Medacta Group SA (6MD) Q2 2026 Earnings Report
DE:6MD Q2 2026 EPS Results
- Actual EPS
- EUR 2.10
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- EUR 2.84
DE:6MD Q2 2026 Revenue Results
- Actual Revenue
- EUR 357.83M
- Expected Revenue
- EUR 370.20M
- Beat/Miss
- Missed by -EUR 12.37M
- YoY Revenue Growth
- +4.28%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 09/09/2026
- Time
- Before Open
- Conference Call
- Wednesday, September 9, 2026
DE:6MD Upcoming Earnings
Medacta Group SA's next earnings date is estimated for March 12, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:6MD Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive, supported by almost 10% constant-currency revenue growth, above-market performance across most product categories and regions, confirmed 2026 and midterm guidance, product launches, India approval, and planned U.S. expansion. However, the period also included meaningful margin pressure, lower operating cash flow, negative free cash flow, a slower-than-expected U.S. market, customer attrition, Spanish strikes, and subdued spine growth. Highlights significantly outweighed the lowlights, although management acknowledged that reaching the midpoint of full-year guidance would be difficult.
Company Guidance
Medacta confirmed its 2026 outlook for revenue growth in the range of 10%-14% and an expansion of the adjusted EBITDA margin of around 50 basis points versus prior year in constant currency; it also confirmed its midterm outlook for revenue compound annual growth rate, in constant currency, between 12% and 15%, with a gradual improvement of the adjusted EBITDA compared, versus 2025, in constant currency and subject to unforeseen events. Management said achieving the mid-portion of the guidance is possible but probably more likely to be slightly below the midline, while growing even 10%-12% in the current environment would probably be close to 3x the market.
- Strong First-Half Revenue and EBITDA PerformanceMedacta grew almost 10% in constant currency in H1 2026, reaching EUR 368 million of revenue. Adjusted EBITDA was EUR 97 million, with a margin of 27.8% in constant currency and 26.5% on a reported basis.
- Positive Comparable Net ProfitReported net profit was EUR 42 million, or 11.4% of revenue. Adjusting for approximately EUR 7 million of negative FX effects and the prior-year one-off positive purchase gain, comparable net profit was EUR 49 million versus EUR 46 million the previous year.
- 2026 and Midterm Outlook ConfirmedMedacta confirmed its 2026 revenue growth outlook of 10%-14% and adjusted EBITDA margin expansion of around 50 basis points versus the prior year in constant currency. The company also confirmed its midterm revenue CAGR outlook of 12%-15% in constant currency, with gradual adjusted EBITDA improvement versus 2025.
- Broad-Based Geographic GrowthMedacta delivered double-digit growth in three of four regions: EMEA grew 10%, APAC grew 13.1%, and Latin America grew 16.4%. North America grew around 7%.
- Portfolio Growth Above MarketAll major portfolio categories grew in H1 2026: hips increased around 8%, knees almost 11%, extremities almost 16%, and spine 4.5%. Management said the hip, knee, extremities, and spine businesses remained above market growth in the relevant segments.
- Hip Innovation and New Product MomentumHip performance continued to be significantly above market, described as probably around 2x market growth. NextAR Hip was introduced in the U.S. and Australia in limited market release, while the Infinity triple-tapered stem entered full market release and started gaining momentum in the U.S. and Japan.
- Knee Business Driven by Kinematic AlignmentThe knee portfolio grew almost 11% in H1 2026, driven by Medacta's focus on Kinematic Alignment and the GMK SpheriKA implant. Management said GMK SpheriKA is becoming the company's most important knee product in a relatively short period of time and that the segment is growing more than 2x faster than the market.
- Extremities Growth and Product ExpansionThe extremities segment grew almost 16% year over year and more than 2x the market. Medacta introduced revision shoulder arthroplasty in the U.S., is expanding it outside the U.S., and launched the AI-based MyShoulder Planner. It also launched Secure-Fix, an all-inside meniscal repair system that management described as a clear driver for the knee sports medicine portfolio.
- Spine Technology Adoption and Strategic ProgressEnabling technology represented around 50% of Medacta's U.S. spine revenues. The company is moving toward a more direct model and more exclusive agents in U.S. spine, while continuing strong performance in EMEA, Latin America, and APAC. Spine profitability is already positive, improved from barely breakeven a few years ago, and was described as around a third of the marginality of the core joint business.
- New India Market ApprovalMedacta received approval for its knee products in India a few weeks before the call and expected to begin shipping in September. Management described India as a market with approximately 100 million in current market potential and reported growth of 15%+; pricing was described as a low European price.
- U.S. Recovery Initiatives and New ProductsManagement reported a good re-acceleration in U.S. hips linked to the triple-tapered stem, continued solid knee growth, and a good acceleration from the new Monoblock Medacta shoulder stem. The company also expects reduced spine dilution and believes U.S. base-customer attrition should significantly reduce, supported by a good pipeline of new customers.
- Continued Investment in Production CapacityH1 CapEx was EUR 74 million, including EUR 42 million for instruments, EUR 22 million for tangible assets, EUR 8 million for R&D, and EUR 2 million for other items. The tangible investment reflects expansion of production capacity, land, buildings, and facilities for future production machines and employees.
- U.S. Headquarters and Manufacturing ExpansionAs part of its accelerating U.S. development, Medacta announced the acquisition of a first large piece of land in Tennessee to develop new U.S. headquarters and manufacturing activity for the U.S. market.
- In-House Innovation StrategyManagement said internal development generally delivers a significantly better return on invested capital than acquisitions. Medacta is developing its own spine technology and robotic product internally, spending a fraction of the more than EUR 150 million cited for a peer's Essential Spine acquisition, while continuing to evaluate smaller sports medicine and other opportunities.
- Operating Cost ControlAlthough the company had generated costs in H1 for a higher expected growth rate, management said it adjusted cost increases to the level of revenues being achieved and retained the ability to adjust costs. The company also cited its ability to keep costs under control as partially offsetting gross profit erosion.
- No U.S. Tariff ImpactMedacta stated that it remains not impacted by U.S. tariffs and will continue to monitor developments.
DE:6MD Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 12, 2027 | 2026 (Q4) | 2.70- | 1.76 | ― | ― |
| Sep 09, 2026 | 2026 (Q2) | ―2.10 | 2.84 | -25.98% (-0.74) | |
| Mar 13, 2026 | 2025 (Q4) | ―1.76 | 1.75 | 0.30% (+0.01) | |
| Sep 08, 2025 | 2025 (Q2) | ―3.00 | 1.94 | 54.77% (+1.06) | |
| Mar 25, 2025 | 2024 (Q4) | ―1.75 | 0.93 | 88.70% (+0.82) | |
| Sep 25, 2024 | 2024 (Q2) | ―1.94 | 1.52 | 27.38% (+0.42) | |
| Mar 13, 2024 | 2023 (Q4) | ―0.93 | 1.07 | -13.27% (-0.14) | |
| Sep 22, 2023 | 2023 (Q2) | ―1.52 | 1.4 | 8.77% (+0.12) | |
| Mar 17, 2023 | 2022 (Q4) | ―1.07 | 1.23 | -13.23% (-0.16) | |
| Sep 09, 2022 | 2022 (Q2) | ―1.40 | 1.72 | -18.73% (-0.32) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
