Coloplast A/S
Coloplast A/S is a Denmark-based medical technology company focused on intimate healthcare products used in stoma care, continence care, voice and respiratory care, interventional urology, and wound care. Its business is built around disposable and procedure-related products sold through a global healthcare distribution network, with a strong presence in Europe and North America.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueIncludes ostomy care and continence care products for long-term intimate healthcare needs.
Includes laryngectomy and tracheostomy products used in airway and speech rehabilitation.
Includes disposable urology products for urinary management and related procedures.
Includes wound dressings, skin care, and contract manufacturing products.
Includes tissue-based products such as Kerecis used in wound healing applications.
Customers
Coloplast sells primarily to hospitals, clinics, and healthcare professionals that prescribe or procure its products for patients with chronic and procedure-related conditions. It also serves distributors and care providers that supply home-care patients and long-term users of its devices and consumables.
Buy wound care, urology, and airway products used in procedures and treatment pathways.
Recommend and prescribe stoma, continence, and respiratory products to end patients.
Purchase recurring consumables for patients managing chronic conditions at home.
Procure products in volume for national reimbursement and healthcare supply chains.
Use the products directly for daily intimate healthcare and long-term self-management.
Strategy
Coloplast’s strategy centers on expanding its position in chronic care and adjacent intimate healthcare categories, while extending its reach in the US and other underpenetrated markets. The company also uses targeted acquisitions and product development to broaden its portfolio, deepen category expertise, and strengthen its presence in selected therapeutic areas.
Chronic care is the core franchise and drives recurring demand across stoma and continence categories.
The US is identified as a significant untapped market for multiple product groups.
Acquisitions add technology, customer access, and new therapeutic niches.
Product breadth and clinical relationships help protect share in specialized healthcare niches.
Geography
Coloplast operates globally, with material sales exposure across Europe, the United States, and emerging markets. The annual report highlights strong performance in the US and Europe in several product areas, while also noting sensitivity to currency moves, reimbursement changes, and market conditions in selected countries such as China and Germany.
Risks
Coloplast faces reimbursement and market-access risk, especially in biologics where a Medicare reimbursement change affected sales and triggered goodwill impairment. As a medical device business, it is also exposed to clinical adoption cycles, regulatory requirements, pricing pressure, and foreign exchange volatility across its global healthcare markets.
- Medicare reimbursement changeImpact: CriticalLikelihood: High
A reimbursement shift in the outpatient setting disrupted sales in Biologics and reduced expected growth.
Exposure: Biologics / Kerecis
- Healthcare pricing and reimbursement pressureImpact: HighLikelihood: High
The business depends on payer support and hospital procurement in regulated healthcare systems.
Exposure: Europe and US healthcare markets
- Goodwill impairmentImpact: HighLikelihood: Medium
Acquired businesses are tested against revised revenue and margin assumptions and may require write-downs.
Exposure: Biologics segment goodwill
- Foreign exchange volatilityImpact: MediumLikelihood: High
Revenue is translated from multiple currencies into DKK and can be materially affected by USD and GBP moves.
Exposure: Global revenue translation
- Acquisition integration riskImpact: MediumLikelihood: Medium
Recent acquisitions require integration of technology, customer relationships, and operations.
Exposure: Uromedica and Kerecis
Accounting
Judgemental itemsBiologics goodwill was written down after updated cash flow assumptions and lower expected growth.
Impact: Can materially reduce earnings and asset values
Uromedica acquisition values customer relationships, technology, and deferred tax balances that can be revised.
Impact: Affects goodwill and future amortization
Acquisition-related earn-outs are recorded at fair value and remeasured over time.
Impact: Can create earnings volatility
Interest swaps are used to manage bond exposure and gains/losses are recorded in equity before recycling.
Impact: Affects financial items and equity reserves
Performance is tracked across five operating segments, shaping how investors read underlying growth and profitability.
Impact: Important for assessing mix and business momentum
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Last updated: 24/10/2026