Medacta reports lower H1 2026 profit amid US market weakness and transport costs

Medacta, a Swiss orthopedic specialist headquartered in Ticino, reported a lower first-half 2026 profit, driven by a one-off gain exclusion from its 2025 results and challenges in its key US market. The company’s adjusted EBITDA fell to 97.4 million euros in the first half, down 1.4% year-over-year, while its operating margin slipped from 28.7% in H1 2025 to 26.5%. Analyst expectations were thus slightly missed, despite operational improvements such as a 7% higher reported revenue of 368 million euros, confirmed in July. The decline in profitability reflects a combination of weaker performance in the US market—where Medacta operates at a higher margin than other regions—and rising transport costs tied to fuel surcharges, exacerbating operational pressures. The company’s net profit for H1 2026 was 41.9 million euros, down 18.9 million euros from the same period in 2025, primarily due to the absence of a one-time 13.7 million-euro gain from the 2025 acquisition of Parcus Medical. Despite these setbacks, Medacta reiterated its full-year guidance, targeting a 10–14% revenue growth rate to constant exchange rates and a 50-basis-point improvement in its adjusted EBITDA margin over 2025. Over the 2024–2027 period, the company expects an average annual revenue growth of 12–15% to constant rates, with a gradual margin expansion. CEO Francesco Siccardi emphasized that while the current quarter’s performance fell short of expectations, the underlying business remained strong and growth prospects remained intact.