33971176 2024-07-01 2025-06-30 3 33971176 2024-07-01 2025-06-30 33971176 2024-07-01 2025-06-30 1 33971176 2023-07-01 2024-06-30 33971176 2025-06-30 33971176 2024-06-30 33971176 2024-07-01 d:CompletedDevelopmentProjectsMember 33971176 2024-07-01 2025-06-30 d:CompletedDevelopmentProjectsMember 33971176 2025-06-30 d:CompletedDevelopmentProjectsMember 33971176 2024-07-01 d:FixturesFittingsToolsAndEquipmentMember 33971176 2024-07-01 2025-06-30 d:FixturesFittingsToolsAndEquipmentMember 33971176 2025-06-30 d:FixturesFittingsToolsAndEquipmentMember 33971176 2024-07-01 d:DepositsLongtermInvestmentsAndReceivablesMember 33971176 2024-07-01 2025-06-30 d:DepositsLongtermInvestmentsAndReceivablesMember 33971176 2025-06-30 d:DepositsLongtermInvestmentsAndReceivablesMember 33971176 2024-07-01 d:ContributedCapitalMember 33971176 2023-07-01 d:ContributedCapitalMember 33971176 2025-06-30 d:ContributedCapitalMember 33971176 2024-06-30 d:ContributedCapitalMember 33971176 2024-07-01 d:RetainedEarningsMember 33971176 2023-07-01 d:RetainedEarningsMember 33971176 2024-07-01 2025-06-30 d:RetainedEarningsMember 33971176 2023-07-01 2024-06-30 d:RetainedEarningsMember 33971176 2025-06-30 d:RetainedEarningsMember 33971176 2024-06-30 d:RetainedEarningsMember 33971176 2024-07-01 2025-06-30 1 33971176 2024-07-01 2025-06-30 1 33971176 2024-07-01 2025-06-30 3 iso4217:DKK xbrli:pure Årsrapport 14119299 PKF Munkebo Eriksen Funch, Statsautoriseret Revisions­aktie­selskab Hovedvejen, 56 2600, Glostrup 2023-07-01 2024-06-30 2024-07-01 2025-06-30 33971176 Arthrex Danmark A/S Islands Brygge 43, 2. 2300 København S 2011-10-15 +45 32 31 50 30 www.arthrex.com info@arthrex.dk Nordea Bank Grønjordsvej 10 2300 København S PKF Munkebo Eriksen Funch, Statsautoriseret Revisions­aktie­selskab 14119299 Thomas Funch Statsautoriseret revisor mne47782 Hovedvejen 56 2600 Glostrup Danmark 43 96 06 56 pkf@pkf.dk 2025-09-05 Torgeir Erlandsen Regnskabsklasse B Revisionspåtegning CaseWare fra Revisorgruppen Danmark aktionæren Glostrup 2025-09-05 København S 2025-09-05 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows: 32971841 31094060 18214576 18191608 3769872 3296748 881645 0 10105748 9605704 25435 17822 282841 48237 9848342 9575289 2309548 2206912 7538794 7368377 7538794 7368377 412832 497354 412832 497354 6610937 6289675 6610937 6289675 681134 301295 681134 301295 7704903 7088324 8856486 10554295 8856486 10554295 12676032 10156784 838798 918379 1544899 1505928 538946 723244 15598675 13304335 20550113 16207871 45005274 40066501 52710177 47154825 0 501000 501000 36814050 29275256 37315050 29776256 0 873505 0 873505 1181249 340190 5197733 7897894 3749448 3934604 5266697 4332376 15395127 16505064 15395127 17378569 52710177 47154825 16271585 16413678 1120103 1077496 822888 700434 18214576 18191608 22 21 497354 74259 571613 158781 158781 412832 33101267 4813997 2377419 35537845 26811592 3611090 -1495774 28926908 6610937 301295 631111 251272 681134 681134 501000 501000 501000 501000 29275256 21906879 7538794 7368377 36814050 29275256 Today, the Board of Directors and the Managing Director have approved the annual report of Arthrex Danmark A/S for the financial year 2024/25. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 June 2025 and of the results of the Company's operations for the financial year 1 July 2024 – 30 June 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Philip Axel Johannes Alm Torgeir Erlandsen Philip Axel Johannes Alm We have audited the financial statements of Arthrex Danmark A/S for the financial year 1 July 2024 - 30 June 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 June 2025, and of the results of the Company's operations for the financial year 1 July 2024 - 30 June 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den­mark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Den­mark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. Description of key activities of the companyLike previous years, the activities are sale of equipment for orthopaedical and related services. Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. Another strong year is behind us, marked by a 13% growth compared to the prior year. We’ve seen positive development across all business areas, with particularly strong performance in our core segment, Sports Medicine. Encouragingly, we’re also seeing momentum in emerging areas such as Trauma. While we continue to face some challenges in the collaboration between public and private healthcare providers - impacting production levels at certain private clinics - we’ve successfully mitigated these effects in other areas. Although not business-critical, this remains a factor worth monitoring. We’ve maintained solid cost control throughout the year, resulting in a healthier and more profitable business compared to the prior year, even as we’ve expanded our efforts in Medical Education to unprecedented levels.  The result from ordinary activities after tax totals DKK 7.538.794 against DKK 7.368.377 last year. Management considers the net profit or loss for the year satisfactory. Expected developmentsWe are entering FY26 with great anticipation and momentum at Arthrex DK. A key milestone this year has been our move into new, state-of-the-art facilities, designed to support the long-term growth of our Danish operations and to better accommodate our expanding Medical Education programs. Our strategic focus remains on strengthening our business through both innovation and expansion. We are launching new product areas while deepening our commitment to existing emerging segments, building a more resilient and diversified portfolio. This growth is supported by continued investment in talent, with new colleagues joining the Danish team, and an ambitious pipeline of over 2.000 product releases planned over the next 12 months. Events occurring after the end of the financial yearAfter the financial year, no events have occurred that will significantly upset the company's financial position. The annual report for Arthrex Danmark A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Gross profitGross profit comprises the revenue, changes in inventories of finished goods, other operating income and other external costs. The enterprise will be applying IAS 18 as its basis of interpretation for the recognition of revenue. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets, operating loss and conflict compensation as well as salary reimbursements received. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Other external expenses comprise expenses incurred for sales, advertising, administration, premises and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Other operating expensesOther operating expenses comprise items of secondary nature as regards the principal activities of the enterprise, including losses on the disposal of intangible and tangible assets. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, debt and transactions in foreign currency as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  Intangible assetsSoftwareSoftware costs recognised in the statement of financial position are measured at cost less accrued amortisations and write-downs for impairment. Software costs are amortised on a straight-line basis over the estimated useful economic life. The amortisation period is usually 3 years. Profit and loss from the sale of software are measured as the difference between the sales price less sales costs and the carrying amount at the time of sale. Profit or loss are recognised in the income statement as other operating income or other operating expenses, respectively. Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. Land is not subject to depreciation. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life: Useful lifeOther fixtures and fittings, tools and equipment3-5years Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. LeasesAll leases are regarded as operating leases. Payments in connection with operating leases and other lease agreements are recognised in the income statement for the term of the contract. The company's total liabilities concerning operating leases and lease agreements are recognised under contingencies, etc. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. InventoriesInventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. Costs of goods for resale, raw materials, and consumables comprise acquisition costs plus delivery costs. The net realisable value for inventories is recognised as the estimated selling price less costs of completion and selling costs. The net realisable value is determined with due consideration of negotiability, obsolescence, and the development of expected market prices. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsOther liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 6.Deferred tax assetsDeferred tax assets 1 July 20241.505.9291.512.917Deferred tax of the results for the year38.970-6.989 1.544.8991.505.928 The following items are subject to deferred tax: Intangible assets-90.8220 Property, plant, and equipment1.527.4701.533.027 Current assets-23.449-27.099 Other payables131.7000 1.544.8991.505.928 8.Charges and securityAs security for a credit card, the company has a security account in the bank of 150 t.DKK.  9.Contractual obligations and contingencies, etc.Contractual obligations and contingent liabilitiesLease liabilities:The company has entered into operational leases with an average annual lease payment of 1.086 t.DKK. The leases have 7 - 46 months to maturity and a total outstanding lease payments of 2.022 t.DKK Rental liabilitiesThe company has entered into rental contracts with average annual rent of 1.984 t.DKK. The rental contracts have a 1 - 64 month notice and the total rent obligation is 9.454 t.DKK.