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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. Resilient Performance with Margin Expansion

The company delivered a solid Q2 performance, with organic net sales growth of 4.1%, reflecting strength across all business areas and regions. Adjusted gross profit rose to SEK 4,183 billion, driven by volume gains, acquisitions, pricing, and a favorable mix. Adjusted EBITA improved to SEK 989 million, with margins expanding to 12%, up from the previous quarter. Management highlighted that margins would have exceeded 14% without external headwinds, underscoring the company's operational resilience. The EPS for the quarter came in at SEK 2.25, slightly above consensus estimates of SEK 2.2, demonstrating earnings momentum.

Publication Date: Jul -22

📋 Highlights
  • Organic Net Sales Growth:: Q2 2025 saw a 4.1% organic sales increase, with full-year 2025 guidance set at 2-5% growth.
  • Adjusted EBITA Margin:: EBITA margin improved to 12%, up from previous levels, driven by volume and cost management.
  • EPS Growth Target:: The company aims for at least 12% average annual adjusted EPS growth from 2024 to 2028.
  • Tariff Impact:: Q2 2025 tariffs cost SEK 110 million, expected to rise in H2, with no significant long-term impact assumed.
  • Debt Leverage:: Leverage stands at 1.7x adjusted EBITDA, well below the 2.5x internal threshold.

Surgical Workflows and Ventilator Growth

The company reported strong orders in Surgical Workflows, though market share gains remained modest. The XEN chemistry expansion in the U.S. continued to gain traction, contributing positively to growth. In ventilators, solid growth was observed, but management cautioned that tougher comps in the second half could moderate growth. Despite this, pricing trends remained healthy, with average price increases slightly above 2% year-to-date and expectations of 2-3% for the full year.

Paragonix and Tariff Impacts

Paragonix outperformed expectations, with all product categories showing robust growth. The business is on track to start contributing positively to EPS in 2028, driven by volume expansion. On the tariff front, the company incurred SEK 110 million in Q2, with expectations of higher costs in the second half. Management emphasized that customers remain resistant to tariff surcharges, prompting a cautious approach to pricing. Tariffs are currently baked into the company's long-term guidance, which assumes no significant currency deterioration.

Valuation Analysis

At current levels, the stock trades at a P/E ratio of 34.83 and an EV/EBITDA of 9.24, reflecting high expectations for its growth trajectory. The company's leverage remains conservative at 1.7x adjusted EBITDA, providing flexibility for future investments. With a dividend yield of 2.43% and a free cash flow yield of 4.82%, the stock offers a balance of growth and income. However, the premium valuation suggests that investors are pricing in the company's ability to deliver on its long-term EPS CAGR target of at least 12% through 2028.

3. NewsRoom

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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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Getinge Interim Report July-September 2025: High organic sales growth and stronger margins despite geopolitical headwinds

Oct -21

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European Infection Control Market Forecast Report 2025-2030: Outsourcing Trends Among Pharma & Medical Device Firms Boost Europe's Infection Control Market Growth

Sep -16

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NCAB Group And 2 Other European Stocks That May Be Priced Below Intrinsic Value Estimates

Sep -12

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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
Sectra

A-Score: 4.8/10

Value: 0.0

Growth: 8.3

Quality: 8.9

Yield: 0.6

Momentum: 5.5

Volatility: 5.3

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Medacta

A-Score: 4.8/10

Value: 0.9

Growth: 6.6

Quality: 6.8

Yield: 0.6

Momentum: 7.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Getinge

A-Score: 4.3/10

Value: 3.4

Growth: 3.8

Quality: 5.2

Yield: 3.1

Momentum: 4.0

Volatility: 6.0

1-Year Total Return ->

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Demant

A-Score: 4.0/10

Value: 3.6

Growth: 6.8

Quality: 6.4

Yield: 0.0

Momentum: 2.0

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
LivaNova

A-Score: 3.8/10

Value: 6.2

Growth: 5.8

Quality: 4.0

Yield: 0.0

Momentum: 4.0

Volatility: 3.0

1-Year Total Return ->

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Ambu

A-Score: 3.0/10

Value: 0.8

Growth: 5.9

Quality: 6.2

Yield: 0.0

Momentum: 2.0

Volatility: 3.0

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

211.2$

Current Price

211.2$

Potential

-0.00%

Expected Cash-Flows