Company Reports

Getinge is a Swedish medical technology firm specializing in operating room equipment, critical-care technologies, and sterilization solutions for hospitals and biopharmaceutical manufacturers. Over the past decade, the company has faced significant regulatory scrutiny, including a 2015 US consent decree, product liability settlements related to surgical mesh, multiple product recalls, and recent US Food and Drug Administration letters regarding its Cardiosave and Cardiohelp cardiovascular devices. These challenges have required increased investment in quality systems and product remediation, which has persistently pressured margins. With the recent FDA submission for Cardiosave, we hope Getinge can soon leave this chapter behind.

Getinge is a Swedish medical technology firm specializing in operating room equipment, critical-care technologies, and sterilization solutions for hospitals and biopharmaceutical manufacturers. Over the past decade, the company has faced significant regulatory scrutiny, including a 2015 US consent decree, product liability settlements related to surgical mesh, multiple product recalls, and recent US Food and Drug Administration letters regarding its Cardiosave and Cardiohelp cardiovascular devices. These challenges have required increased investment in quality systems and product remediation, which has persistently pressured margins. With the recent FDA submission for Cardiosave, we hope Getinge can soon leave this chapter behind.

Getinge is a Swedish medical technology firm specializing in operating room equipment, critical-care technologies, and sterilization solutions for hospitals and biopharmaceutical manufacturers. Over the past decade, the company has faced significant regulatory scrutiny, including a 2015 US consent decree, product liability settlements related to surgical mesh, multiple product recalls, and recent US Food and Drug Administration letters regarding its Cardiosave and Cardiohelp cardiovascular devices. These challenges have required increased investment in quality systems and product remediation, which has persistently pressured margins. With the recent FDA submission for Cardiosave, we hope Getinge can soon leave this chapter behind.

Getinge is a Swedish medical technology firm that specializes in operating room equipment, critical-care technologies, and sterilization solutions for hospitals and biopharmaceutical manufacturers. Over the past decade, the company has faced significant regulatory scrutiny, including a 2015 US consent decree, product liability settlements related to surgical mesh, multiple product recalls, and recent US Food and Drug Administration letters regarding its Cardiosave and Cardiohelp cardiovascular devices. These challenges required increased investment in quality systems and product remediation, which has persistently put pressure on margins. With the recent FDA submission for Cardiosave, we hope Getinge can soon leave this chapter behind.

Getinge reported second-quarter 2026 results, with 4.6% organic sales growth and adjusted EBITA margin expanding to 17.6% from 12% year over year. Full-year guidance was maintained at 3%-5% organic sales growth, adjusted for phasing out its surgical perfusion portfolio. Shares rose 9% on the day.

Getinge reported first-quarter 2026 results with 0.8% organic sales growth. Currency effects weighed heavily, with reported sales declining 10.5%. The adjusted EBITA margin fell to 11.1% from 12.1%, primarily due to tariffs and currency headwinds.

Getinge reported mixed fourth-quarter 2025 results, with 1.2% organic sales growth below company-compiled consensus and adjusted EBITA margin in line with consensus at 17.8%. Investors reacted negatively, with shares down 6%.

Getinge is a Swedish medical technology company that specializes in operating room equipment, critical-care technologies, and sterilization solutions for hospitals and biopharmaceutical manufacturers. Over the past decade, the company has faced significant regulatory scrutiny, including a 2015 US consent decree, product liability settlements related to surgical mesh, multiple product recalls, and recent US Food and Drug Administration letters affecting its Cardiosave and Cardiohelp cardiovascular devices. These challenges required increased investment in quality systems and product remediation, placing persistent pressure on margins.

We are transferring coverage of Getinge to a new analyst. Getinge is a Swedish medical technology company that specializes in operating room equipment, critical-care technologies, and sterilization solutions for hospitals and biopharmaceutical manufacturers.

Getinge reported positive third-quarter results, with 9.5% organic sales growth and adjusted EBIT margin increased to 12% from 10.4%, both well above PitchBook-compiled consensus. Investors reacted positively to the earnings, with shares up 3%.

Sweden-based medical device and sterilization company Getinge has struggled through roughly a decade of operational and reputational challenges. The firm remains focused on improving operating efficiency, addressing product quality, and building back trust with customers and regulators. As part of this turnaround, Getinge has committed nearly SEK 2 billion to remediation and restructuring related to the 2015 consent decree imposed by the US Food and Drug Administration and about SEK 1.8 billion in provisions for surgical mesh liability costs. The firm also sold its entire extended-care business in 2017. Regulatory challenges remain a risk, and in 2023 we estimate it spent approximately SEK 800 million in quality spending related to its cardiopulmonary and cardio assist businesses. Nonetheless, we think Getinge could maintain a strong position in key markets (such as life science sterilization, advanced ventilators, and surgical capital equipment) and gradually improve margin with a focus on US market expansion and cost restructuring.

Getinge reported its second-quarter 2025 results, slightly ahead of FactSet consensus estimates. Organic growth in sales and order intake came in at 4.1% and 4.4%, respectively. Shares were trading 5% higher on July 18.

Getinge reported its first-quarter 2025 interim results, in line with PitchBook consensus estimates. Sales and adjusted EBITDA increased in constant currency by 6.2% and 14.9%, respectively. Shares are trading 7% lower intraday on April 22.

Narrow-moat Getinge reported third-quarter results in line with our expectations. Management reiterated its guidance of 2%-5% organic sales growth for the full year, with acquisitions contributing to an additional 3%-5%. Despite year-on-year organic sales growth being flat over the quarter due to contingent supply chain challenges, we believe Getinge is on track to meet this expectation. We maintain our fair value estimate of SEK 236 per share and see the company as fairly valued by the market.

Narrow-moat Getinge reported second-quarter results that were in line with our expectations. Management reiterated its guidance of 2%-5% organic sales growth, with acquisitions contributing an additional 3%-5%. With organic sales growth in the first six months at 4.4% year on year, we think Getinge is on track to meet or exceed this expectation. We maintain our fair value estimate of SEK 236 per share and view the market price as fairly valued.

Sweden-based medical device and sterilization company Getinge has struggled through roughly a decade of operational and reputational challenges. The firm remains focused on improving operating efficiency, addressing product quality, and building back trust with customers and regulators. As part of this turnaround, Getinge has committed nearly SEK 2 billion to remediation and restructuring related to the 2015 consent decree imposed by the U.S. Food and Drug Administration and about SEK 1.8 billion in provisions for surgical mesh liability costs. The firm also sold its entire extended-care business in 2017. Regulatory challenges remain a risk, and in 2023 we estimate it spent approximately SEK 800 million in quality spending related to its cardiopulmonary and cardio assist businesses. Nonetheless, we think Getinge could maintain a strong position in key markets (such as life science sterilization, advanced ventilators, and surgical capital equipment) and gradually improve margin with a focus on U.S. market expansion and cost restructuring.

Sweden-based medical device and sterilization company Getinge has struggled through roughly a decade of operational and reputational challenges. The firm remains focused on improving operating efficiency, addressing product quality, and building back trust with customers and regulators. As part of this turnaround, Getinge has committed nearly SEK 2 billion to remediation and restructuring related to the 2015 consent decree imposed by the U.S. Food and Drug Administration and about SEK 1.8 billion in provisions for surgical mesh liability costs. The firm also sold its entire extended-care business in 2017. Regulatory challenges remain a risk, and in 2023 we estimate it spent approximately SEK 800 million in quality spending related to its cardiopulmonary and cardio assist businesses. Nonetheless, we think Getinge could maintain a strong position in key markets (such as life science sterilization, advanced ventilators, and surgical capital equipment) and gradually improve margin with a focus on U.S. market expansion and cost restructuring.

Narrow-moat Getinge reported first-quarter results that were in line with our expectations and management reiterated its full-year guidance of 2%-5% organic sales growth. The company also plans to hold an informal update on May 15, which should offer some updated views on the growth trajectories of its end markets and additional color about its cost structure. We maintain our fair value estimate of SEK 236 per share and view shares as fairly valued.

We are refreshing our views on Getinge and reiterate our narrow moat rating. We continue to believe its overall business is moatworthy due to the high customer switching costs in its various sterilization businesses and the razor-and-blade nature of certain products in acute care therapies. Despite near-term uncertainty in profit margins, which are mostly caused by quality improvement spending for cardiopulmonary and cardio assist products, we believe the company should be able to modestly improve its margins once these are resolved. We lower our fair value estimate to SEK 236 from SEK 247 due to slightly lower profit margins and higher capital expenditure.

Sweden-based medical device and sterilization company Getinge has struggled through roughly a decade of operational and reputational challenges. The firm remains focused on improving operating efficiency, addressing product quality, and building back trust with customers and regulators. As part of this turnaround, Getinge has committed nearly SEK 2 billion to remediation and restructuring related to the 2015 consent decree imposed by the U.S. Food and Drug Administration and about SEK 1.8 billion in provisions for surgical mesh liability costs. The firm also sold its entire extended-care business in 2017. Regulatory challenges remain a risk, and in 2023 we estimate it spent approximately SEK 800 million in quality spending related to its cardiopulmonary and cardio assist businesses. Nonetheless, we think Getinge could maintain a strong position in key markets (such as life science sterilization, advanced ventilators, and surgical capital equipment) and gradually improve margin with a focus on U.S. market expansion and cost restructuring.