Healthcare review
Growth in Dental and Surgery offset by Drug Delivery second source impact resulting in a slight decline
Our Healthcare segment comprises the Dental, Drug Delivery and Surgery business units, which produce and market a broad range of products such as dispensers, cartridges, mixers, tips, syringes, pen and auto injectors for delivery of dental materials, subcutaneous delivery of drugs, as well as delivery devices and mixing for bone repair and tissue treatment. These devices are used in a variety of applications by our end-customers. In the Dental business unit, our products are used for prosthetics, restoratives, anesthetics and aesthetics as well as specialties that cover endo and perio. The pen and auto injectors produced and marketed by our Drug Delivery business unit are used in fertility and growth hormone treatments, treatment of diabetes, osteoporosis and other diseases. The delivery and mixing devices produced and marketed by our Surgery business unit are used by tissue banks and medical device OEMs to store, mix and/or deliver biomaterials for a variety of applications including bone repair, wound healing, hemostasis and surgical sealant applications.
Revenue by business unit and gross profit
millions of CHF | 2025 | +/–% change | +/–% organic2) | 2024 | ||||
Dental | 120.1 | 3.9% | 5.9% | 115.6 | ||||
Drug Delivery | 34.2 | –21.2% | –19.6% | 43.4 | ||||
Surgery | 17.3 | –2.5% | 0.4% | 17.7 | ||||
Total revenue Healthcare (HC) 1) | 171.6 | –2.9% | –1.0% | 176.7 | ||||
Cost of goods sold Healthcare (HC) | –82.6 | 0.8% | –87.0 | |||||
Gross profit Healthcare (HC) | 88.9 | –4.8% | 89.7 | |||||
Gross profit margin Healthcare (HC) | 51.8% | 50.8% |
1)Revenue from external customers.
2)Adjusted for acquisition and currency effects.
Revenue by business unit
2025
Revenue by business unit
2024
Dental – Continued strong growth
The Dental business unit generated revenues of CHF 120.1 million, a year-on-year increase of 5.9%. Growth in the second half of 2025 normalized compared to the exceptionally strong first half, which had benefited from customer frontloading due to tariffs and from a project milestone payment.
In our Dental business unit, we have continued to grow above market rate with our existing products and are well on track to launch our next generation of dental applicators in 2026. Our strategy to increase our share in faster-growing product categories and maintain the impression category is paying off. Our cementation and restorative solutions are growing faster than the structural decline in the impressions category, which is becoming substituted by intraoral scanning. Our focus on these faster-growing product categories will continue to secure our growth momentum.
Drug Delivery – Heightened second source impact in H2 2025
The Drug Delivery business unit generated revenue of CHF 34.2 million, a decrease of 19.6% compared to the prior year. This decline was mainly due to the increase in allocation of production to one customer’s second source, which intensified in the second half and will continue to affect revenues in 2026 as it reaches the contractual cap.
In our Drug Delivery business unit, we have significantly strengthened and de-risked our project pipeline. Design verification testing for our PiccoJect device has been successfully completed, and we have now entered clinical trials with first customers. We have also secured launch readiness for PiccoJect by ramping up mass production at our sites in Atlanta and the Czech Republic. For our second next-generation platform D-Flex, which is already commercialized, we are seeing growing interest, particularly for high-volume projects.
Surgery – Sequential growth
Revenue in our Surgery business unit grew by 0.4% year-on-year to CHF 17.3 million. The first half of 2025 saw a 26.1% revenue increase compared to the same period a year ago. Year-on-year second-half revenue declined due to a high comparable in 2024. Sequentially, the business unit grew 11.9% in the second half of 2025, as we continue insourcing and the ramp-up in our Atlanta site.
The Surgery business unit is on track to further accelerate its growth momentum in 2026, driven by increased customer proximity, value adding services, and innovative product launches.
