MSM MASSMEDICA NewConnect · annual_consolidated · publ. May 21, 2026

FY 2024 report

Wzrost organiczny: przychody +23,6% YoY do 32,6 mln zł, zysk netto +94% YoY

Sentiment

Positive No guidance change

Website

MSM FY 2024 report

Revenue

32,611.1 k PLN

— YoY

Net income

603.6 k PLN

— YoY

EBITDA

1,856.3 k PLN

— YoY

Gross margin

43.05%

— YoY

Summary

Investment thesis

Poprawa marży brutto z 39,7% do 43,1% dzięki nowemu systemowi UNITY (zastępującemu HLS) oraz dynamice ZQII PLLA w Anti-Aging
Spółka zależna Massmedica Technologie buduje uniwersalnego robota ortopedycznego URSA z prototypem na koniec 2025 i wejściem rynkowym w I kw. 2027
Wysokie zatowarowanie (zapasy 43% sumy bilansowej, DIO 277 dni) i pełne wykorzystanie kredytu obrotowego — wzrost dziś finansowany długiem operacyjnym
Bardzo wysoka koncentracja akcjonariatu (prezes 54,1%) — strategiczna kontrola właścicielska, ale ograniczone gwarancje ładu korporacyjnego

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Financials

BETA

FY 2024

MSM · FY 2024

Metric	FY 2024	FY 2023	Δ YoY	Value type	Segment	Conf.

Revenue	32,611.1	—	—	reported	—	1.00
Gross profit	14,039.8	—	—	derived	—	0.90
EBITDA	1,856.3	—	—	derived	—	0.95
EBIT	1,318	—	—	reported	—	1.00
EBT	858.3	—	—	reported	—	1.00
Net income	603.6	—	—	reported	—	1.00
D&A	538.3	—	—	reported	—	1.00
Interest expense	372.1	—	—	reported	—	0.95

Gross margin	43.05%	—	—	derived	—	0.90
EBITDA margin	5.69%	—	—	derived	—	0.95
EBIT margin	4.04%	—	—	derived	—	1.00
Net margin	1.85%	—	—	derived	—	1.00

Cash	91.96	—	—	reported	—	1.00
Total debt	7,368.7	—	—	derived	—	0.90
Net debt	7,276.7	—	—	derived	—	0.90
Equity	5,359	—	—	reported	—	1.00
Total assets	20,364.4	—	—	reported	—	1.00
Working capital	5,082.8	—	—	derived	—	1.00
Current assets	17,487.8	—	—	reported	—	1.00
Current liabilities	12,405	—	—	reported	—	1.00

CFO	1,610.2	—	—	reported	—	1.00
CapEx	1,747.4	—	—	reported	—	1.00
FCF	-137.2	—	—	derived	—	1.00
FCF conversion	-7.39%	—	—	derived	—	0.95
CFO conversion	86.74%	—	—	derived	—	0.95

ROE	11.94%	—	—	derived	—	0.90
ROA	3.05%	—	—	derived	—	0.90
ROIC	7.33%	—	—	derived	—	0.85
ROCE	16.56%	—	—	derived	—	0.90

Current ratio	1.41x	—	—	derived	—	1.00
Quick ratio	0.27x	—	—	derived	—	1.00
Cash ratio	0.01x	—	—	derived	—	1.00
Interest coverage	3.54x	—	—	derived	—	0.90

Net debt / EBITDA	3.92x	—	—	derived	—	0.90
Debt / equity	1.37x	—	—	derived	—	0.90
Debt / assets	0.36x	—	—	derived	—	0.90
Net debt / equity	1.36x	—	—	derived	—	0.90

Revenue growth (YoY)	23.56%	—	—	derived	—	1.00
EBITDA growth (YoY)	35.1%	—	—	derived	—	0.95
EBIT growth (YoY)	47.43%	—	—	derived	—	1.00
Net income growth (YoY)	93.65%	—	—	derived	—	1.00
Gross margin Δ (YoY)	3.36 pp	—	—	derived	—	0.90
EBITDA margin Δ (YoY)	0.49 pp	—	—	derived	—	0.95
EBIT margin Δ (YoY)	0.66 pp	—	—	derived	—	1.00
Net margin Δ (YoY)	0.67 pp	—	—	derived	—	1.00

FY 2024 · Δ YoY

Revenue

32,611.1 —

FY 2023: —

Gross profit

14,039.8 —

FY 2023: —

EBITDA

1,856.3 —

FY 2023: —

EBIT

1,318 —

FY 2023: —

EBT

858.3 —

FY 2023: —

Net income

603.6 —

FY 2023: —

D&A

538.3 —

FY 2023: —

Interest expense

372.1 —

FY 2023: —

Gross margin

43.05% —

FY 2023: —

EBITDA margin

5.69% —

FY 2023: —

EBIT margin

4.04% —

FY 2023: —

Net margin

1.85% —

FY 2023: —

Cash

91.96 —

FY 2023: —

Total debt

7,368.7 —

FY 2023: —

Net debt

7,276.7 —

FY 2023: —

Equity

5,359 —

FY 2023: —

Total assets

20,364.4 —

FY 2023: —

Working capital

5,082.8 —

FY 2023: —

Current assets

17,487.8 —

FY 2023: —

Current liabilities

12,405 —

FY 2023: —

CFO

1,610.2 —

FY 2023: —

CapEx

1,747.4 —

FY 2023: —

FCF

-137.2 —

FY 2023: —

FCF conversion

-7.39% —

FY 2023: —

CFO conversion

86.74% —

FY 2023: —

ROE

11.94% —

FY 2023: —

ROA

3.05% —

FY 2023: —

ROIC

7.33% —

FY 2023: —

ROCE

16.56% —

FY 2023: —

Current ratio

1.41x —

FY 2023: —

Quick ratio

0.27x —

FY 2023: —

Cash ratio

0.01x —

FY 2023: —

Interest coverage

3.54x —

FY 2023: —

Net debt / EBITDA

3.92x —

FY 2023: —

Debt / equity

1.37x —

FY 2023: —

Debt / assets

0.36x —

FY 2023: —

Net debt / equity

1.36x —

FY 2023: —

Revenue growth (YoY)

23.56% —

FY 2023: —

EBITDA growth (YoY)

35.1% —

FY 2023: —

EBIT growth (YoY)

47.43% —

FY 2023: —

Net income growth (YoY)

93.65% —

FY 2023: —

Gross margin Δ (YoY)

3.36 pp —

FY 2023: —

EBITDA margin Δ (YoY)

0.49 pp —

FY 2023: —

EBIT margin Δ (YoY)

0.66 pp —

FY 2023: —

Net margin Δ (YoY)

0.67 pp —

FY 2023: —