Getinge AB (publ)

Reported Q3 results included organic net sales growth of 2.1% and organic order intake growth of 2.6%. Adjusted gross profit was SEK 4.343 billion, with adjusted gross margin up 2.2 percentage points, and adjusted EBITA was SEK 1.278 billion with a 15.1% margin. Free cash flow was SEK 1.302 billion, net debt was SEK 10.4 billion, cash was about SEK 3.2 billion, and leverage was 1.5x adjusted EBITDA. Management reiterated 2026 guidance for organic net sales growth of 3% to 5%, adjusted for the phaseout of surgical perfusion; surgical perfusion sales are expected to decline from about SEK 250 million to SEK 50 million in 2026.

Mattias Perjos framed the quarter as steady execution against the long-term plan, emphasizing more recurring revenue, a larger share of high-margin products, and continued quality improvement. He said customer demand was generally stable and positive across most categories, while noting Life Science capital equipment remains sluggish. His tone was confident but measured, stressing that Q4 is seasonally important and that the company is not narrowing guidance because of delivery timing uncertainty.

Agneta Palmér said margin improvement was driven mainly by underlying business performance, especially disciplined pricing, positive mix, and productivity. She cited adjusted gross profit of SEK 4.343 billion, adjusted EBITA of SEK 1.278 billion, and a 15.1% margin, with about SEK 45 million of support from a remaining tariff refund. She also highlighted free cash flow of SEK 1.302 billion, net debt of SEK 10.4 billion, cash of about SEK 3.2 billion, and leverage of 1.5x adjusted EBITDA, calling the balance sheet strong. On quality costs, she said they remain elevated but are on a gradual step-down path, with more benefit expected in 2027 and 2028.

Analysts focused on what could drive Q4 growth, and management pointed to ECLS consumables and Sterile Transfer as key contributors while saying the upper end of guidance is harder to hit than the lower end. Questions also centered on Cardiohelp II, where management said uptake is a mix of replacement and expansion into new or larger ECMO centers, and on U.S. filings for ECMO and CardioSave, where they said the process is ongoing with FDA dialogue but no new timing update. Other concerns included ACT margin quality costs, balloon pump supply constraints, and Life Science weakness; management said quality costs were not a material Q3 driver, balloon pump hardware remains constrained, and Life Science capital demand is still sluggish.