This article first appeared on GuruFocus .
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Organic Net Sales Growth:0.8% increase.
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Order Intake Growth:3.9% organic increase.
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Adjusted Gross Profit:SEK3,828 million.
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Adjusted EBITDA:SEK824 million, margin of 11.1%.
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Currency and Tariff Impact:SEK226 million negative impact on adjusted EBITDA.
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Free Cash Flow:SEK842 million.
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Net Debt:SEK9.3 billion, adjusted to SEK7 billion excluding pension liabilities.
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Financial Leverage:1.5 times adjusted EBITDA, 1.1 times excluding pension liabilities.
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Cash Position:Approximately SEK4 billion at the end of the quarter.
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Organic Net Sales Growth Guidance for 2026:3% to 5%, adjusted for phaseout of Surgical Perfusion.
Release Date: April 21, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Getinge AB ( GNGBY ) achieved organic growth in net sales by 0.8% and order intake by 3.9% in Q1 2026, indicating strong underlying business performance.
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The company continues to increase its share of sales from recurring revenue and high-margin products, with recurring revenue making up two-thirds of sales.
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Getinge AB ( GNGBY ) maintains a solid financial position with a financial leverage of 1.5 times EBITDA, well below the internal threshold of 2.5 times.
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The launch of Cardiohelp II, which has received CE approval, is expected to enhance Getinge AB ( GNGBY )'s market leadership in ECLS therapy.
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Strong cash flow was reported, with free cash flow amounting to SEK842 million in the quarter, supported by improved operating profit and changes in working capital.
Negative Points
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Adjusted gross and EBITDA margins were down in the quarter due to strong headwinds from currency fluctuations and tariffs.
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The Acute Care Therapies segment saw a decline in order intake, primarily due to high comparative figures from the previous year in the ventilation market.
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Tariffs and currency impacts resulted in a drag on adjusted EBITDA of more than SEK200 million in Q1 2026.
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The company faces geopolitical uncertainties, particularly in the Middle East, which could impact operations and sales.
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Getinge AB ( GNGBY ) did not provide specific margin guidance for 2026 due to global uncertainties, maintaining only top-line growth guidance.
Q & A Highlights
Q: With regards to ventilator headwinds in Q1, is it fair to assume that the headwind will continue into Q2? A: It may continue to some extent, but it won't be a significant factor for Q2.
Q: Regarding Cardiohelp II, what kind of gross margin should we assume compared to the existing Cardiohelp product? A: We don't disclose gross margin levels for our products, but generally, new product generations have better gross margins than the ones they replace, and Cardiohelp II should follow this trend.
Q: Could you quantify the lower extraordinary quality costs going forward? A: They peaked at about SEK800 million in 2024, decreased slightly in 2025, and are expected to decrease further, with a goal to at least halve those costs by 2027 onwards.
Q: Can you provide more color on the ACT decline and the impact of ventilators? A: We don't disclose subcategory financials, but the delay in resuming deliveries of balloon pumps in CE markets was a drag on sales and order intake.
Q: Is the softer wording in guidance due to a more negative outlook for 2026? A: No, the wording change was to acknowledge the volatile environment, but we remain confident in our guidance for organic net sales growth.
Q: Are there specific projects driving the strong order intake in Surgical Workflows, especially in the Americas? A: It's a combination of large projects and an underlying better market confidence, along with organizational tweaks that may have a positive long-term impact.
Q: Do you anticipate higher input costs from recent price hikes in raw materials? A: There was limited impact in Q1, but prolonged price hikes could affect Q2 onwards. We actively manage pricing to adapt to cost changes.
Q: Can you quantify the positive effect from the new ECMO approval in Europe? A: While we can't quantify it, the launch of Cardiohelp II is a net positive for our product range. The US filing is expected before mid-year.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
