Strong Overall Revenue Growth
Total revenue grew 8.6% year-over-year for Q1; Endoscopy Solutions represented 63% of total revenue and grew 14.4% in the quarter.
Robust Endoscopy Momentum — Respiratory
Respiratory organic growth of 8.3% in Q1 vs a very strong comparable last year; management expects acceleration in respiratory driven by aScope 4/5 adoption, SureSight adoption and cross-selling.
Urology / ENT / GI Outperformance
Urology, ENT and GI segment grew 21% year-over-year in Q1 driven by continued penetration of aScope 4 and growing uptake of aScope 5 Cysto/Uretero.
Product and Strategy Launches
Launched the ZOOM AHEAD growth strategy and new products including SureSight Mobile (video laryngoscope handheld) and aScope 4 Cysto in China (locally manufactured); Recircle recycling program expanded to 50 hospitals and >100 clinical departments and now includes SureSight blades.
Underlying Profitability (adjusted)
Reported EBIT before special items was DKK 164 million (10.5% EBIT margin). After adjusting for tariffs and FX headwinds management reports an underlying adjusted EBIT margin above 15%, aligned with margin expansion plan.
Healthy Gross Margin and Manufacturing Leverage
Gross margin at 60.8% — lower than last year's Q1 but higher than last financial year's average — benefitting from higher endoscopy mix, price governance and improved utilization (notably Mexico factory).
Maintained Full-Year Guidance
Company maintained full-year organic growth guidance of 10%–13% (Endoscopy Solutions +15%) and EBIT margin guidance of 12%–14% despite tariffs and FX headwinds.
Investment in Software and AI
Progress on EndoIntelligence with improved documentation, EMR integration, and AI bronchoscopy navigation training; R&D and CapEx increasing to support software and hardware innovation.