Q1 2025 report
Q1 2025 to pierwszy kwartal spowolnienia po 2024 r. (przychody -1,7% YoY, zysk netto skonsolidowany -10,9%, jednostkowy -37,1%) glownie z powodu ograniczenia finansowania operacji ortopedycznych przez NFZ.
Sentiment
Cautious
No guidance change
MSM
Q1 2025 report
Revenue
7.93 m PLN
— YoY
Net income
0.19 m PLN
— YoY
EBITDA
0.46 m PLN
— YoY
Gross margin
37.27%
— YoY
Summary
Investment thesis
- Kontynuacja zatowarowywania (zapasy 14,87 mln PLN, +27% YoY) i finansowania dlugiem (Total Debt 9,91 mln PLN, +35% kw/kw) - sygnal strukturalnej presji na kapital obrotowy.
- Sukcesy produktowe: implanty Unity (kolano) - sprzedaz w samym Q1 2025 przekroczyla caly 2024 r.; nowy ZQII-PLLA w segmencie Anti-Aging napedza wzrost w sektorze prywatnym z wyzszymi marzami.
- Opcjonalnosc: roboty OMNIBotics z planowanym startem sprzedazy w Q3 2025 (oczekiwane uruchomienie KPO); projekt URSA - wlasny system robotyki ortopedycznej z planem komercjalizacji Q1 2027.
- Glowne ryzyko: cash flow operacyjny spadl o 72,7% YoY, a roznica jest finansowana kredytami; przy interest coverage 3,01x i sezonowo niskim EBITDA presja na plynnosc moze rosnac w II kw.
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Financials
BETA
MSM · Q1 2025
| Metric | Q1 2025 | Q1 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 7.93 | — | — | reported | — | 1.00 |
| Gross profit | 2.96 | — | — | derived | — | 0.90 |
| EBITDA | 0.46 | — | — | derived | — | 0.95 |
| EBIT | 0.32 | — | — | reported | — | 1.00 |
| EBT | 0.23 | — | — | reported | — | 1.00 |
| Net income | 0.19 | — | — | reported | — | 1.00 |
| D&A | 0.14 | — | — | reported | — | 1.00 |
| Interest expense | 0.11 | — | — | reported | — | 1.00 |
| Gross margin | 37.27% | — | — | derived | — | 0.90 |
| EBITDA margin | 5.8% | — | — | derived | — | 0.95 |
| EBIT margin | 4.08% | — | — | derived | — | 1.00 |
| Net margin | 2.35% | — | — | derived | — | 1.00 |
| Cash | 1.01 | — | — | reported | — | 1.00 |
| Total debt | 9.91 | — | — | derived | — | 0.90 |
| Net debt | 8.9 | — | — | derived | — | 0.90 |
| Equity | 5.55 | — | — | reported | — | 1.00 |
| Total assets | 23.61 | — | — | reported | — | 1.00 |
| Working capital | 6.48 | — | — | derived | — | 0.90 |
| Current assets | 20.84 | — | — | reported | — | 1.00 |
| Current liabilities | 14.36 | — | — | reported | — | 1.00 |
| CFO | 0.31 | — | — | reported | — | 1.00 |
| CapEx | 0.03 | — | — | reported | — | 1.00 |
| FCF | 0.28 | — | — | derived | — | 0.95 |
| FCF conversion | 60.99% | — | — | derived | — | 0.90 |
| CFO conversion | 68.22% | — | — | derived | — | 0.90 |
| Current ratio | 1.45x | — | — | derived | — | 0.95 |
| Quick ratio | 0.42x | — | — | derived | — | 0.90 |
| Cash ratio | 0.07x | — | — | derived | — | 1.00 |
| Interest coverage | 3.01x | — | — | derived | — | 0.90 |
| Net debt / EBITDA | 4.84x | — | — | derived | — | 0.70 |
| Debt / equity | 1.79x | — | — | derived | — | 0.90 |
| Net debt / equity | 1.61x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -1.75% | — | — | derived | — | 1.00 |
| EBITDA growth (YoY) | -1.21% | — | — | derived | — | 0.90 |
| EBIT growth (YoY) | -6.81% | — | — | derived | — | 1.00 |
| Net income growth (YoY) | -10.86% | — | — | derived | — | 1.00 |
| Gross margin Δ (YoY) | -3.23 pp | — | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | -0.22 pp | — | — | derived | — | 0.90 |
Q1 2025 · Δ YoY
Revenue
7.93
—
7.93
—
- Q1 2024
- —
Gross profit
2.96
—
2.96
—
- Q1 2024
- —
EBITDA
0.46
—
0.46
—
- Q1 2024
- —
EBIT
0.32
—
0.32
—
- Q1 2024
- —
EBT
0.23
—
0.23
—
- Q1 2024
- —
Net income
0.19
—
0.19
—
- Q1 2024
- —
D&A
0.14
—
0.14
—
- Q1 2024
- —
Interest expense
0.11
—
0.11
—
- Q1 2024
- —
Gross margin
37.27%
—
37.27%
—
- Q1 2024
- —
EBITDA margin
5.8%
—
5.8%
—
- Q1 2024
- —
EBIT margin
4.08%
—
4.08%
—
- Q1 2024
- —
Net margin
2.35%
—
2.35%
—
- Q1 2024
- —
Cash
1.01
—
1.01
—
- Q1 2024
- —
Total debt
9.91
—
9.91
—
- Q1 2024
- —
Net debt
8.9
—
8.9
—
- Q1 2024
- —
Equity
5.55
—
5.55
—
- Q1 2024
- —
Total assets
23.61
—
23.61
—
- Q1 2024
- —
Working capital
6.48
—
6.48
—
- Q1 2024
- —
Current assets
20.84
—
20.84
—
- Q1 2024
- —
Current liabilities
14.36
—
14.36
—
- Q1 2024
- —
CFO
0.31
—
0.31
—
- Q1 2024
- —
CapEx
0.03
—
0.03
—
- Q1 2024
- —
FCF
0.28
—
0.28
—
- Q1 2024
- —
FCF conversion
60.99%
—
60.99%
—
- Q1 2024
- —
CFO conversion
68.22%
—
68.22%
—
- Q1 2024
- —
Current ratio
1.45x
—
1.45x
—
- Q1 2024
- —
Quick ratio
0.42x
—
0.42x
—
- Q1 2024
- —
Cash ratio
0.07x
—
0.07x
—
- Q1 2024
- —
Interest coverage
3.01x
—
3.01x
—
- Q1 2024
- —
Net debt / EBITDA
4.84x
—
4.84x
—
- Q1 2024
- —
Debt / equity
1.79x
—
1.79x
—
- Q1 2024
- —
Net debt / equity
1.61x
—
1.61x
—
- Q1 2024
- —
Revenue growth (YoY)
-1.75%
—
-1.75%
—
- Q1 2024
- —
EBITDA growth (YoY)
-1.21%
—
-1.21%
—
- Q1 2024
- —
EBIT growth (YoY)
-6.81%
—
-6.81%
—
- Q1 2024
- —
Net income growth (YoY)
-10.86%
—
-10.86%
—
- Q1 2024
- —
Gross margin Δ (YoY)
-3.23 pp
—
-3.23 pp
—
- Q1 2024
- —
EBIT margin Δ (YoY)
-0.22 pp
—
-0.22 pp
—
- Q1 2024
- —