Shares in Ambu, the Danish medical device manufacturer, tumbled 17.67% on Wednesday after the company reduced its full-year revenue guidance, wiping out DKK 13.9 per share to DKK 64.60.
The company attributed the downward revision primarily to slower-than-anticipated volume uptake in its Anesthesia & Patient Monitoring division. Organic revenue growth for the full fiscal year 2025/26 is now projected at around 10%, down from the prior guidance of 10–12%. The Anesthesia & Patient Monitoring segment is now expected to deliver only very low-single-digit organic growth for the year, while Endoscopy Solutions, Ambu’s key growth driver, maintained its forecast of more than 15% organic growth.
EBIT margin guidance remained unchanged at 12–14%, though management now expects the margin to trend toward the high end of that range. This outlook reflects continued operating leverage and the benefit of tariff refunds, partially offset by ongoing investments in commercial operations.
Third-quarter results showed organic revenue growth of 10.3%, reaching DKK 1.64 billion, compared with DKK 1.51 billion a year earlier. Reported revenue rose 8.8%. Endoscopy Solutions delivered organic growth of 16.0% during the quarter, outpacing overall performance. Regional performance varied, with Europe up 10.2%, Rest of World up 14.4%, and North America up 9.7%, driven by strong Endoscopy Solutions results.
EBIT increased to DKK 221 million from DKK 170 million in the same period last year, while the EBIT margin expanded to 13.5% from 11.3%, supported by operational efficiency and tariff reclaims. Free cash flow before acquisitions rose to DKK 154 million, up from DKK 128 million, reflecting solid operational performance and improved working capital management.
