Embla Medical: On healthy footing into 2025 - ABG

Q4 with meagre 5% organic growth and EBITDA 2% below
But quite a few positives in the underlying operations
Attractively positioned into 2025, FVR of DKK 31-46 reiterated


Q4 in numbers

Embla delivered a seemingly soft 5% organic growth in Q4, though the underlying quality appears stronger and with growth held back due to comps. Q4 sales came to USD 224.8m (-1% vs expectations), and the gross margin expanded by 200bp to 63.2% (-70bp vs ABGSCe, +20bp vs company-collected consensus), taking EBITDA to USD 46.5m (-2% vs expectations) for a Q4 margin of 20.7%. The quarter saw Prosthetics growth accelerate to 12% (2024: 9%), while Bracing & Support remained subdued at 2% organic growth. Geographically, Q4 saw the hoped-for growth acceleration in Americas, with 7% organic growth (2024: 3%), while EMEA slowed to a more normalised 4% organic growth (2024: 10%).

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/embla_medical/Equity-research/2025/2/embla-medical---on-healthy-footing-into-2025/