Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
aap Implantate AG is a medical technology company headquartered in Berlin, Germany, specializing in the development, manufacture, and marketing of innovative trauma products for orthopedics. Its primary focus is on traumatology solutions, including the proprietary LOQTEQ anatomical plating system designed for fracture treatment in areas such as the ankle joint, knee, elbow, wrist, and shoulder, alongside straight plates and cannulated screws. The company also advances an innovation pipeline featuring antibacterial silver coating technology and magnesium-based implants to address unmet needs in trauma care. As the parent of the aap Group, it includes 100% subsidiaries like aap Implants Inc. in the US, MCTeQ GmbH, and MAGIC Implants GmbH, all in Berlin, plus a stake in AEQUOS Endoprothetik GmbH. aap Implantate AG distributes products directly to hospitals, purchasing groups, and hospital networks in Germany, while leveraging a network of distributors across approximately 25 countries internationally, including hybrid strategies in the US. Founded in 1990, it plays a key role in the global orthopedics market by providing IP-protected implants that support bone healing and skeletal repair.
The business is unprofitable at the operating level (-20.40% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 2.3%, essentially flat. This is a business that needs a catalyst.
Negative free cash flow of -€2M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
€12M
▲ +2.3% YoY
Net Income (TTM)
-€3M
▲ +28.8% YoY
Op. Margin
-20.40%
▲ +1.9pp YoY
ROIC
-19.06%
▼ -1.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-€2M
▼ -48.5% YoY
Op. Cash Flow (TTM)
-€2M
▼ -46.4% YoY
Net Debt
-€419K
Net Cash Position
Cash & Equiv.
€1M
3Y CAGR: +2.7%
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