Medacta Group S.A.

First-half 2025 revenue was EUR 344.1 million, up 19.8% in constant currency. Gross profit was EUR 235.1 million versus EUR 197.7 million a year ago, and gross margin was 68.3% versus 68.5%. Adjusted EBITDA margin in constant currency was 29.6% versus 26.9% last year; adjusted EBITDA was EUR 98.8 million, and reported adjusted EBITDA was EUR 110.5 million including a EUR 12 million Parcus badwill benefit. Net profit for the period was EUR 60 million, up 58% year over year, while net profit before tax was EUR 68.6 million versus EUR 44.7 million. For the full year 2025, Medacta guided to revenue growth of 16% to 18% in constant currency and an adjusted EBITDA margin of around 28% before currency effects. Midterm, it targets 2024-2027 revenue CAGR of 10% to 14% in constant currency and an adjusted EBITDA margin of around 28% before currency effects.

Francesco Siccardi framed the quarter as evidence that Medacta is consistently growing above market, driven by innovation, medical education and salesforce expansion. He highlighted strong performance across geographies and products, especially knees, extremities and spine, and said the company’s strategy is to deliver solutions that improve outcomes while remaining sustainable for healthcare systems. His tone was confident and constructive, and he emphasized that the company expects to keep growing above the market for the foreseeable future.

Corrado Farsetta said gross profit rose to EUR 235.1 million and gross margin held at 68.3%, with the slight decline versus last year mainly due to FX, partly offset by economies of scale. He explained that adjusted EBITDA margin reached 29.6% in H1 and that the full-year 28% guide reflects second-half dilution from the Parcus acquisition, seasonal cost timing, and the full-year effect of hires made in H1. Operating cash flow was EUR 73 million versus EUR 42 million last year, enough to fund CapEx and still produce EUR 8 million of free cash flow, and leverage remained low at 0.9x EBITDA versus roughly 1.0x at year-end 2024.

Analysts focused on whether geographic mix helped margins, why full-year EBITDA guidance implies a step down from the strong H1 margin, and whether Hip momentum could hold up against tougher second-half comparisons. Management said geographic mix had only a negligible effect in the first half, gross margin pressure was mostly FX-related, and the weaker second-half margin should mainly reflect Parcus dilution, seasonal costs and hiring. On U.S. manufacturing, management said the Florida sports-medicine plant is a valuable asset and that expanding U.S. production remains part of the long-term plan, not just a tariff response.