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

Q2 2025 report

Niszowy dystrybutor implantow ortopedycznych z dwoma liniami: Recon (B2B publiczne szpitale) i Anti-Aging (B2C prywatny, wyzsza marza).

Sentiment

Cautious No guidance change

Website

MSM Q2 2025 report

Revenue

7.43 m PLN

— YoY

Net income

0.08 m PLN

— YoY

EBITDA

0.4 m PLN

— YoY

Gross margin

40.86%

— YoY

Summary

Investment thesis

Wyniki Q2 znieksztalcone efektem bazy 2024 (jednorazowa sprzedaz robota OMNIBotics ~2,8 mln zl) - sprzedaz porownywalna stabilna.
Pipeline innowacyjny: projekt URSA (robot operacyjny) z prototypem do konca 2025; oczekiwana sprzedaz robotow w H2 po uruchomieniu KPO.
Strukturalne ryzyko: koncentracja akcjonariatu (Prezes 54,1%), wysokie zatowarowanie (DIO ~311 dni), agresywne lewarowanie kredytami krotkoterminowymi.
Wrazliwosc na cykle finansowania NFZ - w Q2 2025 spadek planowych endoprotezoplastyk ograniczyl popyt szpitali publicznych.

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Financials

BETA

Q2 2025

MSM · Q2 2025

Metric	Q2 2025	Q2 2024	Δ YoY	YTD 2025	Δ YoY	Value type	Segment	Conf.

Revenue	7.43	—	—	15.42	—	reported	—	1.00
Gross profit	3.04	—	—	6.04	—	derived	—	0.90
EBITDA	0.4	—	—	0.86	—	derived	—	0.95
EBIT	0.29	—	—	0.62	—	reported	—	1.00
EBT	0.12	—	—	0.35	—	reported	—	1.00
Net income	0.08	—	—	0.27	—	reported	—	1.00
D&A	0.11	—	—	0.25	—	reported	—	1.00
Interest expense	0.19	—	—	0.3	—	reported	—	1.00

Gross margin	40.86%	—	—	39.21%	—	derived	—	0.90
EBITDA margin	5.42%	—	—	5.6%	—	derived	—	0.90
EBIT margin	3.96%	—	—	4.01%	—	derived	—	0.95
Net margin	1.09%	—	—	1.73%	—	derived	—	0.95

Cash	0.69	—	—	—	—	reported	—	1.00
Total debt	8.4	—	—	—	—	reported	—	1.00
Net debt	7.71	—	—	—	—	derived	—	0.95
Equity	5.63	—	—	—	—	reported	—	1.00
Total assets	24.63	—	—	—	—	reported	—	1.00
Working capital	4.67	—	—	—	—	derived	—	0.95
Current assets	21.77	—	—	—	—	reported	—	1.00
Current liabilities	17.09	—	—	—	—	reported	—	1.00

CFO	-0.4	—	—	-0.08	—	reported	—	1.00
CapEx	0.11	—	—	0.14	—	reported	—	1.00
FCF	-0.5	—	—	-0.22	—	derived	—	0.90

Current ratio	1.27x	—	—	—	—	derived	—	0.95
Quick ratio	0.34x	—	—	—	—	derived	—	0.95
Cash ratio	0.04x	—	—	—	—	derived	—	0.95
Interest coverage	1.56x	—	—	2.09x	—	derived	—	0.90

Debt / equity	1.49x	—	—	—	—	derived	—	0.95
Debt / assets	0.34x	—	—	—	—	derived	—	0.95
Net debt / equity	1.37x	—	—	—	—	derived	—	0.95

Revenue growth (YoY)	-30.78%	—	—	-18.01%	—	derived	—	0.95
EBITDA growth (YoY)	-40.59%	—	—	—	—	derived	—	0.85
EBIT growth (YoY)	-39.55%	—	—	-25.37%	—	derived	—	0.90
Net income growth (YoY)	-71.97%	—	—	-45.74%	—	derived	—	0.95

Q2 2025 · Δ YoY

Revenue

7.43 —

Q2 2024: —
YTD 2025: 15.42
Δ YoY: —

Gross profit

3.04 —

Q2 2024: —
YTD 2025: 6.04
Δ YoY: —

EBITDA

0.4 —

Q2 2024: —
YTD 2025: 0.86
Δ YoY: —

EBIT

0.29 —

Q2 2024: —
YTD 2025: 0.62
Δ YoY: —

EBT

0.12 —

Q2 2024: —
YTD 2025: 0.35
Δ YoY: —

Net income

0.08 —

Q2 2024: —
YTD 2025: 0.27
Δ YoY: —

D&A

0.11 —

Q2 2024: —
YTD 2025: 0.25
Δ YoY: —

Interest expense

0.19 —

Q2 2024: —
YTD 2025: 0.3
Δ YoY: —

Gross margin

40.86% —

Q2 2024: —
YTD 2025: 39.21%
Δ YoY: —

EBITDA margin

5.42% —

Q2 2024: —
YTD 2025: 5.6%
Δ YoY: —

EBIT margin

3.96% —

Q2 2024: —
YTD 2025: 4.01%
Δ YoY: —

Net margin

1.09% —

Q2 2024: —
YTD 2025: 1.73%
Δ YoY: —

Cash

0.69 —

Q2 2024: —
YTD 2025: —
Δ YoY: —

Total debt

8.4 —

Q2 2024: —
YTD 2025: —
Δ YoY: —

Net debt

7.71 —

Q2 2024: —
YTD 2025: —
Δ YoY: —

Equity

5.63 —

Q2 2024: —
YTD 2025: —
Δ YoY: —

Total assets

24.63 —

Q2 2024: —
YTD 2025: —
Δ YoY: —

Working capital

4.67 —

Q2 2024: —
YTD 2025: —
Δ YoY: —

Current assets

21.77 —

Q2 2024: —
YTD 2025: —
Δ YoY: —

Current liabilities

17.09 —

Q2 2024: —
YTD 2025: —
Δ YoY: —

CFO

-0.4 —

Q2 2024: —
YTD 2025: -0.08
Δ YoY: —

CapEx

0.11 —

Q2 2024: —
YTD 2025: 0.14
Δ YoY: —

FCF

-0.5 —

Q2 2024: —
YTD 2025: -0.22
Δ YoY: —

Current ratio

1.27x —

Q2 2024: —
YTD 2025: —
Δ YoY: —

Quick ratio

0.34x —

Q2 2024: —
YTD 2025: —
Δ YoY: —

Cash ratio

0.04x —

Q2 2024: —
YTD 2025: —
Δ YoY: —

Interest coverage

1.56x —

Q2 2024: —
YTD 2025: 2.09x
Δ YoY: —

Debt / equity

1.49x —

Q2 2024: —
YTD 2025: —
Δ YoY: —

Debt / assets

0.34x —

Q2 2024: —
YTD 2025: —
Δ YoY: —

Net debt / equity

1.37x —

Q2 2024: —
YTD 2025: —
Δ YoY: —

Revenue growth (YoY)

-30.78% —

Q2 2024: —
YTD 2025: -18.01%
Δ YoY: —

EBITDA growth (YoY)

-40.59% —

Q2 2024: —
YTD 2025: —
Δ YoY: —

EBIT growth (YoY)

-39.55% —

Q2 2024: —
YTD 2025: -25.37%
Δ YoY: —

Net income growth (YoY)

-71.97% —

Q2 2024: —
YTD 2025: -45.74%
Δ YoY: —