Getinge's Q1 Growth and Key Approvals Signal Resilience in a Challenging Market

GOTHENBURG, Sweden – April 21, 2026 – Swedish medtech firm Getinge today reported a resilient first quarter for 2026, demonstrating modest organic growth and securing critical regulatory approvals for next-generation medical devices. The performance highlights the company's ability to navigate a complex global market characterized by post-pandemic normalization and significant geopolitical headwinds.

Despite facing tough comparisons to a record-breaking prior year, Getinge achieved a 0.8% increase in organic net sales and a more robust 3.9% rise in organic order intake. The results underscore a strategic pivot from pandemic-driven demand towards more sustainable growth drivers across its diverse portfolio.

"We succeeded in surpassing last year's record-breaking first quarter with organic growth in both net sales and order intake," stated Mattias Perjos, President & CEO of Getinge. He emphasized the company's strong position in customer-prioritized categories as a source of confidence for the future.

Navigating a Shifting Medtech Landscape

Getinge's Q1 performance offers a window into the broader adjustments occurring across the medical technology sector. The modest 0.8% sales growth, while positive, trails that of some competitors like Siemens Healthineers (3.8%) and Johnson & Johnson's MedTech segment (4.6%), reflecting specific segment challenges. A notable headwind was the anticipated decline in the Acute Care Therapies segment, driven primarily by lower demand for ventilators. This reflects a market-wide normalization after the unprecedented surge during the COVID-19 pandemic, where Getinge had previously captured significant market share.

However, the company's diversified strategy proved effective. While ventilator sales cooled, the demand for consumables used in life-supporting ECLS (Extracorporeal Life Support) therapy remained stable, reinforcing Getinge's world-leading position in that niche. More importantly, other business areas showed significant strength, offsetting the softness in acute care hardware.

The Surgical Workflows division reported a double-digit increase in order intake, fueled by strong growth across all its product categories, particularly in operating room equipment. This suggests that hospitals are resuming and expanding capital investments in surgical infrastructure. Furthermore, the Life Science segment was a standout performer, posting an impressive 16% organic sales growth and a positive order intake. This division, which serves pharmaceutical and biotech clients, is benefiting from continued strong investment in biopharmaceutical research and production, signaling a robust, non-pandemic-related growth engine for the company.

Innovation Drives Future Growth with Key Regulatory Wins

Perhaps the most significant long-term indicators in the report were two major regulatory milestones in the European Union. Getinge announced it had received the CE mark for Cardiohelp II, a brand-new generation of its ECLS system. ECLS systems provide temporary heart and lung support for critically ill patients, and the approval of this next-generation device, developed in close collaboration with clinicians, solidifies Getinge's leadership in a vital area of critical care. The new system is expected to build on the success of its highly regarded predecessor with advancements in portability, efficiency, and patient monitoring.

In a separate key development, the company's Intergard Synergy antimicrobial vascular graft received approval under the stringent new EU Medical Device Regulation (MDR). Achieving EU MDR compliance is a complex and rigorous process, and this approval is a testament to the product's safety and performance. The graft is designed to reduce the risk of infection in vascular surgery—a serious and costly complication. This antimicrobial feature provides a significant competitive advantage in a market increasingly focused on improving patient outcomes and preventing post-operative infections.

These regulatory victories are not just procedural; they are foundational to future revenue streams and demonstrate a successful R&D pipeline that is aligned with pressing clinical needs. They position Getinge to capture market share in the high-value cardiovascular and critical care segments for years to come.

Profitability and Cash Flow Signal Underlying Strength

Beneath the top-line sales figures, Getinge's report revealed strong underlying financial health. The adjusted EBITA margin stood at 11.1%. While slightly down from the previous year's 12.1%, the company noted that external factors played a significant role. Excluding the impact of tariffs and negative currency effects, the margin would have been 12.6%, representing an improvement in underlying profitability.

"This confirms the ongoing positive trend in underlying profitability thanks to a steady focus on price adjustments, productivity and cost control," Perjos explained. This focus on operational efficiency was most vividly illustrated by the company's free cash flow, which surged to SEK 842 million for the quarter, a dramatic increase from the SEK 160 million reported in the same period last year. Such strong cash generation provides the company with significant flexibility to invest in innovation, manage debt, and weather economic uncertainty.

Cautious Optimism Amidst Global Headwinds

Despite the positive indicators, Getinge's leadership remains pragmatic about the external environment. The company explicitly cited "high geopolitical uncertainty" as a major factor, which can disrupt supply chains, increase costs through tariffs, and impact regional market demand. This caution was reflected in the decision not to issue specific margin guidance for the full year, a move that may have tempered some investor enthusiasm.

Nonetheless, based on ongoing dialogue with its customers, Getinge reaffirmed its full-year forecast of 3–5% organic sales growth for 2026. This confidence stems from its strong order book and strategic positioning in essential medical fields. Investor and analyst reactions were cautiously optimistic, acknowledging the company's operational strength while remaining mindful of the macroeconomic pressures. The company's stock, considered by some analysts to be undervalued relative to its growth prospects and cash flow generation, reflects this balance of risk and opportunity. For now, the market appears to be weighing Getinge's proven operational resilience against a global economic backdrop that remains decidedly uncertain.