HCA Red Flag: Coloplast exceeds sales expectations but misses profit target (AI)
HC Andersen Capital
Summary
- Coloplast exceeded sales expectations with revenue of 7,355 MDKK and organic growth of 6%, but missed profit targets with an operating profit of 1,929 MDKK, below the estimated 1,949 MDKK.
- The operating margin decreased to 26.2% from 27.5% the previous year, as costs rose 7% compared to a 6% sales growth, impacted by a stronger Hungarian forint.
- Kerecis, Coloplast's fish skin business, experienced a 6% organic decline, with an operating margin of minus 5%, despite beating revenue expectations due to order phasing in Germany and the Middle East.
- Coloplast delayed the US launch of Intibia to early 2027/28, affecting growth projections for Interventional Urology, while the reimbursement rate for skin substitutes remains stable at 127 USD per square centimeter for 2027.
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Automatic translation: Originally published in undefined 18/08/2026, 05:46 GMT. Give feedback here.
Red Flag · First reading of the financial report · AI-generated content
Coloplast (COLO B) · Q3 2025/26 · August 18
Shares up 6% in 3 months, still 34% below 52-week high
Overall assessment
Balanced
Coloplast beat expectations where it mattered: organic growth of 6% vs. expected 5.6% and revenue of 7,355 MDKK vs. 7,267 MDKK. However, the operating profit disappointed at 1,929 MDKK, and the fish skin business Kerecis shrank again, so the share should open stable rather than strong.
Red flags in the financial report
Operating profit disappointed, costs grew faster than sales
Operating profit 1,929 · Est. 1,949 MDKK
Operating profit before non-recurring items landed 1% below analysts' expectations, and the margin fell to 26.2% from 27.5% in the previous year. Costs rose 7% vs. sales growth of 6%, and a stronger Hungarian forint cost 1.1 percentage points of the margin, even though currency was neutral for revenue.
Kerecis fell again, and the progress was due to timing
Kerecis 274 MDKK · organic decline of 6%
Kerecis, the fish skin business that Coloplast wrote down by 3 BDKK in April, fell 6% organically with an operating margin of minus 5%, vs. flat sales and zero margin in the previous quarter. The division still beat expectations with 999 MDKK vs. expected 932 MDKK, but bandages were up 4%, helped by order phasing in Germany and the Middle East.
Intibia launch delayed by one year
New: launch in USA 2027/28, previously H1 2026/27
Coloplast now expects to launch Intibia, its implanted nerve stimulator for urge incontinence, in early 2027/28 rather than in the first half of next fiscal year, on the back of the US regulatory authority's review timeline. Intibia is the most important new product behind the promise of keeping Interventional Urology at high single-digit growth.
Green flags in the financial report
Revenue beat the bar, and organic growth reached 6%
Revenue 7,355 · Est. 7,267 MDKK
Revenue landed 1% above the 7,267 MDKK analysts expected, and organic growth, i.e., growth excluding acquisitions and currency effects, reached 6% vs. expected 5.6%. Continence care grew 8% driven by the Luja catheter series, and Interventional Urology grew 7% driven by the American Men's Health business, with double-digit American growth in both ostomy and continence.
Reimbursement rate for 2027 is in place
New: 127 USD per square centimeter maintained in 2027
The US Medicare authorities proposed in July to maintain the fixed rate for skin substitutes at 127 USD per square centimeter in 2027, which Coloplast expects to be neutral for Kerecis. This removes the risk of another reimbursement shock, precisely the issue analysts pressed management on during all three conference calls this year.
CEO takes over wound care business
New: Kerecis founder leaves group management
CEO Gavin Wood concluded his 100-day review by moving Kerecis founder Fertram Sigurjonsson out of group management into an advisory role and taking over interim leadership of the global Wound Care & Tissue Repair business himself. He identified the US and Chronic Care as priorities, but the financial implications will only be seen in the annual report.
Disclaimer: This is an HCA AI-generated research comment based solely on the company's published financial report. The comment does not constitute investment advice and should not be the sole basis for investment decisions. Investing in shares involves a risk of loss. Seek professional advice. /HC Andersen Capital, 07.43, 08.18.2026