MedCap (Q1 initial take): Margins above, growth below forecast - Redeye
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MedCap (Q1 initial take): Margins above, growth below forecast - Redeye

Redeye provides its initial take on MedCap’s Q1 2026 report, which came in broadly in line with our estimates for adjusted EBITA, though revenue was 6% below our forecast. We judge that the positives from the report include growth in Speciality Pharma with improved adj. EBITA margin and a record-high margin for Assistive Tech. The total organic growth was more in line with normal levels this quarter at 4%, in contrast to the recent relatively high organic growth rates in Q3-Q4 2025 (9%-10%).

Redeye provides its initial take on MedCap’s Q1 2026 report, which came in broadly in line with our estimates for adjusted EBITA, though revenue was 6% below our forecast. We judge that the positives from the report include growth in Speciality Pharma with improved adj. EBITA margin and a record-high margin for Assistive Tech. The total organic growth was more in line with normal levels this quarter at 4%, in contrast to the recent relatively high organic growth rates in Q3-Q4 2025 (9%-10%).
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