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1. Company Snapshot

1.a. Company Description

Getinge AB (publ) provides products and solutions for operating rooms, intensive-care units, and sterilization departments.The company operates through Acute Care Therapies, Life Science, and Surgical Workflows segments.It offers sterile transfer systems, closure processing systems, washers, isolators, sterilizers, logistic automation solutions, bioreactors, bioprocess control systems, bioprocess software, biobundles, bioprocess analytics, and perfusion systems; practice-oriented monitoring systems and disposables, anesthesia machines, beating heart stabilizers and positioners, axius blower mister and coronary shunts, proximal seal systems, ceiling supply units, connected solutions, cleaning and disinfection products, packaging and sealing solutions, monitors and indicators, and SteriTec products.


The company also provides thoracic catheters, dry seal chest drain, mobile dry seal drain, dry and wet suction water seal chest drain, and chest drain valves; transitional accessories; endoscope reprocessing; endoscopic vessel harvesting systems; endovascular products; extracorporeal life support or extracorporeal membrane oxygenation products; inspection and packing products; intra-aortic balloon counter pulsation therapies; mechanical ventilation products; medical furniture; modular room systems; operating lights and tables; OR integration and management; patient flow management; patient transport; sterile supply management; sterilization; surgical assist systems; surgical perfusion; transport & storage; trays & baskets; and vascular and cardiothoracic surgery solutions.It offers its products through a network of proprietary sales companies, as well as through agents and distributors in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.Getinge AB (publ) was founded in 1904 and is headquartered in Gothenburg, Sweden.

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1.b. Last Insights on GETI

Getinge AB's recent performance has been driven by a stable organic growth in order intake and sales across all business areas and regions. The company's net sales increased organically by 4.1% and order intake rose by 4.4%. A partnership with Zimmer to distribute infection control and surgical products has expanded Getinge's offering. Additionally, the company is well-positioned in growing markets, such as the Mexico Microcarrier Market, which is projected to reach $77.65 million by 2033. Getinge also leads the ventilator market through innovation and strategic partnerships.

1.c. Company Highlights

2. Getinge's Q4 2025 Earnings: A Strong Finish to a Transformative Year

Getinge reported a 1.2% organic growth in top-line revenue for Q4 2025, beating last year's record quarter, with order intake increasing 2.3% organically. Adjusted gross and EBITDA margins were down due to currency and tariffs headwinds. The company's EPS came in at 3.19, missing estimates of 4.08. Despite the headwinds, Getinge's underlying performance is strong, driven by a solid quality process and a significant decrease in field actions relative to sales. The company's recurring revenue now makes up about 2/3 of total revenue, with high-margin products contributing a bit more.

Publication Date: Feb -11

📋 Highlights
  • Organic Growth & Order Intake:: Q4 top-line growth of 1.2% and order intake up 2.3% organically, with full-year EBITA margin higher than 2024 after adjusting for currency/tariff headwinds.
  • Financial Strength:: Free cash flow of SEK 1.2 billion, net debt of SEK 9.8 billion, and leverage at 1.5x EBITDA (vs. 2.5x internal threshold), with cash reserves of SEK 3.4 billion.
  • Midterm Margin Guidance:: Aiming for adjusted EBITA margin of 16–19% by 2028, with 2026 organic net sales growth target of 3–5% (excluding Surgical Perfusion phaseout).
  • Tariff & Currency Impact:: 2026 tariff headwind expected at SEK 0.5 billion, with currency effects from a weakening dollar, though margin expansion remains achievable via mitigation.
  • Product & Market Momentum:: Cardiohelp II ECMO launched without restrictions, Paragonix sales over $100 million, and ventilator growth driven by market share gains and replacement cycles.

Financial Position and Cash Flow

Getinge's financial position remains strong, with free cash flow of SEK 1.2 billion in Q4 2025 and net debt of SEK 9.8 billion. Adjusting for pension liabilities, leverage is 1.5x adjusted EBITDA, well below the company's internal threshold of 2.5x. Cash totaled approximately SEK 3.4 billion by the end of the quarter. As Mattias Perjos, CEO, mentioned, "Our financial position remains strong, and we expect to reach our adjusted EBITA margin guidance of 16% to 19% by the end of 2028."

Guidance and Outlook

Getinge expects organic net sales growth of 3% to 5% in 2026, adjusted for the phaseout of Surgical Perfusion. The company is confident in its ability to mitigate the impact of tariffs and currency headwinds, with a target of mitigating 70% of the tariff impact by the end of 2026. Analysts estimate next year's revenue growth at 4.9%.

Valuation Metrics

Using the current stock price, Getinge's P/E Ratio is 24.6, EV/EBITDA is 10.25, and ROE is 7.66%. The Net Debt / EBITDA ratio is 1.36, indicating a manageable debt burden. These metrics suggest that the market is pricing in a moderate growth rate, and the company's valuation is reasonable considering its financial performance and guidance.

3. NewsRoom

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[Latest] Global Large And Small Scale Bioprocessing Market Size/Share Worth USD 277.4 Billion by 2035 at a 11.5% CAGR: Custom Market Insights (Analysis, Outlook, Leaders, Report, Trends, Forecast, Growth Rate, Value, SWOT Analysis)

Feb -10

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Getinge AB (GNGBF) Q4 2025 Earnings Call Highlights: Navigating Headwinds with Strategic Growth ...

Jan -27

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Getinge Q4 and Full-Year Report 2025: Organic growth and solid cash flow to end the year

Jan -27

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Does Getinge’s 29.3% Rally Signal Room for Growth After Healthcare Sector Headlines?

Nov -29

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North America Heart Pump Device Market Forecast and Company Analysis Report 2025-2033 Featuring Abbott, Getinge, Teleflex, Fresenius, LivaNova, CorWave, JARVIK HEART, ABIOMED

Nov -28

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TOMI Environmental Solutions Announces $3 Million Custom Integration Pipeline with Strategic Life Sciences Partnerships

Nov -26

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SteriPro International and Getinge Announce Strategic Partnership to Expand Off-Site Sterile Processing Capacity Across North America

Nov -25

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Cardiovascular Repair and Reconstruction Devices Report 2025-2034: Market Dominated by Medtronic, Terumo, W. L. Gore & Associates, and Getinge as Patent, Funding, and Innovation Activities Grow

Nov -06

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.70%)

6. Segments

Acute Care Therapies

Expected Growth: 4.5%

Getinge AB's Acute Care Therapies segment growth of 4.5% is driven by increasing demand for critical care solutions, expansion in emerging markets, and innovative product launches. The company's focus on patient-centric care, digitalization, and sustainability also contributes to growth. Additionally, strategic partnerships and acquisitions enhance the segment's offerings, further fueling growth.

Surgical Workflows

Expected Growth: 4.8%

Getinge AB's Surgical Workflows segment growth of 4.8% is driven by increasing demand for minimally invasive procedures, advancements in surgical robotics, and expansion into emerging markets. Additionally, the company's focus on innovative product development, strategic partnerships, and cost-effective solutions contribute to its growth momentum.

Life Science

Expected Growth: 5.2%

Getinge AB's Life Science segment growth of 5.2% is driven by increasing demand for biopharmaceuticals, expansion in emerging markets, and strategic acquisitions. Additionally, the segment benefits from the company's focus on innovation, particularly in the areas of bioreactors and cell therapy systems, which are experiencing high growth rates.

7. Detailed Products

Maquet Cardiovascular

Cardiovascular surgical systems and instruments for cardiac and vascular surgery

Maquet Critical Care

Ventilators and anesthesia machines for critical care and anesthesia

Getinge Infection Control

Sterilization and disinfection solutions for infection control

Arjo Patient Handling

Patient handling and transfer solutions for safe patient care

Arjo Wound Care

Wound care and pressure ulcer prevention solutions

Getinge Endoscopy

Endoscopy systems and instruments for minimally invasive procedures

8. Getinge AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Getinge AB (publ) is medium due to the presence of alternative medical technology companies, but the company's strong brand recognition and patented products mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low for Getinge AB (publ) as the company's products are specialized and critical to healthcare providers, giving the company an upper hand in negotiations.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium for Getinge AB (publ) as the company relies on a few key suppliers for critical components, but the company's large scale and diversified supply chain mitigate this risk.

Threat Of New Entrants

The threat of new entrants is low for Getinge AB (publ) due to the high barriers to entry in the medical technology industry, including regulatory hurdles and significant capital requirements.

Intensity Of Rivalry

The intensity of rivalry is high for Getinge AB (publ) due to the presence of several established competitors in the medical technology industry, leading to a highly competitive market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 18.88%
Debt Cost 6.64%
Equity Weight 81.12%
Equity Cost 6.64%
WACC 6.64%
Leverage 23.27%

11. Quality Control: Getinge AB (publ) passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Getinge

A-Score: 5.0/10

Value: 4.3

Growth: 3.8

Quality: 5.9

Yield: 3.1

Momentum: 7.0

Volatility: 6.0

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Medacta

A-Score: 4.9/10

Value: 0.7

Growth: 6.6

Quality: 7.0

Yield: 0.6

Momentum: 8.0

Volatility: 6.7

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Stock-Card
Sectra

A-Score: 4.6/10

Value: 0.0

Growth: 8.2

Quality: 8.9

Yield: 0.6

Momentum: 4.0

Volatility: 6.0

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Demant

A-Score: 4.1/10

Value: 4.0

Growth: 6.7

Quality: 6.5

Yield: 0.0

Momentum: 2.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
LivaNova

A-Score: 3.8/10

Value: 5.9

Growth: 5.8

Quality: 3.9

Yield: 0.0

Momentum: 5.0

Volatility: 2.3

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Ambu

A-Score: 3.0/10

Value: 0.8

Growth: 5.9

Quality: 6.2

Yield: 0.6

Momentum: 1.5

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

197.25$

Current Price

197.25$

Potential

-0.00%

Expected Cash-Flows