Medacta, the Swiss developer of orthopaedic implants and surgical technologies, reported revenue growth of 9.7% in constant currency for the first half of 2026. The company said performance across its geographic footprint was mixed, with particularly strong results in Asia Pacific and EMEA and more muted expansion in North America.
On an adjusted basis, Medacta generated €97 million of EBITDA in the period, equivalent to an adjusted EBITDA margin of 27.8% in constant currency. Despite the rise in adjusted profitability metrics, reported net profit decreased compared with the same period last year. The company attributed the year-on-year decline in net profit to a one-off gain recorded in 2025 that did not recur in the current period.
Regional dynamics were a key factor behind the top-line outcome. Management highlighted double-digit revenue increases in both Asia Pacific and EMEA. In North America, growth slowed as the U.S. market softened and the company implemented a sales channel transition within its Spine segment, which tempered expansion in that region.
Segment-level traction came from the Hip, Knee and Extremities businesses. Medacta cited adoption of new technologies - including the AMIS platform, the NextAR augmented-reality navigation system, and GMK SpheriKA implants - as contributors to segment growth. The company also noted increased revenues from new surgeon activities across all business lines, with notable uptake in U.S. ambulatory surgery centers and academic centers.
Looking ahead, Medacta maintained its full-year 2026 guidance, targeting revenue growth of between 10% and 14% in constant currency. The company expects its adjusted EBITDA margin to widen by approximately 50 basis points versus the prior year. For the medium term, Medacta reiterated a revenue compound annual growth rate target of 12% to 15% in constant currency for the 2024-2027 period.
Those targets reflect the company’s outlook based on current trends in regional demand, product adoption and surgeon activity, as reported by management. The firm did not disclose additional quantitative guidance beyond the ranges already published.
Financial highlights
- Revenue growth - 9.7% in constant currency for H1 2026.
- Adjusted EBITDA - €97 million; adjusted EBITDA margin 27.8% in constant currency.
- Net profit - lower than the prior-year period due to a one-off gain in 2025.
Outlook
- Full-year 2026 revenue target: 10% to 14% growth in constant currency.
- Expected adjusted EBITDA margin expansion: around 50 basis points versus prior year.
- 2024-2027 revenue CAGR target: 12% to 15% in constant currency.