HCA Red Flag: Ambu lowers its growth outlook for the second time (AI)
HC Andersen Capital
Summary
- Ambu has lowered its full-year organic growth expectation to around 10%, down from the previous 10% to 12%, citing challenges in Anesthesia & Patient Monitoring.
- The company's gross margin fell to 59.5%, below the expected 60.5%, with improvements in operating margin driven by reduced operating expenses.
- Net income was 9% below expectations at DKK 156m, marking the fifth consecutive quarter of underperformance, despite tariff refunds supporting the operating margin.
- Positive developments include a 17.1% growth in Respiratory, surpassing expectations, and Endoscopy Solutions meeting its growth target with a 16.0% increase.
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Automatic translation: Originally published in undefined 25/08/2026, 16:37 GMT. Give feedback here.
Red flag · First reading of the financial report · AI-generated content
HCA Red Flag: Ambu lowers its growth outlook for the second time (AI)
Ambu (AMBU B) · Q3 2025/26 · August 25
The share is up 20% over three months, but trades 19% below its 52-week high and 18% lower than a year ago
| Overall assessment | Balanced |
| Positive view | Balanced | Negative view |
The share should be able to hold its level: Endoscopy Solutions grew 16.0% vs. the expected 15.5%, and the margin outlook is moving to the top of the range. The headwind is a growth outlook being downgraded for the second time this year, and a result 9% below expectations.
Warning signals in the financial report
Ambu lowers the full year again and points to Anesthesia
New: ~10% · Previously 10% to 12%
The full-year organic growth expectation, meaning growth excluding acquisitions and currency, drops to around 10% following the downward revision in May from 10% to 13% down to 10% to 12%. Anesthesia & Patient Monitoring takes the blame, and at 8.7% after nine months, even the lowered target requires a significantly stronger fourth quarter.
Gross margin moved in the wrong direction
Actual 59.5% · Exp. 60.5%
The gross margin—what remains of each sales krone once the product is produced—landed 1.0 percentage point below expectations and below the previous quarter at 60.3%. The entire improvement in the operating margin came instead from lower operating expenses, with the cost ratio falling to 46.0% from 47.6%.
Fifth result in a row below expectations
Actual DKK 156m · Exp. DKK 172m
Net income landed 9% below expectations, the fifth consecutive quarter in which Ambu disappoints on the bottom line. The operating margin of 13.5% also came in below the expected 13.7%, even though tariff refunds helped support it, and free cash flows of DKK 154m were 18% too low.
Positive signs in the financial report
Respiratory accelerates, and by a wide margin
Actual 17.1% · Exp. 13.5%
Respiratory grew 17.1%, well above expectations and up from 12.2% in the previous quarter. This is the acceleration management has promised across three earnings calls without ever putting a number to it, aided by the launch of SureSight Mobile, a pocket-sized camera scope for guiding breathing tubes into place, in the US and the UK.
Endoscopy meets its own 15% floor
Actual 16.0% · Exp. 15.5%
Endoscopy Solutions grew 16.0%, the first quarter within Ambu's long-term target of 15% to 20% since last summer. The business now accounts for 64% of sales, and the full-year expectation of plus 15% was maintained while the total was downgraded.
Tariff refunds lift margin outlook to the top
New: DKK 85m secured for Q4
Ambu now expects an operating margin in the high end of 12% to 14%, vs. the 12.4% analysts expected for the year, because US tariff refunds have eased the headwind. The company received DKK 85m in cash after the end of the quarter, which will be booked in the fourth quarter, while DKK 155m is still claimed and has not been recognized.
Disclaimer: This is an HCA AI-generated research commentary based solely on the company's published financial report. The commentary does not constitute investment consulting and should not be used as the sole basis for investment decisions. Investing in shares involves the risk of loss. Seek professional consulting. /HC Andersen Capital, 18:37, August 25, 2026