Denmark · Delayed Price · Currency is DKK Embla Medical Earnings Call Transcripts
Fiscal Year 2026
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Q3 organic growth was 4%, with margins stable, while Patient Care weakness led to lower FY growth guidance of ~5%. 9M EBITDA margin was ~21%, and net profit rose 19% YoY.
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9M sales grew 10% reported and 5% organically, with Q3 led by Prosthetics & Neuro Orthotics. Patient Care remained below expectations, prompting narrower FY guidance of ~5% organic growth and ~21% EBITDA margin.
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Q2 2026 saw 11% local currency growth, strong margins, and robust net profit, aided by a $3M U.S. tariff refund. Prosthetics & Neuro Orthotics excelled with 12% organic growth, while Patient Care faced regional challenges. Guidance narrowed to 5%-7% growth, with a 22% EBITDA margin target.
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Q2 2026 saw strong organic growth, higher profitability, and robust free cash flow, led by double-digit gains in Prosthetics & Neuro Orthotics and solid performance in EMEA and APAC. Patient Care lagged but showed operational progress, while guidance was narrowed to 5%-7% organic growth for the year.
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Q1 2026 saw 15% revenue growth (4% organic), stable margins despite tariffs and FX, and 21% bottom-line growth. Guidance for 5%-8% organic growth and 20%-22% EBITDA margin is reiterated, with segment strength in Prosthetics and neuro-orthotics and recovery expected in Patient Care.
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Q1 2026 saw 15% reported sales growth and 21% net profit growth, with strong Prosthetics & Neuro Orthotics performance and margin pressure from FX and tariffs. Full-year guidance for 5%-8% organic growth and 20%-22% EBITDA margin is reiterated.
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A global leader in mobility solutions is driving growth through innovation, acquisitions, and expanding access to advanced prosthetics and neuro-orthotics. Key growth comes from functional trade-up, recurring sales, and new market penetration, while challenges include reimbursement, tariffs, and geopolitical risks.
Fiscal Year 2025
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Solid organic and acquisition-driven growth was achieved, with strong cash flow and resilient margins despite tariffs and FX headwinds. Guidance for 2026 anticipates 5%-8% organic growth and 20%-22% EBITDA margin, supported by efficiency gains and new product launches.
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Solid organic sales growth of 6% for 2025 was driven by strong performance in prosthetics and neuroorthotics, with robust cash flow and a stable EBITDA margin. 2026 guidance targets 5%-8% organic growth and a 20%-22% EBITDA margin, with continued focus on patient care improvements and managing external headwinds.
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Q3 2025 saw 7% organic and 11% reported sales growth, led by double-digit gains in prosthetics and neuroorthotics, while patient care and bracing/supports lagged. EBITDA margin held at 22%, and full-year guidance for 5%-6% organic growth and 20%-21% EBITDA margin was reiterated.
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Q3 2025 saw 7% organic and 11% reported sales growth, led by double-digit gains in prosthetics and new orthotics, while patient care and bracing remained subdued. EBITDA margin held at 22%, net profit rose 17%, and full-year guidance for 5%-6% organic growth and 20%-21% EBITDA margin was reiterated.
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Q2 saw 7% revenue growth (5% organic) and a 21% EBITDA margin, with guidance narrowed to 5%-6% organic growth for the year. Strategic moves included the Streifeneder investment and a new U.S. reimbursement code for FIOR & GENTZ, while tariffs and U.S. healthcare changes pose ongoing risks.
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Q2 saw 7% sales growth and a 21% H1 EBITDA margin, led by Prosthetics and Neuro orthotics, with EMEA outperforming and Americas expected to accelerate in H2. Guidance narrowed to 5–6% organic growth, and a strategic acquisition is pending approval.
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Navii, a new microprocessor knee, offers premium waterproofing and personalization at a standard price, targeting expanded user segments and differentiating from competitors. User trials show high satisfaction, and the market is expected to grow significantly, driven by expanded reimbursement and innovation.
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Q1 saw 4% organic sales growth and a higher EBITDA margin, with strong EMEA and APAC performance offset by a slow start in the Americas. Guidance for 5%-8% organic growth and 19-20% EBITDA margin is maintained, but US market recovery is key to meeting targets.
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Q1 2025 saw 4% organic growth and improved margins, with strong EMEA and APAC performance offsetting a softer Americas. Net profit rose 45% to $12 million, and guidance for 5%-8% organic growth and 20%-21% EBITDA margin is maintained despite tariff and reimbursement uncertainties.
Fiscal Year 2024
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Achieved solid organic growth and margin expansion in 2024, driven by new product launches, a key acquisition, and expanded U.S. reimbursement. 2025 guidance targets 5%-8% organic growth and higher margins, with balanced regional performance and resumed share buybacks.
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Full-year organic sales grew 6% with strong EMEA and segment performance, while EBITDA margin rose to 20%. 2025 guidance targets 5%-8% organic growth and 20%-21% EBITDA margin, supported by new product launches and expanded Medicare coverage.
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Embla Medical is expanding its global presence and product innovation, with strong growth in bionics and neuro orthotics, and a major boost expected from U.S. Medicare reforms. Financial performance remains robust, with ongoing margin improvements and strategic focus on emerging markets and operational efficiency.
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Fior & Gentz’s acquisition supports a strategy to expand in neuro-orthotics, leveraging innovative, custom-made solutions and a unique 360-degree concept. With strong financials, scalable production, and significant global growth potential, the business aims to increase market penetration, especially in stroke and other neurological disorders.
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Strong growth and margin expansion in 2024 were driven by strategic acquisitions, a shift to patient-centric care, and robust performance in key segments. U.S. Medicare's expanded reimbursement for bionics and new product launches set the stage for further growth in 2025.
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Q3 2024 saw 7% organic sales growth, 22% EBITDA margin, and 58% net profit increase, led by strong EMEA and high-end prosthetics. U.S. Medicare's bionic knee coverage expansion is expected to gradually boost future growth, while APAC growth was mixed and bracing faced price pressure.
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Medicare's largest coverage expansion in 25 years now allows lower mobility amputees access to advanced prosthetics, with new functional level criteria likely to shift many patients to higher reimbursement categories. This creates immediate growth potential in Medicare and a medium to long-term opportunity as commercial payers gradually follow suit.
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Record Q2 sales and margin expansion driven by prosthetics, neuro-orthotics, and patient care. Guidance for 2024 raised, with new bionic launches and U.S. Medicare changes set to expand the addressable market, though major impacts expected in 2025.
Fiscal Year 2023
Fiscal Year 2022
Fiscal Year 2021
Fiscal Year 2020
Fiscal Year 2019
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FY 2019 sales rose 16% in local currency, with 5% organic growth and 22% EBITDA margin before special items. FY 2020 organic growth guidance is 3%–5%, while competitive conditions, U.S. sales uncertainty and supply-chain exposure remain key risks.
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Preliminary FY2019 sales reached $606 million, up 5% organically, while EBITDA before special items was $150 million. Q4 softness in Prosthetics drove revised guidance; 2020 growth was expected in line with or above market levels.
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Q3 sales reached $168m, with 5% organic growth and adjusted EBITDA margin of 21% excluding IFRS 16. FY organic growth guidance was narrowed to ~6%, while prosthetics led performance and French Bracing & Supports faced sustained pressure.
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Q2 sales reached $179m, up 7% organically, while EBITDA margin was 21% excluding IFRS 16. FY organic-growth guidance rose to 5%-6%, supported by 11% Prosthetics growth.
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Q1 sales rose 13% reported and 8% organically; EBITDA increased 51%, with a 16% margin excluding IFRS 16. FY guidance was unchanged, while Easter timing is expected to weigh on Q2 EMEA comparisons.
Fiscal Year 2018
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FY18 delivered 5% organic growth and a 19% EBITDA margin, with higher gross margin but lower free cash flow. FY19 guidance calls for 4%-5% organic growth and ~20% EBITDA margin on an apples-to-apples basis, with acquisitions and IFRS 16 affecting comparisons.
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Q3 sales reached $145m with 7% organic growth, while EBITDA before special items rose to $30m and 21% of sales. FY2018 guidance was maintained except CapEx, raised to around 5% of sales; two acquisitions will contribute from Q4.
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Q2 sales were $158 million, with 6% organic growth and a 20% EBITDA margin. Growth was strongest in APAC, while delayed launches and distributor pressure weighed on U.S. Bracing and Supports; full-year guidance was unchanged.
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Q1 sales grew 8% reported but only 1% organically, while EBITDA margin fell to 14% from 16%. FY guidance was unchanged, with stronger sales and profitability expected in the remaining quarters.
Fiscal Year 2017
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FY sales rose 8% in local currency, with prosthetics driving organic growth; adjusted EBITDA reached $103 million at an 18% margin. For 2018, organic growth is guided at 4%-5% and EBITDA margin at 19%, alongside higher R&D investment.
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Q3 sales reached $139M, with 3% organic growth (about 4% adjusted for fewer working days); prosthetics led while Bracing & Supports was flat. FY2017 guidance remained unchanged, including 18%–19% adjusted EBITDA margin.
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Q2 sales rose 6% in local currency, with 3% organic growth and strong prosthetics performance. FX pressure reduced FY17 EBITDA-margin guidance to 18%-19%; integration savings and manufacturing efficiency are expected to support margins.
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Q1 sales rose 17% in local currency and 7% organically, with prosthetics leading growth and EBITDA margin steady at 16%. FY 2017 guidance was unchanged; FX, acquisition dilution and U.S. Bracing & Supports distribution challenges remained key factors.
Fiscal Year 2016
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Q4 sales rose 13% in local currency, with Prosthetics leading growth. FY adjusted EBITDA reached $98m; 2017 guidance calls for 4%-5% organic sales growth and a 19%-20% adjusted EBITDA margin.