MSM MASSMEDICA NewConnect · Annual · publ. May 29, 2026

FY 2025 report

Spolka obronila przychody (-1,3% r/r) w roku, gdy rynek endoprotezoplastyki w Polsce skurczyl sie wedlug zarzadu o ponad 10% wzgledem 2023 r., dzieki dywersyfikacji produktowej (system kolanowy UNITY, implanty budzetowe Chunli, linia Anti-Aging ZQII PLLA)

Sentiment

Cautious No guidance change

Website

MSM FY 2025 report

Revenue

32.62 m PLN

+0% YoY

—

Net income

0.81 m PLN

+35% YoY

—

EBITDA

1.86 m PLN

+0.4% YoY

—

Gross margin

41.98%

-1.1 pp YoY

—

Summary

Investment thesis

EBITDA wzrosla o 8,2% r/r mimo trudnego otoczenia, co potwierdza utrzymana dyscyplina kosztowa na poziomie operacyjnym
Jakosc zysku jest slaba: OCF ujemny (-1,93 mln zl) przy dodatnim zysku netto (+0,56 mln zl), spowodowany wzrostem naleznosci o 4,78 mln zl w wyniku pogorszenia terminowosci platnosci szpitali
Dlug netto/EBITDA przekroczyl 4x (z 2,89x rok wczesniej) - finansowanie kapitalu obrotowego dlugiem zamiast gotowka z operacji, z rownoczesnym 2,56-krotnym wzrostem wymaganego zabezpieczenia bankowego
Strategiczna opcjonalnosc w postaci projektu robota chirurgicznego URSA (spolka zalezna Massmedica Technologie) z prototypem zapowiadanym na wrzesien 2026 - potencjalne uniezaleznienie od cyklicznosci NFZ w dluzszym horyzoncie, ale bez przychodu na dzis

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Financials

BETA

FY 2025

MSM · FY 2025

Metric	FY 2025	FY 2024	Δ YoY	Value type	Segment	Conf.

Revenue	32.62	32.61	+0%	reported	—	1.00
Gross profit	13.55	14.04	−3.5%	derived	—	0.90
EBITDA	1.86	1.86	+0.4%	reported	—	0.90
EBIT	1.53	1.32	+16%	reported	—	1.00
EBT	0.89	0.86	+3.7%	reported	—	1.00
Net income	0.81	0.6	+35%	reported	—	1.00
D&A	0.33	0.54	−37.8%	reported	—	1.00
Interest expense	0.61	0.37	+63.2%	reported	—	1.00

Gross margin	41.98%	43.05%	−1.1 pp	reported	—	0.80
EBITDA margin	6.27%	5.69%	+0.6 pp	reported	—	0.90
EBIT margin	4.78%	4.04%	+0.7 pp	reported	—	1.00
EBT margin	2.69%	—	—	reported	—	0.90
Net margin	1.73%	1.85%	−0.1 pp	reported	—	1.00
D&A margin	1.49%	—	—	reported	—	0.90

Cash	0.23	0.09	+145.6%	reported	—	1.00
Total debt	8.4	7.37	+14%	reported	—	0.90
Net debt	8.17	7.28	+12.3%	reported	—	0.90
Equity	6.45	5.36	+20.3%	reported	—	1.00
Total assets	25.75	20.36	+26.5%	reported	—	1.00
Working capital	5.48	5.08	+7.8%	derived	—	0.90
Current assets	21.12	17.49	+20.8%	reported	—	1.00
Current liabilities	16.95	12.41	+36.6%	reported	—	1.00

CFO	1.61	1.61	+0.3%	reported	—	1.00
CapEx	0.24	1.75	−86.4%	reported	—	1.00
FCF	-2.17	-0.14	−1478.7%	reported	—	0.90
FCF conversion	-107.37%	-7.39%	−100 pp	reported	—	0.80
CFO conversion	-95.55%	86.74%	−182.3 pp	reported	—	0.80
Dividends paid	0	—	—	reported	—	1.00

ROE	8.96%	11.94%	−3 pp	reported	—	0.80
ROA	2.38%	3.05%	−0.7 pp	reported	—	0.80

Current ratio	1.25x	1.41x	−0.16x	reported	—	1.00
Quick ratio	0.47x	0.27x	+0.2x	reported	—	1.00
Cash ratio	0.01x	0.01x	+0x	reported	—	0.85
Interest coverage	2.53x	3.54x	−1.01x	reported	—	1.00

Net debt / EBITDA	4.05x	3.92x	+0.13x	reported	—	0.85
Debt / equity	1.3x	1.37x	−0.07x	reported	—	0.85
Net debt / equity	1.27x	1.36x	−0.09x	reported	—	0.85

Revenue growth (YoY)	-1.35%	23.56%	—	reported	—	1.00
EBITDA growth (YoY)	8.23%	35.1%	—	reported	—	0.90
EBIT growth (YoY)	0.56%	47.43%	—	reported	—	1.00
Net income growth (YoY)	-31.47%	93.65%	—	reported	—	1.00
FCF growth (YoY)	-1473%	—	—	reported	—	0.70
Gross margin Δ (YoY)	-0.99 pp	3.36 pp	—	reported	—	0.85
EBITDA margin Δ (YoY)	0.55 pp	0 pp	—	reported	—	0.90
EBIT margin Δ (YoY)	0.66 pp	0.66 pp	—	reported	—	0.85
Net margin Δ (YoY)	-0.77 pp	0 pp	—	reported	—	1.00

FY 2025 · Δ YoY

Revenue

32.62 +0%

FY 2024: 32.61

Gross profit

13.55 −3.5%

FY 2024: 14.04

EBITDA

1.86 +0.4%

FY 2024: 1.86

EBIT

1.53 +16%

FY 2024: 1.32

EBT

0.89 +3.7%

FY 2024: 0.86

Net income

0.81 +35%

FY 2024: 0.6

D&A

0.33 −37.8%

FY 2024: 0.54

Interest expense

0.61 +63.2%

FY 2024: 0.37

Gross margin

41.98% −1.1 pp

FY 2024: 43.05%

EBITDA margin

6.27% +0.6 pp

FY 2024: 5.69%

EBIT margin

4.78% +0.7 pp

FY 2024: 4.04%

EBT margin

2.69% —

FY 2024: —

Net margin

1.73% −0.1 pp

FY 2024: 1.85%

D&A margin

1.49% —

FY 2024: —

Cash

0.23 +145.6%

FY 2024: 0.09

Total debt

8.4 +14%

FY 2024: 7.37

Net debt

8.17 +12.3%

FY 2024: 7.28

Equity

6.45 +20.3%

FY 2024: 5.36

Total assets

25.75 +26.5%

FY 2024: 20.36

Working capital

5.48 +7.8%

FY 2024: 5.08

Current assets

21.12 +20.8%

FY 2024: 17.49

Current liabilities

16.95 +36.6%

FY 2024: 12.41

CFO

1.61 +0.3%

FY 2024: 1.61

CapEx

0.24 −86.4%

FY 2024: 1.75

FCF

-2.17 −1478.7%

FY 2024: -0.14

FCF conversion

-107.37% −100 pp

FY 2024: -7.39%

CFO conversion

-95.55% −182.3 pp

FY 2024: 86.74%

Dividends paid

0 —

FY 2024: —

ROE

8.96% −3 pp

FY 2024: 11.94%

ROA

2.38% −0.7 pp

FY 2024: 3.05%

Current ratio

1.25x −0.16x

FY 2024: 1.41x

Quick ratio

0.47x +0.2x

FY 2024: 0.27x

Cash ratio

0.01x +0x

FY 2024: 0.01x

Interest coverage

2.53x −1.01x

FY 2024: 3.54x

Net debt / EBITDA

4.05x +0.13x

FY 2024: 3.92x

Debt / equity

1.3x −0.07x

FY 2024: 1.37x

Net debt / equity

1.27x −0.09x

FY 2024: 1.36x

Revenue growth (YoY)

-1.35% —

FY 2024: 23.56%

EBITDA growth (YoY)

8.23% —

FY 2024: 35.1%

EBIT growth (YoY)

0.56% —

FY 2024: 47.43%

Net income growth (YoY)

-31.47% —

FY 2024: 93.65%

FCF growth (YoY)

-1473% —

FY 2024: —

Gross margin Δ (YoY)

-0.99 pp —

FY 2024: 3.36 pp

EBITDA margin Δ (YoY)

0.55 pp —

FY 2024: 0 pp

EBIT margin Δ (YoY)

0.66 pp —

FY 2024: 0.66 pp

Net margin Δ (YoY)

-0.77 pp —

FY 2024: 0 pp