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

Q3 2025 report

W Q3 2025 spolka utrzymala udzial w rynku Recon mimo spadku procedur endoprotezoplastyk -15% rdr (NFZ).

Sentiment

Cautious No guidance change

Website

MSM Q3 2025 report

Revenue

6.89 m PLN

— YoY

Net income

0.11 m PLN

— YoY

EBITDA

0.43 m PLN

— YoY

Gross margin

40.64%

— YoY

Summary

Investment thesis

Nowy produkt OpenCast (opatrunki stabilizacyjne, umowa dystrybucyjna ESPI 4/2025) z dystrybucja od Q4 - wysoka marza, sektor prywatny, krotkie terminy platnosci.
Pipeline URSA: ukonczenie modulu ramienia i integracji nawigacji w Q3; prototyp do konca 2025.
Krytyczna sytuacja plynnosci gotowkowej: srodki pieniezne 229 tys. zl, OCF 9M ujemny -317 tys., kredyty krotkoterminowe stabilne na 8,4 mln zl.
Sprzedaz porownywalna (adjusted) za 9M tylko -4,2% rdr po wylaczeniu OMNIBotics 2024 - dobre dane pod warunkiem realizacji odmrozenia KPO/NFZ w Q4.

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Financials

BETA

Q3 2025

MSM · Q3 2025

Metric	Q3 2025	Q3 2024	Δ YoY	YTD 2025	Δ YoY	Value type	Segment	Conf.

Revenue	6.89	—	—	22.31	—	reported	—	1.00
Gross profit	2.8	—	—	8.84	—	derived	—	0.90
EBITDA	0.43	—	—	1.29	—	reported	—	0.95
EBIT	0.32	—	—	0.93	—	reported	—	1.00
EBT	0.16	—	—	0.5	—	reported	—	1.00
Net income	0.11	—	—	0.37	—	reported	—	1.00
D&A	0.11	—	—	0.36	—	reported	—	1.00
Interest expense	0.16	—	—	0.45	—	reported	—	1.00

Gross margin	40.64%	—	—	39.65%	—	derived	—	0.90
EBITDA margin	6.18%	—	—	5.77%	—	derived	—	0.90
EBIT margin	4.58%	—	—	4.18%	—	derived	—	0.95
Net margin	1.52%	—	—	1.67%	—	derived	—	0.95

Cash	0.23	—	—	—	—	reported	—	1.00
Total debt	8.4	—	—	—	—	reported	—	1.00
Net debt	8.17	—	—	—	—	derived	—	0.95
Equity	5.67	—	—	—	—	reported	—	1.00
Total assets	25.13	—	—	—	—	reported	—	1.00
Working capital	4.91	—	—	—	—	derived	—	0.95
Current assets	22.47	—	—	—	—	reported	—	1.00
Current liabilities	17.56	—	—	—	—	reported	—	1.00

CFO	-0.23	—	—	-0.32	—	reported	—	1.00
CapEx	0.01	—	—	0.15	—	reported	—	1.00
FCF	-0.24	—	—	-0.46	—	derived	—	0.90

Current ratio	1.28x	—	—	—	—	derived	—	0.95
Quick ratio	0.35x	—	—	—	—	derived	—	0.95
Cash ratio	0.01x	—	—	—	—	derived	—	0.95
Interest coverage	2x	—	—	2.06x	—	derived	—	0.90

Debt / equity	1.48x	—	—	—	—	derived	—	0.95
Debt / assets	0.33x	—	—	—	—	derived	—	0.95
Net debt / equity	1.44x	—	—	—	—	derived	—	0.95

Revenue growth (YoY)	-3.7%	—	—	-14.06%	—	derived	—	0.95
EBITDA growth (YoY)	143%	—	—	—	—	derived	—	0.90
EBIT growth (YoY)	211%	—	—	-0.82%	—	derived	—	0.90
Net income growth (YoY)	1643.7%	—	—	-27.13%	—	derived	—	0.90

Q3 2025 · Δ YoY

Revenue

6.89 —

Q3 2024: —
YTD 2025: 22.31
Δ YoY: —

Gross profit

2.8 —

Q3 2024: —
YTD 2025: 8.84
Δ YoY: —

EBITDA

0.43 —

Q3 2024: —
YTD 2025: 1.29
Δ YoY: —

EBIT

0.32 —

Q3 2024: —
YTD 2025: 0.93
Δ YoY: —

EBT

0.16 —

Q3 2024: —
YTD 2025: 0.5
Δ YoY: —

Net income

0.11 —

Q3 2024: —
YTD 2025: 0.37
Δ YoY: —

D&A

0.11 —

Q3 2024: —
YTD 2025: 0.36
Δ YoY: —

Interest expense

0.16 —

Q3 2024: —
YTD 2025: 0.45
Δ YoY: —

Gross margin

40.64% —

Q3 2024: —
YTD 2025: 39.65%
Δ YoY: —

EBITDA margin

6.18% —

Q3 2024: —
YTD 2025: 5.77%
Δ YoY: —

EBIT margin

4.58% —

Q3 2024: —
YTD 2025: 4.18%
Δ YoY: —

Net margin

1.52% —

Q3 2024: —
YTD 2025: 1.67%
Δ YoY: —

Cash

0.23 —

Q3 2024: —
YTD 2025: —
Δ YoY: —

Total debt

8.4 —

Q3 2024: —
YTD 2025: —
Δ YoY: —

Net debt

8.17 —

Q3 2024: —
YTD 2025: —
Δ YoY: —

Equity

5.67 —

Q3 2024: —
YTD 2025: —
Δ YoY: —

Total assets

25.13 —

Q3 2024: —
YTD 2025: —
Δ YoY: —

Working capital

4.91 —

Q3 2024: —
YTD 2025: —
Δ YoY: —

Current assets

22.47 —

Q3 2024: —
YTD 2025: —
Δ YoY: —

Current liabilities

17.56 —

Q3 2024: —
YTD 2025: —
Δ YoY: —

CFO

-0.23 —

Q3 2024: —
YTD 2025: -0.32
Δ YoY: —

CapEx

0.01 —

Q3 2024: —
YTD 2025: 0.15
Δ YoY: —

FCF

-0.24 —

Q3 2024: —
YTD 2025: -0.46
Δ YoY: —

Current ratio

1.28x —

Q3 2024: —
YTD 2025: —
Δ YoY: —

Quick ratio

0.35x —

Q3 2024: —
YTD 2025: —
Δ YoY: —

Cash ratio

0.01x —

Q3 2024: —
YTD 2025: —
Δ YoY: —

Interest coverage

2x —

Q3 2024: —
YTD 2025: 2.06x
Δ YoY: —

Debt / equity

1.48x —

Q3 2024: —
YTD 2025: —
Δ YoY: —

Debt / assets

0.33x —

Q3 2024: —
YTD 2025: —
Δ YoY: —

Net debt / equity

1.44x —

Q3 2024: —
YTD 2025: —
Δ YoY: —

Revenue growth (YoY)

-3.7% —

Q3 2024: —
YTD 2025: -14.06%
Δ YoY: —

EBITDA growth (YoY)

143% —

Q3 2024: —
YTD 2025: —
Δ YoY: —

EBIT growth (YoY)

211% —

Q3 2024: —
YTD 2025: -0.82%
Δ YoY: —

Net income growth (YoY)

1643.7% —

Q3 2024: —
YTD 2025: -27.13%
Δ YoY: —