European Medical Solutions: Semi-Annual Revenue Down 6% to €22.1M
European Medical Solutions has reported its second quarter 2026 revenue at €12.1M, a 4% decrease year-over-year. The medical imaging specialist recorded a first half of 2026 marked by a 6% decline to €22.1M, hindered by struggling Radiology in Europe. However, own brand activity has significantly increased, and Bone Densitometry has returned to strong growth in the second quarter, signaling a partial shift in the business model.
Radiology in Decline, Bone Densitometry Accelerating
In the first half of 2026, the Radiology division generated revenue of €17.1M compared to €18.8M a year earlier, a decline of 9%. This decrease is partly due to a cautious demand context in Europe, where customers are postponing their purchasing decisions amid tense geopolitical circumstances. EMS Group continued the delivery of 120 'M1 Adam' radiology mobiles as part of the contract signed in March 2025 for €11M: 8 batches were delivered by the end of June 2026 out of a total of 10 batches. The last two batches could not be delivered in the second quarter due to the intensification of the conflict in Ukraine in the affected areas and are expected to arrive in the third quarter of 2026. In Bone Densitometry, the group shows an opposite trajectory, with a semi-annual revenue of €5.0M compared to €4.7M a year earlier, an increase of 6%. The second quarter, however, saw a marked growth of 32% after a first quarter that was less significant due to traditionally low volumes at the start of the year.
Own Brand Strategy Markedly Rising
A key element of the semester lies in the reshaping of the commercial portfolio towards own brand. White label sales, made through OEM agreements with Canon Medical Systems, Fujifilm Healthcare, and Carestream Health, now represent only 38% of Radiology activity in the first half of 2026, compared to 57% a year earlier. Conversely, own brand sales have increased by 36% and now account for 62% of the semester's Radiology activity, compared to 43% a year earlier. This progress is supported by several drivers: the delivery of 'M1 Adam' radiology mobiles in Ukraine, a significant order for Platinum radiology tables in South America (€0.6M), and an increase in sales in Eastern Europe, North Africa, and Australia. This shift towards direct control of marketing could improve the group's margins in the longer term.
Contrasting Geography, Annual Growth Target Confirmed
Geographically, performances vary. North America saw a 15% decline in the first half of 2026, hampered by reductions in white label sales to Carestream Health and Fujifilm Healthcare Americas, but activity stabilized in the second quarter. Europe experienced a 22% decline, primarily focused in Italy and, to a lesser extent, France. The Middle East suffered a 57% decline over the semester, suffering from the Persian Gulf conflict and reductions in white label activity. Overall, the Americas region recorded stable revenue in the first half of 2026. Despite headwinds, EMS Group confirms its annual growth target for 2026, highlighting traditionally stronger activity in the second half of the year. The group is counting on international markets as the main contributor to this growth, particularly through commercial partnerships in North America. This challenge relies on the easing of geopolitical tensions and an improvement in the international economic climate.
