Embla Medical (Buy, TP: DKK39.00) - Mixed Q4, 2025e Medicare tailwind
Q4 results were mixed, with organic growth slightly below consensus. The EBITDA margin was largely in line, helped by a better gross margin, while higher net financials (due to FX) led to a c16% EPS miss. The 2025 guidance was largely as expected, although tailwinds from Medicare changes and recent product launches could provide upside potential, we believe. We reiterate our BUY and DKK39 target price.Ossur is an orthopaedics solutions group based in Iceland. Co. specializes in the manufacture and sale of high quality orthopaedic solutions. Co. is engaged in the development and manufacturing of products in three categories: Bracing and Support (products are primarily used to support joints and other body parts, both for therapeutic and preventive purposes); Prosthetics (products include artificial limbs and related products for individuals without limbs or with limbs amputated); and Compression Therapies (treatment for venous ulcers and edema). Co.'s product line includes brands: RHEO KNEE®, POWER KNEE™ and PROPRIO FOOT®. Co. orthopaedic market includes the Americas, EMEA and Asia.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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