Copenhagen, Feb 6, 2026, 13:07 CET — Regular session
Shares of Coloplast A/S dropped almost 8% on Nasdaq Copenhagen Friday following a cut in its growth forecast for Kerecis, now expected to be about 10%, down from around 25%. The company blamed new U.S. Medicare reimbursement rules for the setback. By 13:07 CET, Coloplast B had slid 7.82% to 495.35 Danish crowns. (MarketScreener)
Kerecis, known for its fish-skin grafts in wound care, posted a 10% organic sales increase—excluding currency fluctuations and acquisitions—but its EBIT margin hovered around 1% this quarter, the company said. Interim CEO Lars Rasmussen acknowledged “significant sales disruption” but remains confident Kerecis is “well-positioned to win” over the longer haul. (GlobeNewswire)
Coloplast’s group revenue hit 7,043 million Danish crowns in the quarter ending Dec. 31, holding steady at 0% growth. A 4-point currency drag and a divestment wiped out what would have been 6% organic growth. EBIT before special items dropped 3% to 1,850 million crowns, with the EBIT margin dipping to 26% from 27%. (Coloplast)
Coloplast announced that starting Jan. 1, the U.S. Centers for Medicare & Medicaid Services set a fixed reimbursement rate of $127 per square centimetre for skin substitutes, a category of wound-healing products. A new coverage determination was pulled in late December. Around 20% of Kerecis sales stem from Medicare outpatient care, and the company said it will phase out its Shield brand there because its price exceeds the fixed rate. Instead, it plans to shift sales toward an updated MariGen range. Additionally, Coloplast US has struck a deal to buy the remaining shares of Uromedica, with the transaction expected to close in February, pending conditions and shareholder approval. (Coloplast)
Coloplast kept its full-year outlook steady, aiming for roughly 7% organic revenue growth and a similar 7% increase in EBIT on a constant currency basis. The company also projects a return on invested capital near 16%. It anticipates a sharp rise in Kerecis’ EBIT margin through the rest of the year, targeting a double-digit margin by year-end. Reported growth, factoring in currency impacts, is expected to come in around 4%. (Coloplast)
Management reported a “soft start” for Ostomy Care, citing negative growth in China and a tough comparison in the U.S. Growth in Continence Care was buoyed by the Luja catheter. Advanced Wound Dressings took a hit after a voluntary recall of Biatain Adhesive dressings in China, costing about 25 million crowns this quarter. (Coloplast)
But the Medicare reset is complicated, and timing remains a major risk. Should hospitals and clinics stay cautious on purchases longer than anticipated, Kerecis might face margin pressure despite steady group sales in other areas.
Traders are watching closely for clues on how fast Coloplast can adjust pricing and reposition itself in the U.S. outpatient market. They’ll also be alert for signs that disruption could spread to other wound care segments. Meanwhile, fluctuations in key currencies versus the Danish crown remain a wildcard, capable of shifting the reported growth figures.
Coloplast is set to release its half-year interim results on May 12. (Globenewswire)
