. To arrive at the core result for H1 2025, the IFRS results exclude transaction costs of CHF 0.4 million (G&A) related to the NeoOrtho and KeriMedical acquisitions, as well as a negative contribution of CHF 0.7 million (Gross profit) from the US custom manufacturing business, which is scheduled for phase-out in the future. The following comments compare the core results for H1 2025 with those of the prior year period. Core
gross profit in H1 2025
moderated 2.7PP (2.1PP at CER) and reached 80.7%, impacted by several factors: Swiss franc appreciation and higher US tariffs each reduced margins by 0.5PP. To mitigate future tariff-related margin pressure, the company has deployed targeted countermeasures. The company has accelerated the Warsaw facility production ramp-up, which started in late 2024 and accelerated in April following the introduction of the new US tariffs, targets to produce 60% of US volume by end-2026 and 80% by mid-2027. NeoOrtho's value business proved modestly dilutive to group performance, reducing margins by 0.3 percentage points. KeriMedical distribution contracts currently remain dilutive for Medartis as a reseller of the TOUCH prosthesis (-0.8 percentage points), though this impact will fade in August following consolidation at full gross margin. The company's main production facility in Basel achieved further efficiency gains, contributing positively to overall group gross margin.
Operating expenses (OPEX) increased in absolute terms from CHF 81.3 million to CHF 89.1 million, reflecting the company's geographical expansion as well as the inclusion of the NeoOrtho business in H1 2025. However, OPEX as a percentage of sales decreased slightly from 72.9% in H1 2024 to 72.4% in the current period, demonstrating operational leverage despite higher absolute spending. In 2025, the company invested primarily in sales, marketing and medical education programmes. Distribution costs as a percentage of sales decreased slightly from 48.3% in H1 2024 to 46.0% in the current period. General administration expenses increased to CHF 19.4 million or 15.7% as a percentage of sales. The share of the results from the associated company KeriMedical rose marginally to CHF 1.0 million. Despite the lower gross margin, disciplined cost management helped improve core
EBITDA, which increased from CHF 19.1 million in the prior year period to CHF 21.7 million in H1 2025. The respective EBITDA margin remained flat at 17.8% and the core
EBIT margin also remained stable at 8.5%, matching the prior year's level. Excluding adverse currency impacts, both EBITDA and EBIT margins would have expanded by 1.4 or 1.5 percentage points, respectively. The core
net result decreased from a profit of CHF 7.3 million in H1 2024 to a small loss of CHF ?0.4 million in H1 2025, primarily due to foreign exchange losses (USD and AUD) of CHF 5.0 million and financing costs of CHF 3.2 million related to the convertible bonds launched in April 2024.
Operating cash flow decreased by CHF 0.7 million to CHF 8.6 million, and
free cash flow reached CHF 0.4 million after deducting slightly higher CAPEX expenditure of CHF -8.2 million. This includes new production machinery for the company's US facility. M&A investments totalled CHF ?12.6 million in H1 2025, reflecting the acquisition of a controlling 51% interest in NeoOrtho. At the end of June, the company's
cash position stood at CHF 120.5 million, a large portion of which will be used to finance the share purchase of the remaining 53% stake in KeriMedical, as previously announced. For further information on the company’s financials, please review the
2025 half-year report.
FULL-YEAR 2025 OUTLOOK (barring any unforeseen circumstances)
Medartis expects to strengthen its market position in the US in 2025, while making gradual progress in Japan, LATAM and Australia. Following the satisfying topline performance in H1, the company increased its full-year sales guidance and now expects organic growth in core sales[4]4 of 14-16%. The company reiterates its core EBITDA margin target in the high-teens. Since the announcement of US reciprocal tariffs on 2 April, the company has developed several mitigation actions to absorb the financial impact of these additional costs.
____________________________________________________________________________________ Medartis to Host HALF-Year 2025 Results Conference CALL with Q&A Medartis will present its half-year 2025 results today at 09:30 a.m. CEST at a online webcast. The CEO, Matthias Schupp, and CFO, Dirk Kirsten, will host the event. The conference will be held in English. The presentation slides, H1 Financial Report and a recording of the event is available on the Medartis website (
medartis.com). Kindly use the
webcast link to follow the slide presentation and submit questions in writing or via the webcast.
IMPORTANT DATES AND UPCOMING INVESTOR EVENTS | Date | Event | Broker | Destination |
| 19 August | 2025 first-half results publication | | Online |
| 20 August | Non-deal roadshow | Octavian | Frankfurt |
| 21 August | Non-deal roadshow | Octavian | Zurich |
| 17 September | Non-deal roadshow | Bank of America | London |
| 18 September | Convertible conference | Bank of America | London |
| 06 November | Swiss Equities conference | ZKB | Zurich |
| 11 November | Healthcare conference | Stifel | New York |
| 12 November | Non-deal roadshow | Stifel | Chicago |
| 18 November | Non-deal roadshow | UBS | London |
| 19 November | Healthcare conference | Jefferies | London |
| 2026 | | | |
| 17 March | 2025 full-year results publication | | Basel, HQ |
| 23 April | Annual General Meeting 2026 | | |
Your contact: Medartis Corporate Communications Fabian Hildbrand, Head of Corporate Communications, investor.relations@medartis.com Andreas Richter, Corporate Communications Manager, corporate.communication@medartis.com +41 61 633 37 36 / +41 61 633 37 34
About Medartis Founded in 1997 and headquartered in Basel, Switzerland, the Medartis Group is one of the world’s leading manufacturers and providers of medical devices for surgical fixation of bone fractures for upper and lower extremities as well as for the craniomaxillofacial region. Medartis employs approx. 1’160 individuals across its 13 locations, with products offered in over
50 countries globally. The company has its main production facility in Basel, Switzerland, with additional production centres in Warsaw, USA, Curitiba, Brazil, and Archamps and Besançon, France. Medartis is committed to providing surgeons and
operating theatre personnel with the most innovative titanium implants and instruments as well as best-in-class service.
For more information, please visit
www.medartis.com.
Disclaimer This communication does not constitute an offer or invitation to subscribe for or purchase any securities of Medartis Holding AG. This publication may contain certain forward-looking statements and assessments or intentions concerning the company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of the company to be materially different from those expressed or implied by such statements. Readers should therefore not place reliance on these statements, particularly in connection with any contract or investment decision. The company disclaims any obligation to update these forward-looking statements, assessments or intentions. Furthermore, neither the company nor any of its directors, officers, employees, agents, counsel or advisers nor any other person makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein or of the views given or implied, and accordingly no reliance should be placed thereon.
1 Organic growth excludes the effects of mergers and acquisitions (e.g. NeoOrtho in H1 2025) and, unless otherwise stated, reported at constant exchange rates (CER).
2 This media release and accompanying financial documents include alternative performance measures (APMs), referred to as 'core' figures. Core figures exclude certain one-time, non-recurring and extraordinary items or items related to M&A that distort the understanding of the company's underlying performance. Additionally, the US contract manufacturing business (former NSI) is classified as non-strategic and therefore excluded from core figures. For a detailed overview of all non-core events, please refer to the APM section in the “2025 Half-year report” on p. 7.
4 Core revenue growth measured at CER achieved through existing operations, i.e. excluding growth from M&A.
