0001104659-26-047671
SEC filingMixed year: Medical segment drove strong growth and margin expansion, but Manufacturing declined, capping overall revenue growth and compressing consolidated profitability.
In contrast, the Manufacturing segment experienced a decline, impacted by lower industrial demand and a trend among larger customers to move 3D printing production in-house once their orders reach certain volumes. This dynamic, while challenging for Manufacturing, creates opportunities for the Software segment as customers seek capacity balancing services.
Consolidated profitability was compressed as the favorable mix shift toward higher-margin Medical and Software was offset by cost pressures. Research and development as well as general and administrative expenses grew, reflecting investments in innovation and infrastructure.
Management expects the Medical segment to continue its growth trajectory, driven by expanding collaboration agreements and new product launches in cardiovascular and respiratory markets. The Manufacturing segment is expected to stabilize as the company focuses on high-value aerospace and specialty applications. Capital expenditures are expected to moderate in 2026, with the German expansion largely complete. The company's dual listing on Euronext Brussels in November 2025 provides additional strategic flexibility, including potential access to European capital markets. Key risks include execution of the Manufacturing turnaround, foreign exchange exposure (particularly USD), and the ongoing transition to new business models in the Software segment.