Coloplast Chart

Rank: #29
DKK27.87 Billion ($4.38 Billion)
Prior Fiscal: DKK27.03B
Percentage Change: +3.1%
R&D Expenditure: DKK946 Million
Best FY25 Quarter: Q1 DKK7.03B
Latest Quarter: Q2 DKK7.08B
No. of Employees: 17,156
Global Headquarters: Humlebaek, Denmark

Coloplast once had big plans for its future.

(It still does, but that’s beside the point).

The plans prioritized capital improvement, sustainability, and accelerated product innovation, specifically targeting 7%-9% organic revenue growth, global market expansion, 30%-plus EBIT margin, and improved recycling and renewable materials packaging efforts.

“We are building the consumer healthcare company of the future,” Coloplast stated in its 2020 Capital Markets Day presentation. “Our new strategy will drive value creation through Sustainable Growth Leadership with an emphasis on innovation (Clinical Performance Programme), U.S. and China.”

Long-term value creation and sustainable growth—a sound plan.

An achievable one too, had life gone according to plan. But life intervened in a ruthless way, in rapid-fire succession with the COVID-19 pandemic, inflation, and global geopolitical unrest.

So much for the (Strive25) plan.

“COVID-19, geopolitical tensions, persistent inflation, and a fundamentally changed market landscape in China created new headwinds that challenged our original assumptions and strategic ambitions,” Coloplast Interim Board Chair Jette Nygaard-Andersen and Interim President/CEO Lars Rasmussen stated in the company’s FY25 annual report. “While Strive25 did not deliver the value creation we had envisioned, it provided key building blocks and a strong foundation for future value creation.”

Strive25 was rather effective in the present, too: Reported revenue rose 3.1% in FY25 to DKK27.87 billion. Organic growth for the year was 7%—within Strive25’s guideposts—and operating profit (EBIT) before special items climbed 5.3% to DKK7.67 billion, though the gains were somewhat tempered by volatile foreign exchange rates.

Gross profit increased 3.6% to DKK18.94 billion, producing a 68% gross margin that was attributable to favorable input costs, price increases, and country and product mix.

Coloplast’s solid FY25 performance was fueled by growth in four of its five business units. The largest contributor was Voice & Respiratory Care, which advanced sales 8.1% (9% organically) to DKK2.28 billion. Growth was driven by an increase in total patients served as well as demand for Provox Life and laryngectomy solutions, and double-digit gains in tracheostomy product sales. The European and U.S. markets also were key to Voice & Respiratory Care’s performance, while areas with recent reimbursement approvals, such as Poland, delivered a strong performance too, achieving double-digit growth.

The Continence Care unit posted the second-highest growth rate in fiscal 2025 (year ended Sept. 30), expanding proceeds 5.2% (8% organically) to generate DKK8.98 billion in total sales. The main performance engine was Luja Coudé, a male intermittent catheter with Micro-hole Zone technology. Luja Coudé reportedly is the first and only male intermittent catheter designed to empty the bladder completely in one uninterrupted urine flow. The product features more than 80 micro-holes designed to reduce the risk of developing UTIs by completely emptying the bladder.

The male catheter was popular in both Europe and the United States, while the Luja for women finished its commercial rollout in April 2025 and is currently available in 13 markets.

In addition to Luja, Coloplast’s SpeediCath ready-to-use hydrophilic intermittent catheters and the Peristeen Plus Transanal Irrigation System boosted Continence Care unit revenue as well. SpeediCath sales were driven by demand for the standard, compact, flexible catheters in the United States and Latin America.

Analyst Insight: “Coloplast’s core ostomy and continence businesses remain excellent, but Kerecis is a reminder that reimbursement risk can overwhelm even strong clinical logic. In MedTech, payer policy can change the investment thesis faster than product performance.”

—Daniel Sheppard, Managing Director, Middle Markets – MedTech and Digital HealthTech, MedWorld Advisors

Products were a key pillar in the Ostomy Care unit’s FY25 performance as well, boosting revenue 3.7% (6% organically) to DKK9.89 billion. The SenSura Mio portfolio—encompassing Convex, Concave, and Flat products­­­—was the main growth engine, with SenSura Mio Convex popular in Europe (particularly the U.K. and Germany) and the United States, the SenSura and Assura/Alterna lineups favored in emerging markets, and the Brava range preferred in all regions (but most prominantly in the United States and Europe).

The SenSura Mio family’s popularity was bolstered by three new product launches in 2024, most notably the SenSura Mio black bags, the two-piece SenSura Mio Convex Soft with Flex coupling, and the SenSura Mio Click Coupling.

The Interventional Urology unit’s product portfolio delivered mixed results in FY25. The Women’s Health and Men’s Health divisions contributed to the 2% organic sales increase (to DKK 2.78 billion), with the latter’s Tital penile implant performing well. Another benefactor was Coloplast’s TFL Drive, featuring Thulium Fiber Laser (TFL) technology; the all-in-one laser system for lithotripsy, BPH and precise soft tissue treatments includes an intuitive touch screen, surgical versatility, and cutting-edge technology for confidence and OR support.

Despite such solid demand for the TFL Drive and penile implant, the Interventional Urology’s overall growth was stymied by a voluntary product recall that cost the company roughly DKK85 million. Coloplast initiated the recall in December 2024 due to a possible packaging sterility issue. Various devices were affected, including Foley catheters, prostatic catheters, urinary diversion devices, Neoplex urethral catheters (without balloon), urethral bougies, urodynamic catheters, percutaneous nephrostomy catheters, supra-pubic drainage set, and surgical drainage devices.

The Wound & Tissue Repair unit also contended with a product recall in fiscal 2025, but the field action curiously was not a significant factor in the segment’s overall performance. Instead, the recall mostly impacted Advanced Wound Dressings revenue, which fell 11.8% to DKK2.67 billion.

Coloplast conducted a “preventative and voluntary” product return in Q3 for all Biatain Adhesive foam dressings in China after an inspection found that three product lots failed to meet a “technical requirement” (the specific requirement was not disclosed). Product safety was never compromised, and the dressings met standards in other markets, but the company nevertheless collected the affected lots from customers. The return cost Coloplast approximately DKK80 million in the second half of FY25.

The loss in Advanced Wound Dressings was partially offset by a 22.2% gain in Biologics sales (to DKK1.25 billion). That growth, however, was not enough to negate the downward slide in overall Wound & Tissue Repair proceeds. Unit sales slid 3.2% to DKK 3.9 billion, impacted by an 8% negative impact from the company’s Skin Care divestment and negative growth in emerging markets.

Counterbalancing the divestment’s impact and weak emerging market revenue was strong demand in Europe and solid sales of Biatain Superabsorber, Biatain Fiber, and Kerecis products. Kerecis was a virtual cash cow for Coloplast, generating DKK1.25 billion in FY25, a 24% increase from the previous fiscal year. Kerecis’ momentum slowed in the second half of the year due to the U.S. Centers for Medicare & Medicaid Services’ LCD (Local Coverage Determinations) postponement in the outpatient setting, which led to a market shift toward higher-priced products.