Geratherm Medical AG reported strong momentum in the first half of 2025, reaching operating breakeven. On a like-for-like basis, revenues rose by 13.2% year-on-year and 15.4% sequentially. The EBITDA margin improved by 2.6 percentage points to 7.5%, leading to a balanced EBIT result after a loss in the previous year. Cost reductions, mainly from short-time work, contributed significantly.

The Healthcare Diagnostics segment remained challenging due to market saturation and underutilization in thermometer production but improved 61% compared to H2 2024. Short-time work will continue until the end of 2025.

Other divisions performed strongly: Respiratory grew 17% year-on-year, while Incubator Systems recorded a 92% revenue increase, supported by the successful MDR certification in Q1 2025. Operating cash flow reached EUR 0.9 m, reflecting efficient working capital management. The company maintains a solid balance sheet with EUR 9.6 m in cash and EUR 2.6 m in gross debt.

Management remains optimistic for the rest of FY2025, particularly in Respiratory and Incubator Systems. The research note confirms a BUY rating and a target price of EUR 6.00.

You can read the entire report in English on Research Hub in digital coverage of Geratherm Medical. 

Alternatively, you can find the update here as a PDF file in English.