Getinge (0GZV) management used the Morgan Stanley 24th Annual Global Healthcare Conference on Tuesday, 15 September 2026 to outline progress in the company’s turnaround, citing improving margins, stronger Life Science demand and a reduced quality-cost burden, while acknowledging continued weakness in China and pending US regulatory approvals.
CEO Mattias Perjos said Getinge, a 120-year-old Swedish medical-technology company, reported a second-quarter adjusted gross margin of 55% and a Surgical Workflows EBITA margin of 8.7%, compared with 10% over the last 12 months. The company is targeting long-term EBITDA margins of 16% to 19% by 2028. Perjos, who has led Getinge for nearly a decade since around 2017, said quality costs peaked at SEK 800 million in 2024 and the company aims to cut them by at least half from that peak by the end of 2028. Average pricing actions this year were about 2%, and net leverage stood at 1.7 times, below an internal ceiling of 2.5 times.
Getinge shares had returned 27.7% over the six months to the conference, with a price-to-earnings ratio of 24 and a PEG ratio of 0.3, according to Investing.com data. InvestingPro assigned the company a financial health score of 2.94 out of 5, with profitability at 3.76 and price momentum at 3.52.
On the operating side, EMEA organic sales grew 9% in the second quarter, and Acute Care Therapies order intake in EMEA rose 16%. Acute Care Therapies organic sales moved from a 4% decline in the first quarter to 6% growth in the second. Life Science recurring revenue increased 23% in the second quarter, within a segment of roughly SEK 5 billion, or about one-third the scale of Acute Care Therapies. Digital health order intake rose more than 30% in the first quarter but fell in the second.
China remained a drag. Perjos said the market’s historical growth rate of 12% to 14% has slowed to near zero, with future growth expected to track market rates of around 5%. He cited macro weakness and local sourcing pressures under China’s 'Made in China' push, particularly for Surgical Workflows at Getinge’s Suzhou factory. Getinge said it is not exposed to value-based procurement programs, but washer-disinfector sales remained weak because of delayed pharmaceutical capital decisions.
In Life Science, Sterile Transfer benefited from GLP-1 manufacturing expansion and EU GMP Annex 1 compliance requirements, with AlphaPort described as having high customer retention. Bioprocessing showed early signs of a US-driven recovery following post-COVID destocking. Perjos noted that large pharma construction projects typically take 12 to 18 months from facility announcement to equipment orders.
Product and regulatory progress also featured. Cardiohelp II received CE mark approval in the first quarter and moved from limited release to full launch, with a full ECMO system 510(k) review submission planned for the second half of 2026. CardioSave had its CE mark reinstated under conditions, and shipments restarted. Getinge said it has established a compliant quality management system and that most products affected by the original consent decree have been uplifted, leaving two key 510(k) approvals pending. Paragonix has supported more than 10,000 transplants. Other products referenced in the discussion included T-DOC, Healthmark and Quadralene.
