Medacta: model update - Buy rating reiterated, unchanged CHF160 PT
We update our model following the publication of the company's annual report. No changes have been applied to our revenue forecast as FY 2024 results and 2025 guidance are aligned with our estimates. On the P&L, we have softened our S&M expenses expectation as these stood more towards 35.5%Medacta International SA is a Swiss-based company specialized in medical devices. The Company develops, manufactures and distributes orthopaedic and neurosurgical medical devices. The Company designs a number of products, such as hip products, including hip replacement, hip anatomy, hip diseases, and other products for the preparation of hip surgery; knee product, which encompasses knee anatomy, knee diseases, knee replacement, the stability of the knee and for the preparation of knee surgery; shoulder product, which includes shoulder anatomy, shoulder disease, shoulder replacement, and for the preparation of shoulder operation, and spine product, which includes products for spinal treatments, spinal anatomy and for surgery, among others. Additionally, the Company also offers training and support to healthcare professionals.
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