This article first appeared on GuruFocus .
Release Date: February 04, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Ambu AS ( AMBFF ) reported strong revenue growth in Q1 2026, particularly in the endoscopy business, with a 14.4% increase in endoscopy solutions.
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The company is experiencing strong momentum in the conversion from reusable to single-use endoscopy, winning new customers and increasing penetration with existing ones.
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Ambu AS ( AMBFF ) launched a new growth strategy that has been well adopted, showing strong early momentum.
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The company is benefiting from a global trend towards increased procedures using endoscopes, supporting its growth.
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Ambu AS ( AMBFF ) is expanding its product portfolio, including the introduction of the Suresight Mobile video laryngoscope, enhancing its respiratory segment offerings.
Negative Points
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The EBIT margin for Q1 2026 declined by 5.6% compared to the same quarter last year, impacted by high tariff costs and FX headwinds.
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Free cash flow was low in Q1, affected by negative developments in networking capital and higher tariff costs.
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The anesthesia and patient monitoring segment showed flat growth, with anesthesia declining by 1.2%.
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The company faces challenges from geopolitical uncertainties and FX fluctuations, particularly affecting North American growth.
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Ambu AS ( AMBFF ) anticipates slightly lower growth in Q2 due to order timing fluctuations, particularly in the urology, ENT, and GI segments.
Q & A Highlights
Q: Could you provide more color on the customer behavior that led to the pull forward in Q1 within the urology, ENT, and GI business, and how it might impact Q2 growth? A: Britt Melbu Jensen, CEO: We observed a stronger order inflow towards the end of Q1, which may lead to slightly lower growth in Q2. However, this does not reflect any underlying weakness in the business. We continue to see strong momentum in urology, with new sizable customers and increased penetration with existing ones. The fluctuations are typical and not driven by incentives like rebates.
Q: Regarding the tariff impact, should we expect a similar impact in Q2 as seen in Q1? A: Henrik Scheck Bender, CFO: The tariff impact in Q1 was above DKK 50 million, affecting the EBIT margin by over 3 percentage points. We anticipate a similar above-average impact in Q2, with a gradual reduction expected in Q3 and Q4 as production shifts to Mexico.
Q: Can you elaborate on the acceleration in the respiratory segment and the expected growth trajectory? A: Henrik Scheck Bender, CFO: We expect an acceleration in respiratory growth throughout the year, driven by increased conversion to single-use endoscopy and the launch of the Sureside Mobile. The segment had a lower growth rate in Q1 due to high comparables, but we anticipate stronger growth in the coming quarters.
Q: What is the outlook for the Chinese market, particularly for the AScope 4 Cysto launch? A: Britt Melbu Jensen, CEO: China is a small part of our business but holds long-term potential. Despite competitive pressures, we see opportunities due to our competitive manufacturing costs and innovative solutions. We expect gradual growth, with the US and Europe remaining our primary markets.
Q: How is the salesforce organization evolving in North America, and what changes have been implemented? A: Britt Melbu Jensen, CEO: We have optimized our commercial field force in North America, adding headcount and restructuring territories to better serve health systems. These changes aim to enhance efficiency and customer service, with further adjustments expected in the coming quarters.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
