Vimian Group said second-quarter revenue rose 17% from a year earlier to EUR 121.6 million, with organic growth of 12% and adjusted EBITA up 17% to EUR 29.7 million. The company posted earnings per share of $0.02, below the $0.0266 forecast, while the stock traded at $32.10, down 1.38% from the previous close of $32.55 in pre-market trading.
Key Takeaways
Revenue growth of 17% and organic growth of 12% showed broad-based demand across the animal health business.Adjusted EBITA margin improved to 24.5%, helped by stronger performance in MedTech dental and continued scale benefits.MedTech returned to double-digit growth, with the U.S. orthopedic business back to growth despite soft market conditions.Specialty Pharma launched 25 new products in the quarter and had more than 60 products in development.The company closed four acquisitions year to date and said its M&A pipeline remains active across all four segments.
Company Performance
Vimian said it delivered strong results across all four business segments in the second quarter, with organic growth of 12% outpacing the global animal health market. Specialty Pharma remained the largest earnings contributor, while MedTech showed a notable recovery after earlier weakness in orthopedics.
The company’s adjusted EBITA margin expanded to 24.5% from the prior year, reflecting better operating leverage and the consolidation of acquired businesses, especially in MedTech dental. Operating profit rose 54% to EUR 22.3 million, while profit for the period was EUR 8.8 million.
Management said the quarter also reflected continued execution on strategy, including product launches, geographic expansion, and acquisitions. The company highlighted stronger growth outside the U.S. in orthopedics, solid momentum in veterinary services, and improved product mix in diagnostics.
Financial Highlights
Revenue: EUR 121.6 million, up 17% year over year.Organic revenue growth: 12%, above the broader animal health market.Acquisition contribution: 6 percentage points to growth.Currency impact: -1 percentage point on reported growth.Adjusted EBITA: EUR 29.7 million, up 17% from a year earlier.Adjusted EBITA margin: 24.5%, up from the prior year.Operating profit: EUR 22.3 million, up 54% from EUR 14.5 million.Profit for the period: EUR 8.8 million.Earnings per share: $0.02.Net debt: EUR 273.7 million, up from EUR 258.4 million at the end of Q1.Gross profit margin: 69% over the last twelve months, indicating strong pricing power.
Earnings vs. Forecast
Vimian reported EPS of $0.02 versus the forecast of $0.0266, a miss of $0.0066 per share, or about 24.8%. That is a clear miss on the bottom line, even though the absolute difference is small.
Revenue forecast data was not available in the same format as the EPS estimate, so a direct revenue-versus-forecast comparison is not included here. Still, the company’s reported revenue growth of 17% and organic growth of 12% point to a strong operating quarter.
The earnings miss came alongside margin expansion and solid top-line growth, which suggests the shortfall was driven more by below-the-line items, financing costs, taxes, or working capital effects than by weak demand. In that sense, the miss was meaningful but not severe enough to overshadow the broader business momentum.
An InvestingPro tip highlights that Vimian is trading at a low P/E ratio relative to near-term earnings growth, with a PEG ratio of just 0.48—well below the 1.0 threshold that typically signals value. Investors can access 5 additional ProTips and comprehensive financial metrics on the platform.
Market Reaction
The stock was down 1.38% at $32.10 in pre-market trading, compared with the previous close of $32.55. The move was modest, indicating a restrained reaction to the results.
The shares remain within their 52-week range of $24.18 to $41.80. At the current price, the stock is about 38% above the low and about 23% below the high, leaving it in the middle of the range.
The muted reaction suggests investors may be weighing the EPS miss against stronger operating trends, including double-digit organic growth, margin expansion, and an active acquisition pipeline. No unusual trading volume was provided.
According to InvestingPro analysis, Vimian appears undervalued at current levels, placing it among stocks on the platform’s Most Undervalued list. The company carries a market capitalization of $1.78 billion and has earned a “GREAT” Financial Health Score of 3.3 out of 5, reflecting solid fundamentals despite near-term earnings pressure.
Outlook & Guidance
Management said it expects continued momentum in the second half of 2026, although it did not provide formal full-year guidance in the call.
Key points from the outlook included:
Specialty Pharma is expected to keep growing, with underlying demand described as strong across therapeutic areas.The national sales campaign in Specialty Pharma will create a tougher comparison in the third quarter, since the program ran in the prior-year period.MedTech is entering the second half with good momentum after 11% growth in the quarter.U.S. orthopedics is expected to remain in slow single-digit growth, with market conditions still soft.International orthopedics in Europe and APAC has now posted two straight quarters of double-digit growth.Veterinary Services is expected to keep expanding, with new markets typically taking 12 to 18 months to break even.Diagnostics should continue to benefit from product mix improvements.The company said its M&A pipeline is active, with both smaller bolt-on deals and larger opportunities under review.
Executive Commentary
Chief Executive Alireza Tajbakhsh said the company “report[s] 17% revenue growth and reach[es] EUR 121.6 million in revenue in the second quarter,” adding that organic growth was 12% and that the three largest segments all posted double-digit growth.
He also pointed to MedTech’s recovery, saying the division “returned to double-digit growth of 11%” and that the U.S. orthopedic business improved despite unchanged market conditions. That suggests the company’s turnaround efforts are beginning to show results.
Interim Specialty Pharma head Carl-Johan Zetterberg Boudrie said innovation is “at the heart of Specialty Pharma’s growth strategy,” noting that Vimian launched 75 new products over the past 12 months and has more than 60 more in the pipeline. That underscores the company’s effort to support growth through product development rather than only acquisitions.
Risks and Challenges
EPS pressure: The bottom-line miss shows that revenue growth is not yet translating fully into earnings.Soft U.S. orthopedic market: Management still sees weak conditions, which could limit MedTech growth.Higher leverage: Net debt rose to EUR 273.7 million, which may matter if acquisition spending continues.Working capital build: Net working capital increased to 26% of revenue, tying up cash in receivables and inventory.Cash flow volatility: Operating cash flow was only EUR 3.8 million in the quarter, affected by tax timing and working capital.Acquisition integration: With four deals closed year to date, execution risk remains as the company absorbs new businesses.One-year stock decline: Shares are down 24.65% over the past year, though they’ve recovered 7.3% year-to-date in 2026.
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Q&A
Analysts focused on several recurring themes during the call, including U.S. orthopedics, dental margins, Specialty Pharma demand, and the M&A pipeline.
Questions on orthopedics centered on whether U.S. growth could accelerate. Management said it expects slow single-digit growth in the second half and described the market as still soft. It also said the company is making deliberate investments to restore growth and improve margins over time.
Analysts also asked about dental margins. Management said margins have improved since the iM3 acquisition and that more improvement is likely, although the company will keep investing for growth.
In Specialty Pharma, analysts asked about the national sales campaign and the underlying demand picture. Management said the campaign was larger than last year’s and helped second-quarter results, but it also said growth was strong across all therapeutic areas even after adjusting for the campaign.
The M&A pipeline drew attention as well. Management said it entered 2026 with a stronger pipeline than before and remains positive about bringing in new businesses in the second half, though it would not predict timing or structure.
Finally, analysts asked about working capital. Management said the increase in receivables was not tied to the MedTech transformation and should normalize in the third quarter.
Full transcript – Vimian Group AB (VIMIAN) Q2 2026:
Moderator: Welcome to Vimian Group Q2 Report 2026 presentation. During the Q&A session, participants are able to ask questions by dialing pound key five on their telephone keypad. I will hand the conference over to the speakers, CEO Alireza Tajbakhsh, and CFO Carl-Johan Zetterberg Boudrie. Please go ahead.
Alireza Tajbakhsh, Group CEO, Vimian Group: Good morning. Welcome to Vimian’s second quarter earnings call 2026. I am Ali Tajbakhsh, Group CEO, and together with me, I have our CFO, Carl-Johan Zetterberg Boudrie, presenting our results for the second quarter. We at Vimian continue building upon a good start of the year and report our second quarter with strong revenue and earnings growth as well as margin expansion. Our double-digit growth in the quarter is well ahead of the global animal health market, coupled with strong adjusted EBITA growth. We have also closed four acquisitions here to date and continue to advance our M&A pipeline with active discussions across all four segments. We have also achieved recognition for our ESG achievements with a new AAA rating with MSCI. Turning to the numbers a bit more in detail, we report 17% revenue growth and reach EUR 121.6 million in revenue in the second quarter.
Organic growth was 12%, with double-digit growth in Specialty Pharma, MedTech, and Veterinary Services, our three largest segments. 6% contribution from acquisitions, and we had a 1% negative impact from currency movements. Adjusted EBITA grew 17% to EUR 29.7 million, with strong earnings growth across all four segments. Margin improved to 24.5%, driven by the consolidation of acquired businesses in MedTech dental segment. Moving into Specialty Pharma. Specialty Pharma delivers another strong quarter with organic growth of 14%. All four therapeutic areas deliver solid growth, and the strongest contribution in this quarter comes from specialty pharmaceuticals and specialized nutritions. In specialized nutrition, we completed another successful sales campaign together with a U.S. retailer. A similar campaign took place in the third quarter of 2025. These campaigns make growth vary between quarters, but the underlying business momentum is continued good.
During the quarter, we also launched 25 new products and opened our new R&D hub in France focused on development of biological pharmaceuticals. Adjusted EBITA grew 13% to EUR 50.4 million, we maintain a strong margin at 30.1%. Before we move on to the other segments, in our last quarter presentation, we gave you a short business snapshot about our MedTech dental platform and Veterinary Services upcoming market expansion. In this quarter, we will continue our series of business snapshots by having Carl-Johan giving some more insights into our innovation work within Specialty Pharma.
Carl-Johan Zetterberg Boudrie, CFO, Vimian Group: Thank you, Ali, and let me spend a few minutes on innovation as I’ve had the pleasure for the last couple of months to be close to the Specialty Pharma team and segment, working as the interim responsible for the Specialty Pharma segment. Innovation is really at the heart of Specialty Pharma’s growth strategy. Innovation is one of the four pillars of our strategy. We focus on identifying unmet clinical needs and bringing differentiated products to market through internal R&D, scientific collaborations, and selective partnerships. This approach is delivering consistent output. Over the last 12 months, we’ve launched 75 new products and have more than 60 additional products in the pipeline. These products span multiple therapeutic areas and technologies, creating a balanced and sustainable innovation engine.
As you can see from the quarterly launch cadence, innovation remains a continuous process, supporting long-term organic growth and reinforcing our leadership positions in attractive specialty markets. Let me now make our innovation strategy a little bit more tangible by looking at two of our therapeutic areas, allergy and specialty pharmaceuticals. In allergy, our ambition is to further strengthen our position as the global leader in veterinary allergology. PAX 2 is a great example of that and a further innovation of PAX, the Pet Allergy Explorer that we launched three years ago. By incorporating an additional 25 novel allergens identified by Nextmune, we’re further enhancing the clinical value of our diagnostics platform with commercial launch targeted around one of the world’s largest dermatology congresses, ESVD-ECVD, in the autumn of 2026.
In specialty pharmaceuticals, our ambition is to build differentiated compounded drugs portfolio through internal innovation, combined with partnerships with biotech companies and leading universities. One example of how we’re delivering on this ambition is through our newly established division, Nextmune Bio. Nextmune Bio significantly strengthens our biological capabilities through a dedicated R&D team, a development facility, and an established biologics pipeline, creating a platform for future prescription innovation across therapeutic areas. Our innovation strategy extends beyond prescription diagnostics and prescription drugs and into our OTC portfolio, where we continue to develop differentiated products addressing clear unmet needs. In dermatology, our ambition is to strengthen our leading position in skin and ear care through continued innovation while leveraging that expertise to expand into adjacent therapeutic areas. A good example is Irilac, our first in-eye ophthalmology OTC product.
It expands our presence into eye care with a preservative-free formulation designed to restore tear film stability and improve patient comfort. In specialized nutrition, our ambition is to continue building a differentiated portfolio of nutritional solutions based on scientific evidence and targeted innovation. A good example is Oona10, a microbiota-focused supplement supporting gut health. Its differentiated formulation enables targeted release and reflects our focus on translating science into products that address real clinical needs. Across our therapeutic areas, our approach is consistent. Focused R&D investments, a deep understanding of unmet clinical needs, and a steady pipeline of differentiated innovations. Together, these capabilities provide a strong foundation for sustainable organic growth in Specialty Pharma.
Alireza Tajbakhsh, Group CEO, Vimian Group: Thank you very much, Carl-Johan. Moving on to MedTech. MedTech returned to double-digit growth of 11% with double-digit growth both in the dental and orthopedic businesses. As expected, our U.S. orthopedic business returned to growth on the back of our consistent efforts to strengthen commercial performance and operation despite unchanged market conditions. Our focus on education to unlock long-term market growth in both orthopedics and dental remains, and we educated over 1,300 veterinarians in the quarter. Adjusted EBITA grew 27% to EUR 11.2 million and adjusted EBITA margin improved to 25.8%, mainly driven by the consolidation of acquired businesses in the veterinary dental part of the segment. Moving on to Veterinary Services. Veterinary Services continues its momentum and delivers a strong organic growth of 10% with continued momentum in new member growth and strategic partnership. At the end of the quarter, we reached 11,900 members across four continents.
Adjusted EBITA grew 18% and the adjusted EBITA margin reached 28.2%. As expected, somewhat lower than previous year due to mixed effects from acquisitions and our communicated growth investments in new markets and services. Looking into Diagnostics. Diagnostics delivered 7% organic growth in the quarter. Adjusted EBITA grew 32% and the adjusted EBITA margin of 9% was driven by product mix with higher level of extraction sales. We communicated earlier this year that we entered 2026 with a strong M&A pipeline, and we see continued improvement in our M&A activities and momentum. We have year to date closed four acquisitions and continue to have a very active activity and pipeline going forward as well across all four segments. The latest acquisition is the crematorial business Verona Pet within our Diagnostics business in Italy. From a sustainability perspective, we continue to deliver our sustainability agenda.
In spring, we received further recognition through the rating upgrade from AA to AAA within MSCI. We are now among top 19 of MSCI-rated peers globally and a leader among 153 healthcare equipment and supplies companies. This concludes the run-through of the quarter, and I will hand over to Carl-Johan for deeper insights into the financials.
Carl-Johan Zetterberg Boudrie, CFO, Vimian Group: Thank you again, Oli, and let’s jump into more specifically on the numbers for the second quarter. Adjusted EBITA in the second quarter was EUR 29.7 million, corresponding to an increase of 17%. That translates into an adjusted EBITA margin equal to 24.5%. The margin increase compared to the same period last year is primarily a result of positive margin development in our MedTech dental business. Central costs amounted to EUR -3.0 million, an increase from EUR -2.2 million last year. This increase is mainly a result of expenses related to our long-term incentive programs, in total, EUR 0.8 million in the quarter. During the end of the second quarter, we implemented LTI 26, as approved by the annual general meeting in April, where we’ll see the full effect from the third quarter and onwards.
These are non-cash IFRS expenses that will recur for the duration of the three-year programs. We report an operating profit of EUR 22.3 million, a significant 54% increase from last year’s result of EUR 14.5 million. Items affecting comparability decreased in the quarter compared to the same period last year and totaled minus EUR 0.9 million. The majority of items affecting comparability relates to acquisition costs in Veterinary Services and in Diagnostics of total minus EUR 0.5 million. Net financial items amounted to minus EUR 8.0 million and consisted of three main parts. Financing expenses of minus EUR 3.1 million, with an average interest rate of 3.9% during the quarter, partly offset by interest income of EUR 0.2 million. A quarterly discounting impact of minus EUR 1.0 million and a negative impact of EUR 2.5 million from probability adjustments related to contingent considerations, mainly relating to new acquisitions.
A negative impact of EUR 1.6 million from exchange rate effects on the revaluation of debt. Income tax expense for the quarter was minus EUR 5.5 million at an effective tax rate of 39%. In the quarter, the tax expense as percentage of pre-tax profit was negatively affected by probability adjustments related to contingent considerations and other non-deductible expenses. In total, this results in a profit for the period, EUR 8.8 million, with an earnings per share of EUR 0.02 for the quarter. Looking at cash flow from the second quarter, where cash flow from operating activities reached EUR 3.8 million for the second quarter. The operating cash flow was negatively impacted by timing of taxes paid and net working capital effects.
Net working capital amounted to EUR 114.1 million at the end of the quarter, equal to 26% of revenue, an increase from EUR 92.8 million at the end of the first quarter, which equaled 21% of revenue. The majority of the EUR 21.3 million increase in working capital relates to increase in receivables after a strong finish to the quarter, as well as specific inventory build-up to support continued customer demand. Cash flow from investing activities amounted to minus EUR 22.9 million, primarily consisting of acquisitions and earnout payments. Finally, cash flow from financing activities of EUR 20.5 million from proceeds from borrowings. At the end of the quarter, net debt amounted to EUR 273.7 million, which is up from EUR 258.4 million at the end of the first quarter.
Cash and cash equivalents amounted to EUR 51.6 million, an increase compared to EUR 50.4 million at the end of March, with external lending of EUR 261.7 million at the end of the second quarter. All in all, this resulted in a leverage at the end of the quarter equal to 2.1x, unchanged compared to the end of the first quarter. We continue to be well-capitalized with an ability to execute on our strength and acquisition pipeline. With this financial review, I hand the word back to Oliver for concluding remarks.
Alireza Tajbakhsh, Group CEO, Vimian Group: Thank you, Carl-Johan. Summarizing the first half of 2026, I’m pleased to see that improved execution of our three strategic focus areas have been successful. The quarter was strong with double-digit organic revenue growth, strong earnings growth, and improved margin, all well ahead of the global animal health market. We’ve closed four acquisitions year-to-date and have a highly active pipeline across all four segments. For the remainder of the year, during the second half, our focus will be on executing on our M&A pipeline while continuing to drive strong organic growth and building strong culture. Thank you for your attention, and with that, we can open up for Q&A.
Moderator: If you wish to ask a question, please dial five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial six on your telephone keypad. The next question comes from Kavya Deshpande from UBS. Please go ahead.
Kavya Deshpande, Analyst, UBS: Good morning. Thank you for taking my questions. I’ve got two, please. My first one was on U.S. vet ortho growth. Your comps look a little bit tougher in the second half of the year, or more like flattish growth versus double-digit declines in H1. Should we continue to see sort of organic growth at a low single-digit level here, or is your strategy making you think that an acceleration actually might be possible here? My second question was around the spread of margins between dental and vet ortho. It seems like this is quite different today to where it used to be, given the investments in ortho and the margin expansion in dental. Would be able to get a sense of where these sit today, please?
Alireza Tajbakhsh, Group CEO, Vimian Group: Thank you for the questions. I think if I start off with your first question, we expect that the changes we’ve implemented to drive kind of continued growth in the U.S. orthopedic business will continue, and we expect a continued slow single-digit growth in the second half of the year as well. We still see unchanged market condition. The market is soft, depending on how the market develops as well, that could, of course, impact that number. We are very happy and confident with the management team and the execution of the changes we implemented the last six months.
Carl-Johan Zetterberg Boudrie, CFO, Vimian Group: On margins, overall for the MedTech business, I think we have a good margin business within MedTech in total. If we take orthopedics and dental more specifically, in orthopedics, as communicated, we have taken deliberate and focused investments to make sure that we get back to growth, as Oliver just mentioned. We do see as we continue on the growth path, those investments will make sure that we continue on the growth path and improve margin steadily over time within orthopedics. In dental, we continue to improve the margins, both operationally and in the second quarter, there’s also been an impact with the addition of AllAccem that we acquired June last year, and we get the full effect this quarter. That has a higher margin profile than the rest of the MedTech and the dental business.
All in all, we see that MedTech is developing positively, and we are confident that with continued growth, we’ll see steady margin improvement in this segment over time.
Kavya Deshpande, Analyst, UBS: Understood. Thank you very much. If I could just ask a quick follow-up on that dental margin, please. How far do you feel you are from the ideal margin for that business? I understand gross margin in general is a little bit lower in dental than for ortho, but could we feasibly ever see the dental margin in the 30s like vet ortho used to be before the U.S. market decline?
Carl-Johan Zetterberg Boudrie, CFO, Vimian Group: We definitely believe in the dental part of MedTech that we’ll continue to see margin improvement. We will continue to invest for future growth as well. I think as you see in this report and what we believe going forward, there are a lot of interesting opportunities in dental segment where we want to make sure that we invest for continued solid growth in our dental business. While having that said, we do see that margins will improve over time, also in the dental area within MedTech.
Kavya Deshpande, Analyst, UBS: Understood. Thank you very much.
Moderator: The next question comes from Arvid Nykander from DNB Carnegie. Please go ahead.
Arvid Nykander, Analyst, DNB Carnegie: Good morning, and thanks for taking my questions. The first one on Spec Pharma, I was just wondering if you can quantify the contribution from the national sales campaign. I guess just overall, how would you characterize the underlying demand in the different sub-segments here? Secondly, on M&A, you seem to be increasingly positive on the outlook here and highlighting a highly active pipeline. Should we expect the activity to accelerate in the second half of the year? I guess overall, how would you characterize the size of the opportunities that you’re more upbeat on for the near term? I’ll start there. Thanks.
Carl-Johan Zetterberg Boudrie, CFO, Vimian Group: Morning, Arvid. Let me address the first question regarding Spec Pharma. We haven’t disclosed the total size of this national sales program that we did in Q2 of this year, that we did Q2 of last year. The program implemented this year is a little bit larger than the program we did last year. There is a positive effect from that sense. As Ollie communicated during the presentation, we will see, you could say, an effect of the program being implemented in Q2, having a good contribution, whereas we will see, you could say, the flip side in Q3, where we had the program last year. Having that said, the organic growth adjusting for the national sales program in the second quarter of this year was 9%.
Going back to your second part of the question, what I’m encouraged about is that we see a good growth in underlying momentum in all the therapeutical areas within Specialty Pharma. We did have very strong growth in U.S. specialized nutrition on the back of the national sales program, but the other therapeutical areas grew well as also in the quarter and for the first half-year.
Alireza Tajbakhsh, Group CEO, Vimian Group: Moving on to the second question. As we said before, we entered 2026 with a stronger pipeline than before. We’ve built upon that pipeline the last few months, and I feel positive about the opportunities of welcoming new strong businesses and entrepreneurs during the second half-year. It’s difficult to speculate exactly when and how, because key for us is always to make sure it’s the right acquisition at the right valuation and so forth. All in all, we are positive about the conversations and the attractiveness we can offer strong entrepreneurs in the animal health space. In terms of size, it’s a mixed bag. We see both smaller bolt-ons and bigger acquisitions in the pipeline. Exactly when and how and if they materialize depends on how the development goes during the second half-year.
We remain equally optimistic about our business momentum we currently have as well as our M&A momentum.
Arvid Nykander, Analyst, DNB Carnegie: Great. Understood. Thank you. I’ll jump back in the queue.
Moderator: The next question comes from Jon Unwin from Barclays. Please go ahead.
Jon Unwin, Analyst, Barclays: Hi. Good morning. Thank you for taking my questions. I actually just wanted to follow up on the dental margin question. I think you gave some good detail, but when you acquired iM3, I think the margin in that business was high teens, low 20s. Is that materially different today? Have you managed to improve it, or I’m thinking excluding the AllAccem acquisition, just thinking more about iM3 specifically. That’s my first question. Then in Veterinary Services, over what timeframe do you expect the investments that you’re doing in organic growth to sort of be complete and also to translate into the organic growth you want to see? Then my third question is on orthopedics in MedTech.
The market, you said in the U.S. remains soft, how are you thinking about the market and the growth possibilities outside the U.S. in the back half of this year and into next year? Thank you.
Alireza Tajbakhsh, Group CEO, Vimian Group: Thank you. Let’s start with the margin question on dental and excluding AllAccem. Yes, we have seen a positive margin trajectory since the acquisition of iM3 and the other bolt-on acquisitions that we’ve done excluding AllAccem in dental. There’s been a sort of underlying positive margin trajectory in the dental business, excluding AllAccem as well. To the second question, in terms of Veterinary Services and the investments and the margin, I think we talked a bit more deeper into the market service expansions we’re doing in the last quarter of the presentation. As we see, the margin on Veterinary Services is improving quarter by quarter on the back of the development of the business. We believe that a healthy margin in Veterinary Services should be around 28%, which is where it is today.
It normally takes us 12 months to a year and a half to break even a new market, when we enter that from a Veterinary Services perspective. In terms of the third question, which I believe was in the MedTech ortho outside of U.S., we’ve now had two quarters with double-digit growth outside of the U.S. markets in Europe and APAC. We see strong momentum in the business and with the combination of our market position, product portfolio, and quality in the team we have, we believe we can continue strong momentum outside of U.S. for the rest of the year as well.
Jon Unwin, Analyst, Barclays: Great. Thank you very much.
Moderator: The next question comes from Adrian Elmlund from Nordea. Please go ahead.
Adrian Elmlund, Analyst, Nordea: Hi, guys. Good morning. I just have one question really. It’s been a couple of months now with you as acting head of Specialty Pharma, Coluan. Perhaps could you give us any updates on the search of this permanent segment head? If not, if this expands for a longer period, what are your plans for these segments?
Alireza Tajbakhsh, Group CEO, Vimian Group: The recruitment for a new head of Specialty Pharma is ongoing. It’s been a couple of months, but always when you’re looking to recruiting a senior hire in the management team, you want to ensure you take the time to find the right profile and candidate for not just Specialty Pharma, but Vimian as a whole. At the same time, I’m extremely happy with how Coluan and the rest of the team has managed and developed the business through the last 6 months. I would like to remind that we run a very decentralized model, so our 4 therapeutic areas have strong leaders, which is reflected upon the performance of the business these last 2 quarters. We want to make sure we find the right candidate, and it takes the time it takes to do so.
During that time, I’m very confident that the Specialty Pharma business will continue to build upon its business momentum, and as you saw Coluan presenting, there’s a lot of exciting innovations, product developments and so forth going on in the segment to enable future growth.
Adrian Elmlund, Analyst, Nordea: Right. Okay. Fair enough. Just one quick follow-up. Maybe I missed this, but you have some 60 products in the pipeline, right? For Specialty Pharma. Is there anything especially of interest in that pipeline that we should take note of?
Alireza Tajbakhsh, Group CEO, Vimian Group: In that development pipeline, it’s a mix of both improved formulations of existing products, you could say lifecycle improvements as well as larger or more exciting innovations. It’s a mixed portfolio across our pipeline of roughly 60 products today.
Adrian Elmlund, Analyst, Nordea: Thank you very much, guys. Yep.
Moderator: As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Sten Gustafsson from ABG Sundal Collier. Please go ahead.
Sten Gustafsson, Analyst, ABG Sundal Collier: Good morning. To start off with, a clarification maybe on, I think you talked about, in one of the first questions about the expected growth rate for the MedTech division in the second half. I didn’t get the number. If you could maybe comment on that. Secondly, with regards to the sort of transformation that you have done in the U.S. MedTech business, are there more actions for you to take there, or is this sort of now all set, and we’re basically seeing your execution on actions you have already taken? Thank you.
Alireza Tajbakhsh, Group CEO, Vimian Group: Hi, Sten. Thanks for the question. I think when you, from an operational standpoint, look into implementing changes and improving a business, it is continuous improvement. Although we’ve done some, if we call it larger changes, we have a new head of MedTech in place and Lotta and so forth. I believe Lotta and the rest of the management team will continue to tweak the business to make sure we are where we want to be and continuously improve. That’s the same case across all four of our segments. I am expecting continuous tweaks, changes to make sure that we are where we want to be and that we are prepared to unlock the potential and the white space within MedTech and orthopedics and dental going forward.
In terms of growth in MedTech in the second half, we don’t give specific guidance, but we believe that the changes we’ve implemented in U.S. orthopedics, as well as the business momentum we have across MedTech in general with double-digit growth in the quarter, allows us to enter the second half of the year with good momentum. As I also said, the U.S. orthopedic market in the U.S. is continuously soft. Depending on development of that, we could get head or tailwinds as well. In general, we’re confident about the performance of the team, we’re confident with the products we have in our portfolio, and we believe that we have the right management in place to make the continuous enhancements and improvements in the business to unlock future growth.
Sten Gustafsson, Analyst, ABG Sundal Collier: Perfect. Thank you very much for your answers. Thank you.
Moderator: The next question comes from Kavya Deshpande from UBS. Please go ahead.
Kavya Deshpande, Analyst, UBS: Hi, it’s me again. I was wondering if I could ask a follow-up on the operating receivables point, please. I was just wondering if the increase was related in any way to the transformation strategy in Ortho. I know you’ve been trying to push on education efforts and get new GPs implanting. In similar industries, that sometimes comes with working capital effects. Yeah, I was wondering if there was a link there, and if so, should we continue to expect high receivables for the rest of the year?
Alireza Tajbakhsh, Group CEO, Vimian Group: Yeah. Thank you. No. Receivables in the quarter, I say working capital was higher in the quarter than what we’ve seen in the previous quarter, and also in relation to sales. As said, that was mainly an effect of higher receivables, and the higher receivables was driven by a very strong finish of the quarter that drove up receivables, which we will see will normalize during the third quarter. It was not related to any sort of specific initiatives within MedTech.
Kavya Deshpande, Analyst, UBS: Got it. Thank you. That’s very clear.
Moderator: There are no more questions at this time. I hand the conference back to the speakers for any closing comments.
Alireza Tajbakhsh, Group CEO, Vimian Group: Thank you very much for listening. As I said before, we’re very happy with the start of the year and finishing off the second half of 2026 with double-digit growth. We’re pleased to see business momentum across all four of our segments and the active M&A pipeline we have gives an exciting future ahead, being able to welcome strong entrepreneurs into the Vimian family. With that said, I wish all of you a good upcoming summer and look forward to get back to during the second half of the year. Thank you.
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