PATIENTS
ARE AT THE HEART
OF OUR VISION
ANNUAL 
REPORT
2022

3
  Medacta’s Annual Report 2022
TABLE OF CONTENTS
MANAGEMENT REPORT
5
CORPORATE GOVERNANCE REPORT
53
REMUNERATION REPORT
83
FINANCIAL REPORT
107
ADDITIONAL INFORMATION FOR INVESTORS
181

From minimally invasive surgery to 
Personalized Medicine and beyond

5
Management Report   l   Medacta’s Annual Report 2022
MANAGEMENT REPORT
Medacta’s Annual Report 2022

6
Medacta’s Annual Report 2022   l   Management Report
INDEX
1.	
MANAGEMENT COMMENTARY*
14
2.	
MEDACTA AT A GLANCE
24
3.	
MEDACTA’S UNIQUE HISTORY: IT IS FOUNDED BY A PATIENT
24
4.	
MEDACTA PEOPLE AND CULTURE
26
5.	
MEDACTA GROWTH CAPEX MODEL
28
6.	
MEDACTA VALUE CREATION STRATEGY
30
7.	
PERSONALIZED MEDICINE
36
8.	
BUSINESS LINES
38

7
Management Report   l   Medacta’s Annual Report 2022
2022 KEY FIGURES
2019
1’101
2020
1’183
2021
1’341
2022
1’537
DISTRIBUTION DECLARED PER SHARE4
CHF 0.54
[4] Is calculated by dividing the total distribution declared  
   equal to CHF 10.8M by the number of outstanding  
   ordinary shares.
2022
0.54
2021
0.54
2019
2020
REVENUES
EUR 437.1M
20.4% growth at reported currency (15.0% in cc1)
36.9% growth in constant currency from 2019
[1] Is calculated as the difference between the current  
   and historical period results translated using the  	
   previous period exchange rates.
36.9% in cc from 2019
2019
2020
2021
2022
310.6
302.5
363.1
437.1
ADJUSTED EBITDA2
EUR 120.4M
27.6% Adjusted EBITDA margin3
[2] Is calculated as EBITDA, adjusted for non-recurring    
    items. 
[3] Adjusted EBITDA margin, is calculated as  
   adjusted EBITDA as a percentage of Revenue
   for the year.
Adjusted EBITDA
Adjusted EBITDA margin
29.1%
29.5%
29.5%
27.6%
2019
2020
2022
2021
91.5
88.1
120.4
107.1
FINANCIAL FIGURES
BUSINESS FIGURES
196 new jobs added in 2022
8 new countries added in 2022
EMPLOYEES
COUNTRY PRESENCE
1'537
53
Branches
Distributors
4.2%
RoW
EUR 18.6M
31.3%
North America
EUR 136.8M
21.6%
Asia Pacific
EUR 94.4M
42.9%
Europe
EUR 187.4M

8
Medacta’s Annual Report 2022   l   Management Report
REPORTED PERFORMANCE MEASURES
(Million Euro)
Revenues
437.1
363.1
Gross Profit
305.3
261.2
Profit for the year
46.2
51.5
Distribution proposal to the AGM (in million CHF)
10.8
10.7
Alternative Performance Measures:
EBITDA
113.0
99.2
Adjusted EBITDA*
120.4
107.1
Adjusted EBITDA margin*
27.6%
29.5%
Free Cash Flow
8.4
2.0
Adjusted Free Cash Flow**
21.6
33.8
(Million Euro)
Total Assets
584.5
489.3
Total Equity
274.7
226.4
Equity Ratio
47.0%
46.3%
Number of employees
1'537
1'341
31.12.2022
31.12.2021
* Adjusted in 2022 for provisions on litigations (Euro 2.5 million) and for the Italian payback (Euro 3.1 million), extraordinary legal expenses (Euro 1.2 million) and 
extraordinary MDR transition costs (Euro 0.6 million). The reconciliation is provided in the "Alternative Performance Measures" section of the Management Report.
** Adjusted in 2022 for extraordinary legal expenses (Euro 1.2 million), for the settlement of legal claims (Euro 5.1 million), MDR transition costs (Euro 0.6 million), non-
recurring investments in Rancate offices (Euro 1.2 million) and in Castel San Pietro land (Euro 4.8 million) and Levante Medica asset deal (Euro 0.2 million). Please see the 
"Alternative Performance Measures" section of the Management Report for the reconciliation of the "Adjusted Free Cash Flow".
* Alternative Performance Measures: This section and other sections of this Annual Report, contain certain financial measures of historical performance that are not defined 
or specified by IFRS, such as “constant currency”, “EBITDA”, “Adjusted EBITDA” or ”CORE EBITDA”, “Adjusted and Normalized EBITDA”, “Free Cash Flow”, “Adjusted Free Cash 
Flow”, “Adjusted and Normalized Free Cash Flow”, “Net Debt” and “Leverage”. Reconciliation of these measures as well as “CORE” financial measures is provided in the 
“Alternative Performance Measures” (APM) section of this Annual Report on page 21. These Alternative Performance Measures (APM) should be regarded as complementary 
information to, and not as a substitute for the IFRS performance measures. For definitions of APM, together with reconciliations to the most directly reconcilable IFRS line 
items, please refer section headed “Alternative Performance Measures” of this Annual report.
2022 HIGHLIGHTS*
• 
Medacta’s 2022 revenue amounts to Euro 437.1 million, equal to 20.4% growth at reported currency, or 15.0% 
growth at constant currency from 2021;
• 
Adjusted EBITDA grew to Euro 120.4 million, corresponding to 27.6% margin (28.1% in constant currency);
• 
Profit for the year was equal to Euro 46.2 million, 10.6% on revenue;
• 
Adjusted Free Cash Flow at Euro 21.6 million;
• 
The Board of Directors is proposing a distribution of CHF 0.54 per share;
• 
Outlook FY 2023: We are targeting revenue in the range of Euro 480 million to Euro 495 million at constant currency, 
and Adjusted EBITDA Margin largely in line with 2022, subject to any unforeseen events.

9
Management Report   l   Medacta’s Annual Report 2022
SHARE INFORMATION
The registered shares of Medacta Group SA are traded on the International Reporting Standard of SIX Swiss Exchange 
and are part of the Swiss Performance Index.
NUMBER OF SHARES
Share capital (in CHF)
2’000’000
Number of registered shares outstanding as of December 31, 2022
19'960'143
Nominal value per registered share (in CHF)
0.10
Number of treasury shares as of December 31, 2022
39'857
 2022 DATA PER SHARE
(Swiss Francs)
31.12.2022
2022 High (in CHF)
147.60
2022 Low (in CHF)
76.70
Closing price (in CHF)
103.00
Market capitalization (in CHF billion)
2.1
76.0
84.0
88.0
92.0
96.0
108.0
112.0
116.0
120.0
80.0
CHF
152.0
148.0
144.0
140.0
136.0
132.0
100.0
104.0
128.0
124.0
Medacta Group SA
SPI TR
SXI BIOMED TR 
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
2022 RELATIVE SHARE PRICE DEVELOPMENT
Index base 100 calculation
Source: Refinitiv

10
Medacta’s Annual Report 2022   l   Management Report
LETTER TO SHAREHOLDERS 
Dear Shareholders, 
In a time where the world faces uncertainty in so many 
aspects of our society and global economy, Medacta 
has proven able to navigate these changes and adapt. 
In 2022 we continued gaining significant market share 
from our competitors, we secured our supply chain and 
expanded our salesforce across all geographies and 
business lines, supported by our Marketing and Medical 
Education Programs. While we expect that some 
macroeconomic challenges may persist in 2023, we 
remain positive and will continue to invest in our growth.
OUR ACHIEVEMENTS
In 2022, we celebrated an important milestone by 
surpassing 1’500 employees at Group level and close 
to 200 new jobs were added across all geographies, 
including significant salesforce expansion. We also made 
significant strategic investments on our infrastructure, in 
particular on May 18, 2022 we opened the doors of our 
new offices in Rancate. 
With an expansion of 2’100 square meters supporting 
the creation of new jobs, the new building complements 
and works in complete synergy with the Castel San Pietro 
headquarters: two hubs of cutting-edge technology 
which continue to innovate responsibly for the benefit of 
patients, medical professionals, healthcare systems and 
the local community. 
Management 
made 
strategic 
investments 
in 
strengthening our supply chain by increasing surgical 
instrument sets and implant stock to serve new 
customers, to cope with possible shortages and capture 
market opportunities. Also, we projected two major plant 
expansions at our Swiss headquarters to support our 
future growth. In Castel San Pietro, the production area 
will be expanded by about 5’300 square meters, bringing 
the total area to 15’300 square meters, with an increase 
of more than 50 percent in total area. The current 12’000 
square meters in Rancate will be further expanded 
with a new area of about 9’500 square meters, with an 
increase of almost 80% in operational space. In total, 
Medacta plants in Ticino are foreseen to cover more 
than 36’800 square meters. These expansions will allow 
a significant increase in manufacturing capacity while 
always maintaining a strong alignment on our corporate 
sustainability pillars.

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Management Report   l   Medacta’s Annual Report 2022
Innovation continued through all business lines. In a 
world where technology advances very fast, MySolutions 
Personalized Ecosystem embodies our vision to never 
stop improving the experience for patients, surgeons, 
and care facilities. 
Within our MySolutions Personalized Ecosystem, NextAR 
Augmented Reality Surgical Platform has been launched 
globally including Japan in June 2022. In October 2022, 
the NextAR Spine application was awarded by the 2022 
Spine Technology Award from Orthopedics This Week. 
The NextAR platform is offered as a hardware 
system with limited capital investment and single use 
instrumentation at a low cost per case and offers the 
ability to host software for multiple applications in both 
joint and spine. The platform represents an optimal 
solution worldwide and particularly for US Ambulatory 
Surgery Centers (ASCs). 
We continued our commitment to medical education 
of  surgeons.  Besides in-person scientific events, the 
M.O.R.E. Institute programs offered surgeons valuable 
online resources to deepen their knowledge and discover 
more about our solutions. We further expanded our 
network of reference center surgeons active worldwide 
across all our business lines. 
STRONG GROWTH IN ALL REGIONS AND BUSINESS LINES* 
In 2022, revenue increased 15.0% at constant currency 
and 20.4% on a reported currency over the prior year, 
at EUR 437.1 million, with positive contributions from 
all business lines and geographies. The growth was 
driven by significant customer acquisition, salesforce 
expansion,  and successful  new product introduction. 
Currency development had a positive impact with a 
tailwind of 5.4%, mainly due to the weakening of the 
Euro against the US Dollar, the Swiss Franc, and the 
Australian Dollar, only partially compensated by the Euro 
strengthening against the Japanese Yen. From 2019, 
revenue increased 36.9% at constant currency showing 
true growth beyond mere recovery.

12
Medacta’s Annual Report 2022   l   Management Report
* Alternative Performance Measures: This section and other sections of this Annual Report, contain certain financial measures of historical performance that are not 
defined or specified by IFRS, such as “constant currency”, “EBITDA”, “Adjusted EBITDA” or ”CORE EBITDA”, “Adjusted and Normalized EBITDA”, “Free Cash Flow”, “Adjusted 
Free Cash Flow”, “Adjusted and Normalized Free Cash Flow”, “Net Debt” and “Leverage”. Reconciliation of these measures as well as “CORE” financial measures is 
provided in the “Alternative Performance Measures” (APM) section of this Annual Report on page 21. These Alternative Performance Measures (APM) should be 
regarded as complementary information to, and not as a substitute for the IFRS performance measures. For definitions of APM, together with reconciliations to the most 
directly reconcilable IFRS line items, please refer section headed “Alternative Performance Measures” of this Annual report.
In terms of trend by business line, revenue from our Hip 
products increased to EUR 203.6 million, or 9.2% on a 
constant currency basis; the good momentum was 
driven by the AMIS strategy and roll-out of new products 
in the revision segment. From 2019, Hip revenue grew 
21.1% at constant currency. Revenue from our Knee 
offerings reached EUR 164.5 million, an increase of 18.4% 
on a constant currency basis; the growth was generated 
thanks to continued customer acquisition on Kinematic 
Alignment, Efficiency single-use instruments, the GMK 
Sphere platform and related MySolutions technologies. 
From 2019, Knee revenue increased 41.8% at constant 
currency. Our Extremities business line reported an 
increase in revenue of 38.8% on a constant currency 
basis to EUR 27.5 million; the growth was driven by the 
acquisition of new customers through the completeness 
of the Medacta Shoulder System, supported by 
MyShoulder and NextAR MySolutions technologies. 
From 2019, Extremities revenue increased 175.3% at 
constant currency. Revenue from our Spine offering 
grew by 19.2% on a constant currency basis to EUR 41.5 
million, driven by the expansion of the MySpine Platform 
and NextAR Spine in the second semester. From 2019, 
Spine revenue increased 64.4% at constant currency. All 
the business lines benefitted from significant salesforce 
and marketing expansion.
In terms of geographic trend, revenue in Europe 
registered an increase of 17.6% on a constant currency 
basis to EUR 187.4 million. The growth was driven 
by customer acquisition, together with normalization 
of surgical activities. From 2019, revenue in Europe 
increased 34.4% at constant currency. Revenue in 
North America increased to EUR 136.8 million, or 11.5% 
on a constant currency basis, thanks to our customer 
acquisition, which was limited by the impact of Covid-19 
and hospital staffing shortages, especially in the first 
months of the year. From 2019, revenue in North America 
increased 34.6% at constant currency. Revenue in Asia 
Pacific grew by 11.2% on a constant currency basis to 
EUR 94.4 million, mainly driven by the attainment of new 
customers in Japan. Australia was limited by significant 
longer than expected Covid impact, with recovery only in 
the last months of the year. From 2019, revenue in Asia 
Pacific increased 43.2% at constant currency. Revenue 
in RoW was EUR 18.6 million, a growth of 38.7% on a 
constant currency basis, mainly thanks to increased 
purchases from stocking distributors in Latin America. 
From 2019, revenue in RoW increased 48.9% at constant 
currency.
GROSS PROFIT PERFORMANCE *
The Gross Profit was EUR 305.3 million compared to 
EUR 261.2 million in the previous year. The Gross Profit 
margin was equal to 69.8% compared to 71.9% in 2021. 
This change was primarily due to temporary geographic 
mix effects caused by hospital staffing shortages and 
significant longer than expected Covid impacts that 
lowered the contribution of USA and Australia on total 
volumes. Also, we experienced negative impact from 
currency development and price erosion.
ADJUSTED EBITDA MARGIN *
The Adjusted EBITDA amounted to EUR 120.4 million 
(EUR 107.1 million in 2021), corresponding to a margin 
of 27.6% (28.1% in constant currency) compared to 
29.5% in 2021. The change of margin reflects primarily 
the reduction in Gross Profit, the negative currency 
development and inflationary pressure on transports 
and travels, partially compensated by the leverage on 
fixed costs from higher sales volumes. 
ADJUSTED EBIT MARGIN *
The Adjusted EBIT amounted to EUR 68.9 million, 15.8% 
on revenues, compared to EUR 66.7 million, 18.4% on 
revenues, in 2021. The change of margin was due to 
the reduction of EBITDA and higher depreciation and 
amortisation, primarily from investment in instruments 
to sustain the growth and to cope with supply chain 
disruption, and from material R&D projects completed 
in 2021. 
PROFIT FOR THE YEAR
The profit for the year was EUR 46.2 million, compared 
to EUR 51.5 million in 2021 which benefitted from 
non-recurring positive effects on income taxes of 
approximately EUR 4.5 million and lower financial costs 
of EUR 3.3 million. 
SOLID BALANCE SHEET
Medacta’s balance sheet remains robust, with total 
assets increasing to EUR 584.5 million and an equity 
ratio of 47.0% at the end of the reporting period (46.3% in 
2021). The Adjusted Free Cash Flow generated in 2022 
amounted to EUR 21.6 million (EUR 33.8 million in 2021), 
after significant investments in new instruments and 
development to sustain the future growth of Medacta.

13
Management Report   l   Medacta’s Annual Report 2022
Dr. Alberto Siccardi 
Chairman of the Board of Directors
Francesco Siccardi
Chief Executive Officer
Sincerely,
Dr. Alberto Siccardi
Francesco Siccardi
PROPOSAL OF DISTRIBUTION
The Board of Directors, after assessing the strong 
economic and financial results of the year, decided to 
reward our shareholders through a distribution. Our 
Board Members are proposing to the Annual General 
Meeting the distribution of CHF 0.54 per share, half of 
it to be distributed as dividend out of available earnings 
and half of it to be distributed out of accumulated 
reserves from capital contribution.
OUTLOOK
In 2023, we will continue to prioritize our future growth 
through a further expansion of our international 
salesforce. In addition, we remain committed on 
product innovation across all our business lines. We 
are targeting revenue in the range of EUR 480 million 
to EUR 495 million at constant currency, and Adjusted 
EBITDA Margin largely in line with 2022, subject to any 
unforeseen events. 
THANKS
Our sincere thanks go to all our employees for their 
contribution to the success of Medacta, and to our 
customers, partners and shareholders, for their ongoing 
support and confidence in our strategy and vision.

14
Medacta’s Annual Report 2022   l   Management Report
1.	 MANAGEMENT COMMENTARY*
CORPORATE INTRODUCTION
We are an international company specialized in the design, production and distribution of innovative orthopedic products 
and the development of accompanying surgical techniques for joint replacement, spine surgery, and sports medicine. 
Established in 1999 in Switzerland, we have grown considerably from our origins as a manufacturer of hip and knee 
replacement products into a global business. We are currently active in targeted regions of countries that together 
represent the majority of global orthopedic revenue, according to Orthoworld. 
Today, our primary focus is on our high-volume Hip and Knee business lines (which generated 46.6% and 37.6%, 
respectively, of our reported revenue in 2022), complemented by our offerings in Shoulder, Spine and Sports Medicine 
(“Sportsmed”) business lines. Our products and surgical techniques are supported by an extensive program of surgeon 
education and engagement initiatives, enabling our offerings to be used to the best advantage of both the patient and 
surgeon. All our products and surgical procedures are designed to improve patient well-being, facilitate the work of our 
surgeons and increase the sustainability of the healthcare system by improving efficiency while reducing healthcare 
costs. Our financial results confirm the validity of our business model and prove our success: in the year ending December 
31, 2022 we achieved a 36.9% constant currency revenue growth from 2019, generating revenues amounting to Euro 
437.1 million and an Adjusted EBITDA Margin of 27.6%, despite pandemic restrictions and hospital staffing shortages 
in some key markets.
* Alternative Performance Measures: This section and other sections of this Annual Report, contain certain financial measures of historical performance that are not defined or 
specified by IFRS, such as “constant currency”, “EBITDA”, “Adjusted EBITDA” or ”CORE EBITDA”, “Adjusted and Normalized EBITDA”, “Free Cash Flow”, “Adjusted Free Cash Flow”, 
“Adjusted and Normalized Free Cash Flow”, “Net Debt” and “Leverage”. Reconciliation of these measures as well as “CORE” financial measures is provided in the “Alternative 
Performance Measures” (APM) section of this Annual Report on page 21. These Alternative Performance Measures (APM) should be regarded as complementary information 
to, and not as a substitute for the IFRS performance measures. For definitions of APM, together with reconciliations to the most directly reconcilable IFRS line items, please refer 
section headed “Alternative Performance Measures” of this Annual report.
Distributors
NORTH AMERICA
Canada
United States
Branches
RoW
Argentina
Brazil
Chile
Colombia
Ecuador
Israel
Jordan
Kuwait
Lebanon
Libya
Mexico
Oman
Panama
Paraguay
Puerto Rico
Qatar
Saudi Arabia
South Africa
Tunisia
UAE
31.3%
4.2%

15
Management Report   l   Medacta’s Annual Report 2022
Our products and surgical techniques are characterized by innovation. We are a pioneer in developing new offerings 
on the basis of our minimally invasive surgical techniques, in particular our Anterior Minimally Invasive Surgery (AMIS) 
technique for hip replacements, which involves an anterior approach to the hip and has been carried out in over 500’000 
cases worldwide since 2004. 
We believe that education is an indispensable tool for transforming innovation into concrete benefits for patients, 
surgeons and healthcare systems. For our surgeon customers, we have introduced a range of training and technical 
support initiatives through our M.O.R.E. Institute. Since its founding in 2004, the M.O.R.E. Institute has become a global 
education platform tailored to the needs of the individual surgeon, with courses addressing each of our business 
lines and no limit on the number of interactions that customers can benefit from. Also, we introduced the MyPractice 
Development Plan to further support surgeons in their patient education efforts and improve patient understanding and 
experience of our products and techniques.
Our headquarters and manufacturing facilities are in Castel San Pietro and Rancate, Switzerland, where we have 837 
employees in the aggregate as of December 31, 2022. Our sales organization operates in 12 countries through our local 
subsidiaries and we serve 41 additional countries through stocking distributors, allowing the Group to pursue its strategy 
in the attractive markets of Europe, North America and Asia Pacific, where we generated 42.9%, 31.3% and 21.6% of 
our revenue, respectively, for the year ending December 31, 2022. Our experienced salesforce enables us to achieve 
international adoption and deployment of our products and techniques.
Branches
Distributors
ASIA PACIFIC
Australia
Indonesia
Japan
Malaysia
New Zealand
Taiwan
Vietnam
21.6%
EUROPE
Austria
Azerbaijan
Belarus 
Belgium
Bulgaria
Cyprus
France
Georgia
Germany
Greece
Hungary
Ireland
Italy
Lithuania
Netherlands
Norway
Poland
Portugal
Romania
Slovenia
Spain
Switzerland
Ukraine
United Kingdom
42.9%

16
Medacta’s Annual Report 2022   l   Management Report
BUSINESS PERFORMANCE 
EXECUTIVE OVERVIEW 
Our 2022 performance was impacted by the macroeconomic environment which is experiencing increased inflationary 
pressures in part due to global supply chain disruptions and by pandemic restrictions and hospital staffing labor 
shortages in some key markets. Medacta, despite the geopolitical tensions and volatile economic conditions was able 
to adapt, delivering a strong top-line growth and a resilient marginality level. Significant customer acquisition, salesforce 
expansion and successful product introduction resulted in 15.0% revenue growth at constant currency (20.4% reported) 
in 2022, with positive contributions from all business lines and geographies. In the first part of the year, this strong 
performance was limited primarily by the impact of Covid-19 and hospital staffing shortages especially in US and 
Australia.
Profitability was heavily affected by inflationary pressures and currency exchange rates developments. Our 2022 
Adjusted EBITDA Margin decreased by 190 basis points from 29.5% in 2021 to 27.6% in 2022. The weakening of EUR 
against CHF and USD reduced our marginality by 50 basis points (Adjusted EBITDA Margin in constant currency was 
equal to 28.1%). Also, the remaining reduction in performance reflects primarily the reduction in Gross Profit due to 
negative price erosion and geographic mix and inflationary pressure on transportation and travel costs, all partially 
compensated by the leverage on fixed costs from higher sales volumes. The 2022 Adjusted Free Cash Flow amounted 
to Euro 21.6 million, 36.0% lower than 2021 mainly due to the material increase in investing activities on instruments to 
sustain the Group’s growth. Based on the performance achieved in 2022, the Board of Directors decided to propose to 
the Annual General Meeting a distribution of CHF 0.54 per share.
Despite the ongoing challenging environment, Medacta delivered a strong performance. While some macroeconomic 
challenges may persist in 2023, we remain positive and will continue to invest in our people, products and cultural values 
to maintain this momentum of record-level results.  
SALES VOLUME, PRICING AND GEOGRAPHICAL MIX 
Our revenue increased by Euro 74.0 million, or 20.4%, from Euro 363.1 million in 2021 to Euro 437.1 million in 2022 on 
a reported currency basis (15.0% on a constant currency basis), with positive contribution from all business lines and 
geographies. Pricing pressure from governmental healthcare systems and geographic mix sales had a negative effect 
on our global selling price. In addition, our revenue growth was partially affected by a positive exchange rate tailwind 
equal to 5.4%. Specifically, during 2022 the EUR weakened against USD, CHF and AUD (i.e. among our largest currency 
exposures) positively impacting revenue translated into Euro from our operations in those countries and only partially 
compensated by the EUR strengthening against JPY.
We analyse sales by four geographies, Europe, North America, Asia Pacific and RoW and by the following product 
categories: Hip, Knee, Spine and Extremities. 
(Million Euro)
31.12.2022
% of total
31.12.2021
% of total
Reported 
Growth
Constant 
Currency 
Growth
Hip
203.6
46.6%
179.3
49.4%
13.6%
9.2%
Knee
164.5
37.6%
131.1
36.1%
25.5%
18.4%
Extremities*
27.5
6.3%
19.0
5.2%
45.0%
38.8%
Spine
41.5
9.5%
33.8
9.3%
22.9%
19.2%
TOTAL REVENUES
437.1
363.1
20.4%
15.0%
* Extremities include Shoulder and Sportsmed revenues.
Revenue from our Hip products increased by Euro 24.3 million, or 13.6%, from Euro 179.3 million in 2021 to Euro 203.6 
million in 2022 on a reported currency basis (9.2% on a constant currency basis); the growth was driven by the AMIS 
strategy supported by the roll-out of new products in the revision segment. 
Revenue from our Knee offerings increased by Euro 33.4 million, or 25.5%, from Euro 131.1 million in 2021 to Euro 164.5 
million in 2022 on a reported currency basis (18.4% on a constant currency basis). The good momentum was thanks to 
the continued customer acquisition on Kinematic Alignment, Efficiency single-use instruments, GMK Sphere platform 
and related MySolution technologies.

17
Management Report   l   Medacta’s Annual Report 2022
(Million Euro)
% of total
% of total
Reported 
Growth
Constant 
Currency 
Growth
Europe
187.4
42.9%
156.4
43.1%
19.8%
17.6%
North America
136.8
31.3%
109.2
30.1%
25.2%
11.5%
Asia Pacific
94.4
21.6%
84.9
23.4%
11.1%
11.2%
RoW
18.6
4.2%
12.6
3.4%
48.1%
38.7%
TOTAL REVENUES
437.1
363.1
20.4%
15.0%
31.12.2022
31.12.2021
Our Extremities business line, which includes Shoulder and Sportsmed, reported an increase in revenue by Euro 8.5 
million, or 45.0%, from Euro 19.0 million in 2021 to Euro 27.5 million in 2022 on a reported currency basis (38.8% on a 
constant currency basis). Extremities product offerings growth was driven by the acquisition of new customers through 
the completeness of the Medacta Shoulder System, supported by MyShoulder and NextAR MySolutions technologies.
Revenue from our Spine offerings increased by Euro 7.7 million, or 22.9%, from Euro 33.8 million in 2021 to Euro 41.5 
million in 2022 on a reported currency basis (19.2% on a constant currency basis). Group full year Spine performance 
results are primarily driven by the expansion of MIS Platform and MySpine offering and in the second semester by the 
market introduction of NextAR Spine.
All the business lines benefitted from significant salesforce and marketing expansion.
We also monitor the development of our revenue in key geographies based on the location of our customers invoiced, 
as set forth in the table below.
Revenue in Europe increased by Euro 30.9 million, or 19.8%, from Euro 156.4 million in 2021 to Euro 187.4 million in 2022 
on a reported currency basis (positive 17.6% on a constant currency basis). The 2022 growth rate in Europe is in line 
with our reported Group-wide average revenue growth rate. All our European countries registered a solid growth, mostly 
driven by customer acquisition, together with normalization of surgical activities. As a percentage of our total revenue, 
sales generated in Europe were substantially in line with prior year at 42.9% in 2022 (compared to 43.1% in 2021).
Revenue in North America increased by Euro 27.5 million, or 25.2%, from Euro 109.2 million in 2021 to Euro 136.8 million 
in 2022 on a reported currency basis (11.5% on a constant currency basis). The revenue generated in US, increased by 
Euro 27.6 million, or 25.5%, from Euro 108.5 million in 2021 to Euro 136.1 million in 2022 on a reported currency basis 
(11.7% on a constant currency basis). North America’s performance was strong thanks to our customer acquisition 
strategy, limited only by hospital staffing shortages and Covid-19 restrictions, especially in the first months of the year. 
However, our reported revenue in North America was affected by a positive tailwind from the exchange rate. Specifically, 
during the course of 2022, the EUR weakened against the USD by an average of 12.4% (compared to the average 2021 
exchange rate), positively impacting revenue translated into Euro. As a percentage of our total revenue, North America 
increased to 31.3% (compared to 30.1% in 2021).
Revenue in Asia Pacific increased by Euro 9.5 million, or 11.1%, from Euro 84.9 million in 2021 to Euro 94.4 million in 
2022 on a reported currency basis (11.2% on a constant currency basis). This result was mainly driven by the attainment 
of new customers in Japan. Revenue growth in Australia was limited by significant longer than expected Covid impact, 
with recovery only in the last months of the year. Our reported revenue in Asia Pacific was partially offset by a negative 
headwind from the exchange rate. Specifically, in the course of 2022, the EUR strengthened against the JPY by an 
average 5.7% (compared to the average 2021 exchange rate), negatively impacting revenue translated into Euro from our 
Japanese operation. This negative translation impact was partially offset by the weakening of the EUR against the AUD 
by an average of 3.9% (compared to the average 2021 exchange rate). As a percentage of our total revenue, Asia Pacific 
decreased to 21.6% in 2022 (compared to 23.4% in 2021).
Revenue in RoW area increased by Euro 6.0 million, or 48.1%, from Euro 12.6 million in 2021 to Euro 18.6 million in 2022 
on a reported currency basis (38.7% on a constant currency basis). This region is covered by third-party distributors that 
we engage in certain non-core markets. The strong growth in RoW is mainly sustained by the increase purchases from 
stocking distributors in Latin America. As a percentage of our total revenue, sales from RoW increased to 4.2% in 2022 
(compared to 3.4% in 2021).

18
Medacta’s Annual Report 2022   l   Management Report
The graphics below provide an overview of our revenue by geography for the year December 31, 2022 and 2021. 
COST OF SALES AND GROSS PROFIT 
Our Gross Profit as a percentage of revenue decreased 
from 71.9% in 2021 to 69.8% in 2022. Gross Profit 
margin 
was 
materially 
affected 
by 
temporary 
geographic mix caused by hospital staffing shortages 
and significant longer than expected Covid impacts 
that lowered the contribution of USA and Australia on 
total volumes. Also, we experienced negative impact 
from currency development and price erosion.
23.4%
3.4%
North America
Asia Pacific
RoW
Europe
43.1%
30.1%
31.12.2021
(Thousand Euro)
31.12.2022
31.12.2021
Delta
Delta %
CORE Research and Development expenses
(15’596)
(11’306)
(4’290)
37.9%
CORE Sales and Marketing expenses
(159’594)
(132’555)
(27’039)
20.4%
CORE General and Administrative expenses
(61’683)
(50’937)
(10’746)
21.1%
CORE Other income
1’570
1’536
34
2.2%
CORE Other expenses
(1’013)
(1’301)
288
-22.1%
CORE OPERATING EXPENSES (OPEX)
(236’316)
(194’563)
(41’753)
21.5%
CORE OPERATING PROFIT (EBIT)
68’940
66’684
2’256
3.4%
* For a reconciliation of our CORE results to our reported IFRS figures, please see the "Alternative Performance Measures" section of this report.
CORE Gross Profit
CORE Cost of Sales
2022
EUR 
305.3
EUR 
131.9
CORE COGS 
as % of sales 
30.2%
CORE Gross 
Profit margin 
69.8%
REVENUE 
437.1
EUR 
261.2
EUR 
101.9
CORE COGS 
as % of sales 
28.1%
CORE Gross 
Profit margin 
71.9%
2021
REVENUE 
363.1
CORE Research and development expenses 
Expensed research and development costs are mainly related to base research, maintenance projects, depreciation 
and amortisation expenses (including impairments), business expenses and other non-capitalized expenses. During 
2022, we continued investing in research and development, and in particular in certain long-term research initiatives, to 
support our strategy of broadening our product portfolio. Our CORE research and development costs that were expensed 
increased by Euro 4.3 million, or 37.9%, from Euro (11.3) million in 2021 to Euro (15.6) million in 2022. 
CORE EBIT PERFORMANCE*
21.6%
4.2%
North America
Asia Pacific
RoW
Europe
42.9%
31.3%
31.12.2022

19
Management Report   l   Medacta’s Annual Report 2022
In 2022, depreciation and impairment increased by Euro 2.8 million, following the completion of key projects before the 
new European Medical Devices Regulation fully entered into force in the first semester 2021. Currency development had 
a negative impact in our operational costs by Euro 1.0 million, primarily due to CHF which strengthened by 7.6% from 
prior period.
CORE Sales and marketing expenses 
Our CORE sales and marketing expenses increased by Euro 27.0 million, or 20.4%, from Euro (132.6) million in 2021 to 
Euro (159.6) million in 2022. In 2022, CORE Sales and marketing expenses as a percentage of total revenue remained 
stable at 36.5%. 
Wages and salaries, depreciation and training costs increased but at a lower pace than revenue contributing to an 
increase in EBIT margin totally offset by the increased number of travels, education and congresses, inflationary impact 
on transportation costs and a negative contribution in currency development. In 2022, we materially invested on medical 
education with more than 2’600 surgeons attending educational events in 2022.  We also continued our commitment on 
the M.O.R.E. in Touch program which offers surgeons valuable online resources to deepen their knowledge and discover 
more about our solutions. Currency development had a negative impact of 0.5% in our operational costs, primarily due 
to USD, CHF and AUD which strengthened respectively by 12.4%, 7.6% and 3.9%from prior period.
CORE General and administrative expenses 
Our CORE general and administrative expenses increased by Euro 10.7 million, or 21.1%, from Euro (50.9) million in 2021 
to Euro (61.7) million in 2022. CORE general and administrative expenses as a percentage of total revenue increased to 
14.1% in 2022 from 14.0% in 2021. This result was primarily driven by our expansion in rentals, office equipment, travels 
and negative currency development partially offset by the leverage in wages and salaries, depreciation and other fixed 
costs. Currency development had a negative impact of 0.2% in our operational costs, primarily due to USD, CHF and AUD 
which strengthened respectively by 12.4%, 7.6% and 3.9% from prior period.
CORE Other income and expenses 
Our CORE other income decreased by Euro 0.1 million, or 2.2%, from Euro 1.5 million in 2021 to Euro 1.6 million in 2022. 
CORE other income as a percentage of total revenue remained largely stable at 0.4%. Our other expenses decreased by 
Euro 0.3 million, from Euro (1.3) million in 2021 to Euro (1.0) million in 2022 largely as a result of lower write-offs and 
loss on sale of tangible assets. 
FINANCIAL INCOME AND COSTS 
Our financial income increased by Euro 0.5 million, or 22.2%, from Euro 2.3 million in 2021 to Euro 2.8 million in 2022, 
mainly due to the increase of unrealized exchange gain in the amount of Euro 0.9 million. Our financial costs increased by 
Euro 3.9 million, or 68.4%, from Euro 5.6 million in 2021 to Euro 9.5 million in 2022 primarily as a result of both increased 
exchange losses for Euro 3.6 million and increased interest and bank charges for Euro 0.4 million. 
INCOME TAXES
The Group effective tax rate increased to 15.6% from 7.1% in 2021. The 2022 total reported tax is equal to Euro 8.5 
million, increased by Euro 4.6 million from Euro 3.9 million in the previous year. The Group’s average tax rate before 
deductions and one-off effects increased from 16.8% in 2021 to 19.1% in 2022, negatively affected by a change in the 
profit mix. This effect is the consequence of the increasing profitability of Medacta USA compared to prior period, also 
due to the impact of the provision accrued in 2021 on the MicroPort litigation, which resulted in a lower consolidated tax 
rate due to the recognition of a deferred tax asset on losses generated by the entity. 
Medacta International SA benefits, since 2020, from a special tax deduction from taxable profits for qualifying profits 
arising from patent rights (“Patent Box deduction”), which has a positive impact in the full year 2022 amounting around 
Euro 1.7 million (around Euro 3.5 million as of December 31, 2021), corresponding to a positive impact on the effective 
tax rate for 3.2% (6.3% as of December 31, 2021).

20
Medacta’s Annual Report 2022   l   Management Report
ADJUSTED FREE CASH FLOW
The Adjusted Free Cash Flow decreased from Euro 33.8 
million in 2021 to Euro 21.6 million in 2022 primarily as a 
result of the surge in investments in surgical instruments 
to sustain the Group’s growth.
Adjusted for abnormal transactions, 2022 cash flow 
from operating activities was equal to around Euro 80.5 
million, compared to Euro 81.2 million as of December 
31, 2021. The Adjusted cash flow from operating 
activities is composed of the reported cash flow from 
operating activities equal to Euro 73.5 million, adjusted 
by non-recurring legal costs for Euro 1.2 million, the 2022 
Conformis, RSB and Microport settlement payments of 
Euro 5.1 million and extraordinary MDR payment of Euro 
0.6 million. The 2022 result is substantially in line with 
prior year mainly driven by earnings before tax only Euro 
0.7 million lower than 2021.
Reported cash flow from investing activities as of 
December 31, 2022 amounting to Euro 65.1 million mainly 
reflects net investments in surgical instruments, for Euro 
44.9 million and in the research and development of new 
implants and instruments, for Euro 6.9 million. In 2022 
cash flow from investing activities has been adjusted for 
the investments made to finalize the new offices in our 
Rancate site for approximately Euro 1.2 million, for the 
land acquisition in Castel San Pietro for Euro 4.8 million 
to increase our production area by about 5’300 square 
meters and for the investment made to acquire Levante 
Medica for Euro 0.2 million. The previous year Adjusted 
cash flow from investing activities equal to Euro 47.4 
million was adjusted by the cash paid to create new 
offices in our Rancate site for approximately Euro 4.6 
million. The 2022 increase in Adjusted cash flow from 
investing activities is substantially driven by the material 
surge in investments on surgical instruments which 
increased by Euro 9.9 million.
CAPITAL STRUCTURE
Group Net Debt in 2022 was equal to Euro 111.6 million, 
compared to Euro 93.6 million as of December 31, 2021. In 
2022, the Group amended some of the credit agreements, 
changing the payment terms of existing bank loans 
and credit facilities, prolonging the payments originally 
due in 2022 until 2024 to a new amortisation schedule 
that extends the terms until 2028. This renegotiation 
is reflected in the classification within current or non-
current financial liabilities in the Consolidated Statement 
of Financial Position as of December 31, 2022: Euro 7.1 
million (Euro 64.5 million in 2021) current and Euro 137.6 
million non-current (Euro 49.6 million in 2021).
Despite the increase in Net Debt, our 2022 leverage ratio 
equal to 0.93, is overall in line with prior period (0.87 in 
2021) and below our management targeted ceiling of 1.0. 
80
60
40
20
(20)
(40)
(60)
0
Adjusted Cash flow
from operating activities
Adjusted Cash flow
from investing activities
EUR 
Million
2021
81.2
(47.4)
ADJ FCF 
33.8
2022
80.5
(58.9)
ADJ FCF 
21.6
150
200
100
50
(50)
0
Cash and  
Cash
equivalents
Current  
financial  
assets
Non-current 
financial
liabilities
Current 
financial 
liabilities
EUR 
Million
2022
137.6
(32.3)
Net Debt 111.6
Leverage 0.93x
7.1
2021
49.6
(20.4)
Net Debt 93.6
Leverage 0.87x
64.5
(0.8)
2022 CASH FLOW FROM INVESTING ACTIVITIES
EUR 65.1M
EUR 6.9M
EUR 0.2M
EUR 1.2M
Other Tangibles*
R&D Investments
Other Investments
Other Intangibles**
Instruments
EUR 44.9M
EUR 11.9M
  * Other Tangibles includes: Land, Buildings, Plants & Machinery, Other fixture and fittings,  
     tool and equipment and Assets under construction.
** Other Intangibles includes Customer lists, trademarks, softwares and other.

21
Management Report   l   Medacta’s Annual Report 2022
1.1	 ALTERNATIVE PERFORMANCE MEASURES
The financial information provided in the selected sections of the 2022 Annual Report, including “Highlights year 2022”, 
“Letter to Shareholders”, “Management Commentary” and elsewhere in this document, include certain Alternative 
Performance Measures (APMs) which are not accounting measures defined by IFRS. The Group believes that investor 
understanding of Medacta’s performance is enhanced by disclosing core measures of performance (i.e. CORE or 
Adjusted), since they exclude items which can vary significantly from year to year. Therefore, the CORE results exclude 
effects related, for example, to extraordinary legal expenses, release of prior-year provisions, one-time tax duty and other 
one-time items that may vary significantly over periods.
These APMs should not be considered as alternatives to the Group’s consolidated financial results based on IFRS. These 
APMs may not be comparable to similarly titled measures disclosed by other companies. The definitions of the main KPI 
disclosed in the Annual Report are reported at the end of this section. 
CORE RESULTS
The following tables provide the reconciliation of the CORE results with the Consolidated Financial Statements as of 
December 31, 2022 and 2021. In addition to the CORE ratios we did not identify any normalization for the December 31, 
2022 results. Management assessed that due to the pervasive nature of Covid-19, it would not be appropriate to include 
new APMs as it might not provide reliable or useful information to the market. 
2022 CORE RESULTS RECONCILIATION
 December 31, 2022
(Thousand Euro)
IFRS
Provision on 
Litigations1
Legal costs2
MDR costs3
Italian 
Payback4
CORE5
Revenues
437’122
-
-
-
-
437’122
Cost of Sales
(131’866)
-
-
-
-
(131’866)
GROSS PROFIT
305’256
-
-
-
-
305’256
Research and Development expenses
(16’223)
-
-
627
-
(15’596)
Sales and Marketing expenses
(159’594)
-
-
-
-
(159’594)
General and Administrative expenses
(65’447)
2’540
1’224
-
-
(61’683)
Other income
1’570
-
-
-
-
1’570
Other expenses
(4’098)
-
-
-
3’085
(1’013)
OPERATING PROFIT (EBIT)
61’464
2’540
1’224
627
3’085
68’940
OPERATING PROFIT (EBIT)
61’464
2’540
1’224
627
3’085
68’940
Depreciation and Amortisation
51’510
-
-
-
-
51’510
EBITDA
112’974
2’540
1’224
627
3’085
120’450
EBITDA MARGIN
25.8%
27.6%
[1] Provision on litigations are related to the accrual for the patent matters with Conformis (Euro 2'208 thousand) and RSB (Euro 332 thousand), both settled in 2022 (see Note 
6.25 "Litigations").
[2] Legal costs incurred in 2022 are related to the extraordinary expenses incurred by the Group on litigations, refer to Note 6.25 "Litigations".
[5] References to "Adjusted" are the equivalent to "CORE" references (i.e. Adjusted EBITDA and CORE EBITDA are interchangeable).
[3] MDR costs in 2022 refer to the extraordinary expenses incurred by the Group on the transition to comply the new regulation, refer to Note 6.1 "Significant events and 
transactions" paragraph "New EU regulation on Medical Devices (MDR)".
[4] Italian Payback is related to the provision accrued in 2022 after the introduction of a payback scheme in Italy (see Note 6.25 "Litigations", paragraph "Italian payback scheme 
litigation").

22
Medacta’s Annual Report 2022   l   Management Report
2021 CORE RESULTS RECONCILIATION
 December 31, 2021
(Thousand Euro)
IFRS
Provision on 
Litigations1
Legal costs2
CORE3
Revenues
363’126
-
-
363’126
Cost of Sales
(101’879)
-
-
(101’879)
GROSS PROFIT
261’247
-
-
261’247
Research and Development expenses
(11’306)
-
-
(11’306)
Sales and Marketing expenses
(132’555)
-
-
(132’555)
General and Administrative expenses
(58’844)
4’941
2’966
(50’937)
Other income
1’536
-
-
1’536
Other expenses
(1’301)
-
-
(1’301)
OPERATING PROFIT (EBIT)
58’777
4’941
2’966
66’684
OPERATING PROFIT (EBIT)
58’777
4’941
2’966
66’684
Depreciation and Amortisation
40’436
-
-
40’436
EBITDA
99’213
4’941
2’966
107’120
EBITDA MARGIN
27.3%
29.5%
[1] Provision on litigations are mainly related to the accrual for MicroPort. 
[2] Legal costs incurred in 2021 are related to the extraordinary expenses incurred by the Group on litigations.
[3] References to "Adjusted" are the equivalent to "CORE" references (i.e. Adjusted EBITDA and CORE EBITDA are interchangeable).
ADJUSTED FREE CASH FLOW RECONCILIATION
(Thousand Euro)
31.12.2022
31.12.2021
73’510
54’061
Adjustments for:
   Legal costs
1’224
2’966
   Settlement of legal claims1
5’147
5’922
   Incremental taxes paid in 20212
-
18’254
Extraordinary MDR Costs3
627
80’508
81’203
(65’106)
(52’042)
Adjustments for:
   Rancate investments4
1’247
4’603
   Levante Medica asset purchase acquisition5
220
   Land acquisition for plant expansion6
4’753
ADJUSTED CASH FLOW FROM INVESTING ACTIVITIES
(58’886)
(47’439)
ADJUSTED FREE CASH FLOW
21’622
33’764
[5] In 2022, Medacta paid out Euro 220 thousand for the asset acquisition of Levante Medica 2008 S.L. completed in 2021.
[6] In 2022, Medacta invested Euro 4'753 thousand for strategic purchase of a land that will be destinated for Castel San Pietro manufacturing plant expansion.
CASH FLOW FROM OPERATING ACTIVITIES (IFRS BASIS IN ACCORDANCE WITH IAS 7)
CASH FLOW FROM INVESTING ACTIVITIES (IFRS BASIS IN ACCORDANCE WITH IAS 7)
[2] In 2021 Medacta International SA paid income taxes for a total amount of CHF 24'846 thousand (Euro 22'990 thousand) out of which CHF 19'728 thousand (Euro 18'254
thousand) are related to the settlement of 2017 and 2018 fiscal years.
[4] In 2022, Medacta invested Euro 1'247 thousand (4'603 thousand in 2021) in creating new offices in our Rancate site. 
[1] Settlement of legal claims is related to the payment for the settlement agreements with MicroPort, amounting to Euro 1'901 thousand in 2022 (Euro 5'922 thousand in
2021); Conformis (Euro 2'914 thousand) and RSB (Euro 332 thousand).
[3] EU Medical Devices Regulation (MDR).
ADJUSTED CASH FLOW FROM OPERATING ACTIVITIES

23
Management Report   l   Medacta’s Annual Report 2022
KPI DEFINITIONS
CORE
In accordance with the directives of the Swiss Stock Exchange, the Group adopted the reporting of Alternative 
Performance Measures (APM), which facilitates the assessment of the underlying business performance but may 
differ from IFRS reported figures. The ‘CORE’ (i.e. Adjusted) figures used in this document exclude extraordinary legal 
expenses, legal provisions, release of prior-year provisions, one-time tax duty and other one-time items that may vary 
significantly over periods. A reconciliation table of the reported and CORE ratios with additional descriptions is provided 
on paragraph 1.1 “Alternative Performance Measures” of this report.
EBITDA
EBITDA is a non-IFRS measure that represents profit or loss for the year before finance costs, finance income, income 
taxes, depreciation and amortisation. EBITDA margin is defined as EBITDA divided by revenues, expressed as a 
percentage. We define EBITDA as profit or loss for the year before net interest expense, income taxes, depreciation and 
amortisation. 
ADJUSTED EBITDA (I.E., CORE EBITDA) 
Represents EBITDA before additional specific items that are considered to hinder comparison of the trading performance 
of the Group’s businesses either year-on-year or with other businesses. Management considers Adjusted EBITDA to 
be a key measure of financial performance and believes that this measure provides additional useful information for 
prospective investors on performance and is consistent with how the business performance is measured internally. 
Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by revenue, expressed as a percentage.
CONSTANT CURRENCY 
The Group has presented certain information that it refers to as “constant currency”, which is a non-IFRS financial 
measure and represents the total change between periods excluding the effect of changes in foreign currency exchange 
rates. The Group believes that the reconciliations of changes in constant currency provide useful supplementary 
information to investors in light of fluctuations in foreign currency exchange rates. Furthermore, the Group believes 
that constant currency measures provide additional useful information on the Group’s operational performance and 
is consistent with how the business performance is measured internally. In calculating constant currency figures, the 
current period amount is translated at the foreign currency exchange rate used for the previous period to get a more 
comparable amount.
OPEX
Opex include the sum of Research and Development expenses, Sales and Marketing expenses, General and Administrative 
expenses, Other income and expenses. In the Management Report commentary “CORE” operative expenses are adjusted 
for specific items (reconciled in the tables above) in order to enhance the understanding of the Group’s performance.
EQUITY RATIO
The equity ratio is calculated dividing Total Equity by Total Assets. 
NET TRADE WORKING CAPITAL
Net Trade Working Capital is capital invested in the Group’s operating activities.  The variation in Net Trade Working Capital 
is an indicator of the operational efficiency of the Group. Net Trade Working Capital is the sum of trade receivables, trade 
payables and inventory. 
FREE CASH FLOW
Free Cash Flow is used to assess the Group’s ability to generate the cash needed to conduct and maintain our operations. 
It also provides an indication of the Group’s ability to generate cash to fund dividend payments, repay debt and to 
undertake merger and acquisition activities. Free Cash Flow (post investing activities) is calculated as IFRS cash flow 
from operating activities plus IFRS cash flow from investing activities. The Adjusted Free Cash Flow is calculated as 
Free Cash Flow adjusted for certain non-recurring items that management believes are not indicative of operational 
performance.
NET DEBT
Net Debt is used as a metric to indicate the overall debt situation of the Group and is measured by netting the non-current 
and current financial liabilities with our cash and cash equivalents and current financial assets.
LEVERAGE
Leverage ratio is used to assess our ability to meet our financial obligations and is calculated as Net Debt divided by 
Adjusted EBITDA.

24
Medacta’s Annual Report 2022   l   Management Report
3.	 MEDACTA’S UNIQUE HISTORY: IT IS FOUNDED  
BY A PATIENT
Medacta was established in 1999 by Alberto Siccardi, 
our founder, chairman, and former CEO, whose own 
journey as a patient convinced him of the importance 
of pioneering a new approach to joint replacement. In 
2000, we inaugurated our headquarters, manufacturing 
facility, and research and development site at Castel San 
Pietro, Switzerland. During the early years, we primarily 
sold total knee and total hip replacement implants in 
selected European markets. The first hip replacement 
procedure using our innovative AMIS technique was 
carried out in 2004, and since then it has been performed 
in over 500’000 cases. 
In 2004, we created the M.O.R.E. Institute to educate 
and engage with our customer surgeons, initially 
focusing on optimally performing the AMIS technique. 
Following the initial success of our Hip business line, the 
first knee replacement using our GMK Primary System 
was performed in 2006. Subsequently, we expanded 
our efforts to develop personalized patient solutions, 
and the first knee surgery using our patient-matched 
MySolutions technology took place in 2009. A few years 
later, we launched our GMK Sphere, a total knee implant 
designed to deliver maximum functional stability, which 
has since been implanted in more than 150’000 cases, 
achieving ten years of successful clinical experience.
In 2009, we expanded into the spine segment of the 
orthopedics market. Our team of engineers collaborated 
with international expert surgeons to develop specific 
and innovative solutions for the treatment of various 
degenerative spine conditions and spine deformities. In 
2010, the first of our spine products were implanted in 
the US. To complete our portfolio, we invested in a new 
Sports medicine business line in 2016. 
Our engineers, together with an international team of 
surgeons specializing in sports medicine, developed 
specific and innovative products for treating ligament, 
tendon, and muscular injuries of the knee, hip, and 
shoulder.
In April 2019, the year of our 20th anniversary, we 
became a publicly listed company, officially entering 
the SIX Swiss Exchange. The 9th M.O.R.E. International 
Symposium that we held in Lugano, Switzerland, and 
welcomed 1’500 attendees from all over the world, was 
the perfect occasion to celebrate these milestones.
In 2020, our commitment to developing highly innovative 
solutions led us to receive FDA-clearance for our NextAR 
Knee, the first FDA-cleared augmented reality surgical 
application for total knee replacement. 
In 2022, we celebrated an important milestone by opening 
the doors of our new offices in Rancate. In addition, we 
surpassed 1’900 NextAR surgeries performed worldwide, 
driven by the full market release of the NextAR Shoulder 
application in May. In June, NextAR further enlarged its 
worldwide outreach with approval in Japan. Moreover, 
in October, the NextAR Spine application was awarded 
the 2022 Spine Technology Award from Orthopedics 
This Week, the second Medacta product to receive 
this prestigious honor after MySpine Platform, patient-
matched technology.
2.	 MEDACTA AT A GLANCE
Medacta is an international company specializing in the design, production, and distribution of innovative orthopedic 
products, as well as in the development of accompanying surgical techniques. Established in 1999 in Switzerland, 
Medacta is active in joint replacement, spine surgery, and sports medicine. Medacta is committed to improving the 
care and well-being of patients and maintains a strong focus on healthcare sustainability. Medacta’s innovation, 
forged by close collaboration with surgeon experts globally, began with minimally invasive surgical techniques 
and has evolved into personalized solutions for every patient. Through the M.O.R.E. Institute, Medacta supports 
surgeons with a comprehensive and tailored program dedicated to the advancement of medical education.  
Medacta is headquartered in Castel San Pietro, Switzerland, and operates in over 50 countries. 
2.1	 VISION
Our vision is to improve the care and well-being of 
orthopedic and spine surgery patients worldwide 
through our experience and passion. With our surgical 
innovations and medical education programs, we strive 
to enable a healthy and active lifestyle for every patient, 
strongly focusing on healthcare sustainability. 
2.2	 MISSION 
Our mission is to transform the patient experience by 
developing advanced surgical approaches, implants, and 
instruments through responsible innovation. With this 
goal in mind, we focus on increasing our collaboration 
with surgeons and universities worldwide, constantly 
investing in medical education, innovative technologies, 
and personalized solutions.

25
Management Report   l   Medacta’s Annual Report 2022
MEDACTA OPENS NEW OFFICES IN RANCATE, SWITZERLAND 
We celebrated an important milestone by opening the doors of our new offices in Rancate on 18 May 2022. With an 
expansion of 2’100 square meters supporting the creation of new jobs, the new building complements and works in 
complete synergy with the Castel San Pietro headquarters: two hubs of cutting-edge technology which continue to 
innovate responsibly for the benefit of patients, medical professionals, healthcare systems and the local community. 
To support our constant growth, we have also initiated a new project in Ticino that includes two major expansions. In 
Castel San Pietro, the production area will be expanded by about 5’300 square meters, bringing the total area to 15’300 
square meters, with an increase of more than 50 percent in total area. The current 12’000 square meters in Rancate will 
be further expanded with a new area of about 9’500 square meters, dedicated to both offices and production, with an 
increase of almost 80% in operational space. In total, Medacta plants in Ticino are foreseen to cover more than 36’800 
square meters. These plans will be implemented while always maintaining a strong focus on sustainability. 
It is with great 
satisfaction that we 
inaugurate this new 
building. A new step 
forward to boost our 
growth and reinforce 
the recent positive 
results achieved 
despite the limitations 
due to the pandemic. 
Our strategy, based 
on the three pillars 
of innovation, 
medical education, 
and healthcare 
sustainability, 
represents the 
foundation of our 
success, and drives 
our plans for future 
expansion.
Francesco Siccardi,
CEO of Medacta
I recall with affection 
the first day of Medacta 
in 1999. Medacta was 
born and keeps growing 
in Ticino, where we plan 
further local investments 
in the future as well. 
Today's event marks 
another date to highlight 
in the evolution of our 
company's growth, 
locally and globally.
Dr. Alberto Siccardi,
President of the Board  
of Directors of Medacta
2001
Revenues [million EUR]
7
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
219
179
145
124
112
86
66
47
38
29
24
22
19
15
10
2017
245
2000
1999
4
5
272
310.6 302.5
2018
2019
2020
2021
363.1
2019
20th MEDACTA 
ANNIVERSARY 
OFFICIALLY 
ENTERING THE SIX 
SWISS EXCHANGE
2015
STRATEGIC 
DECISION TO 
ENTER SPORTS 
MED MARKET
2010
THE FIRST OF OUR 
SPINE PRODUCTS 
WAS IMPLANTED 
IN THE U.S.
2009
STRATEGIC 
DECISION TO 
ENTER SPINE 
MARKET
2004
M.O.R.E.
INSTITUTE
WAS FOUNDED
1999
MEDACTA
INTERNATIONAL
WAS FOUNDED
2020
FDA-CLEARANCE 
FOR OUR NEXTAR 
KNEE
2022
OPENING THE 
DOORS OF ITS 
NEW OFFICES IN 
RANCATE
COVID19
HIP
TOTAL
KNEE
SPINE
EXTREMITIES
2022
437.1
203.6
437.1
41.5
164.5
27.5

26
Medacta’s Annual Report 2022   l   Management Report
4.	 MEDACTA PEOPLE AND CULTURE
HUMAN CAPITAL AT THE HEART OF OUR BUSINESS
Medacta’s constantly expanding organization requires a 
business structure designed to provide resiliency over the 
years across business cycles. Therefore, one of the most 
important factors is our human capital, which requires a 
dedicated people-centered strategy. Our team, which has 
surpassed the milestone of 1’500 members worldwide 
this year, is the driving force behind our company, inspiring 
innovation and bringing together diverse experiences, 
perspectives, and ideas to improve the patient experience. 
Human capital in Medacta is made up of an ecosystem 
of talented people who build and sustain the authenticity, 
competitiveness, and sustainability of our company. The 
“Medacta people ecosystem” combines two different 
groups of people that operate in constant synergy with 
each other: “company employees” and “expert surgeons.”
COMPANY EMPLOYEES
Inspired by a common vision to improve care for patients 
and from the value of the #beMedacta culture, our 
people are differentiated by high levels of commitment, 
ownership, and collaborative attitude in their job, whatever 
it is. Everyone contributes to Medacta’s growth, bringing 
motivation, skills, enthusiasm, and experience. 
The company’s performance has been positively impacted 
by our employees willingness to engage with each 
other in teams and workgroups, promoting continuous 
multidisciplinary 
communication 
and 
collaboration 
across the organization. Medacta’s employees are our 
competitive edge, and ensuring their engagement is 
essential to success. Therefore, we implemented several 
initiatives and maintained a constant dialogue with 
our employees. In 2022, the CEO periodically met our 
employees worldwide or on a local basis to personally 
discuss new ideas and assess improvement processes, 
working closely in conjunction with our Human Resources 
to ensure some of those ideas become a reality.
Our human capital, besides our employees, also includes 
the international new hires who join our company each 
year, bringing know-how, insights, and experiences from 
other organizations. Being one of the fastest-growing 
orthopedic businesses globally, we have an extremely 
competitive talent attraction strategy focused on 
creating carrier opportunities for the industry’s talents 
which sets us apart from our competitors. As part of 
a comprehensive strategy, Medacta also leverages its 
increasing employer value proposition, a recruitment 
marketing campaign, and a strong organizational 
culture. To support our rapid growth, we are committed 
to continuously developing and retaining new talent, 
establishing a dynamic and flexible workplace where 
they can grow professionally, challenge themselves, 
make a difference, and prosper, always inspired by our 
values and encouraged by our team. 
EXPERT SURGEONS
Moreover, a crucial part of our human capital is 
represented by our network of expert surgeons 
worldwide, with whom we collaborate on a regular basis 
and we consider an extension of our official team. This 
group of internationally recognized surgeons continues 
to grow and contributes to inspiring and guiding 
new surgeons in adopting our innovative solutions, 
technologies, and products. Each new surgeon brings 
experience, knowledge, and ideas that may contribute to 
our innovation, enabling us to evolve our solutions with 
the aim of improving patients’ outcomes.

27
Management Report   l   Medacta’s Annual Report 2022
A STRONG IDENTITY SUSTAINED BY A SOLID CULTURE 
Medacta is dedicated to securing and managing our 
human capital by means of a strong identity sustained 
by a solid culture, always being able to count on the right 
people with the right competencies at the right time.
MEDACTA IDENTITY
Medacta’s strong identity is expressed in different 
elements representing the company worldwide, but what 
makes the company unique and different from all others 
in the market is its history. In fact, Medacta is the only 
orthopedic company founded by a patient. Our founder’s 
passion, courage, and trust have been translated into 
the company’s vision and culture, which help to foster 
a feeling of belonging and inspire each person to be 
committed to consistently giving their best efforts.
MEDACTA CULTURE
At Medacta, we always strive to strengthen our 
#beMedacta culture, a key to sustainable success, 
actively contributing to our growth. We want to ensure 
that all our employees understand and demonstrate our 
culture and values to build and sustain our continuous 
improvement process successfully. We believe it is of 
the utmost importance that these values are kept alive 
and, above all, transferred to all the people who have 
joined and will join our company in the coming years. 
Our values and their evaluation are integrated into our 
talent acquisition process, as well as our onboarding 
activities, Code of Business Conduct and Ethics, and 
within our performance and talent management 
processes. 
HUMAN RESOURCES ORGANIZATION
Our Corporate Human Resources (HR) Function is 
responsible for the centralized control of all global HR 
policy and process formulation and has developed an 
HR framework setting out the strategic priorities that 
will support the business needs today and in the future. 
This was necessary considering that our company is 
experiencing a tremendous expansion, which is also 
evident in the number of employees, who have increased 
by more than 50% over the past four years.
•	 EMPLOYER VALUE PROPOSITION 	 
Developing our employer brand and values and 
increasing the overall employee experience that will 
enable us to attract and retain our people.
•	 TALENT ACQUISITION 	
  
Enhancing hiring processes and systems that 
will enable us to improve the speed, quality and 
effectiveness of attracting and hiring people.
•	 TOTAL REWARDS  	
 
Developing 
comprehensive 
& 
competitive 
compensation strategies and recognition schemes 
enabling us to hire and retain.
•	 TALENT & PERFORMANCE MANAGEMENT 	  
Building meaningful, robust processes and tools that 
will manage our human capital effectively today and 
in the future.
•	 LEARNING & DEVELOPMENT 	
 
Establishing a culture of learning and growth for 
our people which is aligned to our employees and 
organizational needs.
INTEGRITY
Always be honest and upright
We do all our business in an honorable manner, knowing 
that there is no right way to do the wrong thing
TRUST AND ACCOUNTABILITY
See it, Own it, Solve it, Do it
We believe in people, aware that they are the engine 
of our success
RESULTS ORIENTATION 
Know your goal, focus on it
We work to exceed our goals
Great things in business are never done by one person
TEAM WORK
Leverage collective genius
We are proud to be part of Medacta
LOYALTY
Be Medacta
2018
2019
2020
2021
1500
1000
500
2022
+196
+158
+82
+128
973
1'101
1'183
1'341
1'537

28
Medacta’s Annual Report 2022   l   Management Report
5.	 MEDACTA GROWTH CAPEX MODEL
GROWTH CAPEX MODEL
Within our strategic planning process, we annually assess the amount of CAPEX needed to help foster the planned 
growth. 
A secure and steadily improving supply chain is essential for a high level of customer service and quality performance. 
To facilitate this, two primary investment categories have been strategically utilized:
•	
Instrument sets – to serve new customers and achieve the planned sales volumes.
•	
Plant expansions – to increase manufacturing capacity aligned to the growth strategy.
Here below we report the cash flow for investing activities (CFI) from 2019 to 2022, broken down by facility expansions 
(e.g. land & buildings, plants & machinery, and assets under construction), instrument sets and R&D and other 
investments, showing the CAPEX change year-over-year:
INSTRUMENT SETS
Surgical instruments are key components of the 
orthopedic industry. They are reusable devices which 
represent major investments for orthopedic companies. 
Surgical instruments for orthopedic procedures, primarily 
made from medical-grade stainless steel, involve a wide 
array of configurations to support all clinical needs 
and surgeon preferences. The standard cost for an 
instrument set can range from Euro 30 to 50 thousand 
depending on the specific surgical requirements and 
level of procedural complexity. 
The Medacta instrument distribution model is primarily 
a consignment program. To ensure that our instruments 
are optimally employed, the usage rate of each set is 
monitored on a monthly basis.
Our CAPEX model for instrument growth is funded by 
the following two elements:
•	
Organic growth materially above market - 
Medacta growth in volume is mostly due to a 
significant increase of our customer acquisition. 
Supplying new customers requires a flow of 
instrumentation that is significantly above the 
volumes needed to maintain the existing pipeline.  
On average, supplying new customers with at least 
one kit could require an investment ranging from 
Euro 30 to 50 thousand, based on the business 
lines involved and the specific needs of the new 
customers.
•	
Timing difference - from a supply chain perspective 
an up-front investment in instrument sets is 
essential to enable implant sales. The timing of the 
revenue generation ramp could range from 6 to 12 
months, based on several factors which depend 
mainly on the respective surgical planning.
EUR  
Million
GROWTH CAPEX 2019-2022
CFI 42.0
CFI 34.2
CFI 52.0
CFI 65.1
2019
2020
2021
2022
20
40
60
-12.5
+17.9
+13.4
Investments on facility expansion
Growth Capex
Instruments
R&D and other investments

29
Management Report   l   Medacta’s Annual Report 2022
FACILITY EXPANSION
To increase our manufacturing capacity and strengthen 
our supply chain, we are steadily acquiring new 
equipment and projecting facility expansions to 
maximize our assets. 
Medacta currently owns two hubs of cutting-edge 
technology. The first corporate headquarters and 
manufacturing site was established in 2000, in Castel 
San Pietro, Switzerland. In 2018, we acquired a new site 
in Rancate, Switzerland, with an initial investment of 
approximately Euro 25 million. Today our manufacturing 
facilities produce approximately 1.0 million implants per 
year and operate with almost 800 employees. 
Historically, we have outsourced several non-proprietary 
production 
processes, 
including 
casting, 
forging, 
injection 
molding, 
ceramic 
molding, 
sterilization, 
and coating, together with the production of most 
instruments. 
A recurring strategic make-or-buy analysis is performed 
to maximize competitive advantage while reducing 
production costs and capital investment. Each year 
we make strategic investments to increase capacity to 
sustain our future growth, strength our supply chain, and 
insource production when needed.
We have already projected our next two major plant 
expansions to continue enabling our steady long-term 
growth. In Castel San Pietro, the production area will 
be expanded by approximately 5’300 square meters, 
bringing the total area to 15’300 square meters, with 
an increase of production space by more than 50 
percent in total area. The current 12’000 square meters 
in Rancate will be further expanded with a new area of 
about 9’500 square meters, with an increase of almost 
80% in operational space. In total, the Medacta plants 
in Switzerland are foreseen to cover more than 36’800 
square meters. These expansions will allow a significant 
increase in manufacturing capacity and supply chain 
stability.
Medacta in Castel San Pietro
Medacta in Rancate

30
Medacta’s Annual Report 2022   l   Management Report
6.	 MEDACTA VALUE CREATION STRATEGY
AN OVERVIEW OF THE ORTHOPEDIC MARKET
The orthopedic market is characterized by growth in 
procedural volumes, continuous technological advances, 
which lead to frequent new product introductions, and 
evolving industry standards resulting from innovation 
and scientific discoveries. Moreover, in outpatient 
surgery, and particularly in the US market, Ambulatory 
Surgery Centers (ASCs), which provide same-day 
surgical care, including diagnostic and preventive 
procedures, without hospital admission, represent a 
significant growth driver. This is due to their ability 
to provide surgical procedures at a lower cost, with 
shorter waiting times and potentially better outcomes 
(e.g., lower risk of infection and early mobilization) with 
benefits for patients and the whole healthcare system. 
Medacta is focused and committed to applying our 
integrated strategy in sustainable markets, ASCs, and 
personalized medicine since we believe these are the 
key vehicles of future industry growth.
A DIFFERENTIATED APPROACH
We believe Medacta makes a difference through 
innovative, 
minimally 
invasive, 
and 
personalized 
treatment options and its tailored surgeon education 
programs. Since our founding in 1999, we have 
become pioneers in developing innovative products and 
surgical techniques. With hundreds of patents in our 
portfolio, we have long-standing expertise in bringing 
new technologies to the market, offering a range of 
benefits for patients, surgeons, and healthcare systems, 
in particular, our Anterior Minimally Invasive Surgery 
(AMIS) technique for hip replacement which now counts 
more than 500’000 patients’ procedures worldwide. We 
leveraged our expertise to develop our sophisticated 
“MySolutions” technology, which enables us to offer 
surgeons highly personalized preoperative planning 
and advanced implant placement methodologies, 
personalized for the unique anatomy of the patient, to 
further improve intraoperative precision and efficiency. 
INTEGRATED STRATEGY
Medacta aims to develop a long-lasting relationship 
with surgeons, hospitals, and other healthcare providers 
through a strategy based on value creation, leveraging 
advanced 
technologies 
and 
patient-specific 
data 
insights to efficiently complement any of their current 
operations, potentially delivering better outcomes, and 
increasing patient satisfaction while limiting costs.
At Medacta, value generation in such a complex 
environment follows a holistic approach, and it is built 
on three fundamental assets: “responsible innovation”, 
“medical education”, and “healthcare sustainability”.
• 	 RESPONSIBLE INNOVATION 	  
is the foundation of all our projects and the 
basis of our growth strategy. It began with 
minimally invasive techniques and has evolved 
into personalized solutions designed for every 
patient, with the aim to improve their care pathway 
and potentially enable better outcomes. We 
are convinced that innovation requires medical 
education.
• 	MEDICAL EDUCATION 	
 
is an indispensable tool for transforming our 
innovation into concrete benefits for patients’ well-
being and healthcare system efficiency. We provide 
our surgeons with personalized, structured, and 
accessible education programs on our innovative 
technologies and procedures, to help them fasten 
the learning curve to become proficient in the use 
of our products and solutions.
•	 HEALTHCARE SUSTAINABILITY 	
 
is a key element in making our innovation and 
training programs as accessible as possible.  It 
guides the design of our solutions to make them 
more efficient, reducing costs and complementing 
operative workflow efficiently.
RESPONSIBLE 
INNOVATION
MEDICAL 
EDUCATION
HEALTHCARE 
SUSTAINABILITY
Differentiated approaches often require to undergo a 
learning curve. With the M.O.R.E. Institute we provide 
our existing and new customers with ample educational 
opportunities to develop and refine their skills with our 
innovative products, techniques, and technologies. In 
fact, since its founding, it has become a global medical 
education platform tailored to fulfill the needs of the 
individual surgeon, with dedicated courses addressing 
each of our business lines.

31
Management Report   l   Medacta’s Annual Report 2022
INPUT CAPITALS
The input capitals comprise different areas and are in 
continuous interaction with each other.
OUTPUT CAPITALS
The input capitals follow a transformational process, which 
may lead them to generate concrete results, or output 
capital.
HUMAN	   
We can count on more than 1'500 specialized and talented 
employees worldwide. They are motivated and share strong 
identity, solid culture, and ethical values. The investments 
in training programs allow for the continuous updating of 
their knowledge, competencies, and expertise. 
FINANCIAL 	
 
We have a healthy balance sheet which highlights the 
strength of your business and its ability to weather any 
economic storms and fund significant investments.
MANUFACTURING	  
Our team fully operates in-house, in our two production 
sites in Castel San Pietro and Rancate, designing and 
producing our products, assuring excellent quality, 
flexibility, continuity, and efficiency. The extensive use 
of automation allows for a reduction in operational cost, 
increased control over the process, increased quality, and 
shortened production lead time. In addition, it frees up 
resources for more productive tasks and contributes to 
significantly less machinery downtime. 
INTELLECTUAL	
 
In the orthopedic industry, legal compliance, agreements, 
and intellectual property rights are essential. New 
techniques, products and technology handled by the R&D 
department, as NextAR our proprietary Augmented Reality 
Surgical Platform, represent intellectual capital that we are 
committed to protecting.
COLLABORATION	  
We comply with certifications and registrations in all of the 
countries where operate for each new product, partnering 
with various certification agencies, such as the Food 
and Drug Administration (“FDA”) in the United States. We 
collaborate with top universities, technological districts, 
expert surgeons, and centers of excellence throughout the 
world. 
ADVANCE CARE AND PATIENT SATISFACTION	
 
We are dedicated to improving patients’ well-being by 
constantly evolving and innovating our products and 
techniques by leveraging cutting-edge technologies, and 
always following minimally invasive and personalized 
solutions. 
EMPOWER SURGEONS’ PRACTICES	
 
We are completely committed to supporting surgeons in 
their practice by providing them with innovative solutions 
that enhance accuracy, efficiency, and sustainability 
throughout the whole patient journey, from preoperative to 
intraoperative to postoperative care.
EXPAND MARKET SHARE	
 
We plan to continue expanding our market share in all of 
our business lines, focusing on meeting our customer's 
needs and investing in R&D, experienced sales force and 
personalized solutions.
INCREASE GEOGRAPHIC PRESENCE	  
As part of our growth strategy, we continue to make 
considerable investments to expand our geographic 
presence in significant markets with the goal of upscaling 
our operational opportunities.	
	
	
CONTRIBUTE TO THE SUSTAINABLE 	
DEVELOPMENT GOALS (ONU SDGS)	 	
 
We aim for constant improvement of innovative solutions, 
caring for people, for the environment and for our 
community, according to the “SDGs” defined by the United 
Nations. More details are available in our sustainability 
report.
INPUT CAPITALS
Human
Financial
Manufacturing
Intellectual
Collaboration
OUTPUT CAPITALS 
Advance care and  
patient satisfaction
Empower surgeons’ practices
Expand market share
Increase geographic presence
Contribute to the sustainable  
development goals (ONU SDGs)
VISION - MISSION
RESPONSIBLE 
INNOVATION
MEDICAL 
EDUCATION
HEALTHCARE 
SUSTAINABILITY
EXTERNAL  
ENVIRONMENT
BUSINESS MODEL
Medacta is committed to creating value through a process that converts stocks of value, defined as “input capitals”, 
into “outputs capitals”, which are the concrete results that can generate sustainable value for all our stakeholders over 
the short, medium, and long term. The external environment, including economic conditions, technological change, and 
societal and environmental challenges, sets the context within which we operate. The vision, mission, and fundamental 
assets encompass the whole organization, identifying the complete scenario in which we operate.

32
Medacta’s Annual Report 2022   l   Management Report
6.1	 RESPONSIBLE INNOVATION
Innovation is of paramount importance at Medacta and is expressed in the originality of our surgical techniques, 
products, and technologies. It is the foundation of all our projects and the basis of our growth strategy. Our innovation 
began with minimally invasive techniques and has evolved into personalized solutions for every patient. This has led us 
to the design of an advanced network of digital solutions to improve patient outcomes and healthcare efficiency - the 
MySolutions Personalized Ecosystem. Moreover, we firmly believe in responsible innovation, which is guaranteed by our 
M.O.R.E. Excellence Clinical Program, enabling us to introduce innovative products into the market responsibly. 
PILLARS
For us, innovation is based on three pillars: a strong and continued collaboration with surgeons, continuous investments 
in long-term and short-term Research and Development (R&D), and the adoption of cutting-edge technologies.
STRONG COLLABORATION WITH SURGEONS
Listening to surgeons, identifying patient requirements, and designing new solutions 
enables us to respond to unmet clinical needs proactively. We collaborate on a regular 
basis with internationally recognized surgeons, leading universities, and hospital 
research institutions on innovative surgical techniques and the evolution of our products 
and methodologies. A successful example of this collaboration is our GMK Sphere, a 
total knee implant designed to deliver maximum functional stability with the goal of 
increasing total knee arthroplasty (TKA) patient satisfaction during activities of daily 
living and decreasing postoperative knee pain. The development of this innovative device 
has been possible thanks to the knee anatomy and kinematics studies by Prof. Freeman 
and Prof. Pinskerova.
RESEARCH AND DEVELOPMENT
Our Research and Development (R&D) team is divided into three business units: 
Joint, Spine, and Sports Medicine. We have a range of research resources available 
in-house, including the MyBody database, advanced 3D printing capabilities, and 
facilities for prototype development. To reduce infection and patient remittance 
rates, we have expanded our Research and Development focus to surface 
technology with the development of antibacterial treatment for our implant portfolio.  
We also have developed NextAR, our proprietary Augmented Reality Surgical Platform, 
which provides efficiency and precision in computer-assisted surgery. R&D and in-
house technology boost our innovation, allowing for high standards of quality, flexibility, 
continuity, and efficiency.
CUTTING-EDGE TECHNOLOGIES
Our product pipeline is being advanced by leveraging big data, cutting-edge 
manufacturing, smart robotics, augmented reality guidance, and surface technology. We 
have developed an advanced three-dimensional structure, 3D Metal, based on 3D printing 
technology of the proven Titanium-Aluminum-Vanadium alloy, which enables direct 
structural connection with the bone. The architecture of the outer surfaces consists of 
interconnecting pores and resembles cancellous bone. We are also further developing 
our manufacturing capabilities by means of 3D printing, which facilitates implant fixation 
and increases production speed and efficiency at lower costs.
M.O.R.E. EXCELLENCE CLINICAL PROGRAM
This program enables us to responsibly introduce innovative products to the marketplace by defining the applicable  
steps and milestones ahead of their full release. We typically release new products on a restricted basis to conduct 
voluntary clinical programs, following the guidelines recommended by independent organizations, such as the 
Orthopedic Data Evaluation Panel or the Beyond Compliance Program. After the full market release of our products, we 
continuously monitor and assess their performances by way of our post-market surveillance program, which channels 
data to an internal group of experts who assess a report to ensure the system performance is fully understood and 
the risks are carefully evaluated. Moreover, we sponsor and participate in clinical post-market studies conducted by 
leading international experts to continuously improve our knowledge and make these results available to the scientific 
community through peer-reviewed publications.

33
Management Report   l   Medacta’s Annual Report 2022
6.2	 MEDICAL EDUCATION
We believe that education is a fundamental pillar of our long-term value-creation strategy and an indispensable tool for 
transforming innovation into concrete benefits for patients, surgeons, and healthcare systems. We are committed to 
providing continuous support to healthcare professionals worldwide to facilitate the adoption and sharing of knowledge 
of our innovative solutions. Since its founding in 2004, the M.O.R.E. Institute has become a global medical education 
platform tailored to fulfill the needs of the individual surgeon, with dedicated courses addressing each of our business 
lines. “With the M.O.R.E. Institute, the surgeon is never alone when discovering new technologies” is our education motto.
THE CHALLENGE OF THE LEARNING PROCESS
The introduction of innovative techniques, products, and technologies requires time to adapt and is usually associated 
with a learning curve. Therefore, we provide both our existing and new customers with personalized, structured, and 
accessible educational opportunities with the aim of improving patient outcomes through enhanced surgical proficiency. 
The M.O.R.E. Education path is built on “Surgeon to Surgeon” activities. Participants can visit experienced surgeons 
to approach our innovative portfolio, attend learning centers to practice during wet labs, and deepen their knowledge 
through discussions with our international surgeon experts, progressively and continuously advancing from instructional, 
through advanced, to master level. We value proctorship as a key element in the learning process, providing unparalleled 
support to surgeons during their first surgeries at their own hospital.
A PLATFORM DESIGNED TO SHARE EXPERIENCE 
The M.O.R.E. Institute relies on an international network 
of expert surgeons to create interactive networking 
opportunities and a variety of educational events, 
facilitating the learning and sharing of experiences, 
including one-to-one visits, online webinars and Meet the 
Experts, wet labs, scientific evenings, and international 
symposia. The 
M.O.R.E. 
Institute 
also 
supports 
fellowship programs worldwide, with a strong focus on 
young and promising surgeons. 
THE VALUE OF OUR EDUCATION PROGRAMS
In 2022, on the occasion of the celebration of passing 
the milestone of 500’000 patients treated with AMIS 
(Anterior Minimally Invasive Surgery), we interviewed 
some 
surgeons 
about 
their 
“AMIS 
Experience”.  
They agreed on the importance of our education 
programs, as one of the key elements of the AMIS 
success over the years. It all started in 2004 when 
we collaborated with an international group of expert 
surgeons to create the unique AMIS Education Program. 
This program provides surgeons with a tailored and 
comprehensive training program and proctorship which 
allows for technique proficiency and encourages the 
sharing of knowledge and experiences, thereby reducing 
potential challenges in the early phase of the learning 
curve1,2. This program has become a dynamic global 
platform with an education community including more 
than 260 AMIS Reference Centers worldwide and almost 
500 AMIS Learning Centers organized to date.
A STRONG PARTNERSHIP WITH SURGEONS
Our systematic approach to customer development 
through education is a key factor in our success, allowing 
us to cultivate a strong partnership with our surgeons 
and facilitating the widespread adoption of our products 
and surgical techniques. We believe that our engagement 
and education initiatives significantly contribute to our 
surgeons’ retention and loyalty. Moreover, we believe 
that our close partnership with surgeons benefits us in 
developing and refining our products and techniques. 
As a result of our focus on customer engagement, we 
remain continuously connected with surgeons and stay 
up-to-date with and influence the latest advancements in 
the orthopedic field. 
EDUCATIONAL ACTIVITIES AND OPPORTUNITIES
In  2022, we continued our commitment to medical 
education with more than  2’600  surgeons attending 
educational activities. Besides the in-person scientific 
events, the M.O.R.E. Institute programs offer surgeons 
valuable online resources to deepen their knowledge and 
discover more about our solutions, including eLearning 
Classes, live surgical demonstrations, webinars, and 
online “Meet the Expert” exclusive events. Moreover, 
surgeons can access many hours of on-demand medical 
education through Medacta TV, our streaming platform, 
along with our whole education library, available 24/7 
from iOS or Android-based tablets or mobile devices, 
both online and offline through the specially designed 
M.O.R.E. App.
INSTRUCTIONAL LEVEL
ADVANCED LEVEL
MASTER LEVEL
EVALUATE 
Surgical tecnique 
 
EXPLORE 
Medacta products/
services
1
DEEPEN 
Scientific knowledge 
of field of choice 
 
PRACTICE 
Assisted cadaver 
workshop
2
EXPERIENCE 
Surgeon to Surgeon 
visits 
 
EVOLVE 
M.O.R.E. continuous 
education program
3
SHARE 
Experience 
 
IMPROVE 
Technique 
 
WIDEN 
Patient selection
4
MASTER 
Surgical technique 
and Medacta  
products
5
Visit a  
Reference Centre
Attend a 
Learning Centre
Take advantage of 
Proctorship
Meeting with  
Experts
Focusing on 
Revision Cases
Key Medacta Differentiator
1 Müller DA, Zingg PO, Dora C. Anterior minimally invasive approach for total hip replacement: five-year survivorship and learning curve. Hip Int 2014. 
2 Zing P. AMIS using Versafitcup and Quadra to overcome tissue response: 5-year results. Podium presentation at the 7th M.O.R.E. International Symposium, Lugano,   
  Switzerland, April 11-12, 2014.

34
Medacta’s Annual Report 2022   l   Management Report
6.3	 HEALTHCARE SUSTAINABILITY
Our products and surgical procedures are designed 
to improve patient well-being, facilitate the work of 
our surgeons, and increase the sustainability of the 
healthcare system by improving efficiency while 
reducing surgical costs.
AMIS
Our AMIS technique, with its dedicated instrumentation, 
from the AMIS Mobile Leg Positioner to the AMIS 
MBOOT single-use insert pad, covers every aspect of 
the procedure with the aim of streamlining, simplifying, 
and facilitating reproducibility of the anterior approach. 
Our AMIS offering has been further enhanced over the 
years with new packages that allow surgeons to take 
the anterior approach to the next level. Surgeons can 
experience AMIS within our tailored and comprehensive 
AMIS Educational Program, taking advantage of the 
support of a network of world-renowned experts, as 
well as of a dedicated set of instruments specifically 
designed to optimize and simplify the AMIS procedure.
saves the use of clean water, and also has the potential 
to reduce infection risks because of its single-use 
nature and the fact that it is delivered terminally sterile. 
Since its market introduction, we have been offsetting 
the amount of CO2 related to its lifecycle, supporting 
environmental sustainability projects initiated by Swiss 
Climate. Procedures that combine patient-specific 
instrumentation with single-use instrumentation have 
proved to save time in the OR and simplify the OR 
scheduling.3,4,5,6
W
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Propel Same Day Surgery Initiatives
Propel provides resources to practitioners and administrators who seek to create a personalized outpatient program. It 
features various customizable tracks that allow Ambulatory Surgery Centers (ASCs) and other facilities seeking to implement 
outpatient options to create programs to best suit their local demands.  
PATIENT-MATCHED TECHNOLOGY 
Backed by more than 10 years of clinical evidence, 
patient-matched technology facilitates accurate implant 
positioning and operating room efficiency. This solution 
combines a dedicated personalized 3D preoperative 
planning tool, based on CT or MRI scans of the patient’s 
anatomy, with patient-matched guides that enable the 
surgeon to accurately replicate intraoperatively the 
validated planning. Our patient-matched solutions are 
available for hip, knee, shoulder, and spine procedures 
and are regularly used by thousands of surgeons around 
the world and are part of our MySolutions Personalized 
Ecosystem.
Patented automatic  
traction release
Radio transparency
Easy connection  
to all operating tables
Improved kinematics
GMK EFFICIENCY 
GMK Efficiency is a complete single-use instrument 
set developed to optimize instrument management, 
providing significant clinical, logistical, and economic 
benefits to hospitals and, in particular, outpatient surgical 
centers. It does not require preoperative sterilization, 
3 Dell’Osso G, Celli F, Bottai V, Bugelli G, Citarelli C, Agostini G, Guido G, Giannotti S Single-Use Instrumentation Technologies in Knee Arthroplasty: State of The Art, Surg Technol 
Int. 2016 Apr 27;XXVIII. pii: sti28/727
4 Attard, Andre, Gwenllian Fflur Tawy, Michiel Simons, Philip Riches, Philip Rowe, and Leela C Biant. 2019. “Health Costs and Efficiencies of Patient-Specific and Single-Use 
Instrumentation in Total Knee Arthroplasty: A Randomised Controlled Trial.” BMJ Open Quality 8 (2): e000493.
5 Tawy, Gwenllian F, and Leela C Biant. 2020. “Improving Intra-Operative Efficiency of Total Knee Arthroplasty with Patient-Specific and Single-Use Instrumentation.” Journal of 
Orthopaedic Experience & Innovation, September.
6 Tyler D. Goldberg, MD, John A. Maltry, MD, “Logistical and Economic Advantages of Sterile-Packed, Single-Use Instruments for Total Knee Arthroplasty”, The Journal of 
Arthroplasty 2019.

35
Management Report   l   Medacta’s Annual Report 2022
NEXTAR AUGMENTED REALITY SURGICAL PLATFORM
The NextAR Platform leverages patient-specific, unique real-time data to 
efficiently complement operative workflow. Through advanced 3D planning 
tools, a revolutionary, compact, and integrated single-use tracking system, and 
augmented reality, the platform enables data-driven decision-making allowing 
the surgeon to perform personalized adjustments based on each patient’s 
unique anatomy and biomechanics. These valuable insights are displayed 
through the NextAR Smart Glasses directly onto the operative field to give the 
surgeon enhanced visualization and control during the procedure. The increased 
level of data may provide more precision and could lead to improved patient 
outcomes. 
NextAR is the first platform to offer personalized augmented reality solutions for 
both joint replacement and spine procedures. In line with Medacta’s philosophy 
of healthcare sustainability, the NextAR platform is offered as a hardware 
system with limited capital investment and single-use instrumentation at a low 
cost per case and offers the ability to host software for multiple applications. 
The platform represents an optimal solution worldwide, particularly for US 
Ambulatory Surgery Centers (ASCs).
Moreover, NextAR Spine was awarded the 2022 Spine Technology Award from 
Orthopedics This Week, the second Medacta product to receive this prestigious 
honor after MySpine Platform, patient-matched technology.

36
Medacta’s Annual Report 2022   l   Management Report
7.	 PERSONALIZED MEDICINE
MINIMALLY INVASIVE TECHNIQUES
Since our founding, we have recognized that minimally 
invasive surgery offers a range of benefits for patients, 
surgeons, and healthcare systems, including short 
hospitalization, reduced postoperative pain, immediate 
muscle tone preservation, and shorter rehabilitation 
time. Hence, we have developed new offerings based on 
minimally invasive techniques. 
For example, in 2004, we introduced the AMIS technique 
for hip replacements, which – together with our range of 
targeted AMIS education initiatives, dedicated implants 
and instruments, and complementary services and 
tools – offers a holistic approach to hip procedures 
and improved patient outcomes. With over 500’000 
procedures performed worldwide, AMIS represents an 
easily reproducible technique that delivers significant 
benefits to patient well-being, while optimizing costs and 
efficiency for the surgeon. 
Moreover, MIS MySpine MC is a patient-matched 
3D-printed solution for surgeries that use the midline 
cortical approach. It allows for posterior lumbar fusion 
to be carried out in a minimally invasive, muscle-
sparing way, resulting in shorter operating times and 
a substantial reduction of both radiation exposure and 
cost. The goal of MIS MySpine MC is to maximize the 
fusion rate and the predictability of clinical outcomes, 
thus positively impacting patients’ well-being.
PERSONALIZED SOLUTIONS
Patient’s well-being is at the heart of our vision and, 
therefore, it is of paramount importance in our activities. 
Considering that each patient is different and has 
specific needs and expectations, it is fundamental for 
us to improve the entire patient experience through a 
personalized journey. Therefore, we have collaborated 
with our surgeons to develop a personalized technique 
for knee arthroplasty. Compared to traditional surgeries 
using Mechanical Alignment (MA), which intends to give 
every patient a straight “knee alignment”, even if the 
patient’s leg wasn’t naturally straight when healthy, with 
Kinematic Alignment (KA), the surgeon aims to restore 
the natural knee shape and alignment that each patient 
had when their knee was still healthy - matching the 
knee replacement to each patient’s individual anatomy. 
It operates by custom-positioning the knee implant 
to the native joint line of the knee as it was in its pre-
arthritic state while preserving the surrounding tissues 
and ligaments. Medacta’s unique solution, Kinematic 
Alignment Platform (MyKA), provides surgeons with the 
most comprehensive solution to safely and reproducibly 
perform Kinematic Alignment.
Moreover, leveraging the latest technological advances, 
we are committed to constantly developing innovative 
solutions to empower the surgeon’s practice, enabling 
data-driven decisions to provide more personalized, 
accurate, and efficient procedures aiming at better 
patient satisfaction and outcomes. This has led us 
to design an advanced network of digital solutions to 
improve patient outcomes and healthcare efficiency – 
the MySolutions Personalized Ecosystem.

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Management Report   l   Medacta’s Annual Report 2022
MYSOLUTIONS PERSONALIZED ECOSYSTEM
MYSOLUTIONS PERSONALIZED ECOSYSTEM
In a world where technology advances very fast, 
MySolutions Personalized Ecosystem embodies our 
vision to never stop improving the experience for patients, 
surgeons, and care facilities. With more than 160’000 
procedures performed worldwide, this constantly 
evolving platform is based on cutting-edge technologies 
fine-tuned in collaboration with an international 
network of expert surgeons.  MySolutions Personalized 
Ecosystem is designed around the patient’s needs and 
expectations, with the aim of delivering value throughout 
the entire patient journey. Surgeons’ advanced 3D 
planning is at the core of our platform, followed by highly 
accurate execution tools such as patient-matched 
surgical guides, as well as an augmented-reality-based 
surgical platform and verification software. To improve 
the patient experience and support them during the 
continuum of care we set up a patient-optimized pathway 
tool. To let surgeons record and measure their clinical 
outcomes we offer a validated web-based archiving and 
analyzing system. Together with our comprehensive 
implant portfolio and surgical techniques, MySolutions 
Personalized 
Ecosystem 
empowers 
our 
holistic 
approach to personalized medicine.  
PERSONALIZED 
3D PLANNING
PRECISE 
EXECUTION
PATIENT 
ENGAGEMENT
EFFICIENT CASE 
MANAGEMENT

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Medacta’s Annual Report 2022   l   Management Report
8.	 BUSINESS LINES
8.1	 HIP 
THE OVERALL HIP STRATEGY
Since our founding in 1999, we have been driven to 
advance the care and the satisfaction of our patients, 
bringing value throughout their entire orthopedic 
journey through minimally invasive and personalized 
solutions. We focused on developing new and improved 
products, 
techniques, 
and 
technologies 
for 
the 
hip segment of the orthopedic market. We created a 
comprehensive offering designed in collaboration with a 
network of international expert surgeons, based on three 
complementary assets: a complete implant portfolio 
that can be used for primary procedures (i.e., first-time 
hip replacements), as well as revision procedures (i.e., 
repeat hip replacements), minimally invasive techniques 
and personalized technologies. Our hip offering is 
supported by the M.O.R.E. Institute, which provides 
tailored high-level educational pathways through an 
international network of expert surgeons.
SMS
AMIStem-P
QUADRA-P
MINIMALLY INVASIVE TECHNIQUES
PERSONALIZED TECHNOLOGIES
A
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COMPLETE 
IMPLANT PORTFOLIO
© Medacta
© Medacta
© Medacta
Mpact Multi-Hole
Mpact 3D Metal Multi-Hole
Augments  
3D Metal
SensiTiN DM 
Converter

39
Management Report   l   Medacta’s Annual Report 2022
THE MEDACTA P-FAMILY HIP SYSTEM
The Medacta P-Family Hip System, the core of our hip 
offering, is a comprehensive set of tapered rectangular 
stems, which includes Quadra-P, AMIStem-P, and SMS, 
all of which are designed to meet today’s surgical 
challenges. While preserving the characteristics which 
are important to the success of existing systems, the 
P-Family was developed using innovative key features 
to bring solid clinical performance to the current 
landscape of total hip arthroplasty (THA). A state-of-
the-art coating (MectaGrip) on the proximal portion 
is designed to enhance initial stability, due to its high 
coefficient of friction and long-term fixation, thanks to its 
open and interconnected pores, which create a favorable 
environment for bony fixation. Progressive neck lengths, 
offering to the surgeon a better tool to restore the native 
hip joint biomechanics in a broader patient population. 
Different lengths and canal-filling dimensions, as well 
as a comprehensive size range, give surgeons the 
ability to match an implant to the patient’s current bone 
morphology. The stems of the P-Family were specifically 
designed for easier implantation when utilizing the AMIS 
approach.
MINIMALLY INVASIVE TECHNIQUES
Since our founding, we have become a pioneer in 
developing new offerings for hip replacement patients 
because of our minimally invasive surgical techniques, 
which are supported by our extensive surgeon training 
and education initiatives. Even if our hip implants can be 
used with a variety of surgical techniques, we encourage 
all surgeons to use the AMIS technique, which potentially 
delivers several advantages for the patient.7,8,9,10 The AMIS 
technique, with over 500’000 procedures performed 
worldwide, is a surgical technique involving an anterior 
approach to the hip that has been fine-tuned to minimize 
soft tissue damages, pain, and recovery times, reducing 
the dislocation rate and provide excellent patient 
satisfaction scores. By following both an intermuscular 
and an internervous path, the AMIS technique potentially 
reduces the risk of damage to periarticular structures 
and can improve overall patient outcomes. The AMIS 
technique is complemented by a unique package of 
supporting products, including dedicated implants, 
specially designed instruments, and the AMIS Mobile 
Leg Positioner (a patented surgical table extension that 
allows for a simple and reproducible procedure), as well 
as a specifically trained sales force. We believe that the 
AMIS Education Program, developed with the aim of 
optimizing and standardizing the implementation of the 
AMIS technique, has contributed to making the AMIS 
technique a preferential and easily reproducible hip 
replacement surgical method for surgeons worldwide. 
Our education opportunities are designed to master 
the AMIS approach from the simplest primary hip 
arthroplasties to the most complex cases.
Our AMIS offering has been further enhanced by new 
packages that allow surgeons to take the anterior 
approach to the next level, such as the comprehensive 
AMIS Bikini offer. The  bikini incision  features  a short, 
oblique skin incision within the inguinal skin fold, 
resulting in an aesthetically pleasing cosmetic scar that 
can be narrower and lighter in color, and remains hidden 
when wearing a bikini.11,12,13,14 This technique may also 
help lessen wound healing concerns in obese patients or 
patients with a large abdomen pannus. 11,12,13,14
As part of the AMIS Experience platform, surgeons can 
experience the AMIS Bikini as an advanced technique 
within our tailored and comprehensive AMIS Educational 
Program, taking advantage of the support of a network 
of world-renowned experts as well as of a dedicated set 
of instruments specifically designed to optimize and 
simplify the bikini approach procedure and facilitate the 
soft tissue preservation.
Quadra-P Collared
AMIStem-P
SMS Collared
11 Menzies-Wilson, Richard & Mahalingham, Karuppiah & I, Tamimi & Field, Richard. (2019) “Retrospective cohort study comparing the functional outcomes of direct 
anterior approach hip arthroplasty. Oblique “bikini”vs longitudinal skin incision ”.
12 Menzies-Wilson, Richard & Mahalingham, Karuppiah & I, Tamimi & Field, Richard. (2019).” Functional Outcomes of direct anterior approach hip arthroplasty: Oblique 
‘bikini’ versus longitudinal skin incision. 10.1177/2210491719890883.
13 Leunig, Hutmacher, Ricchiardi, Impellizzeri, Rüdiger, Naal. (2018)“ Skin crease ‘bikini’ incision for the direct anterior approach in total hip arthroplasty: a two- to four-year 
comparative study in 964 patients. Bone Joint J.
14 Manrique, MD, Paskey, BS a, Tarabichi, MD, Restrepo, MD, Foltz, PhD Hozack, MD. (2019) “Tota l Hip Arthroplasty Through the Direct Anterior Approach Using a Bikini 
Incision Can Be Safely Performed in Obese Patients”. J Arthroplasty
7    Laude F. Total hip arthroplasty through an anterior Hueter minimally invasive approach. Interact Surg (2006) 1: 5-11.
8    Dora C. Minimalinvasive Zugänge an der Hüfte. Orthopäedie Mitteilungen 6/07, 574-576.
9    Vasina PG, Rossi R, Giudice GM, Palumbi P. Hip arthroposthesis through the anterior minimally invasive approach. Sphera 2010;6(12) – Speciale Ortopedia.
10  Jayankura M, Roty M, Potaznik A, Rooze M, Cermak K, Remy P, Gillard B, Biltiau N, Schuind F. Isokinetic and isometric muscle strength recovery after total hip   
 arthroplasty implanted by direct anterior approach. Podium presentation at the 10th Annual Congress of the EFORT, Vienna, Austria, June 3-6, 2009.

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Medacta’s Annual Report 2022   l   Management Report
different solutions according to the patient’s needs and 
can be used in primary and revision hip replacements. 
As part of our acetabular platform, in 2022 we released 
the new SensiTiN Double Mobility (DM) Converter, a 
high-nitrogen-stainless steel completely cobalt-free 
modular DM device with an outer Titanium Nitride 
coating (SensiTiN) to improve corrosion resistance. 
The SensiTiN DM Converter, which is compatible with 
both Versafitcup and Mpact System and available for 
both primary and revision procedures, provides a viable 
solution to address instability and risk of dislocation 
safely, still major challenges, and significant issues in hip 
replacement. We also offer a comprehensive cemented 
portfolio with femoral and acetabular solutions.
REVISION IMPLANTS PORTFOLIO
PERSONALIZED TECHNOLOGIES
The hip portfolio is further enhanced by innovative 
technologies that deliver a personalized approach to hip 
replacement. As part of our MySolutions Personalized 
Ecosystem, MyHip provides 3D printed patient-matched 
guides allowing for more accurate positioning and sizing 
of the hip implant, MyHip Planner empowers the surgical 
decision-making process through a 3D preoperative 
planning tool with advanced analytical features, and 
MyHip Verifier allows for intraoperative non-invasive 
assessment of implant positioning.
MyHip Planner is an intuitive and reliable 3D preoperative 
planning tool with advanced analytical features. It 
empowers the surgical decision-making process in 
defining the optimal surgical strategy for each patient. 
Starting from a CT scan, the MyHip Planner algorithm 
recreates a 3D model of the patient’s anatomy. Thanks 
to its advanced 3D planning and functional assessment 
features, this software allows the surgeon to base the 
implant selection and position on the patient’s anatomy, 
hip joint biomechanics, and functional performances. 
Surgeons could thus carry out evaluations and make 
accurate decisions specifically for each case, potentially 
helping anticipate possible complications, instability or 
impingement, and reduced range of motion. In 2022, 
we released a new MyHip Planner software version 
featuring spinopelvic analysis, which is a topic that has 
become increasingly in demand for better evaluating 
the relationships between hip and spine anatomical 
structures and optimizing mutual treatments for 
improving patient outcomes. In the same release, 
the possibility to request MyHip 3D printed patient-
matched guides according to the elaborated planning 
has been integrated, further increasing the value of 
this tool. MyHip Verifier is an easy-to-use, non-invasive, 
fluoroscopy-based platform providing an intraoperative 
assessment of implant positioning. Engineered to 
seamlessly integrate into the surgeons’ existing 
workflow and preserve operating room efficiency, MyHip 
Verifier allows for intraoperative fluoroscopy by providing 
a real-time numerical evaluation of the actual influence 
of implant positioning on the patient’s anatomy.
PRIMARY IMPLANTS PORTFOLIO
Complementing the P-Family, our cementless stem 
portfolio includes MasterLoc and MiniMAX. With a 
tapered wedge femoral stem design, the MasterLoc 
Hip System is available in three versions (standard, 
lateralized, and lateralized plus), which allow for easier 
and more effective management of the patient’s 
anatomy, completely independent from the leg length. 
This distinctive feature helps achieve good restoration 
of the hip joint biomechanics in nearly all patients. 
MiniMAX is an anatomical cementless stem engineered 
to provide the best fit and fill following the natural 
shape of the femoral canal. On the acetabular side, 
our solutions include among others, Versafitcup and 
Mpact System. Versafitcup is a complete system of 
elliptical cementless acetabular cups that share the 
same instrumentation, offering stability, as well as load 
and stress distribution. The Mpact System consists of 
hemispherical cementless acetabular cups that provide 
AMIS-K Long
QUADRA-R
3D Metal 
B-Cage
Versacem
SensiTiN DM 
Converter
Mpact 
Multi-Hole
Apricot
Kerboull Cage
Iliac Screw  
Mpact 3D Metal
Mpact 3D Metal 
Multi-Hole
Augments  
3D Metal
Our hip revision platform is an innovative and 
comprehensive offering for both the femur and the 
acetabulum, with tailored solutions to individual patient 
needs. Across the whole acetabular revision portfolio, 
featuring various solutions such as Mpact Multi-Hole, 
Iliac Screw Mpact and B-Cage, the 3D Metal - a state-
of-the-art advanced biomaterial structure engineered for 
the bone - is the master.  3D Metal is obtained by means 
of advanced 3D printing technology, which allows for 
engineering implants featuring maximized initial stability 
and enhanced connection with bone, key aspects in 
revision hip arthroplasty. By leveraging a single cutting-
edge technology, different advanced net structures have 
been designed and manufactured to face most clinical 
cases efficiently, addressing different patient anatomies 
and surgical scenarios. On the femoral side, the M-Vizion 
Femoral Modular Revision System is the core of the 
Medacta Hip Revision Platform. Designed to deliver 
maximum stability and versatility with a simplified 
and streamlined procedure, M-Vizion allows surgeons 
to feel confident in the operating room (OR) when 
undertaking simple to complex femoral revision cases. 
The comprehensive proximal and distal product range 
is now further enriched with the 4° angle tapered distal 
stem, offering additional flexibility while reconstructing 
the hip joint to adapt to different patient anatomies and 
surgical scenarios. The Medacta Hip Revision Implant 
Portfolio, optimized for the AMIS technique, is supported 
and complemented by a complete range of dedicated 
instruments to facilitate the removal of failed implants 
and cement.

MORE THAN
MORE THAN AN ANTERIOR APPROACH
AMIS Experience is a complete platform uniquely complemented by a tailored education program and 
a comprehensive package of implants, instruments and digital solutions, to address the specific needs 
of patients, surgeons and care facilities. This minimally invasive approach has been widely embraced 
by the orthopedic community, and it has been chosen by surgeons to be used with more than 500'000 
patients worldwide.
Not only simple surgeries, but also complex primary cases and revisions could be performed 
with AMIS. In the last 10 years the instrument set has become more and more efficient, and 
the AMIS offering has further evolved with the introduction of the Bikini platform and the no 
capsular release technique.
Dr. Frédéric Laude
France
The AMIS procedure completely revolutionized my surgical care for my arthritic hip patient 
population. Prolonged hospital stays, weight-bearing and position restrictions, and intense 
narcotic usage are historical remnants of antiquated surgical care. Instead, I offer patients 
the opportunity to go home on the same day of surgery, with no restrictions and no opioid 
pain medications. I have changed my technique, and my patients and I have benefited from 
it. It’s a powerful win-win!
Tyler Goldberg, MD
United States

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Medacta’s Annual Report 2022   l   Management Report
8.2	 KNEE 
THE OVERALL KNEE STRATEGY
Driven by our vision to advance the care and the 
satisfaction of our patients, bringing value throughout 
their entire orthopedic journey through personalized 
solutions, we focused on developing innovative products, 
techniques, and technologies for the knee segment of 
the orthopedic market. We designed a comprehensive 
and effective platform in collaboration with a network 
of international expert surgeons, based on three 
complementary 
assets: 
personalized 
techniques, 
advanced technologies, such as the NextAR Knee 
Augmented Reality surgical application, and a complete 
implant portfolio that can be used for partial procedures 
(i.e., first-time knee replacements for only one portion of 
the knee) primary procedures (i.e., first-time complete 
knee replacements), as well as revision procedures (i.e., 
repeat knee replacements). The GMK Sphere is at the 
core of our complete knee offering. Our knee offering 
is supported by the M.O.R.E. Institute, which provides 
tailored high-level educational pathways through an 
international network of expert surgeons.
PERSONALIZED TECHNIQUES
ADVANCED TECHNOLOGIES
COMPLETE IMPLANT PORTFOLIO
GMK Revision
GMK Hinge

43
Management Report   l   Medacta’s Annual Report 2022
STRONG CLINICAL 
EVIDENCE 
PROVEN PATIENT  
SATISFACTION 
TAILORED MEDICAL 
EDUCATION 
THE GMK SPHERE
Backed by a strong educational network of over 100 
international experts, and 10 years of successful 
clinical experience, GMK Sphere is an innovative Ball-in-
Socket Knee prosthesis designed to provide maximum 
functional stability while also restoring natural knee 
motion, with the purpose of improving patient comfort 
during everyday activities and reducing postoperative 
knee pain. The orthopedic community has welcomed 
this innovative implant, and surgeons have chosen it for 
more than 150’000 patients worldwide. According to the 
Orthopedic Data Evaluation Panel (ODEP) rating criteria, 
in 2022, GMK Sphere has been awarded 7A rating based 
on the evaluation of data pertaining to several thousand 
cases, which showed cumulative survivorship well in line 
with the required projection of more than 90% at 10 years.
Moreover, GMK Sphere highlights synergies with 
advanced material options providing surgeons with the 
possibility of tailoring the implant choice to the patient’s 
needs. Mectagrip is Medacta solution for cementless 
application. It consists of a plasma sprayed titanium 
coating designed to enhance initial stability and potential 
long-term fixation15,16. E-CROSS is a highly crosslinked 
UHMWPE (Ultra-High Molecular Weight Polyethylene) 
blended with Vitamin E, a powerful antioxidant that 
improves oxidation resistance17,18. SensiTiN is a ceramic-
like coating of titanium nitride, designed to reduce the 
release of metal ions. GMK Sphere has shown the 
potential to improve functional and patient-reported 
outcomes also when combined with Kinematic Alignment 
technique.
PERSONALIZED TECHNIQUES
MyKA is Medacta’s platform for Kinematic Alignment, 
which is a personalized technique with the goal 
of restoring knee function and improving patient 
satisfaction by tailoring the position of the implant to 
each individual patient. Kinematic Alignment aims to 
custom-position the knee implant to the native joint 
line of the knee as it was in its pre-arthritic state, while 
preserving the surrounding tissues and ligaments. We 
offer the most comprehensive platform for Kinematic 
Alignment on the market: MyKA. It features the GMK 
Sphere, a particularly suitable implant for this technique 
that is supported by dedicated instrumentation designed 
to improve efficiency and reproducibility. It also includes 
MyKnee KA, an advanced technology that utilizes web-
based 3D preoperative planning to kinematically align the 
implant through the use of 3D printed patient-specific 
instruments. Moreover, the platform includes tailored 
surgeon training and education initiatives supported by 
an established network of international experts. This 
platform is continuously enriched with new options 
and tools to further streamline surgeons’ operative 
workflow. The evidence and the interest of the market 
for this personalized technique are constantly growing, 
and Medacta is leading the way in collaboration with the 
biggest experts worldwide.
ADVANCED TECHNOLOGIES
Through our MySolutions Personalized Ecosystem, we 
offer enabling technologies that deliver a personalized 
approach to knee replacement, improving accuracy and 
efficiency, while promoting healthcare sustainability. 
MyKnee is a complete platform for partial, total, 
and revision knee replacement that combines 3D 
preoperative planning and 3D printed patient-matched 
guides to accommodate many surgical approaches, 
including bone referencing, ligament balancing, and 
muscle sparing. NextAR Knee Augmented Reality 
surgical application empowers the surgeon’s vision 
with unique real-time surgical guidance superimposed 
onto the operative field to enhance precision and enable 
data-driven decision-making. Both MyKnee and NextAR 
offer a powerful synergy with GMK Efficiency single-use 
instrumentation. The GMK Efficiency system requires 
no additional preoperative sterilization and instrument 
management, optimizing logistics: the perfect solution 
for both large hospitals and ambulatory surgical centers. 
The GMK Efficiency system is also available as part 
of our Efficiency KneePack, which contains all the 
components needed to implant the GMK Sphere using a 
patient-specific single-use instrument set. It is delivered 
sterile in a single, lightweight box allowing to save time in 
the OR and simplify the OR scheduling.
15 Khanuja HS, Vakil JJ, Goddard MS, Mont MA. Cementless Femoral Fixation in Total Hip Arthroplasty. J Bone Joint Surg Am. 2011;93:500-9.  
16 WALSH, William Robert, et al. Bone ongrowth and mechanical fixation of implants in cortical and cancellous bone. Journal of Orthopaedic Surgery and Research, 2020, 15.1: 1-10. 
17 Malito L. G. et al., «Material properties of ultra-high molecular weight polyethylene: Comparison of tension, compression, nanomechanics and microstructure across  
   clinical formulations», Journal of the Mechanical Behavior of Biomedical Materials, pp. 9-19, 2018.  
18 Bracco P. et al., «Stabilisation of ultra-high molecular weight polyethylene with Vitamin E», Polymer Degradation and Stability 92, pp. 2155-2162, 2007.

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Medacta’s Annual Report 2022   l   Management Report
PRIMARY IMPLANTS PORTFOLIO
Besides GMK Sphere for total knee arthroplasty, we offer 
GMK Primary, which is part of the comprehensive GMK 
System, ranging from GMK UNI for partial procedures to 
GMK Hinge for revision surgery. In particular, the system 
allows for a very easy transition from GMK Sphere and 
GMK Primary to a semi-constrained (GMK Revision) or 
a fully constrained (GMK Hinge) solution and allows for 
a combination of GMK Sphere with revision options like 
wedges and stems.
PARTIAL IMPLANTS PORTFOLIO
For partial knee replacement, we offer GMK UNI and 
MOTO Partial Knee System. Both options allow surgeons 
to treat osteoarthritis localized on the medial or lateral 
REVISION IMPLANTS PORTFOLIO
Our knee revision portfolio, the GMK Revision System, 
provides surgeons with a complete, modern, and 
versatile solution. It includes a semi-constrained implant, 
GMK Revision, and a totally constrained implant, GMK 
Hinge, which have been designed to preserve the joint 
functionality without dramatically altering its anatomy 
and kinematics, even in cases of severe ligament 
instability or severe bone loss. It features a unique-on-
the-market technology for knee revisions, MyKnee R, 
the newest addition to our MySolutions Personalized 
Ecosystem. Beginning with a CT scan, our engineers 
create a 3D reconstruction of the patient’s joint with a 
primary implant in situ. This reconstruction is then used 
to accurately plan the positioning of a new prosthesis 
from Medacta’s comprehensive knee portfolio, ranging 
from a lower level of constraint to semi-constrained and 
fully constrained solutions. A set of 3D printed, patient-
matched pin-positioning guides allows for guiding the 
implant removal and the positioning of the new implant. 
In 2022, we announced the completion of the first 
revision surgeries in the United States using this game-
changing solution to streamline total knee revision 
surgeries.  The GMK Revision System also features a 
wide range of options with advanced materials. Indeed, 
we have further expanded the knee revision portfolio 
with SensiTiN-coated implants and the 3D Metal Cones 
for cavitary bone defects. 3D Metal is an advanced 
biomaterial structure, obtained by means of Medacta’s 
in-house 3D printing technology, which is able to deliver 
maximized primary stability, as well as functional and 
structural connection with the bone for long-term 
fixation.
In 2022, the University of Bern published an interesting 
report of a clinical study on GMK Hinge highlighting 
impressive functional outcomes, particularly in terms of 
functionality, often perceived as the strictest limitation 
for a totally constrained implant19. 
Moving forward
in partial knee 
compartment of the knee. In 2022, we added the MOTO 
PFJ, designed for the treatment of osteoarthritis localized 
in the patello-femoral compartment of the knee. With 
this new option, surgeons can now provide their patients 
with a full range of partial knee arthroplasty solutions to 
best treat their specific needs. The MOTO System was 
designed to accommodate the individual anatomy in 
order to achieve optimal coverage and fit and to provide 
correct and individualized balance and alignment at every 
step of the procedure with the potential of decreasing the 
incidence of loosening and progression of the disease. 
SensiTiN and E-CROSS advanced material options are 
available also for MOTO System, further completing 
Medacta partial knee replacement offering.
19Hecker, A., Pütz, HJ.A., Wangler, S. et al. Indications, clinical outcome and survival of rotating hinge total knee arthroplasty in a retrospective study of 63 primary  
   and revision cases. Eur J Orthop Surg Traumatol (2022). https://doi.org/10.1007/s00590-022-03349-1 Indications, clinical outcome and survival of rotating hinge total  
   knee arthroplasty in a retrospective study of 63 primary and revision cases European Journal of Orthopaedic Surgery & Traumatology - The purpose of this study is to  
   report and compare outcome data of both primary and revision cases using a rotating hinge knee (RHK).

NextAR Knee, Augmented Reality surgical application, empowers the surgeon’s vision with unique 
real-time surgical guidance, during bone preparation and implant placement, superimposed onto the 
operative field to enhance precision and enable data-driven decision-making. NextAR Knee allows 
direct tracking of the collateral ligaments and a 3D analysis of soft tissue behavior throughout the 
whole range of motion during surgery, bringing patient-specific ligament balancing to the next level. 
NextAR Knee with limited capital investment and low per-case disposable cost has the potential to 
provide significant benefits to the healthcare system.
DESIGNED TO IMPROVE 
PATIENT OUTCOMES WITH A 
PERSONALIZED KNEE SURGERY 
This innovative solution supported me in creating an accurate plan for the surgery with the 
3D model of the patient’s knee, and in precisely executing it in the OR. Through the NextAR 
Smart Glasses, I indeed have access to the plan at every step of the procedure, enriched by 
real-time information on the soft tissues, allowing me to tailor the position of the implant 
to the patient's anatomy.
NextAR Knee allowed me to place the prosthesis extremely accurately. The NextAR 
Smart Glasses actually provide me with real-time information about the patient's 
knee, superimposed on the operative field. In a very intuitive way, I made very precise 
adjustments while not losing sight of the knee. The innovative soft tissue information 
also gave me the possibility to optimally balance the knee ligaments, which will feel more 
natural to the patient. After all, every knee is different in terms of ligaments: the more 
precise the adjustment, the better the result for the patient.
Dr. Med. Philippe Alves
Switzerland
Dr. Geert Peersman
Belgium

46
Medacta’s Annual Report 2022   l   Management Report
8.3	 SHOULDER 
THE OVERALL SHOULDER STRATEGY
The shoulder market represents a significant growing 
component of our success. With the collaboration of 
international expert surgeons, we created an innovative, 
complete, and personalized portfolio of implants 
and cutting-edge technologies designed to support 
surgeons in improving patient care and satisfaction. Our 
shoulder offering is supported by the M.O.R.E. Institute, 
which provides tailored high-level educational pathways 
through an international network of expert surgeons.
Complete, Convertible, Innovative
Accuracy 
is predictable 
THE MEDACTA SHOULDER SYSTEM
The Medacta Shoulder System represents the core of our 
shoulder offering. Since the first successful surgery in 
December 2016, performed by Prof. Dr. med Ralph Hertel, 
in Bern (CH), we have recently announced the milestone 
of 15’000 Medacta Shoulder System devices implanted 
worldwide. 
Medacta’s innovation is reflected in the Medacta Shoulder 
System’s design. The Medacta Shoulder System is a 
complete and modular solution that features a broad 
range of options, wide-ranging sizes, adjustable offsets, 
and innovative designs, both in the anatomic and reverse 
configuration, providing surgeons with the flexibility to 
treat a wide range of patient anatomies and pathologies. 
Moreover, this modularity allows for the conversion of 
a total anatomic shoulder replacement into a reverse 
shoulder replacement without the need to revise all the 
components. This is aimed at avoiding full revisions of 
the shoulder implant if disease progression requires 
conversion to a reverse configuration.
The Medacta Shoulder System offers synergies with 
advanced material options. Proximal fixation in the 
standard and short stems is achieved by means of 
Medacta’s proprietary MectaGrip technology, a plasma-
sprayed titanium coating that enhances initial stability 
due to its high coefficient of friction and potential long-
term fixation, in conjunction with hydroxyapatite. With the 
most recent addition of SensiTiN, a coating of titanium 
nitride, the Medacta Shoulder System offers a complete 
solution to addressing diverse patient needs.
PERSONALIZED AND ADVANCED TECHNOLOGIES
We offer surgeons enabling technologies that deliver 
a personalized approach to shoulder replacement, 
improving accuracy and efficiency while preserving 
healthcare sustainability. As part of our MySolutions 
Personalized Ecosystem, our shoulder offering includes 
MyShoulder, a personalized 3D preoperative planning 
and 3D printed patient-matched guides, and NextAR 
Shoulder, the first CE-marked, FDA-cleared and MHLW-
approved Augmented Reality surgical application with 
intraoperative guidance for total shoulder replacement, 
fully launched in 2022.

NextAR Shoulder, Augmented Reality surgical application, empowers the surgeon’s vision with unique 
real-time surgical guidance, during bone preparation and implant placement, superimposed onto the 
operative field to enhance precision and enable data-driven decision-making. NextAR Shoulder, with 
limited capital investment and low per-case disposable cost, has the potential to provide significant 
benefits to the healthcare system.
DESIGNED TO IMPROVE PATIENT 
OUTCOMES WITH A PERSONALIZED 
SHOULDER SURGERY
Technology in shoulder replacement surgery is always advancing, but never so rapidly as I have seen 
in recent years. I can now plan the surgery more precisely than ever before using three-dimensional CT 
scanning and software to make the best decisions regarding optimal implant configuration for each 
individual patient and their unique anatomy. The advantage of NextAR technology is in allowing me 
to precisely and accurately replicate my preoperative plan in real time, during surgery, without having 
to look away from my patient for navigation assistance. Once I have planned my optimal shoulder 
replacement strategy for my patient, I feel confident that NextAR will enable me to execute my plan 
even more accurately. Now that I have become comfortable using this technology, I can say that 
NextAR navigation is a real advantage for me during surgery, especially during complex cases.
John-Erik Bell, M.D.
United States
Accurate positioning of glenoid implants is still one of the most challenging steps during the 
procedure. The long-term survival of a reversed prosthesis is highly dependent on stable bone 
fixation and correct positioning of the glenoid components. Planning and virtual visualization of the 
positioning during the surgical procedure is already provided in the community. The step forward of 
this technology is the real transfer of the planning into the surgical procedure, defined as augmented 
reality, using intraoperative guidance. We think that NextAR Shoulder represents a great answer to this 
challenging next step. I am very happy to have participated in the development of this application, and 
even more so now that this innovative solution is also available in the complex ecosystem of shoulder 
arthroplasty.
Prof. Dr. med. Matthias Zumstein
Switzerland

48
Medacta’s Annual Report 2022   l   Management Report
8.4	 SPINE 
THE OVERALL SPINE STRATEGY 
Since our introduction into the spine market in 2009, we 
have leveraged our expertise in both minimally invasive 
techniques and personalized solutions to improve 
patients’ care and satisfaction. Designed with a team of 
international expert surgeons, our innovative, complete, 
and effective spine offering provides surgeons with 
implants, instruments, and enabling technologies to 
perform a full range of procedures, from cervical to 
degenerative and deformity. Since inception, we have 
been providing spine implants pre-sterilized and ready 
for implantation. We strongly believe that pre-sterile 
implants can increase the efficiency of healthcare 
systems, reduce the risk of contamination, save time, 
and reduce costs. Our spine offering is supported by 
the M.O.R.E. Institute, which provides tailored high-level 
educational pathways through an international network 
of expert surgeons.
ENABLING TECHNOLOGIES
Building on our proprietary MySolutions Personalized 
Ecosystem, our spine offering can improve surgeon 
and patient experience by leveraging our advanced and 
personalized intraoperative solutions, NextAR Spine 
Augmented Reality surgical application, and MySpine 
patient-matched technology. Using the most recent 
augmented reality advances, NextAR Spine empowers 
the surgeon’s vision with unique real-time surgical 
guidance superimposed onto the operative field, thereby 
enhancing precision and enabling data-driven decision-
making. NextAR Spine was awarded the 2022 Spine 
Technology Award from Orthopedics This Week, the 
second Medacta product to receive this prestigious 
honor 
after 
MySpine 
Platform, 
patient-matched 
technology. 
MySpine provides surgeons with a complete platform of 
patient-matched 3D printed screw placement guides, to 
lead the surgeon through the critical steps of accurate 
pedicle screw placement whilst reducing the surgical 
time and intraoperative X-ray radiation reduced time and 
costs. The MySpine platform offers enabling solutions 
for cervical, thoracolumbar, and sacroiliac cases.
Both NextAR and MySpine are part of Medacta’s 
MySolutions Personalized Ecosystem, an advanced 
network of digital solutions designed to improve patient 
outcomes, healthcare efficiency, and sustainability, 
representing an optimal solution worldwide, particularly 
for US Ambulatory Surgery Centers (ASCs).
M.U.S.T. MC
MySpine MC
MINIMALLY INVASIVE DEGENERATIVE
DEFORMITY
CERVICAL
MectaLIF Anterior
MectaLIF System
M.U.S.T. SI
M.U.S.T. MC
MIS MySpine MC
M.U.S.T. LT
M.U.S.T.
MySpine Anchor 
MySpine
M.U.S.T. Mini
Mecta-C Stand Alone
Mecta-C System
MySpine S2AI

NextAR Spine, Augmented Reality surgical application, empowers the surgeon’s vision with unique real-
time surgical guidance, superimposed onto the operative field to enhance precision and enable data-
driven decision-making. NextAR Spine, with limited capital investment and low per-case disposable 
cost, has the potential to provide significant benefits to the healthcare system.
DESIGNED TO IMPROVE PATIENT 
OUTCOMES WITH A PERSONALIZED 
SPINE SURGERY 
As a designer, I leveraged Augumented Reality technology to improve accuracy and 
efficiency in spine surgery. After successfully handling more than 60 different cases within 
twelve months I can claim that NextAR Spine is a streamlined, easy-to-use, and versatile 
solution that can improve implants positioning with great accuracy, increasing safety and 
clinical outcomes for my patients.
Prof. Dr. Berhard Meyer
Germany
After acquiring the intraoperative images of the patient, I was surprised how fast and lean 
it was to set up the system; thanks to a very smart tracking system and the use of the AR 
glasses, I was able to successfully position the screws as planned.
Kevin J. McGuire, MD, MS
United States

50
Medacta’s Annual Report 2022   l   Management Report
CERVICAL PROCEDURE
The Medacta cervical platform is an end-to-end 360° 
solution with improved flexibility, stability, and accuracy 
designed for posterior fixation and anterior cervical 
discectomy and fusion (ACDF). The integrated platform 
is comprised of three components: Mecta-C Stand Alone, 
M.U.S.T. Mini, and MySpine Cervical. 
In posterior approaches, MySpine Cervical patient-
specific guide allows surgeons to refine the preoperative 
3D planning based on the patient’s CT images, increasing 
intraoperative accuracy in pedicle screw insertion, 
potentially providing improved clinical outcomes. The 
latest added Mono-lateral guides can help in better 
preserving the soft tissues during the surgery. MySpine 
Cervical operates in synergy with the M.U.S.T. Mini 
posterior cervical screw system, a comprehensive 
solution for fixation of the occipito-cervico-thoracic 
spine. The variety of screws, hooks, rods, and connectors 
allows the surgeon to tailor the construct to the specific 
patient anatomy and pathology to be treated. The synergy 
between MySpine Cervical and M.U.S.T. Mini increases 
safety, stability, and accuracy in screw placement with 
pedicle screw trajectory, while reducing metal density and 
radiation level, without initial capital investments.
In 
anterior 
approaches, 
we 
provide 
healthcare 
professionals with a complete platform that offers 
a modular and versatile option, to address specific 
anatomical requirements and pathologies. The surgeon 
can choose between a “stand-alone system” incorporating 
the benefits of an anterior plate and a radiolucent interbody 
spacer, or a “plate & cage system”, offering effective load 
sharing, optimal biocompatibility, and biomechanical 
stability in situ.  A dedicated anterior retractor supports 
both our cervical solutions.
DEFORMITY PROCEDURE
The Medacta deformity platform is a consolidated 
complete system designed to assist the surgeon in all the 
steps of the surgery. Our enabling technologies, NextAR 
Spine and MySpine platform ensure an accurate screw 
positioning in challenging anatomies, while the M.U.S.T. 
instruments provide several options for performing 
reduction and correction manoeuvres. The MectaLIF 
Anterior cages complete the offering for anterior cases.
After the recent introduction of the MySpine S2AI, in 2022, 
we extended the MySpine platform with the innovative 
MySpine Anchor patient-specific guides, to complete 
the treatment of challenging spine anatomies and 
reinforce the fixation, and therefore the stability, for long 
constructs. This solution allows surgeons to accurately 
implant M.U.S.T. Pedicle Screws and M.U.S.T. SI Headless 
Screws to anchor long constructs in complex spine cases, 
potentially improving the thoracolumbar fixation to help 
reduce lower back pain.
MINIMALLY INVASIVE DEGENERATIVE PROCEDURE
Our solutions are specifically designed with a muscle-
sparing approach, potentially offering fast patient recovery 
after spinal fusion surgery. Our degenerative procedure is 
based on two different approaches: “midline-cortical”, fully 
functional with our enabling technologies NextAR Spine 
and MySpine platform, and “percutaneous”, completely 
optimized for NextAR Spine.
MIDLINE CORTICAL APPROACH
MIS MySpine MC, used in the midline cortical approach, 
allows posterior lumbar fusion to be carried out in a 
minimally invasive, muscle-sparing way, resulting in 
shorter operating times and a substantial reduction of 
radiation exposure while increasing efficiency compared 
to conventional free-hand or navigated lumbar fusion 
surgery. The goal of MIS MySpine MC is to maximize the 
fusion rate and the predictability of clinical outcomes, thus 
positively impacting patients’ well-being.
M.U.S.T. MC (Midline Cortical) is a complete and flexible 
system which stabilizes and facilitates the fusion of the 
thoracolumbar spine and the sacrum. Besides MySpine 
MC, it features a dedicated retractor and distractor 
system offering superior performance in muscle tissue 
manipulation and vertebral distraction/compression 
maneuverers. This complete platform is further integrated 
by the cortical/cancellous screw threads, recently 
registered worldwide, which differentiate bone purchase, 
enhancing posterior fixation.
PERCUTANEOUS APPROACH
M.U.S.T. LT (Long Tab Screw System) is a minimally 
invasive solution for posterior spine fixation in the 
percutaneous approach. This versatile solution gives the 
surgeons freedom of choice between fast-locking screws. 
It is applicable in an extensive range of degenerative 
cases and offers an extended reduction capacity, a crucial 
aspect in lumbar spondylolisthesis or thoracic kyphosis 
restoration. The absence of Nickel, Cobalt, and Chromium 
makes M.U.S.T. LT a unique solution within the M.U.S.T. 
pedicle screw system, providing full spine fixation with 
100% Titanium alloy constructs.

51
Management Report   l   Medacta’s Annual Report 2022
8.5	 SPORTSMED 
Our Sports Medicine business line started in 2016 with 
the aim of providing minimally invasive personalized 
procedures allowing patients to quickly return to 
their daily activities. Our engineers collaborated with 
an international team of expert surgeons to develop 
specific and innovative products for the treatment of 
ligament, tendon, and muscular injuries of the knee, 
hip, and shoulder. In 2022, we focused on new product 
development to expand our offering in the arthroscopic 
knee, shoulder, and hip surgery. 
KNEE PORTFOLIO 
The Medacta Anatomic Ribbon Surgery (M-ARS), 
launched in 2017, is an innovative surgical technique 
to reconstruct the anterior cruciate ligament (ACL). 
It is designed to distribute forces in a more natural, 
anatomical way, and is supported by specific instruments 
and dedicated extra-articular implants. To facilitate ACL 
reconstructive surgery, we are now able to offer an 
extensive portfolio of extra-articular (FairFix Adjustable 
Button, MectaFix Continuous Loop Button) and close to 
the joint-line fixation options (MectaScrew Interference 
Screw Family). We offer not only a standard instrument 
portfolio, but also innovative solutions for Quadriceps 
Tendon harvesting procedures (MectaQTH) and single-
use instruments and sterile kits for standard ACL 
reconstruction procedures, as well as for the specific 
M-ARS Anatomic Ribbon repair. 
In 2022, we developed new FairFix Adjustable Button 
configurations, aiming to cover different techniques 
(FairFix AM), graft types (FairFix QT) and improve tibial 
fixation for the M-ARS technique (FairFix PSP). These 
new devices are expected to obtain product registration 
and be ready for limited market release in 2023.
SHOULDER PORTFOLIO 
Our suture anchor portfolio allows us to offer multiple 
solutions, according to specific indications and surgeon 
preferences. Different anchor sizes and materials are 
available, from knotted anchor designs for arthroscopic 
shoulder labral repair to knotless options for shoulder 
lateral row cuff repair. With the MectaLock Suture Anchor 
Family, we can provide both a non-absorbable PEEK 
(MectaLock PEEK) and a composite material option 
(MectaLock C). For surgeons who prefer soft anchor 
designs or are looking for solutions for the medial row 
repair, we offer two different knotted All-Suture Anchor 
designs with MectaLock All-Suture and SnugFit All-
Suture. We are also able to offer Titanium anchors, either 
in a more traditional design (MectaLock TI) or in a unique 
self-rotating anchor design (MectaTap TI). To facilitate 
suture management in arthroscopic labral and rotator 
cuff repairs, the comprehensive Medacta FastShuttle 
Suture Passer Family is also able to supply multiple 
state-of-the-art single-use and reusable instruments. 
In 2022 we focused on developing brand new instruments 
to facilitate the implantation of our suture anchors 
(MectaLock PEEK/C slotted aimers and MectaLock 
All-Suture aimers and punches) and a dedicated set of 
curved instruments for SnugFit All-Suture portfolio.
SUTURE PORTFOLIO
Within our suture portfolio, we cover multiple indications 
in shoulder, hip, and knee procedures. PowerSuture, our 
all-encompassing suture family, offers a wide variety 
of Ultra-High Weight Polyethylene sutures, tapes, whip-
stitch loops, passing loops, and double-armed sutures 
featuring our Black Cobra needle (available in multiple 
configurations). PowerKnot High Strength Suture, a 
strong tensile strength suture, potentially offering an 
improved knot grip and a useful Running Direction 
Indication (RDI) feature to alleviate the challenging 
suture management in arthroscopic shoulder surgeries. 
HIP PORTFOLIO 
Alongside many anchors (MectaLock Suture Anchor, 
MectaLock All-Suture anchors) and suture management 
devices (FastShuttle Suture Passer Family) shared with 
the shoulder product line, we also offer MectaFlip, the 
unique-on-the-market intra articular minimal invasive 
expander. 
This year we started the limited market release 
for MyPAO, a unique platform based on patient-
matched technology, aiming to assist surgeons during 
periacetabular osteotomy procedures, allowing them to 
achieve the planned acetabular repositioning. MyPAO 
is part of our MySolutions Personalized Ecosystem, 
an advanced network of digital solutions designed to 
improve patient outcomes, healthcare efficiency, and 
sustainability.

Design the optimal surgical strategy based on each patient’s unique anatomy and 
biomechanics. Enhance confidence and reproducibility using semi-automated 
3D planning and non-invasive intraoperative assessment of implant positioning. 
MySolutions delivers intuitive and reliable solutions (MyKnee, MyHip, MyShoulder, 
MySpine, MyOsteotomy) with advanced analytical features empowering the surgical 
decision-making process.
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MANAGEMENT

CORPORATE GOVERNANCE REPORT
Medacta’s Annual Report 2022

Medacta’s Annual Report 2022   l   Corporate Governance Report
54
INDEX
1.	
GROUP STRUCTURE AND SHAREHOLDERS
56
2.	
CAPITAL STRUCTURE 
58
3.	
BOARD OF DIRECTORS 
60
4.	
GROUP EXECUTIVE MANAGEMENT
76
5.	
COMPENSATION, SHAREHOLDINGS AND LOANS
78
6.	
SHAREHOLDERS’ PARTICIPATION RIGHTS
79
7.	
CHANGE OF CONTROL AND DEFENCE MEASURES 
80
8.	
AUDITORS
81
9.	
INFORMATION POLICY
82
10.	
INDEPENDENT PROXY
82
11.	
QUIET PERIODS
82

MYSOLUTIONS 
PERSONALIZED 
ECOSYSTEM
Improve accuracy and precision 
during 
surgery 
with 
the 
3D 
printed 
patient-specific 
guides 
based on more than 10 years 
of clinical evidence, and with 
the unique NextAR Augmented 
Reality Surgical Platform. NextAR 
empowers the surgeon’s vision 
with 
unique 
real-time 
surgical 
guidance superimposed onto the 
operative field to enhance precision 
and enable data-driven decision-
making. NextAR allows the user 
to stay focused on what matters 
most: the patient. MyHip Verifier 
allows 
for 
intraoperative 
non-
invasive assessment of patient-
matched implant positioning. 
PERSONALIZED 
3D PLANNING
PATIENT 
ENGAGEMENT
PRECISE 
EXECUTION
EFFICIENT CASE 
MANAGEMENT
PO
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Medacta’s Annual Report 2022   l   Corporate Governance Report
56
Medacta is committed to build value and trust with all the stakeholders. Good corporate governance is an essential 
element of Medacta’s values.
Medacta’s corporate governance principles are set out in the Articles of Association1, the Organizational Regulations2, 
the Corporate Compliance System including Medacta’s Code of Business Conduct and Ethics3 and the MedTech Europe 
Industry Code of Conduct4, the Charters of the Board Committees and internal policies on quality, IT, privacy as well 
as employee regulations. Further, we take into account the recommendations of the Swiss Code of Best Practice for 
Corporate Governance. The Group’s corporate governance disclosures described in this report are in compliance with 
the Directive on Information relating to Corporate Governance5 published by SIX Exchange Regulation.
At the AGM 2023, we will propose to amend the Medacta Group Articles of Association to reflect the new provisions of 
the Swiss Corporate law and to further strengthen shareholder rights.
1.	 GROUP STRUCTURE AND SHAREHOLDERS
1.1	 GROUP STRUCTURE
ORGANIZATIONAL GROUP STRUCTURE
Medacta Group SA (“Company”), Strada Regina 34, 6874 Castel San Pietro, Switzerland, the ultimate parent company of 
the Group, is a stock corporation under the laws of Switzerland and is listed on the SIX Swiss Exchange (valor number: 
46’852’522, ISIN: CH0468525222, SIX ticker symbol: MOVE, LEI: 506700P2PFU3A3DROC14). The market capitalization 
of the Company as per December 31, 2022 was CHF 2.1 billion.
Our headquarters and production facilities are located in Castel San Pietro and Rancate, Switzerland, where we have 
approximately 837employees in the aggregate. The Group Executive Management is based at our headquarters in Castel 
San Pietro and Rancate, Switzerland and they are responsible for executing the decisions of the Board of Directors and 
implementing the strategy of the Group. 
Medacta constitutes with only one segment which reflects the internal organizational and management structure used 
within the Group. The Chief Operating Decision Maker (CODM) for the segment is our Chief Executive Officer, Francesco 
Siccardi. Our CEO is supported by other members of our Group Executive Management, specifically the CFO and the 
Supply Chain Director.
The Extended Group Management, which comprises our Head of Research and Development, Global Marketing Director, 
Technical Director, Vice-President Joint and General Manager, Vice-President Spine and Vice-President Extremities and 
Sportsmed are also based at our headquarters and under the supervision of the CEO, save for the Technical Director 
who reports directly to the Supply Chain Director. The Vice-President Joint and General Manager is responsible for the 
regional Directors who oversee and manage our international branches in 12 countries. Our international branches are 
responsible for overseeing our salesforce, which consists of direct sales representatives and marketing employees, 
independent agents, and distributors in 41 countries. For an overview of our worldwide locations, see Note 6.2 
“Consolidation principles, composition of the Group and significant accounting policies” of the Financial Report.
GROUP COMPANIES
No other company controlled by Medacta Group SA is listed on a stock exchange.
On December 31, 2022, Medacta Group SA directly or indirectly held 100% of the capital and voting rights in all 
unlisted consolidated Group companies disclosed in the Financial Report section of this Annual Report under Note 6.2 
“Consolidation principles, composition of the Group and significant accounting policies” to the Financial Report.
1 Medacta’s Articles of Association are available on Medacta’s website at:   
https://cms.medacta.com/uploads/media/medacta-group-sa-articles-of-association-of-11032019.pdf 
2 Medacta’s Organizational Regulations (including the charters of the Board Committees) are available on Medacta’s website at:  
https://media.medacta.com/media/medacta-organizational-regulations-19-july-2021.pdf
4 MedTech Europe Industry Code of Conduct is available at:  
https://www.ethicalmedtech.eu/wp-content/uploads/2021/02/MedTech-Europe-Code-of-Ethical-Business-Practice-QA-DG.pdf
3 Medacta’s Group Code of Business Conduct and Ethics has been approved by the Board of Directors on 15th December 2021 and it is available at:  
https://www.medacta.com/EN/code-of-business-conduct
5 Directive on Information relating to Corporate Governance of SIX Exchange Regulation is available at: https://www.ser-ag.com/en/topics/corporate-reporting.html

Corporate Governance Report   l   Medacta’s Annual Report 2022 
57
SIGNIFICANT SHAREHOLDERS
To the best of our knowledge, the table below shows shareholders and shareholder groups owning or representing more 
than 3% of the voting rights of Medacta as of December 31, 2022. The number of shares shown below and the holding 
percentages are based on the last disclosure of shareholding communicated by the shareholder to the Company and 
the Disclosure Office of SIX Swiss Exchange. The number of shares held by the relevant shareholder may have changed 
since the date of such shareholder’s notification. 
The individual reports that were published during the year ending December 31, 2022 as well as any reportable changes 
since the date thereof can also be found on the website of the Disclosure Office of the SIX Swiss Exchange, which also 
includes the individual reports of the significant shareholders: SIX Exchange Regulation.
SHAREHOLDERS’ AGREEMENT
Alberto Siccardi, Maria Luisa Siccardi Tonolli, Francesco Siccardi and Alessandro Siccardi (collectively, the “Family 
shareholders”) have entered into a shareholders’ agreement regarding, inter alia, (i) the uniform exercise of voting rights 
in the shareholders’ meeting of the Company, (ii) the right of representation on the Board of Directors of the Company, 
(iii) principles regarding dividends distributed by the Company, (iv) transfer restrictions applicable to Family shares (as 
defined in the Shareholders’ Agreement) and (v) purchase options regarding the Family shares.
1.2	 CROSS-SHAREHOLDINGS
The Group does not have, and has not entered into, any cross-shareholdings with other companies relating to equity or 
voting rights.
Domicile/
Registered Office
Country 
Direct 
Shareholders 2
Number of 
shares
Percentage of shares 
and voting rights
• Alberto Siccardi 3
Sonvico - Lugano
Switzerland
-
• Maria Luisa Siccardi Tonolli 3
Villa Luganese
Switzerland
-
• Francesco Siccardi 3
Morcote
Switzerland
-
• Alessandro Siccardi 3
Lugano
Switzerland
-
Milwaukee, WI
USA
-
989’901
                
4.95%
[1]  Regarding collective investment schemes, the beneficial owner corresponds to the licensee.
[2] Regarding collective investment schemes, the direct shareholder corresponds to the collective investment scheme.
[3] The Family shareholders (as defined in the “Shareholders’ agreement” section here below) comprise a group acting in concert within the meaning of art. 120 et seq. 
FMIA and its implementing ordinances. See SIX shareholder notification after December 31, 2020, dated January 6, 2021, processed by SIX on January 8, 2021 in relation 
to the Shareholders' agreement. See also "Shareholders' agreement" (below). As a single person, Alberto Siccardi owns 10.2% of shares and voting rights, Francesco 
Siccardi owns 19.8% of shares and voting rights, Maria Luisa Siccardi Tonolli and Alessandro Siccardi own 19.7% of shares and voting rights each. Also, section 6 
"Ownership of shares and options" of the Remuneration Report, reports the exact number of shares owned by members of the Board of Directors or GEM.
[4] The persons that can exercise the voting rights at their own discretion is Artisan Partners Limited Partnership as derived from the latest shareholder notification dated 
December 16, 2021, processed by SIX on December 22, 2021.
Beneficial owner / persons that 
can exercise 
the voting rights at their own 
discretion 1
• Artisan Partners Limited 
Partnership 4
           13’889’928 
69.45%

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58
2.	 CAPITAL STRUCTURE 
2.1	 CAPITAL
The share capital of the Company as of December 31, 2022, as registered with the Commercial Register of the Canton 
Ticino, amounted to CHF 2’000’000 and is divided into 20’000’000 registered shares with a nominal value of CHF 0.10 
each. The share capital is fully paid-up.
2.2	 AUTHORIZED AND CONDITIONAL CAPITAL
Medacta Group SA has no authorized share capital and no category of shares other than registered shares.
Article 3A of the Articles of Association includes conditional share capital for equity-linked rights (employee benefit 
plans) and provides for the increase in the nominal share capital of the Company in the amount of CHF 50’000 through 
the issuance of up to 500’000 fully paid-up registered shares with a nominal value of CHF 0.10 each, which in total 
equates to 2.5 % of the existing share capital.
The conditional share capital can be issued with no limitation of time.
The terms and conditions for the allocation and exercise of the equity-linked rights to eligible officers and employees 
of the Group are to be determined by the Board of Directors. Pre-emptive rights and advance subscription rights of 
shareholders are excluded, and the shares may be issued at a price below the market price. The acquisition of registered 
shares based on article 3A and every subsequent transfer of these registered shares is subject to the transfer restrictions 
pursuant to article 5 of the Articles of Association.
2.3	 CHANGES IN CAPITAL
There have been no changes in the share capital in the past three years. On December 31, 2020, 2021, and 2022 the 
share capital was composed of 20’000’000 registered shares with a nominal value of CHF 0.10 each. 
2.4	 SHARES AND PARTICIPATION CERTIFICATES
Medacta Group SA has no other categories of shares other than one category of registered shares entitled to one 
vote each. The share capital of the Company as of December 31, 2022 amounted to CHF 2’000’000 and is divided into 
20’000’000 registered shares with a nominal value of CHF 0.10 each. The share capital is fully paid-up. The shares rank 
pari passu in all respects with each other, including, in respect of entitlements to dividends (if any), to a share in the 
liquidation proceeds in the case of a liquidation of the Company and to pre-emptive rights.
The Company issues its shares only as uncertificated securities, within the meaning of article 973c of the Swiss Code 
of Obligations and enters them into the main register of SIS and, consequently, constitutes them as intermediated 
securities within the meaning of the Swiss Federal Intermediated Securities Act (FISA). In accordance with article 973c 
CO, the Company maintains a register of uncertificated securities.
2.5	 DIVIDEND-RIGHT CERTIFICATES
In 2022, Medacta Group SA did not issue any dividend-right certificates. 
2.6	 LIMITATIONS ON TRANSFERABILITY AND NOMINEE REGISTRATIONS
The Company keeps a Share Register of the registered shares in which the owners/usufructuaries are entered with their 
name (for legal entities the company name), domicile, address and citizenship (for legal entities the legal domicile). Any 
person registered in the Share Register changing their address must inform the Company accordingly.

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59
According to article 5 para. 3 of the Articles of Association, persons not expressly declaring themselves to be holding 
the shares for their own account in their application for entry in the Share Register or upon request by the Company 
(“Nominees”) are entered in the Share Register with voting rights without further inquiry up to a maximum of 3.0% of 
the share capital outstanding at that time. Above this limit, registered shares held by Nominees shall be entered in the 
Share Register with voting rights only if in its application for registration, or thereafter upon request by the Company, the 
Nominee discloses the names, addresses and shareholdings of the persons for whose account the Nominee is holding 
0.5% or more of the share capital outstanding at that time and provided that the disclosure requirements stipulated by 
the Federal Act on Financial Market Infrastructure (FMIA) of June 19, 2015 are complied with. The Board of Directors has 
the right to conclude agreements with Nominees concerning their disclosure requirements.
According to article 5 para. 4 and para. 5 of the Articles of Association, and subject to article 652b para. 3 of the Swiss 
Code of Obligations, the described limit for registration also applies to the acquisition of registered shares, which are 
subscribed for or acquired by way of exercising any subscription, acquisition, option or convertible rights arising from 
shares or any other securities issued by the Company or third parties. For purposes of the aforementioned registration 
restrictions, legal entities or partnerships or other associations or joint ownership arrangements which are linked 
through capital ownership or voting rights, through common management or in a like manner, as well as individuals, legal 
entities or partnerships (especially syndicates) which act in concert with the intent to circumvent the entry restriction, are 
considered as one shareholder or Nominee.
The Company issues its registered shares only as uncertified securities (Wertrechte) and registers them as intermediated 
securities (in terms of FISA). Uncertified securities may only be transferred by way of assignment provided that they are 
not registered as intermediated securities. In order to be valid, the assignment must be reported to the Company, which 
may refuse the entry of the assignee in the Share Register in accordance with article 5 of the Articles of Association. 
The transfer restrictions according to article 5 are not affected by these regulations. For as long as the shares are 
in uncertificated form and registered as intermediated securities, any transfer and collateralization of shares has to 
be made in accordance with the FISA. The transfer of intermediated securities or the granting of security rights on 
intermediated securities by way of assignment is excluded.
The Company in special cases may on a discretionary basis decide to grant some exceptions to the above restrictions. 
In 2022, no such exemptions were granted.
The procedure and condition for the easement or abolition of the restrictions of the transferability of the registered 
shares in the Articles of Association require resolution of a shareholders’ meeting passed by at least two thirds of the 
represented share votes and an absolute majority of the par value of represented shares is required to ease or abolish 
the restrictions on the transferability of registered shares (see article 13 of the Articles of Association).
The Company’s Share Register is administered by SisWare AG, Militärstrasse 3, 6467 Schattdorf, Switzerland.
2.7	 CONVERTIBLE BONDS AND OPTIONS
As of December 31, 2022, neither Medacta Group SA, nor any of its subsidiaries, had issued or outstanding any convertible 
bonds or options convertible into shares of the Company.

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60
3.	 BOARD OF DIRECTORS 
The Board of Directors plays a central role in the strategic guidance of the Group as well as supervising the overall 
business activities and management.
Accordingly, Board candidates are carefully selected to ensure that they are qualified and committed members, 
characterized by diversity of backgrounds as well as experience and expertise relevant for the specific role they play on 
the Board of Directors. In addition, because the current Chairman formerly served as Chief Executive Officer of Medacta 
International SA until 2018, the Board of Directors also has a Lead Independent Director.
The description of the role of the Lead Independent Director is available into section 3.5 “Internal organizational structure” 
of this Corporate Governance Report.
3.1	 MEMBERS OF THE BOARD OF DIRECTORS
As of December 31, 2022, the Board of Directors consisted of five Members (including the Chairman and the Lead 
Independent Director), all of whom are Non-Executive Directors. 
The table below outlines the name, year of birth, position, committee memberships and year of appointment of the 
Members of the Board.
Philippe Weber, Riccardo Braglia, Maria Luisa Siccardi Tonolli, Alberto Siccardi and Victor Balli (from left to right).
Name
Year of birth
Position
Committee Membership
Year of Appointment
Alberto Siccardi 1
1944
Chairman
None
2018
Maria Luisa Siccardi Tonolli 2
1975
Member
ARC
2018
Victor Balli 
1957
Member; Lead 
Independent Director
ARC (Chairman)
2019
Philippe Weber
1965
Independent Director
HR & RemCo (Chairman)
2019
Riccardo Braglia 
1960
Independent Director
HR & RemCo
2020
HR & RemCo = Human resources & Remuneration Committee
ARC = Audit and Risk Committee
[1] Founder and Chairman of the Board of Directors of Medacta International since 1999. 
[2] Member of the Board of Directors of Medacta International from 2003 until 2014.

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ALBERTO SICCARDI, 
Swiss and Italian, Non-Executive, Chairman of the Board
Other main activities: Mr. Siccardi further serves as Chairman of Surgical Practice Resource 
Group SA, Lugano since 2015 and as Chairman of the Medacta for Life Foundation, Castel 
San Pietro since 2011. He is Chairman of Verve SA, Castel San Pietro and a Board Member 
of Machi Holding SA, ALLES Holding SA and 2A Holding SA, Castel San Pietro since 2019.
Career Highlights: Mr. Siccardi served as CEO of Medacta International since founding 
Medacta in 1999 until November 2018 and as Chairman of the Company since March 2019. 
Prior to founding Medacta, the Siccardi’s family owned Bieffe Medital SPA, an Italian company 
operating in the medical device industry. Mr. Siccardi successfully developed and expanded 
Bieffe Medital internationally, thanks to a new technology which improved the quality and the 
cost of sterile fluids and then subsequently sold the business developed by Bieffe in many 
countries to Baxter Group in 1997. 
Qualifications: Mr. Siccardi has a degree in Pharmacy from the University of Turin (1969) 
and a Master’s degree in Business Administration (MBA) from SDA Bocconi School of 
Management in Milan (1979, with distinction).
Key attributes for the Board: Mr. Siccardi represents continuity, solidity and credibility among 
the various stakeholders. As founder and major shareholder of Medacta, Mr. Siccardi chairs 
the Board of Directors with his expertise and in-depth knowledge of the orthopedic products.
MARIA LUISA SICCARDI TONOLLI, 
Swiss and Italian, Non-Executive, Member of the Board
Other main activities: Mrs. Siccardi Tonolli has served as the Head of the Siccardi Family 
Office since 2002. Mrs. Siccardi Tonolli also serves as a Member of the Board of Directors 
of Surgical Practice Resource Group SA, Lugano since 2015, as President of Machi Holding 
SA, Castel San Pietro since 2019, as Vice-President and Member of the Board of Directors of 
Medacta for Life Foundation, Castel San Pietro since 2011 and as Member of the Board of 
Directors of Verve SA, Castel San Pietro since 2001.
Career Highlights: Mrs. Siccardi Tonolli joined Medacta International SA in 2002 and served 
as a Member of its Board of Directors from 2003 until 2014. In early 2018, Mrs. Siccardi 
Tonolli was elected as Member of the Board of Directors of Medacta Group SA to the Board 
of the Company upon its incorporation. Mrs. Siccardi Tonolli has served in various finance, 
controlling and treasury roles at the Group whilst continually balancing her work-life, balance 
commitments.  She served as Head of Strategic and Corporate Finance from 2003 until 2014 
and then as Vice-President Finance / Treasury Supervisor from 2011 until April 1, 2019. In this 
role she led the IPO process until the listing in the SIX Swiss exchange. Since the IPO, Mrs. 
Siccardi Tonolli has exclusively served as a Member of the Board of Directors with a key focus 
and passion on Group Corporate Sustainability. Mrs. Siccardi is founder and Vice President of 
Medacta for Life Foundation, centered around the realization of philanthropic initiatives and 
socially driven projects for the protection and assistance of children and young people. The 
initiatives of the Foundation can be grouped into three specific areas: development of new 
generation through My School Ticino (started in 2019), funding for medical missions and 
participation in social projects. Mrs. Siccardi Tonolli has been responsible for the Siccardi’s 
Family Office for over 20 years where she heads the wealth management and global real 
estate. She served as a Member of the Board of Verve SA since 2000, a real estate company 
domiciled in Switzerland.
Qualifications: Mrs. Siccardi Tonolli holds a Master of Science (MSc) in Business 
Administration from Bocconi University, Milan (2000) and has completed various professional 
training courses.
Key attributes for the Board: As a major shareholder of Medacta Group, Mrs. Siccardi Tonolli 
contributes with her experience in the field of ESG, finance, controlling, treasury and Real 
Estate.

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VICTOR BALLI, 
Swiss, Non-Executive, Member of the Board, Lead Independent Director
Other main activities: Member of the Board of Directors and Member of the Compensation 
Committee and Chairman of the Audit Committee of Givaudan SA, Vernier since 2016; 
Member of the Board of Directors and the Chairman of the Audit Committee of KWS Saat SE 
& Co. KGaA, Germany since 2017; since 2018 Member of the Board of Directors of the Swiss 
Federal Audit Oversight Authority in Bern (Revisionsaufsichtsbehörde, FAOA); since 2018, 
Member of the Board of Directors and Chairman of the Audit Committee of Louis Dreyfus 
Company Holdings B.V., Netherlands; since 2019, Member of the Board of Directors of Hemro 
AG, Bachenbülach; Member of the Board of Directors and of the Audit and Sustainability 
Committees of SIKA AG, Baar since 2019.
Career Highlights: Mr. Balli was Chief Financial Officer of Barry Callebaut AG, Zurich, the 
largest global supplier of cocoa and chocolate products from 2007 to 2018. From 1996 to 
2006, he was a director at Niantic Group, which represents the investment holding of Dr. 
Andreas Jacobs, and served in various executive and Board functions at subsidiaries of 
Niantic Group during that period. Mr. Balli served as Member of the Board of Directors and 
Chairman of the Audit Committee of Ceva Logistics AG, Baar from 2018 to 2019. 
Qualifications: Mr. Balli holds a Master’s degree in Economics from the University of St. 
Gallen (HSG) in St. Gallen (1984) and a Master of Science (MSc) in Chemical Engineering from 
the Swiss Federal Institute of Technology (ETH) in Zurich (1981). He has further completed 
various management courses at INSEAD, Fontainebleau France and INSEAD, Singapore.
Key attributes for the Board: In addition to his Board and executive experience in other 
companies, Mr. Balli has a strong track record in general management, finance and corporate 
finance.
PHILIPPE WEBER, 
Swiss, Non-Executive, Member of the Board, Independent Director
Other main activities: Board of Directors member of Niederer Kraft Frey AG (Chairman 
of the Board of Directors and Managing Partner until March 2021); Company Secretary of 
CLS Group Holdings AG, Lucerne (since 2002); Vice-Chairman and Member of the Board 
of Directors of Leonteq AG and Leonteq Securities AG, Zurich (since 2020); Member of the 
Board of Directors of PolyPeptide Group AG, Zug (since 2021), NorthStar Holding AG, Roggwil 
(since 2018), Banca del Ceresio SA, Lugano (since 2017), EDAG Engineering Group AG, Arbon 
(since 2015), and Newron Suisse SA, Zurich (since 2007).
Career Highlights: Mr. Weber joined Niederer Kraft Frey AG (NKF) in 1994 and became a 
partner in 2002. In 2009 he became a Member of the Executive Committee of NKF, which he 
chaired as managing partner from 2015 to March 2021. He continues to be a partner at NKF. 
From 1990 to 1992, he was a research assistant at the University of Zurich before joining the 
Foreign Affairs Committees of the two chambers of the Swiss parliament as a legal clerk in 
1992/1993.
Qualifications: Mr. Weber holds a PhD in law (summa cum laude) from the University of 
Zurich (1995) and an LL.M. (with distinction) from the European University Institute (EUI) in 
Fiesole, Italy in 1995. He is an attorney-at-law admitted to the Swiss bar.
Key attributes for the Board: Mr. Weber has vast experience in corporate/ M&A, capital 
markets and banking law as well as corporate governance. He complements the Board with 
his extensive knowledge and experience with regards to legal and corporate matters as well 
as Board Member in various other listed and non-listed companies.

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63
RICCARDO BRAGLIA, 
Swiss, Non-Executive, Member of the Board 
Other main activities: Helsinn Group’s Executive Chairman holds various roles in other 
companies in the healthcare sector in Switzerland and abroad. He is Group Vice-Chairman 
and Board Member of 3B Future Holding SA and Board Member of HAS Healthcare Advanced 
Synthesis in Switzerland. He is Chairman, CEO and Managing Partner of 3B Future Health 
Ventures in Monaco and Chairman and General Partner of 3B Future Health Fund I and II 
in Luxembourg. He is Co-founder and Board Member of Lyfebulb, USA, which promotes 
networking initiatives to support patients with chronic diseases and Board Member of Thorne 
Holding Corporation, USA. He is also Member of the Advisory Board of the New York City-
based venture capital firm Windham Ventures, USA. Moreover, Mr. Braglia is Member of 
the Board of the Conquer Cancer Foundation, USA, and Member of the CEO Roundtable on 
Cancer, USA, as well as of the Swiss-American Chamber of Commerce. He is also Member of 
the Advisory Board of the SDA Bocconi School of Management, Italy.
Career Highlights: With a wealth of over 36 years of international experience in the 
pharmaceutical industry, Riccardo Braglia heads the family-run, privately-owned 
pharmaceutical company, the Helsinn Group, founded in 1976. Helsinn is a fully integrated, 
global biopharma company focused on addressing unmet needs in cancer and it has an 
innovative pipeline of cancer therapeutics, specialising in targeted therapies, and has a 
commercial portfolio of cancer therapeutic and supportive care products underpinning 
the business as it progresses its research and development of its fully integrated targeted 
therapies.
Qualifications: Mr. Braglia holds a degree in Business Economics with specialization in 
Business Industrial Management from Bocconi University, Milan, Italy (1984).
Key attributes for the Board: Riccardo Braglia has a strong track record in the healthcare 
industry, general management, marketing, distribution and leadership gained from his 
successful career. In addition to his business endeavors, Riccardo Braglia is engaged in 
philanthropic initiatives, supporting cultural, social, artistic activities as well as international 
research against cancer. He is the Co-founder and Chairman of Fondazione Nuovo Fiore in 
Africa, Switzerland, a foundation which focuses on providing educational and training aid and 
promoting, encouraging and supporting basic education for children, reducing illiteracy and 
social injustice in Africa, and he is also Member of the Board of the Fondazione Gabriele and 
Anna Braglia, Switzerland, of modern art.

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3.2	 OTHER ACTIVITIES AND VESTED INTERESTS
Except as disclosed in the biographies of the Members of the Board of Directors, and as outlined below, no further 
activities or interests are carried out outside of the Group.
The matrix below summarizes the mandates currently covered by the Board Members:
Member of the 
Board
Enterprise
No profit organization/
No commercial entities
Location
Function
Surgical Practice Resource Group SA
CH
Chairman
Medacta For Life Foundation
CH
Chairman
Verve SA
CH
Chairman
Machi Holding SA
CH
Board Member
ALLES Holding SA 
CH
Board Member
2A Holding SA 
CH
Board Member
Surgical Practice Resource Group SA
CH
Board Member
Verve SA
CH
Board Member
Medacta For Life Foundation
CH
Vice-President 
and Board Member
Machi Holding SA
CH
President
Givaudan SA
CH
Board Member
KWS Saat SE & Co. KGaA
DE
Board Member
Swiss Federal Audit Oversight 
Authority in Bern
CH
Board Member
Louis Dreyfus Company Holdings B.V.
NL
Board Member
Hemro AG
CH
Board Member
SIKA AG
CH
Board Member 
Victor Balli
Alberto Siccardi
Maria Luisa 
Siccardi Tonolli
ALLOCATION OF TASKS WITHIN THE BOARD OF DIRECTORS
Medacta aims to have a well-balanced Board of Directors with individuals who bring a variety of perspectives, backgrounds 
and skills. Accordingly, Board candidates have been carefully selected to ensure a collective set of important skills/traits. 
In addition, the Board of Directors carries out an annual self-assessment aimed at identifying strengths and areas of 
improvement.
The matrix below summarizes the updated set of skills/traits grouped into fourteen categories.
Board of Directors - Competence Matrix
Alberto Siccardi
Maria Luisa 
Siccardi Tonolli
Victor
Balli
Philippe Weber
Riccardo 
Braglia 
Executive experience





Finance, audit, risk management



Compliance, regulatory, legal




Capital markets, M&A





Core industry experience (medical device)


Transferable expertise in related industries 


Functional experience



International business experience




Digitalization, Technology



Strategy, business, transformation 





HR, Compensation




Board Governance





Emerging Markets

Sustainability






Corporate Governance Report   l   Medacta’s Annual Report 2022 
65
Niederer Kraft Frey AG
CH
Board Member
CLS Group Holdings AG
CH
Company Secretary
EDAG Engineering Group AG
CH
Board Member
PolyPeptide Group AG
CH
Board Member
Newron Suisse SA
CH
Board Member
NorthStar Holding AG
CH
Board Member
Leonteq AG
CH
Vice-Chairman 
and Board Member
Leonteq Securities AG
CH
Vice-Chairman 
and Board Member
Banca del Ceresio SA
CH
Board Member
3B Future Holding SA Group (previously Helsinn 
Holding & Affiliates )
CH 
Vice-Chairman 
and Board Member
HAS Healthcare Advanced Synthesis
CH
Board Member
Helsinn SA & Affiliates
CH
Executive Chairman
Thorne Holding Corporation
USA
Board Member 
WS Fashion Group 
CH
Board Member 
Lyfebulb Healthcare
USA
Board Member 
GSTS - Gui Sheng Tang Sinomedica Holding SA 
CH
Board Member 
Lauro & Giavatto SA
CH 
President
3B Future Health Ventures Sarl
MC
Board Member 
3G Future SAM
MC
Board Member 
3B Future Health Fund II S.C.A.-Raif SICAV
LU
Board Member 
Conquer Cancer The ASCO 
Foundation
USA
Board Member 
Fondazione Gabriele e Anna 
Braglia 
CH
Board Member 
Fondazione Nuovo Fiore in 
Africa 
CH
Board Member 
Fondazione per la ricerca sul 
cancro nel Ticino 
CH
Board Member 
Philippe Weber
Riccardo Braglia
3.3	 PERMITTED ADDITIONAL ACTIVITIES PURSUANT TO OAEC
As required by the Swiss Ordinance against Excessive Compensation in Listed Companies (OaEC) and in the interest of 
good governance, the Articles of Association limit the number of functions in superior management or administrative 
bodies of legal units other than the Company or its subsidiaries which Members of the Board are allowed to hold at one 
time.
According to article 23 of the Articles of Association, the Members of the Board of Directors may have the following 
other functions in the superior management or administrative bodies of legal units obliged to register themselves in a 
Swiss Commercial Register or a foreign equivalent thereof and which are not controlled by the Company, do not control 
the Company or do not constitute pension funds insuring employees of the Group:
•	
up to 5 (respectively, the Chairman of the Board of Directors up to 4) mandates as Member of the Board of Directors 
or any other superior management or administrative body of publicly traded companies pursuant to article 727 
para. 1 number 1 CO;
•	
up to 10 mandates as Member of the Board of Directors or any other superior management or administrative body 
of companies pursuant to article 727 para. 1 number 2 CO;
•	
up to 20 mandates as Member of the Board of Directors or any other superior management or administrative body 
of legal entities that do not meet the above-mentioned criteria;
•	
up to 20 mandates in associations, charity foundations and employee assistance foundations.
With respect to the additional activities of the Members of the Board of Directors, mandates in companies that are under 
uniform control or the same beneficial ownership are deemed one mandate.
All Members of the Board of Directors are within the limits of external mandates stipulated by the Articles of Association.

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3.4	 ELECTIONS AND TERMS OF OFFICE
In accordance with the Swiss Law, all Members of the Board of Directors, including the Chairman, are elected individually 
and may only be removed by a shareholders’ resolution. The term of office for a Member of the Board of Directors is 
one year, subject to the possibility of re-election. In this context, a year means the time period between one annual 
shareholders’ meeting and the next one or, if a Member is elected at an extraordinary shareholders’ meeting, between 
such extraordinary shareholders’ meeting and the next annual shareholders’ meeting. The Board of Directors shall 
consist of a minimum of three members.
The Board of Directors appoints the Secretary who does not need to be a shareholder or Member of the Board of 
Directors.
If the office of the Chairman of the Board of Directors is vacant, the Board of Directors appoints a substitute for the time 
period until the conclusion of the next annual shareholders’ meeting that must be a Member of the Board of Directors.
At the annual shareholders’ meeting 2023, all Members of the Board of Directors will stand for re-election and no new 
Board Members will be proposed.
For information on the elections and terms of office of the Members of the Remuneration Committee and the Independent 
Proxy, see section 3.5 “Internal organizational structure” and section 10 “Independent Proxy”, respectively.
3.5	 INTERNAL ORGANIZATIONAL STRUCTURE
ALLOCATION OF TASKS WITHIN THE BOARD OF DIRECTORS
The internal organizational structure of the Board of Directors is set forth in the Organizational Regulations of 
Medacta Group SA, that determines the executive bodies of the Company and the Group, defines their responsibilities 
and competences regarding the management of the Company and of the Group, and regulates the functioning and 
cooperation of the various bodies in the Group management. The current Chairman of the Board is Alberto Siccardi and 
the current Lead Independent Director is Victor Balli (see more detailed description below).
To operate effectively and allow in-depth focus in specific areas, the Board of Directors has two standing Board 
Committees (each, a “Committee”): an Audit and Risk Committee and a Remuneration Committee (hereinafter named 
“Human Resources & Remuneration Committee” as modified and approved during the Board of Directors Members on 
May, 18 2022), described in greater detail below.
The Committees have no decision-making authority of their own and the Board remains ultimately responsible for the 
tasks delegated to the Committees by law, the Articles of Association, the Organizational Regulations or other internal 
regulations.
In addition, the Board of Directors has delegated the day-to-day and operational activities of the Company and the Group 
as a whole to the Group Executive Management under the leadership of the CEO, subject to the duties and powers 
reserved to the Board by Swiss law, the Articles of Association and the Organizational Regulations. The Group Executive 
Management is directly supervised by the Board of Directors and its Committees.
At least annually, the Board reviews its own performance, as well as the performance of each of the Committees and the 
Group Executive Management. Such assessment seeks to determine whether the Board, the Committees and the Group 
Executive Management function effectively and efficiently. This annual review will be finalized during the approval of the 
Consolidated Financial Statements 2022 in March 2023.
TASKS OF THE LEAD INDEPENDENT DIRECTOR
The Board of Directors has also elected a Lead Independent Director that, among other things, chairs meetings of the 
Board or the annual/extraordinary shareholders’ meeting if the Chairman is required to abstain from the deliberation and 
decision-taking in case the following items are on the agenda: (i) assessment of the work of the Chairman; (ii) decision 
of the Board on the request to the annual/extraordinary shareholders’ meeting for the re-election or not of the Chairman; 
(iii) decision about the compensation of the Chairman; and (iv) any other matters in which the Chairman has a conflict of 
interest. The Lead Independent Director is entitled to call a meeting of the Board whenever he deems fit. If the Chairman 
is indisposed, the Lead Independent Director shall take the chair at the meetings of the Board and the General Meeting.
Victor Balli is currently serving as the Company’s Lead Independent Director.

Corporate Governance Report   l   Medacta’s Annual Report 2022 
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WORKING METHODS OF THE BOARD OF DIRECTORS 
Meetings of the Board are held as often as the business requires, but as a general rule at least four times per year and are 
convened by the Chairman if and when the need arises or whenever a Board Member or the CEO, indicating the reasons, 
so requests in writing. If the Chairman does not comply with such request within 14 days, the Lead Independent Director 
may be entitled to call the meeting.
Notice of meetings is given at least five business days prior to the meeting and it sets forth the time, place and agenda 
of the meeting so that Board Members may have a reasonable understanding of the business intended to be conducted 
at the meeting. Board Members are provided with all necessary supporting materials at least five business days prior to 
the meeting.
The Chairman, or in his absence the Lead Independent Director, or in the absence of both, a Board Member designated 
by the attending Board Members, chairs the meeting.
Each Board Member must disclose to the Chairman and the CEO, respectively, regarding any conflict of interest arising 
or relating to any matter to be discussed at the meeting of the Board as soon as the Board Member becomes aware of 
its potential existence. The Chairman (or, if applicable, the Lead Independent Director) and the CEO, respectively, may 
decide upon appropriate measures to avoid any interference of such conflict of interests with the decision-making of 
the Company.
In principle (and as set forth by the Organizational Regulations), the CEO and the other Members of the Group Executive 
Management attend the meetings of the Board as guests without the right to vote. Other members of the management 
of the Group are expected to participate at meetings of the Board if specific issues falling within the responsibility of that 
management member are on the agenda. The Chairman decides if and which persons outside the Board are entitled to 
attend meetings of the Board.
In order to pass resolutions, not less than a majority of the Board Members must be participating in the meeting (whether 
in person, by phone or videoconference). The Board may pass its resolutions with the majority of the votes cast (simple 
majority). Abstentions count as votes uncast. In case of a tie of votes, the Chairman has the casting vote.
The minutes are signed by the Chairman (or by other Board Member that chaired the meeting) and the Secretary. Board 
resolutions may also be passed by means of circular resolutions, by letter, facsimile or pdf-document (e-mail) provided 
that no Board Member requests within five days of receipt of the proposed resolution either by phone, facsimile or e-mail 
the deliberation to take place in a meeting. Board resolutions by means of circular resolutions require the affirmative vote 
of the majority of the Board Members.
The Secretary prepares the agenda for each Board meeting, keeps the Board minutes, and assists the Board, the 
Chairman and the Lead Independent Director to coordinate and fulfil their duties and assignments. The Secretary is 
responsible for keeping the Company’s official corporate documents and records.
For more details about informational duties of the Committees, see sub-headings “Audit and Risk Committee” and 
“Human Resources & Remuneration Committee”.
BOARD OF DIRECTORS MEETINGS 2022
In 2022, the Board of Directors met nine times, both in video conference and in presence, for an average duration of two 
hours. The CEO along with the other members of the Group Executive Management attended each of the nine Board 
meetings in 2022.

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The following table outlines the dates and the attendees of each meeting of the Board of Directors.
Date
Attendees
Other Attendees
Board of Directors (All)
Group Executive Management (All)
Daniel Müller (Deputy Secretary)
Luigi Tonolli (Senior Strategic Financial Advisor)
Gianna La Rana (IR)
10.03.2022
Board of Directors (All)
Group Executive Management (All)
Daniel Müller (Deputy Secretary)
Luigi Tonolli (Senior Strategic Financial Advisor)
Gianna La Rana (IR)
04.04.2022
Board of Directors (All)
Group Executive Management:
Daniel Müller (Deputy Secretary)
Francesco Siccardi
Alessandro Siccardi
Luigi Tonolli (Senior Strategic Financial Advisor)
Asif Hussain (Group HR Director)
18.05.2022
Board of Directors:
Group Executive Management (All)
Alberto Siccardi
Gianna La Rana (IR)
Maria Luisa Siccardi Tonolli
Luigi Tonolli (Senior Strategic Financial Advisor)
Victor Balli
Philippe Weber
Daniel Müller (Deputy Secretary)
28.07.2022
Board of Directors:
Group Executive Management (All)
(two meetings)
Alberto Siccardi
Luigi Tonolli (Senior Strategic Financial Advisor)
Maria Luisa Siccardi Tonolli
Gianna La Rana (IR)
Riccardo Braglia
Philippe Weber
Daniel Müller (Deputy Secretary)
08.09.2022
Board of Directors (All)
Group Executive Management (All)
Daniel Müller (Deputy Secretary)
Luigi Tonolli (Senior Strategic Financial Advisor)
Gianna La Rana (IR)
Antonio Di Brino (VP of Finance and Tax)
19.10.2022
Board of Directors (All)
Group Executive Management (All)
Daniel Müller (Deputy Secretary)
Luigi Tonolli (Senior Strategic Financial Advisor)
Asif Hussain (Group HR Director)
Antonio Di Brino (VP of Finance and Tax)
15.12.2022
Board of Directors (All)
Group Executive Management (All)
Donato Cortesi ( Secretary)
Luigi Tonolli (Senior Strategic Financial Advisor)
Edoardo Buzzi (Deputy Secretary)
19.01.2022
The key topics of the Board of Directors in 2022 included, among other things:
•	
2021 full-year and 2022 half-year unaudited top-line figures;
•	
performance review 2021 and outlook 2022;
•	
competitors’ performance overview;
•	
approval of updated Internal Control Framework Matrix;
•	
information on related party transactions policy in place;
•	
report on energy situation and systems of the most important suppliers;
•	
Management Report, Statutory Financial Statements and Consolidated Financial Statements for the financial year 
2021 and proposal to AGM for approval;
•	
approval of the Remuneration Report 2021 and proposal to AGM for consultative vote;
•	
approval of proposal to AGM for appropriation of available retained earnings as of December 31, 2021, and proposal 
to AGM of distribution of ordinary dividend and of capital contribution reserves:
-	
proposal of appropriation of available retained earnings and dividend distribution;
-	
proposal of appropriation and distribution of reserves from capital contribution;
-	
approval of Ex-date, Record date and Value (payment) date for distributions of dividend and capital reserves;

Corporate Governance Report   l   Medacta’s Annual Report 2022 
69
•	
approval of proposal to AGM for discharge to the Board of Directors and discharge to the Group Executive 
Management;
•	
approval of proposal to AGM for re-election of the members of the Board of Directors and of the President of the 
Board;
•	
approval of proposal to AGM for re-election of the members of the Remuneration Committee;
•	
approval of proposal to AGM for re-election of the Independent Proxy Holder;
•	
approval of proposal to AGM for re-election of the Auditors;
•	
approval of proposal to AGM for remunerations to the members of the Board of Directors;
•	
approval of proposal to AGM for the maximum aggregate amount of remuneration for the members of the Board of 
Directors for the period AGM May 2022 to AGM 2023;
•	
approval of proposal to AGM for the remuneration of consulting services provided by the members of the Board of 
Directors for the period AGM May 2022 to AGM 2023;
•	
approval of proposal to AGM for the maximum aggregate amounts of remunerations to the members of the Group 
Executive Management;
•	
approval of proposal to AGM for the maximum overall fixed compensation of the Executive Management that may 
be paid in 2023;
•	
approval of proposal to AGM for the maximum overall variable short-term compensation for the Executive 
Management for the most recently concluded financial year (i.e. 2021);
•	
approval of proposal to AGM for the maximum overall variable long-term compensation of the Executive 
Management that may be allocated in 2023;
•	
approval of Annual General Meeting procedures;
•	
approval of Investors’ Presentation and Press Release;
•	
changes of significant shareholders;
•	
approval of the Group 3-years business plan (basis for LTIP EBIT performance target and for impairment tests of 
in-progress R&D projects);
•	
change of Article 19 of Regulations of Long-Term Incentive Plan (LTIP) and approval of adapted LTIP Regulations 
(Performance Share Plan Regulations);
•	
confirmation of market conditions to execute Group LTIP grant and grant’s date;
•	
performance targets approval and confirmation of eligible persons of the Group LTIP;
•	
performance targets approval of the 2022 Group Executive Management short-term incentives;
•	
approval of GEM remuneration;
•	
preliminary Investor Relations Active Plan 2023;
•	
review of Board of Directors self-assessment;
•	
update on ESG reporting and on 2021 Sustainability Report;
•	
approval of 2021 Sustainability Report; 
•	
updates on litigations;
•	
approval of the 2023 financial calendar and proposal of the 2024 financial calendar;
•	
approval of press releases and investors presentations;
•	
presentation and approval of budget 2023;
•	
industrial projects and industrial long-term plan review;
•	
updates from ARC and HR&RemCo Committees.
COMMITTEES AND WORKING METHODS OF THE COMMITTEES
Subject to the provisions of the Articles of Association, the Committees generally comprise at least two Members of the 
Board of Directors. Each Committee has its own charter governing its duties and responsibilities.
The Committees have no decision-making authority of their own and the Board remains ultimately responsible for the 
tasks delegated to the Committees by law, the Articles of Association, the Organizational Regulations or other internal 
regulations.
The Committees keep the Chairman informed at least at the occasion of each Board meeting about all important strategic 
issues, transactions as well as any business situations and/or developments within their scope of responsibilities and 
duties. The Chairman monitors such informational duty of the Committees. The Chairman reports to the Board on 
information received from the Committees. In addition, the Chairman immediately informs the other Board Members 
of any extraordinary situation regarding the Company or the Group of which the Chairman may become aware. The 
Chairman of each Committee provides the full Board of Directors at their meeting with an overview of key topics 
discussed at the most recent Committee meeting. In addition, the signed minutes from each Committee meeting are 
circulated to the full Board once available for their review.

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AUDIT AND RISK COMMITTEE 
The Audit and Risk Committee assists the Board of Directors in fulfilling its responsibilities defined by applicable law, 
the Articles of Association, the Organizational Regulations and the Audit and Risk Committee Charter with respect to 
matters involving the financial and risk management aspects of governance of the Company and the Group.
The Audit and Risk Committee consists of at least two Members of the Board of Directors. The Members of the Audit 
and Risk Committee are appointed by the Board of Directors. At least one member, including the Chairman, of the Audit 
and Risk Committee is independent. Members of the Audit and Risk Committee must have the necessary qualifications 
and skills and possess financial literacy and keep themselves up to date regarding risk management best practices.
The Members of the Audit and Risk Committee are Victor Balli (Chairman) and Maria Luisa Siccardi Tonolli.
The Audit and Risk Committee meets at such frequency as it deems necessary to fulfil its duties, normally ahead of 
ordinary Board of Directors meetings and at least four times per year. Additional meetings may be held and may be 
convened at the request of either the Board of Directors or any Audit and Risk Committee member, or upon request of 
the Compliance Officer. For more details about the role of the Compliance Officer, see sub-heading 3.8 “Compliance and 
quality assurance” of this report.
The Board Secretary (or the Deputy Secretary of the Board) prepares the agenda for each meeting, keeps the minutes 
and assists the Audit and Risk Committee and the Chairman to coordinate and fulfil their duties and assignments.
The minutes are signed by the Chairman of the Audit and Risk Committee and the Secretary and are made available 
to the full Board thereafter. The resolutions may also be passed by means of circular resolutions, by letter, facsimile or 
pdf-document (e-mail) provided that no Member requests within five days of receipt of the proposed resolution either 
by phone, facsimile or e-mail the deliberation to take place in a meeting. Resolutions by means of circular resolutions 
require the affirmative vote of the majority of the members.
In particular, the Audit and Risk Committee has the following duties: 
•	
assessing the adequacy and effectiveness of the Group’s internal and prudential systems and controls in respect 
of both financial and non-financial risks, including the risk of fraud, the Company’s and the Group’s compliance with 
legal obligations, workplace health and safety, environmental, insurance and other regulatory requirements and 
relevant compliance matters, as well as with policies issued by the Company, including through discussions with 
and reviewing reports from the external auditor, internal officers (including, in particular, the Compliance Officer) and 
management and through the consideration of and adaptation to major legislative and regulatory developments 
with significant impact on the Group, local management’s procedures to comply with local laws, and the Company’s 
and the Group’s system to handle external and internal complaints;
•	
evaluating the external auditors, regarding the fulfilment of the necessary qualifications and independence according 
to the applicable legal provisions, and making proposals to the Board concerning the choice of the external auditors;
•	
assessing the work performed by the external auditors and approving the budget for auditing fees;
•	
reviewing the external audit reports with the external auditors, and issuing the necessary applications and 
recommendations to the Board;
•	
pre-approving any necessary non-audit specific services provided by the external auditors;
•	
examining, reviewing and approving the Company’s accounting policies and changes thereto, as well as monitoring 
compliance with such accounting policies;
•	
reviewing the interim financial statements and annual audited financial statements (including material items not 
shown on the annual balance sheet) of the Company and the Group with the external auditor and the relevant 
Members of the Group Executive Management as well as issuing the necessary applications and recommendations 
to the Board prior to the publication of the financial statements; thereby the Audit and Risk Committee shall review 
(including the review from the external auditors): (A) the Company’s selection or application of accounting principles 
and the adequacy and effectiveness of internal control over financial reporting, (B) significant financial reporting 
issues and judgments applied by management, (C) effects of significant regulatory and accounting initiatives, and 
(D) the completeness and clarity of the disclosures in the financial statements;
•	
reviewing and approving all related party transactions required to be disclosed;
•	
reviewing and discussing earnings press releases, as well as financial information and earnings guidance provided 
to analysts, the investment community and rating agencies;
•	
reviewing and discussing with management and the external auditor any deficiencies in internal control, including 
internal control over financial reporting, as well as management’s respective remediation measures and their 
implementation;

Corporate Governance Report   l   Medacta’s Annual Report 2022 
71
•	
approving the Company’s Group treasury policy, and reviewing the Company’s funding strategy and position, as well 
as the Company’s liquidity risk management, foreign exchange risk management, interest risk management and 
counterparty credit risk management processes;
•	
reviewing the Company’s tax planning and tax compliance processes, including the design and implementation of 
transfer pricing guidelines;
•	
reviewing the status of material legal proceedings that the Company is party to, including measures taken by 
management to protect the interests of the Company;
•	
reviewing the Company’s insurance programs;
•	
reviewing the Company’s enterprise risk management system, management’s assessment of the Company’s major 
risks, as well as evaluating the respective measures taken by the Group;
•	
reviewing of the Group’s short-term incentive and long-term incentive targets, calculations and adjustments; and
•	
generally assessing the yearly business expenses of the Members of the Group Executive Management.
The Audit and Risk Committee met four times, both in presence and in video conference meetings, for an average duration 
of two hours in 2022. The key topics included, among other things:
•	
review and approval of the 2021 Consolidated Financial Statements, Statutory Financial Statements and related 
Annual Management Report;
•	
review of the external auditor including management letter for year 2021;
•	
review of the appropriation of earnings for 2021 and distribution of dividend and of capital contribution reserves;
•	
proposal to the Board for the approval of the annual accounts and appropriation of earnings;
•	
update on material legal proceedings and / or relevant compliance matters;
•	
update on non-financial reporting (ESG) for 2021 and beyond;
•	
assessment of independence and performance of auditors;
•	
review of the Risk control matrix and internal control framework and future procedures for the year 2022;
•	
risk management: Cyber Security, Transfer Price study annual update, development plan of financial reporting 
system, transactions with related parties; 
•	
update from Deloitte in Audit plan for financial statements 2022.
The following table outlines the dates and the attendees of each meeting:
Date
Attendees
Other Attendees
09.03.2022
Audit and Risk Committee  (All) 
Alberto Siccardi (Chairman of the Board)
Daniel Müller (Deputy Secretary)
Riccardo Braglia (Member of the Board)
Francesco Siccardi (CEO)
Corrado Farsetta (CFO)
Luigi Tonolli (Senior Strategic Financial Advisor)
Deloitte SA - Fabien Lussu; Michele Castiglioni
18.05.2022
Audit and Risk Committee  (All) 
Alberto Siccardi (Chairman of the Board)
Daniel Müller (Deputy Secretary)
Philippe Weber (Member of the Board)
Francesco Siccardi (CEO)
Alessandro Siccardi (Supply Chain Director)
Corrado Farsetta (CFO)
Luigi Tonolli (Senior Strategic Financial Advisor)
07.09.2022
Audit and Risk Committee  (All) 
Alberto Siccardi (Chairman of the Board)
Daniel Müller (Deputy Secretary)
Philippe Weber (Member of the Board)
Riccardo Braglia (Member of the Board)
Francesco Siccardi (CEO)
Corrado Farsetta (CFO)
Deloitte AG- Fabien Lussu; Michele Castiglioni
Filippo Cappelli (Head of IT)
15.12.2022
Audit and Risk Committee  (All) 
Alberto Siccardi (Chairman of the Board)
Donato Cortesi (Secretary)
Philippe Weber (Member of the Board)
Edoardo Buzzi (Deputy Secretary)
Riccardo Braglia (Member of the Board)
Group Executive Management (All)
Deloitte SA - Fabien Lussu; Michele Castiglioni
Antonio Di Brino (VP of Finance and Tax)

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72
HUMAN RESOURCES & REMUNERATION COMMITTEE 
The function of the Human Resources & Remuneration Committee is to support the Board of Directors in remuneration 
matters by exercising the duties assigned to it under the Articles of Association, the Organization Regulations and the 
Remuneration Committee Charter with respect to matters involving the compensation aspects of the Company and the 
Group.
The Human Resources & Remuneration Committee consists of at least two Members of the Board of Directors who are 
elected individually by the shareholders’ meeting. The Chairman of the Human Resources & Remuneration Committee 
is independent and is appointed by the Board of Directors. The term of office of the Members of the Human Resources 
& Remuneration Committee is one year. In this context, a year means the time period between one annual shareholders’ 
meeting and the next one or, if a Member is elected at an extraordinary shareholders’ meeting, between such extraordinary 
shareholders’ meeting and the next annual shareholders’ meeting. Re-election is possible. If the Human Resources 
& Remuneration Committee is not complete the Board of Directors shall appoint a substitute from among the other 
Members of the Board of Directors for the period until the conclusion of the next annual shareholders’ meeting.
The Human Resources & Remuneration Committee is composed by the independent directors Philippe Weber (Chairman) 
and by Riccardo Braglia.
The Human Resources & Remuneration Committee meets at such frequency as it deems necessary to fulfil its duties, 
normally ahead of ordinary Board meetings and at least four times per year. Additional meetings may be held and may 
be convened at the request of either the Board of Directors or any Remuneration Committee Member.
The Board Secretary (or the Deputy Secretary of the Board) prepares the agenda for each meeting, keeps the minutes, 
and assists the Remuneration Committee and the Chairman to coordinate and fulfil their duties and assignments.
The minutes are signed by the Chairman of the Human Resources & Remuneration Committee and the Secretary and 
are made available to the full Board thereafter. The resolutions may also be passed by means of circular resolutions, by 
letter, facsimile or pdf-document (e-mail) provided that no Member requests within five days of receipt of the proposed 
resolution either by phone, facsimile or e-mail the deliberation to take place in a meeting. Resolutions by means of 
circular resolutions require the affirmative vote of the majority of the members. 
In particular, the Human Resources & Remuneration Committee has the following duties: 
•	
making proposals to the full Board of Directors regarding the compensation scheme of the Group pursuant to the 
principles set forth in articles 25 and 26 of the Articles of Association;
•	
making proposals to the full Board of Directors regarding the determination of compensation-related targets for the 
Group Executive Management;
•	
making proposals to the full Board of Directors regarding the approval of the individual compensation of the 
Chairman of the Board of Directors, the other Members of the Board of Directors as well as the maximum aggregate 
compensation of the CEO;
•	
making proposals to the full Board of Directors regarding the individual compensation (fixed and variable 
compensation) of the other Members of the Group Executive Management as well as their further terms of 
employment and titles;
•	
making proposals to the full Board of Directors regarding amendments to the Articles of Association with respect 
to the compensation scheme for Members of the Group Executive Management;
•	
making proposals to the full Board of Directors regarding mandates pursuant to article 23 of the Articles of 
Association and further additional occupation of the Members of the Group Executive Management; and undertaking 
further duties and responsibilities as provided for in the Articles of Association, the Organization Regulations or 
law.
The Human Resources & Remuneration Committee met six times both in presence and in video conference meetings, 
for an average duration of one hour and half in 2022.
The key topics included, among other things:
•	
approval of the Remuneration Report 2021 and proposal to the Board for approval;
•	
approval of adapted LTIP Regulations (Performance Share Plan Regulations);
•	
approval of proposal to the Board of Directors for remunerations to the members of the Board of Directors;
•	
approval of proposal to the Board of Directors for the maximum aggregate amounts of remunerations to the 
members of the Group Executive Management;
•	
performance targets approval of the 2022 Group Executive Management short-term incentives and proposal to the 
Board for approval;

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73
•	
approval of the Group Long-Term Incentive Plan (LTIP) subject to approval of the 3-years business plan by the Board 
and proposal to the Board to approve the LTIP;
•	
review and approval of individual remunerations of other GEM members and proposal to the Board for approval;
•	
change of Article 19 of Regulations of Long-Term Incentive Plan (LTIP) and approval of adapted LTIP Regulations 
(Performance Share Plan Regulations);
•	
review of Succession Plan for key employees;
•	
Equal-Pay analysis;
•	
review of benchmarking on Group Executive Management remuneration 2022;
•	
update on the Group’s Organization Chart.
The Human Resources & Remuneration Committee provides the Board of Directors with:
•	
a yearly report on the activities of the Human Resources & Remuneration Committee;
•	
a report on individual remuneration amounts paid, including a breakdown of remuneration elements;
•	
a review of the remuneration process on an annual basis; and
•	
any other extraordinary remuneration related matters as deemed appropriate.
The following table reports the dates and the attendees of each meeting:
Date
Attendees
Other Attendees
09.03.2022
HR&Remuneration Committee (All)
Alberto Siccardi (President of the Board)
Daniel Müller (Deputy Secretary)
Francesco Siccardi (CEO)
Alessandro Siccardi (Supply Chain Director)
Luigi Tonolli (Senior Strategic Financial Advisor)
Asif Hussain (Group HR Director)
Antonio Di Brino (Head of Finance and Compliance)
04.04.2022
HR&Remuneration Committee (All)
Alberto Siccardi (President of the Board)
Daniel Müller (Deputy Secretary)
Maria Luisa Siccardi Tonolli (Member of the Board)
Victor Balli (Member of the Board)
Francesco Siccardi (CEO)
Alessandro Siccardi (Supply Chain Director)
Luigi Tonolli (Senior Strategic Financial Advisor)
Asif Hussain (Group HR Director)
18.05.2022
Philippe Weber (HR&Remuneration 
Committee )
Alberto Siccardi (President of The Board)
Daniel Müller (Deputy Secretary)
Maria Luisa Siccardi Tonolli (Member of the Board)
Victor Balli (Member of the Board)
Francesco Siccardi (CEO)
Alessandro Siccardi (Supply Chain Director)
Luigi Tonolli (Senior Strategic Financial Advisor)
Asif Hussain (Group HR Director)
07.09.2022
HR&Remuneration Committee (All)
Alberto Siccardi (President of The Board)
Daniel Müller (Deputy Secretary)
Francesco Siccardi (CEO)
Alessandro Siccardi (Supply Chain Director)
Luigi Tonolli (Senior Strategic Financial Advisor)
Asif Hussain (Group HR Director)
19.10.2022
HR&Remuneration Committee (All)
Alberto Siccardi (President of The Board)
Daniel Müller (Deputy Secretary)
Maria Luisa Siccardi Tonolli (Member of the Board)
Victor Balli (Member of the Board)
Francesco Siccardi (CEO)
Corrado Farsetta (CFO)
Alessandro Siccardi (Supply Chain Director)
Luigi Tonolli (Senior Strategic Financial Advisor)
Asif Hussain (Group HR Director)
Antonio Di Brino (VP of Finance and Tax)

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74
3.6	 AREAS OF RESPONSIBILITY
The Board constitutes the highest executive body of Medacta with the ultimate strategic direction of the Company as 
well as the oversight of management. This includes determining the strategy of the Group as well as the appointment 
and dismissal of the Members of the Group Executive Management. Its responsibilities, duties and competencies and 
the procedural principles by which it is governed are specified by law, the Articles Of Association and Organizational 
Regulations.
The Board may take decisions on all matters that are not expressly reserved to the shareholders’ meeting or to another 
corporate body by law, by the Articles Of Association or these Organizational Regulations.
Save to the extent expressly stated otherwise in the Organizational Regulations, the Articles Of Association or mandatory 
law, the responsibility and authority necessary or appropriate to carry out the day-to-day and operational activities of the 
Company and the Group as a whole is delegated to the Group Executive Management under the leadership of the CEO.
Subject to mandatory law and the Articles Of Association, the Board may delegate further responsibilities to the Audit 
and Risk Committee and the Human Resources & Remuneration Committee, single Board Members or the Group 
Executive Management from time to time.
The Board has the following non-transferable and inalienable rights and duties as set forth by law:
•	
overall management and issuing of related directives;
•	
determine the organization, in particular, to adopt, regularly revisit and amend these Organizational Regulations;
•	
organization of the accounting, financial control and financial planning systems as required for the overall 
management;
•	
appoint and dismiss the Members of the Group Executive Management and to grant all forms of signing authorities;
•	
overall supervision of the persons entrusted with management, in particular with regard to compliance with law, 
with the Articles of Association, with the Organizational Regulations and further directives;
•	
review and approve the Annual Report and the proposed dividend;
•	
preparation for the general meetings and implementation of related shareholder resolutions;
•	
notification of the court in the event that the Company is over-indebted;
•	
preparing the Compensation Report (article 13 et. seqq. OaEC);
•	
pass resolutions regarding the increase of share capital to the extent that this is within the authority of the Board 
(article 651 para. 4 CO) as well as the adoption of the capital increase and the amendments to the Articles of 
Association entailed therewith; and
•	
pass resolutions regarding agreements in respect of mergers, de-mergers, transformations or transfers of assets 
and liabilities in accordance with the Swiss Merger Act.
3.7	 INFORMATION AND CONTROL INSTRUMENTS VIS-À-VIS THE GROUP EXECUTIVE 
MANAGEMENT
The Board of Directors has various process flows in place to oversee, monitor and control the implementation of the 
Group’s strategy as well as the execution of the responsibilities delegated to the Group Executive Management. The Group 
Executive Management reports regularly to the Board of Directors and its Committees. The CEO regularly informs the 
Board of Directors on the status of current business matters and financial results, presents relevant strategic initiatives 
as well as major business transactions. For extraordinary matters including significant unanticipated developments, 
the CEO is obliged to immediately report to the Chairman according to section 2.1.4 of the Organizational Regulations. 
15.12.2022
HR&Remuneration Committee (All)
Alberto Siccardi (President of The Board)
Donato Cortesi (Secretary)
Maria Luisa Siccardi Tonolli (Member of the Board)
Edoardo Buzzi (Deputy Secretary)
Victor Balli (Member of the Board)
Francesco Siccardi (CEO)
Alessandro Siccardi (Supply Chain Director)
Luigi Tonolli (Senior Strategic Financial Advisor)
Asif Hussain (Group HR Director)
Antonio Di Brino (VP of Finance and Tax)

Corporate Governance Report   l   Medacta’s Annual Report 2022 
75
During the course of 2022, the Group Executive Management attended each meeting of the Board of Directors and 
provided comprehensive business updates. 
According to section 6.6 of the Organizational Regulations, the CFO, in cooperation with the CEO, ensures good financial 
governance, overseeing all financial planning, budgeting (short- and mid-term), reporting and risk management activities. 
Furthermore, the CFO leads the implementation of systems and procedures to seek to ensure compliance with regulatory 
requirements for financial information, reporting, disclosure requirements, and internal control. On a quarterly basis, the 
Board of Directors receives a Financial Report with the profit and loss statement, the balance sheet, and the cash flow 
statement, as well as a summary of the business performance, updates on various initiatives and outlook. Telephone 
conferences are held, as required, between Board Members and the Group Executive Management. Furthermore, each 
Member of the Board of Directors may request information on all matters concerning the Group at any time. The Board of 
Directors is also responsible for the Group’s internal control system, which provides the ultimate oversight for Medacta’s 
strategy, operations and finances. The internal control system of Medacta is structured to ensure the correct disclosure 
and adequate coverage of control over all Group activities, with particular attention on areas considered potentially 
at risk, such as risk management process throughout the entire lifecycle of Medacta medical devices and financial 
reporting risks associated to external requirements. Each Board Member is entitled to request information concerning 
all affairs of the Company and the Group reasonably necessary to fulfil their fiduciary duties. In 2022, the Board and its 
Committees have been updated regularly during their meetings by members of the Group Executive Management and 
Extended Executive Management on all key risks facing the Group, such as quality or manufacturing issues, the progress 
of major R&D projects and other risk areas identified by the Enterprise Risk Management framework that was approved 
by the Board of Directors in December 2022. Notable Enterprise Risk Management updates in 2022 have included the 
geopolitical influences on supply chain and energy security, inflation, new Swiss ESG reporting regulations, expansion of 
Medacta International warehousing operations in the United States, and mitigations to reduce residual risks associated 
with human resources. 
Enterprise Risk Management is also fully integrated in the Management Review process, with quarterly review 
meetings to evaluate performance metrics, emerging risks, and any factors which could impact business continuity. 
The Management Review process, which includes the Group Executive Management, Compliance Officer, and Quality 
Director, drives a continuous closed-loop process to ensure proactive mitigation of risks and alignment of execution with 
strategy.
In addition, Medacta has developed, implemented and maintains quality management systems that meet all relevant 
medical device industry standards with certification according to ISO 13485 (the global standard for medical device 
quality systems), and MDSAP (Medical Device Single Audit Program), which certifies Medacta to the major global 
medical device quality regulations of the US FDA, Japan, Australia, Brazil, and Canada in combination with ISO 13485, 
ensuring high quality products, processes, and related customer support. As of December 31, 2022, our quality function 
comprised 17 quality assurance professionals, who are responsible for ensuring our corporate activities are conducted 
under compliant, effective, and well-documented processes, and 31 quality control professionals, who are responsible 
for ensuring all components and associated processes fully conform with the specified requirements. 
3.8	 COMPLIANCE AND QUALITY ASSURANCE
According to the Organizational Regulations, the CEO designated a Group compliance officer (“Compliance Officer”) who 
is responsible to develop and maintain compliance policies, promote a culture of responsibility, conduct risk analyses, 
identify remediation needs, and provide training, and take other steps to assist the Group in meeting its legal, regulatory 
and ethical obligations. The Compliance Officer also acts as the Data Protection Officer of the Group. The Compliance 
Officer reports to the CEO. However, the Compliance Officer has direct access to the Audit and Risk Committee and 
reports to the Audit and Risk Committee whenever requested by the Audit and Risk Committee or if there exists a 
significant compliance or risk issue that involves or implicates a member of the Group Executive Management which the 
Compliance Officer believes cannot be or has not been appropriately addressed by, or directly implicates, the CEO. The 
current Compliance Officer is Stefano Baj.
According to the Organizational Regulations, the CEO designated a head of quality assurance (“Quality Director”) who 
reports to the CEO. The Quality Director heads the Group’s quality control and assurance team responsible for setting, 
reviewing, monitoring, revising and implementing the Group’s quality management and control systems and programs to 
meet the relevant medical device industry standards and ensure high quality products, processes and related customer 
support. The current Quality Director is Gregory Bussone.

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4.	 GROUP EXECUTIVE MANAGEMENT
The Board of Directors has delegated the day-to-day and operational activities of the Company and the Group as a whole 
to the Group Executive Management under the leadership of the CEO, subject to the duties and powers reserved to the 
Board by Swiss law, the Articles of Association and the Organizational Regulations. Under the leadership of the CEO, 
the Group Executive Management is responsible to ensure the execution of the decisions of the Board and to implement 
the strategy of the Group in accordance with the law, the Articles of Association, the Organizational Regulations and the 
resolutions of the extraordinary/annual shareholders’ meeting. The Group Executive Management is directly supervised 
by the Board of Directors and its Committees.
Alessandro Siccardi , Francesco Siccardi and Corrado Farsetta (from left to right).
4.1	 MEMBERS OF THE GROUP EXECUTIVE MANAGEMENT
The Group Executive Management is headed by the CEO and currently comprises three Members, specifically the Chief 
Executive Officer (CEO), the Chief Financial Officer (CFO) and the Supply Chain Director (SCD).
Pursuant to the Organizational Regulations, the CEO may be appointed and removed by the Board of Directors. The 
other Group Executive Management Members are appointed and removed by the Board of Directors in consultation with 
the CEO (except in cases of appointment or removal of the CEO).
The table below outlines the name, year of birth, year of appointment and position of the Members of our Group Executive 
Management.
Name
Year of birth
Year of Appointment
Position
Francesco Siccardi
1977
2018
CEO
Corrado Farsetta
1968
2011
CFO
Alessandro Siccardi
1986
2016
SCD

Corporate Governance Report   l   Medacta’s Annual Report 2022 
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FRANCESCO SICCARDI, 
Swiss and Italian, CEO, Member of the Group Executive Management.
Other main activities: Member of the Board of Directors of Surgical Practice Resource Group 
SA, Lugano since 2015 and of Medacta for Life Foundation, Castel San Pietro since 2011. He 
has a diverse portfolio of interests in smaller private companies, mostly related to the family 
estate, of which he serves as either Member of the Board of Directors or President. 
Career highlights: Mr. Siccardi joined Medacta International in 2002 and served as a Member 
of its Board of Directors since 2003. He then served on the Board of the Company from its 
incorporation until March 21, 2019. Following the retirement of the Company’s Chairman, Mr. 
Siccardi was appointed Chief Executive Officer as of November 1, 2018. Prior to becoming 
CEO, he served as Executive Vice-President and Medical Affairs Manager (from 2013 to 
2014) and as Executive Vice-President (from 2014 to 2018). He further served on the Board 
of various Medacta Group companies internationally.
Qualifications: Mr. Siccardi holds a Master of Science (MSc) in Biomedical Engineering from 
the Polytechnic University of Milan (2002). He also completed the Executive Program for 
Growing Companies (EPGC) at Stanford Business School Executive Education in Stanford, 
California, USA (2009).
CORRADO FARSETTA,
Italian, CFO, Member of the Group Executive Management.
Career highlights: Mr. Farsetta was appointed as Chief Financial Officer of Medacta 
International in 2011. Prior to becoming CFO, Mr. Farsetta served as Group Controller (from 
2008–2011). From 2006 to 2007, Mr. Farsetta was Group Controller of Sympak Group and 
Senior Manager of TGrow Management Consulting from 1999 to 2005. He has further 
served as Controller of Air Liquide (from 1995 to 1999) and as Controller of Lamberti S.p.A. 
(from 1994 to 1995). He further serves on the Board of various Medacta Group companies 
internationally.
Qualifications: Mr. Farsetta holds a Master of Science (MSc) in Business Administration 
from Bocconi University, Milan (1993). He also completed post degree program on Value 
Based Management from SDA Bocconi School of Management, Milan. 
ALESSANDRO SICCARDI,
Swiss, Supply Chain Director, Member of the Group Executive Management.
Other main activities: Mr. Siccardi is a Member of the Board of Directors of Surgical Practice 
Resource Group SA since 2015, Member of the Board of Directors of the Medacta for Life 
foundation since 2011 and he is President of 2A Holding SA since 2019. He further serves on 
the Board of Medacta International SA and Medacta Holding SA.
Career highlights: Mr. Siccardi joined Medacta International in 2011 and served as a Member 
of its Board of Directors since 2013. He then served on the Board of the Company from 
its incorporation until March 21, 2019. Mr. Siccardi was appointed Supply Chain Director 
of Medacta International in 2016. Prior to becoming SCD, Mr. Siccardi previously served as 
International Area Director (from 2012 to 2016) and as Marketing Assistant (from 2011 to 
2012).
Qualifications: In 2015 Mr. Siccardi completed the Program for Management Development 
(PSM) at the SDA Bocconi School of Management, Milan with a focus on general management, 
marketing and sales strategies. In 2020 he also completed a Supply Chain Course at the SDA 
Bocconi School of Management, Milan.

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78
The employment agreements of the Members of the Group Executive Management are in principle concluded for an 
indefinite period. If the Board of Directors considers a fixed term appropriate, such fixed term shall not exceed one year. 
With respect to employment agreements entered into for an indefinite period, the maximum notice period must not 
exceed 12 months.
The Group Executive Management is supported by further Members of management who form part of the Extended 
Group Management.
4.2	 OTHER ACTIVITIES AND VESTED INTERESTS 
Except as disclosed in the biographies of the Members of the Group Executive Management, no further activities or 
interests are carried out outside of Medacta. 
4.3	 PERMITTED ADDITIONAL ACTIVITIES PURSUANT TO OAEC
As required by the OaEC and in the interest of good governance, the Articles of Association, limit the number of 
functions in superior management or administrative bodies of legal units other than the Company or its subsidiaries 
which Members of the Group Executive Management are allowed to hold at one time.
According to article 23 of our Articles of Association, with the approval of Human Resources & Remuneration Committee, 
the Members of the Group Executive Management may have the following other functions in the superior management 
or administrative bodies of legal entities obliged to register themselves in a Swiss commercial register or a foreign 
equivalent thereof and which are not controlled by the Company, do not control the Company or do not constitute 
pension funds insuring employees of the Group:
•	
up to 1 mandate as Member of the Board of Directors or any other superior management or administrative body of 
a publicly traded company pursuant to article 727 para. 1 number 1 CO; and, in addition;
•	
up to 10 mandates as Member of the Board of Directors or any other superior management or administrative body 
of other legal entities that do not meet the above-mentioned criteria.
With respect to the additional activities of the Members of the Group Executive Management, mandates in companies 
that are under uniform control or the same beneficial ownership are deemed one mandate.
All Members are within the limits of external mandates stipulated by the Articles of Association.
4.4	 MANAGEMENT CONTRACTS
The Board of Directors and the Group Executive Management conduct business directly and have not delegated any 
management powers to persons or companies outside the Group.
5.	 COMPENSATION, SHAREHOLDINGS AND LOANS
Information related to compensation, shareholdings and loans are disclosed in the Remuneration Report of this Annual 
Report in section 4 “Remuneration framework for Board of Directors” and 5 “Remuneration framework for Group 
Executive Management”.

Corporate Governance Report   l   Medacta’s Annual Report 2022 
79
6.	 SHAREHOLDERS’ PARTICIPATION RIGHTS
6.1	 VOTING RIGHTS, RESTRICTIONS AND REPRESENTATION
Voting rights may be exercised only after a shareholder has been registered in the Share Register as a shareholder with 
voting rights up to a specific qualifying day designated by the Board of Directors.
Persons acquiring registered shares shall on application be entered in the Share Register without limitation as 
shareholders with voting rights, provided they expressly declare themselves to have acquired the said shares in their 
own name and for their own account and comply with the disclosure requirements stipulated by the Federal Act on 
Financial Market Infrastructure (FMIA).
Entry in the Share Register as a shareholder with voting rights is subject to the approval of the Company. Entry into the 
Share Register of registered shares as shareholder with voting rights may be refused based on the grounds set forth in 
article 5 para. 3, 4 and 5 of the Articles of Association.
Until an acquirer becomes a shareholder with voting rights for the shares, she/he may neither exercise the voting 
rights connected with the shares nor other rights associated with the voting rights. If the Company does not refuse 
to register the acquirer as shareholder with voting rights within 20 calendar days upon receipt of the application, the 
acquirer is deemed to be a shareholder with voting rights. Non-recognized acquirers are entered in the Share Register as 
shareholders without voting rights. The corresponding shares will be considered as not represented in the shareholders’ 
meeting.
The Company, at its own discretion, may in special cases approve exceptions to the above restrictions. In 2022, no such 
exemptions were granted. After due consultation with the persons concerned, the Company is further authorized to 
delete entries in the Share Register as shareholder with voting rights with retroactive effect if they were effected on the 
basis of false information or if the respective person does not provide the information pursuant to article 5 para. 3 of the 
Articles of Association. The concerned person has to be immediately informed about the deletion. 
Each shareholder may be represented by the Independent Proxy or any other person who does not need to be a 
shareholder. The Board of Directors determines the requirements regarding proxies and voting instructions. The Articles 
of Association do not contain any further specific requirements on the issue of instructions to the Independent Proxy or 
for the electronic participation at shareholders’ meetings; thus, these topics are governed by Swiss law.
In shareholders’ meetings, each shareholder has equal rights, including equal voting rights. According to the Articles of 
Association, each share is entitled to one vote (provided that its holder or usufructuary has been duly entered into the 
Share Register as a shareholder with voting rights on or before the relevant qualifying date).
Under Swiss laws, the procedure and condition for abolishing voting rights restrictions in the Articles of Association 
requires resolution of a shareholders’ meeting passed by at least two thirds of the represented share votes and an 
absolute majority of the par value of represented shares.
For information on certain limitations on transferability and nominee registrations, please refer to the information 
provided under the sub-heading 2.6 “Limitations on transferability and nominee registrations” of this report.
6.2	 QUORUMS 
Pursuant to article 11 of the Articles of Association, shareholders’ resolutions generally require the approval of a simple 
majority of the votes cast at the shareholders’ meeting (with abstentions, empty or invalid votes not being taken into 
account for the calculation of the required majority), to the extent neither the law nor the Articles of Association provide 
otherwise.
According to article 13 of the Articles of Association, a resolution passed by at least two thirds of the represented share 
votes and the absolute majority of the represented shares par value is required for (i) matters listed in 704 of the Swiss 
Code of Obligations and in article 18 and article 64 of the Federal Act on Merger, Demerger, Transformation and Transfer 
of Assets (Merger Act), (ii) the easement or abolition of the restriction of the transferability of the registered shares and 
(iii) any changes to article 13 (i.e., qualified majority for important resolutions).

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80
6.3	 CONVOCATION OF THE GENERAL MEETING OF SHAREHOLDERS
Under Swiss law, an annual shareholders’ meeting must be held within six months after the end of a company’s preceding 
financial year. Shareholders’ meetings may be convened by the Board of Directors or, if necessary, by a company’s 
statutory auditors or liquidators. According to article 7 para. 3 of the Articles of Association, the Board of Directors is 
further required to convene an extraordinary shareholders’ meeting within two months if requested in writing by one or 
more shareholder(s) representing in aggregate at least 5% of the Company’s share capital registered in the commercial 
register setting forth the items to be discussed and the proposals to be decided upon.
A shareholders’ meeting is convened by publishing a notice of such meeting in the Swiss Official Gazette of Commerce at 
least 20 calendar days before the date of the meeting. To the extent the post and/or e-mail addresses of the shareholders 
are known, notice shall be sent simultaneously by post and/or e-mail. The notice shall state the day, time and place of the 
meeting, the agenda, the proposals of the Board of Directors and the proposals of the shareholders who have requested 
the shareholders’ meeting or that an item be included on the agenda.
6.4	 INCLUSION OF ITEMS ON THE AGENDA
The Board of Directors sets the items on the agenda.
Registered shareholders with voting rights individually or jointly representing at least 5% of the share capital of the 
Company may demand items to be included on the agenda. Such demands have to be submitted to the Chairman of the 
Board of Directors at least 45 calendar days before the date of the annual shareholders’ meeting and shall be in writing, 
specifying the item and the proposals.
No resolutions may be passed on motions concerning agenda items which have not been duly announced apart from 
those exceptions permitted by law.
6.5	 ENTRIES IN THE SHARE REGISTER
Voting rights may be exercised only after a shareholder has been registered in the Share Register as a shareholder with 
voting rights up to a specific qualifying day designated by the Board of Directors (the “Record Date”).
There are no statutory rules concerning deadlines for entry in the Share Register. However, for organizational reasons, 
the Share Register is closed several days before the annual shareholders’ meeting. The respective Record Date for 
inscriptions in the Share Register is announced in the invitation to the Annual General Shareholders’ Meeting.
For information on certain limitations on transferability and nominee registrations, please refer to the information 
provided under the sub-heading 2.6 “Limitations on transferability and nominee registrations” of this report. For 
information on share voting rights, please refer to the information under the sub-heading 6.1 “Voting rights restrictions 
and representation” of this report.
7.	 CHANGE OF CONTROL AND DEFENCE MEASURES 
7.1	 MANDATORY BID RULES
Pursuant to the applicable provisions of FMIA, any person that acquires shares of a company whose shares are listed 
on a Swiss stock exchange, whether directly or indirectly or acting in concert with third parties, and, as a result, exceeds 
the threshold of 331/3% of the voting rights (whether exercisable or not) of such company, must submit a public tender 
offer to acquire all of the listed shares of such company. A company’s Articles of Association may either waive this 
requirement entirely (“opting-out”) or raise the relevant threshold to up to 49% (“opting-up”).
The Articles of Association (article 32) include an opting-out provision and thereby exempt shareholders from the duty 
to make a mandatory public tender offer pursuant to article 135 FMIA. As a result, anyone, who directly, indirectly or 
acting in concert with third parties acquires equity securities which, added to the equity securities already owned, exceed 
the threshold of 331/3% of the voting rights (whether exercisable or not) of the Company is/are not required to make a 
mandatory tender offer to the other shareholders. Differently from other companies listed in Switzerland which have no 
opting-out clause (and no opting-up clause), upon such shareholder or group of shareholders reaching or exceeding the 
threshold of 331/3% of the voting rights (whether exercisable or not) of the Company, the shareholders will neither benefit 
from the option to sell their shares in a mandatory tender offer nor from minority shareholder protection rules related to 
such mandatory tender offers.

Corporate Governance Report   l   Medacta’s Annual Report 2022 
81
7.2	 CHANGES OF CONTROL 
There are no changes of control clauses included in agreements and schemes benefiting Members of the Board of 
Directors or the Group Executive Management or other management of the Group.
8.	 AUDITORS
The annual shareholders’ meeting elects the Group’s external auditors on annual basis. Deloitte SA, domiciled in via 
Ferruccio Pelli 1, 6901 Lugano Switzerland, has served as the Group’s auditor since its foundation on November 28, 2018 
and was previously the auditor of Medacta International SA since January 21, 2009. On May 19, 2022, Deloitte SA was 
reappointed as Group and statutory auditor of the Company at the annual shareholders’ meeting. The auditor in charge is 
changed every seven years in accordance with Swiss law. The current auditor in charge is Fabien Lussu, Swiss Certified 
Public Accountant, who has been carrying out this function since 2018.
The Board of Directors monitors compliance and proposes the election of the external auditor to the annual shareholders’ 
meeting. In accordance to the Organizational Regulations, the Audit and Risk Committee oversees the integrity of 
the Company’s and Group’s financial statements, the effectiveness of the internal control over financial reporting of 
the Company and the Group, the compliance by the Company and the Group with legal and regulatory requirements, 
annually (or more often as required) reviews the independent auditor’s qualification and independence, the performance 
of the Company’s and Group’s external auditors, and the effectiveness of the Company’s and Group’s risk management, 
compliance and quality assurance systems and processes. On March 9, 2022 the Audit and Risk Committee reviewed and 
confirmed the independent auditor’s qualifications on the basis of the constructive collaboration and good communication 
and disclosure with the Audit and Risk Committee and the Group’s finance department. Deloitte SA presents to the Audit 
and Risk Committee, on an annual basis, a detailed report on the results of the audit of the Consolidated Financial 
Statements, the findings on significant accounting and reporting matters, and findings on the internal control system; 
this presentation was held at the Board meeting held on March 10, 2022. The results and findings of this report are also 
discussed in detail with the CFO approximately one week before the Auditor Committee meeting. During 2022, Audit and 
Risk Committee held three of its meetings with representatives of the external auditor. For more information regarding 
the Audit and Risk Committee and their meetings which included the auditors, please refer to sub-heading 3.5 “Internal 
Organizational Structure-Committees and working methods of the Committees - Audit and Risk Committee”. Audit fees 
are ultimately approved by the Audit and Risk Committee.
The worldwide fees paid to the auditors are outlined in the table below:
WORLDWIDE AUDITORS' FEES
(Euro thousand)
31.12.2022
31.12.2021
Annual audit fees
459
435
AUDIT FEES
459
435
Tax*
75
111
Other Services
8
20
NON-AUDIT RELATED FEES
83
131
TOTAL
542
566
* The Tax fees are related to transfer pricing services.

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82
9.	 INFORMATION POLICY
The Company releases its financial results in the form of an Annual Report. Its Annual Report is published in print 
and electronic form within four months from December 31 balance sheet date. In addition, results for the first half of 
each fiscal year are released in electronic form within three months of the June 30 balance sheet date. The Company’s 
Annual Report and half year results are announced via press releases and media and investor conferences in person via 
telephone.
Copies of all information and documents pertaining to press releases, media conferences, investor updates and 
presentations at analyst and investor presentation conferences can be downloaded from the Company’s website or 
obtained from the Company upon request at Medacta Group SA, Strada Regina 34, 6874 Castel San Pietro, Switzerland 
(phone: +41 91 696 6060; email: investor.relations@medacta.ch). Below are certain relevant weblinks:
The Company’s website:	
	
	
http://www.medacta.com
E-mail distribution list (push system):	 	
http://www.medacta.com/EN/investors 
Ad-hoc messages (pull system):	
	
http://www.medacta.com/EN/investors
Financial Reports:	 	
	
	
http://www.medacta.com/EN/investors
Sustainability Report: 	
	
	
https://www.medacta.com/EN/sustainability
Corporate calendar:	
	
	
https://www.medacta.com/EN/financial-calendar
Financial calendar:		
	
	
https://www.medacta.com/EN/financial-calendar 
10.	 INDEPENDENT PROXY
Pursuant to the OaEC and the Articles of Association, the annual shareholders’ meeting elects the Independent Proxy for 
a term ending at the conclusion of the next annual shareholders’ meeting. Re-election is possible.
Fulvio Pelli, Lugano, was re-elected as the Independent Proxy of the Company on May 19, 2022. 
APRIL 27, 2023:	
Annual General Meeting
JULY 28, 2023:	
Publication of 2023 Half-Year Unaudited Top-line Figures
SEPTEMBER 22, 2023:	
Publication of 2023 Half-Year results
11.	 QUIET PERIODS
The Ordinary Blocked Periods start from December 31 until the lapse of one SIX trading day following the public release 
of the Company’s annual results and from June 30 until the lapse of one SIX trading day following the public release of 
the Company’s semi-annual results.
During these Periods, the Blocked employees or persons, meaning the Members of the Board and the Group Executive 
Management as well as the Group Executive Management’s assistants, secretaries and other personal staff of the 
Company and any other person who may be involved in preparing, analysing, reviewing or communicating financial results 
of the Company or has access to such information, must not deal in Securities or make respective recommendations to 
any other person. No exceptions are provided by our policy.
The Chairman, the CEO, the CFO or the Responsible Officer (i.e. Compliance Director) may each impose “Extraordinary 
Blocked Periods” from time to time where they consider it necessary or appropriate, including without limitation where 
inside information exists or may arise or where restrictions are required or appropriate to comply with regulatory 
requirements.

REMUNERATION REPORT
Medacta’s Annual Report 2022

Medacta’s Annual Report 2022   l   Remuneration Report
84
INDEX
1.	
INTRODUCTION
88
2.	
REMUNERATION GOVERNANCE
88
3.	
REMUNERATION PHILOSOPHY AND PRINCIPLES
92
4.	
REMUNERATION FRAMEWORK FOR BOARD OF DIRECTORS
93
5.	
REMUNERATION FRAMEWORK FOR GROUP EXECUTIVE MANAGEMENT
96
6.	
OWNERSHIP OF SHARES AND OPTIONS
103
7.	
OTHER REMUNERATION-RELATED INFORMATION UNDER THE OAEC (AUDITED)
103
8.	
RELATED PARTY COMPENSATION
103
9.	
REPORT OF THE STATUTORY AUDITOR ON THE REMUNERATION REPORT
104

85
The protocol is based on CT derived images. These enable an 
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A D V A N C E D  P L A N N I N G
An innovative solution that features advanced planning tools, 
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AUGMENTED REALITY
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Medacta’s Annual Report 2022   l   Remuneration Report
86
LETTER FROM THE CHAIRMAN OF THE
HUMAN RESOURCES & REMUNERATION COMMITTEE
Dear Shareholders,
I am pleased to introduce Medacta’s Remuneration 
Report for the Financial Year ending December 31, 
2022. This report explains our remuneration system, 
its governance and how Medacta’s 2022 performance 
affected Group Executive Management compensation. 
We continue our commitment to transparent reporting 
which I believe builds the basis for a successful 
relationship with all Medacta’s stakeholders.
Despite the challenging geopolitical and economic 
market condition, the results reached in the Financial 
Year 2022 proved the resilience and ability to adapt by 
our People. Integrity, trust, results orientation, teamwork 
and loyalty are all values that define our #beMedacta 
culture which is a key contributor for our sustainable 
and continued success. Medacta continued executing 
its strategy, with an impressive 20.4% top line growth 
rate as compared to the previous year period. Our 
expansion allowed to retain all our employee positions 
worldwide and add 196 jobs in critical areas to ensure 
company’s ability to execute our value creation strategy. 
In 2022, our global workforce expanded 14.6% and our 
total expenditure on compensation, benefits and social 
costs increased in average by approximately 19.8% 
while the compensation per employee increased by 
5.0%, given the higher amount of experienced staff hired 
to strengthen the organization and sustain the growth.
During the Financial Year, the Remuneration Committee 
renamed itself into “Human Resources & Remuneration 
Committee” or “HR & RemCo” primarily to brand the 
broader scope of this committee. The HR & Remco 
continued to evaluate our remuneration systems 
and programs with the aim of further aligning our 
incentive plans with Medacta’s business strategy and 
shareholders’ interests. 
In 2022, we took the opportunity to review Medacta’s 
strategic plans in attracting, engaging, and retaining 
talents. 
We 
reviewed 
and 
discussed 
initiatives 
with Management to develop comprehensive and 
competitive compensation strategies and recognition 
schemes establishing a culture of learning and growth 
for our people which is aligned to our employees and 
organizational needs. To this end, we continued adopting 
our succession plan for key employees and key roles 
within the Group to identify, develop, retain and train 
employees that will fill leadership roles as they become 
available and keep alive our #beMedacta culture. 
In 2021, we enhanced the remuneration structure 
I am proud of the results achieved in 
the last few years to align Medacta’s 
compensation incentive with shareholder’s 
interest and I am thrilled for the initiatives 
that Medacta is developing to attract, 
engage, and retain talents.

Remuneration Report  l   Medacta’s Annual Report 2022 
87
introducing a Long-Term Incentive Plan which was 
also approved by the Board of Directors in March 2022 
providing existing and new eligible Medacta employees 
with an opportunity to participate in the future long-term 
success and prosperity of the Group.
In Switzerland, during the second half of 2022, we 
conducted the legally required equal pay analysis, 
confirming Medacta’s compliance with the requirements 
set out in Art. 13d of the Gender Equality Act (GEA) 
and Art. 7 of the Ordinance on the Examination of 
the Equal Pay Analysis. The analysis complied with 
the GEA guidelines as it was validated by Deloitte 
SA on the analysis methodology and results. The 
results of the analysis showed no material effect 
of gender on pay in our Switzerland-based entities, 
which we believe reflects our culture and practices. In 
addition, to ensure that compensation packages are 
competitive, we benchmarked GEM compensation 
individual components with peers that are either 
focused on the orthopedic industry and/or with small 
to mid-capitalization. This review reassured us that our 
compensation model is attractive, and it will remain 
stable in 2023.
In accordance with the Articles of Association1, at the 
annual shareholders’ meeting in April 2023, we will ask 
for approval of the maximum aggregate remuneration 
amount to be awarded to the Board of Directors for 
the period until the next annual shareholders’ meeting 
in 2024. In addition, the shareholders will be asked to 
approve (i) the maximum overall fixed compensation 
of the Group Executive Management in 2024, (ii) the 
maximum overall variable short-term compensation 
for the Group Executive Management for the work 
performed in 2022, and (iii) the maximum overall 
variable long-term compensation of the Group Executive 
Management that may be allocated in 2024. Finally, the 
annual shareholders’ meeting will approve the amount 
of remuneration to Board Members for consulting 
services in a function other than Board Members until 
the next annual shareholders’ meeting as well as cast a 
consultative vote on this Remuneration Report. In order 
to reflect the new provisions of the Swiss Corporate law 
and to further strengthen shareholders’ rights, the Board 
of Directors will propose to amend the Medacta Group 
Articles of Association at the AGM 2023.
As always, we encourage and pursue open and regular 
dialog with our shareholders and their representatives 
to drive valuable improvements in our compensation 
system and practices. We hope that you find this 
report informative, and we remain confident that our 
compensation system aligns well with our stakeholders’ 
interests. Finally, I would like to acknowledge and thank 
Medacta’s Management and my fellow committee 
member, Riccardo Braglia for their diligence and service 
throughout the year.
1 Medacta’s Articles of Association are available on Medacta’s website at https://www.medacta.com/EN/corporate-governance?goto=organizational-regulations. 
Philippe Weber 	
 
Chairman of the Human Resources & Remuneration 
Committee

Medacta’s Annual Report 2022   l   Remuneration Report
88
1.	 INTRODUCTION
This Remuneration Report is in compliance with the requirements of the Ordinance against Excessive Compensation in 
Publicly Listed Companies (OaEC) transposed into the revised Swiss Code of Obligations art. 732 et seqq (that entered 
into force on January 1, 2023), Medacta’s Articles of Association and, with respect to compensation disclosure, to 
the SIX Exchange Regulation Directive on Corporate Governance and to the Swiss Code of Best Practice for Corporate 
Governance. We structured this report by first describing the Remuneration Governance of the Group followed by the 
Remuneration philosophy and principles and the Compensation Framework for Board of Directors and Group Executive 
Management (GEM). We conclude with reporting the Ownership of Shares and Options, the other compensation-related 
information under the OaEC (Audited), the related party compensation and the report of the statutory auditor on the 
Remuneration Report. 
2.	 REMUNERATION GOVERNANCE
The remuneration landscape at Medacta is mainly structured by the Remuneration Committee (hereinafter re-named 
either “Human Resources & Remuneration Committee” or “HR & RemCo” as approved by the Board of Directors 
Members on May 18, 2022) as well as the Board of Directors and approved by the shareholders of Medacta. The overall 
responsibility for the implementation of the statutory remuneration principles and the remuneration principles set out 
in the Company’s Articles of Association lies with the Board of Directors. However, as illustrated in the table below, 
the Human Resources & Remuneration Committee serves in an advisory capacity for remuneration matters while the 
Board of Directors retains the ultimate decision authority, all within the limits set by the Annual General Meeting (AGM), 
which approves the maximum aggregate amounts of remuneration for the Board of Directors and the Group Executive 
Management at each shareholders’ meeting.
Shareholders of Swiss listed companies have significant influence on the remuneration of governing bodies and the 
principles governing remuneration must be defined in a company’s articles of association. 
Proposes
Reviews
Approves
Remuneration Principles 
(Article of Association)
Remuneration Report
Maximum aggregate amount 
of remuneration for the Board
Individual remuneration of 
Board Members
Maximum aggregate amount 
of remuneration (including 
STIP and LTIP) for GEM
Maximum aggregate amount 
of remuneration of the CEO
Individual remuneration of 
other GEM Members
Board
Board
Board
HR & RemCo
HR & RemCo
HR & RemCo
HR & RemCo
HR & RemCo
HR & RemCo
HR & RemCo
AGM
Board*
AGM
Board
AGM
Board
Board
Board
* AGM has a consultive vote

Remuneration Report  l   Medacta’s Annual Report 2022 
89
The compensation principles outlined below are derived and summarized from Medacta’s Articles of Association: 
•	
Approval of remuneration by the AGM (article 12): the annual shareholders’ meeting votes separately and 
bindingly on the proposals by the Board of Directors regarding the aggregate amounts of (a) the compensation of 
the Board of Directors for the term of office until the next shareholders’ meeting and (b) (i) the maximum overall 
fixed compensation of the Group Executive Management in the subsequent business year, (ii) the maximum overall 
variable short-term compensation for the Group Executive Management for the work performed in the previous 
business year, and (iii) the maximum overall variable long-term compensation of the Group Executive Management 
that may be allocated in the subsequent business year.
•	
Principles of remuneration of the Board of Directors (article 25): the compensation may consist of a fixed base 
fee (including a lump sum compensation for expenses) paid in cash and/or awarded in shares (depending on the 
function in the Board of Directors, the number of committee activities and the functions in the committees). In 
exceptional cases, the Members of the Board of Directors may be awarded performance-related compensation.
•	
Principles of remuneration of the Group Executive Management (article 26): the compensation of the Members 
of the Group Executive Management may consist of a fixed compensation paid in cash (which consists of a base 
salary and can also contain other compensation elements and benefits); a variable short-term compensation paid 
in cash and/or shares; and variable long-term compensation paid in shares or equity-linked rights.
•	
Short-term variable compensation and long-term compensation plans (article 26): the short-term variable 
compensation is paid in cash and/or shares and depends on the level of achievement of specific pre-defined 
targets for a one year performance period; the long-term compensation approved by the Board of Directors is 
intended to incentivize Members of the Group Executive Management, selected key managers and employees to 
support the long-term performance of the Company and creation of shareholder value.
•	
Loans and credits (article 28): Medacta shall not grant loans, credits, pension benefits other than from occupational 
pension funds or securities to the Members of the Board of Directors or the Group Executive Management2. 
•	
Agreements related to compensation and maximum contract terms of Group Executive Management (article 
24): the employment agreements of the Members of the Group Executive Management shall in principle be 
concluded for an indefinite period. If the Board of Directors considers a fixed term appropriate, such fixed term shall 
not exceed one year. With respect to employment agreements entered into for an indefinite period, the maximum 
notice period shall not exceed 12 months. Non-competition agreements for the time following termination of 
an employment contract and the associated compensation are permitted to the extent that this is justified from 
a business perspective. The compensation for such a non-competition obligation may not exceed in total the 
average of the fixed compensation paid to the respective Member of the Group Executive Management during the 
last three years. 
•	
Additional compensation for new Members of the Group Executive Management (article 29): if newly appointed 
or promoted Members of the Group Executive Management take office after the annual shareholders’ meeting has 
approved the aggregate maximum amount of compensation of the Members of the Group Executive Management 
for the next business year, such newly appointed or promoted Members may receive an aggregate compensation 
in each case of up to 30% of the last aggregate amount of compensation for the Group Executive Management 
approved by the annual shareholders’ meeting.
•	
Additional services by Members of the Board of Directors (article 25): the Members of the Board of Directors 
providing consulting services to the Company or other group companies in a function other than as Members of 
the Board of Directors may be compensated in cash according to standard market rates subject to approval by the 
annual shareholders’ meeting.
At the AGM 2023, we will propose to amend the Medacta Group Articles of Association to reflect the new provisions 
of the Swiss Corporate law and to further strengthen shareholders’ rights. In addition, Medacta’s Organizational 
Regulations3 including the Charter of the Human Resources & Remuneration Committee (in combination with the 
Articles of Association) describe and define the roles and responsibilities of the Human Resources & Remuneration 
Committee and the Board of Directors.
2.1	 ROLE AND ACTIVITIES OF THE HUMAN RESOURCES & REMUNERATION COMMITTEE
Medacta’s Human Resources & Remuneration Committee is comprised of a minimum of two Members of the Board of 
Directors who are elected annually and individually by the AGM for a one-year period until the next AGM. The Chairman 
of the HR & RemCo is appointed by the Board of Directors and is independent. The 2022 Annual General Meeting 
(AGM) confirmed Philippe Weber and Riccardo Braglia as respectively Chairman and Member of the HR & RemCo. The 
2 Advance payments of fees for lawyers, court fees and similar costs relating to the defense against corporate liability claims up to a maximum amount of CHF 1’000’000 
are not subject to this provision.
3 Medacta’s Organizational Regulations (including the charters of the Board Committees) are available on Medacta’s website at: 
https://www.medacta.com/EN/corporate-governance?goto=organizational-regulations.

Medacta’s Annual Report 2022   l   Remuneration Report
90
Chairman of the Board from time to time attends the HR & RemCo meetings as a non-voting guest; however, he is not 
present during meetings or parts thereof during which his own performance or remuneration is discussed.
In general, the purpose of the Human Resources & Remuneration Committee is to advise and assist the Board of 
Directors with regards to compensation-related matters of Medacta with a focus on setting guidelines on remuneration 
for both Members of the Board of Directors and the Group Executive Management. As a core responsibility, the HR & 
RemCo makes proposals annually (or more often as required) to the Board of Directors related to the compensation 
package of the Members of the Group Executive Management and Board of Directors. For a more detailed overview of 
the Members, working methods and main duties and responsibilities of the HR & RemCo, as well as details regarding 
their meetings held in 2022, please refer to the sub-heading entitled “Human Resources & Remuneration Committee” in 
the Corporate Governance Report (section 3.5 “Internal Organizational Structure”), included in this Annual Report.  
The HR & RemCo meets at such frequency as it deems necessary to fulfill its duties, normally ahead of ordinary Board 
meetings and at least four times per year. The HR & RemCo met six times in 2022 for an average duration of one hour 
and a half. In five out of the six HR & RemCo meetings all Members were present and five out of the six meetings were 
organized in person at Medacta’s Swiss corporate offices either in Castel San Pietro or Rancate. 
The Chairman of the Human Resources & Remuneration Committee reports to the Board of Directors at the Board 
meetings following each Human Resources & Remuneration Committee meeting, ensuring that the Board of Directors is 
kept informed in a timely and appropriate manner of all material matters within the Human Resources & Remuneration 
Committee’s area of responsibility. Additional meetings may be held and may be convened at the request of either the 
Board of Directors or any Human Resources & Remuneration Committee Member. The Human Resources & Remuneration 
Committee may invite to meetings and shall communicate periodically with the CEO, the CFO and the Head of HR, as 
well as such other persons as the Human Resources & Remuneration Committee deems appropriate, also including 
external advisors. During Financial Years 2021 and 2022, the Human Resources & Remuneration Committee and 
selected Medacta’s managers appointed by the Human Resources & Remuneration Committee (Group HR Director and 
Senior Strategic Financial Advisor) worked with HCM International Ltd. as external independent advisor on remuneration 
matters and on assisting the development of the Long-Term Incentive Plan scheme. HCM International Ltd. does not 
have any additional mandates at Medacta. Furthermore, the Human Resources & Remuneration Committee regularly 
holds private sessions with Members of the Group Executive Management, except on those meetings or the part of 
meetings in which their own performance or remuneration is discussed.
In accordance with the article 19 of the Articles of Association and the Human Resources & Remuneration Committee 
Charter,, the following topics were discussed during 2022:
Topic
March
April
May
September
October
December
Review and Approval of the 2021 Remuneration Report

Proposals to the Board of Directors regarding the approval of 
the individual compensation of the Chairman and the other 
members of the Board of Directors

Proposals to the Board of Directors regarding the individual 
compensation (fixed and variable compensation) of the 
Members of the Group Executive Management 

Long-Term Incentive Plan (LTIP):
- LTIP scheme review;
- Change of the LTIP regulation;
- Performance update;
- Execution timing.




Remuneration Report:
- set-up of the Report structure
- Remuneration Report review



Review of benchmarking peer group and external benchmark 
for Group Executive Management remuneration 

Review of the organization chart of the Group

Equal-pay analysis

Review and Adoption of a Succession Plan for key employees

Review of remuneration principles, strategy and systems



Individual targets and weighting of 2022 variable short-term 
incentive for the members of the Group Executive 
Management *

* To be proposed at the AGM 2023 meeting for approval.

Remuneration Report  l   Medacta’s Annual Report 2022 
91
2.2	 ROLE AND ACTIVITIES OF THE SHAREHOLDERS REGARDING THE AGM
The Board of Directors will submit five separate remuneration-related resolutions for shareholders’ approval at the AGM 
2023 (as illustrated in Exhibit below): 
•	
the maximum aggregate amount of remuneration of the Board of Directors for the term of office until the next 
annual shareholders’ meeting (i.e. until the next annual shareholders’ meeting in 2024); 
•	
the maximum overall fixed remuneration of the Group Executive Management to be paid for the Financial Year 
ending December 31, 2024; 
•	
the maximum overall variable short-term remuneration for the Group Executive Management that may be paid or 
allocated for the business year ended December 31, 2022;
•	
the maximum overall variable long-term remuneration of the Group Executive Management that may be allocated 
in for the business year ending December 31, 2024;
•	
the amount of remuneration to Members of the Board of Directors for consulting services to the Company or other 
group companies in a function other than as Members of the Board of Directors, until the next annual shareholders’ 
meeting (i.e. until the next annual shareholders’ meeting in 2024).
In addition, the Board of Directors will submit this Remuneration Report to a separate consultative vote for the 
shareholders at the AGM 2023.
The Board of Directors may present to the annual shareholders’ meeting deviating or additional proposals for approval 
in relation to the same or different time periods.
If the shareholders’ meeting does not approve the amount of the proposed fixed and variable compensation, as the 
case may be, the Board of Directors may either submit new proposals at the same shareholders’ meeting, convene a 
new extraordinary shareholders’ meeting and make new proposals for approval or may submit the proposals regarding 
compensation for retrospective approval at the next annual shareholders’ meeting.
At the Annual General Meeting (AGM) 2022, the Board of Directors submitted five separate remuneration-related 
proposals, which were all approved by the shareholders:
•	
the maximum aggregate amount of remuneration for the Members of the Board of Directors for the term from the 
AGM 2022 until the AGM 2023: CHF 1’100 thousand;
•	
the maximum overall fixed remuneration of the Group Executive Management to be paid for the Financial Year 
ending December 31, 2023: CHF 1’200 thousand;
•	
the maximum overall short-term remuneration of the Group Executive Management to be paid for the Financial 
Year ending December 31, 2021: CHF 1’350 thousand;
•	
the maximum overall variable long-term remuneration of the Group Executive Management to be allocated in the 
Financial Year ending December 31, 2023: CHF 800 thousand;
•	
the maximum aggregate amount for services covered by article 25(3) of the Articles of Association (Consulting 
Services) for the period until the AGM 2023: CHF 150 thousand. 
In addition, shareholders approved the FY 2021 Remuneration Report in a consultative vote.
2022
2023
2024
2025
Board
Remuneration
GEM
Remuneration
Fixed
Short - Term
Long - Term
December 
2022
December 
2023
December 
2024
May 
2022 
AGM
April 
2024 
AGM
January 
2022
April 
2023 
AGM
Binding vote on maximum 
aggregate board compensation
Binding vote on maximum  
overall compensation
Binding vote on 
maximum  
overall compensation
Binding vote on 
maximum  
overall compensation

Medacta’s Annual Report 2022   l   Remuneration Report
92
3.	 REMUNERATION PHILOSOPHY AND PRINCIPLES
Medacta’s Human Resources & Remuneration Committee gives careful consideration to the remuneration framework 
for the Members of the Board of Directors and the Group Executive Management. In order to reflect their different roles, 
the remuneration of the Board of Directors and the Group Executive Management are designed according to different 
standards and considerations.
Medacta’s remuneration landscape is designed to support the Company’s strategic plans and to provide a balance 
between motivating the Members of the Board of Directors and the Group Executive Management to deliver on the near- 
and medium-term objectives of the Group and to strive for future long-term success and prosperity of Medacta at the 
same time. Medacta’s remuneration framework aims to attract, engage and retain the best talent within the MedTech 
industry as well as to reward loyalty of the employees and, thus, to enhance the value of the Group for the benefit of 
shareholders as extensively described in our Code of Business Conduct and Ethics. Medacta actively promotes diversity 
and inclusion and a culture of fair and equal treatment of our employees, as described in our Code of Business Conduct 
and Ethics. We are committed to the principle of equal pay for equal work and are taking all necessary steps in our job 
evaluation to ensure a fair compensation system. For the Swiss based legal entities, during the second half of 2022, we 
conducted the legally required equal pay analysis, confirming Medacta’s compliance with the requirements set out in 
Art. 13d of the Gender Equality Act (GEA) and Art. 7 of the Ordinance on the Examination of the Equal Pay Analysis. The 
analysis complied with the GEA guidelines as it was validated by Deloitte SA on the analysis methodology and results. 
The results of the analysis showed no material effect of gender on pay in our Switzerland-based entities.
As a core responsibility, the Human Resources & Remuneration Committee reviews the compensation packages of the 
Members of the Group Executive Management and Board of Directors annually (or more often as required) and proposes 
to the Board of Directors any adjustments to the prior year compensations for proposal to the annual shareholders’ 
meeting. 
In addition, and with regards to the Group’s listing in Switzerland and global scale of business, the Human Resources 
& Remuneration Committee follows the Swiss governance and compensation landscape while also considering trends 
across the globe. Conclusively, the aim is to design the remuneration framework taking into account best market 
practices, alignment with shareholders, and pay-for-performance considerations in order to promote the long-term 
success of Medacta.
As a base for this work the Human Resources & Remuneration Committee, each year, assesses the compensation 
packages of similar companies. In 2022 we reflected same peers utilized in 2021 which we believe are more balanced 
between focus in the orthopedic industry and small to mid-capitalization. To carry out the compensation benchmark the 
following two groups of companies were analysed in 2022:
•	
listed companies in the worldwide MedTech Industry4; 
•	
companies in the Swiss MedTech industry or Healthcare industry with up to 20’000 employees, with an international 
scope5.
The exercise revealed that the compensation of the Group Executive Management and Board of Directors are below the 
average compensation of both Swiss and worldwide MedTech industry benchmark.
3.1	 AGREEMENTS RELATED TO COMPENSATION FOR MEMBERS OF THE BOARD OF DIRECTORS 
AND THE GROUP EXECUTIVE MANAGEMENT
According to article 24 of the Articles of Association, mandate agreements of the Members of the Board of Directors 
have a fixed term until the conclusion of the next annual shareholders’ meeting. Early termination or removal remains 
reserved.
The employment agreements of the Members of the Group Executive Management are in principle concluded for an 
indefinite period. If the Board of Directors considers a fixed term appropriate, such fixed term shall not exceed one year. 
With respect to employment agreements entered into for an indefinite period, the maximum notice period does not 
exceed 12 months. 
4 Zimmer Biomet, Nuvasive, Alphatec Holdings, Stryker, Globus Medical, based on information disclosed on the publicly available Annual Reports for 2021.
5 Straumann, Sonova, Medartis, Tecan, Ypsomed, based on information disclosed on the publicly available Annual Reports for 2021.

Remuneration Report  l   Medacta’s Annual Report 2022 
93
Non-competition agreements for the time following termination of an employment contract and the associated 
compensation are permitted to the extent that this is justified from a business perspective. The compensation for such a 
non-competition obligation may not exceed in total the average of the fixed compensation paid to the respective Member 
of the Group Executive Management during the last three years. The Group Executive Management agreements contain 
non-competition clauses. In accordance with article 24 of the Articles of Association, the compensation for such non-
competition obligation does not exceed in total the average of the fixed compensation paid to the respective Group 
Executive Management Member during the last three years.
PAY SYSTEM
100%
CASH
STANDARD BOARD FEE 
COMMITTEE FEE
Chairman
Member
Chairman
Lead Independent 
Director
Audit Committee
Member
Remuneration 
Committee
40’000 CHF
20’000 CHF
40’000 CHF
20’000 CHF
90’000 CHF
160’000 CHF
290’000 CHF
4.	 REMUNERATION FRAMEWORK FOR BOARD OF 
DIRECTORS
4.1	 REMUNERATION APPROACH
According to article 25 of the Articles of Association, the compensation of the Members of the Board of Directors is 
determined by the full Board of Directors based on the proposal of the Human Resources & Remuneration Committee 
and subject to and within the limits of the aggregate amounts approved by the annual shareholders’ meeting.
In order to highlight the independent role of the Members of the Board of Directors in performing their supervisory 
duties, the entire remuneration of the Board in Financial Year 2022 is fixed and does not include any performance-related 
component.
The remuneration for the Members of the Board of Directors relates to their term of office, which starts with their election 
at the AGM and ends at the subsequent AGM. The remuneration consists of a fixed annual base fee and fixed fees for 
membership in Board Committees, reflecting the time commitment as well as the obligations and responsibilities of 
the roles, paid monthly in twelve equal instalments. The individual sum of the annual base fee and, where applicable, 
fixed fees for membership in Board Committees are paid in cash. For the term until the AGM 2023, consistent with 
the shareholders’ approval, Board Members were paid a fixed annual base fee of CHF 90 thousand, with the Chairman 
receiving CHF 290 thousand. For membership in a Board Committee, Members were paid a fixed fee of CHF 20 thousand, 
with the respective chairpersons receiving CHF 40 thousand. In addition, in recognition of the extra time commitment 
associated with the role, the Lead Independent Director received an additional allowance of CHF 70 thousand (for a total 
amount CHF 160 thousand).
The fees paid to the Board of Directors for the Financial Year 2022 (as indicated on the table in section 4.2 “Remuneration 
Awarded 2022”) are in line with the compensation reflected in the Financial Year 2021.

Medacta’s Annual Report 2022   l   Remuneration Report
94
2022 BoD Compensation
CHF
Role within 
the Board 
Fixed 
Board fee
Committee 
fees 
Expenses1
Social 
security 
contribution
Sub-total
Shares
Total
Alberto Siccardi
Chairman 
290'000
    
-
              
16'000
                 
21'358
            
327'358
    
-
         
327'358
    
Maria Luisa Siccardi Tonolli
Member 
90'000
       
20'000
        
8'100
                   
9'811
              
127'911
    
-
         
127'911
    
Victor Balli
Member 
160'000
    
40'000
        
-
                       
17'268
            
217'268
    
-
         
217'268
    
Philippe Weber2
Member 
90'000
       
40'000
        
-
                       
11'595
            
141'595
    
-
         
141'595
    
Riccardo Braglia
Member 
90'000
       
20'000
        
-
                       
9'811
              
119'811
    
-
         
119'811
    
TOTAL ALL MEMBERS
720'000
    
120'000
     
24'100
                
69'843
           
933'943
   
-
        
933'943
   
[1] Out-of-pocket expenses incurred by the Board of Directors are duly reimbursed by the Company with the exception of Dr. Alberto Siccardi and Ms. Maria Luisa Siccardi 
Tonolli, who are reimbursed with an annual lump-sum of CHF 16 thousand and CHF 8 thousand, respectively.
[2] Philippe Weber is a Partner at Niederer Kraft Frey AG (NKF), which acted as legal adviser to Medacta in 2022. 
Members of the Board of Directors are entitled to a reimbursement for the expenses incurred in connection with their 
Board duties. Furthermore, remuneration of the Members of the Board is subject to social security contributions and is 
not pensionable. No additional remuneration components such as attendance fees are awarded to the Members of the 
Board of Directors.
In addition, in accordance with article 25 para. 3 of the Articles of Association, the Members of the Board of Directors 
providing consulting services to the Company or other Group Companies in a function other than as Members of the 
Board of Directors may be compensated in cash according to standard market rates, subject to approval by the annual 
shareholders’ meeting.
4.2	 REMUNERATION AWARDED 2022 (AUDITED)
For the term from the AGM 2022 until the AGM 2023, Medacta’s shareholders approved a maximum aggregate amount 
of remuneration for the Board of Directors of CHF 1’100 thousand. Total remuneration awarded to the Board of Directors 
during Financial Year 2022 amounted to CHF 934 thousand and represents remuneration for services rendered from 
January 1, 2022 until December 31, 2022. As compared to FY 2022, the compensation is substantially in line with prior 
period. The amounts actually paid in 2022 remain within the limits of the amount approved by the shareholders for the 
same period. 
The following tables show remuneration paid to the Members of the Board of Directors from January 1 until December 
31, 2022 and 2021:
2021 BoD Compensation
CHF
Role within 
the Board 
Fixed 
Board fee
Committee 
fees 
Expenses1
Social 
security 
contribution
Sub-total
Shares
Total
Alberto Siccardi
Chairman 
290’000
     
-
              
16’000
                 
21’465
            
327’465
    
-
         
327’465
    
Maria Luisa Siccardi Tonolli
Member 
90’000
       
20’000
        
8’100
                    
9’853
              
127’953
    
-
         
127’953
    
Victor Balli
Member 
160’000
     
40’000
        
-
                        
17’603
            
217’603
    
-
         
217’603
    
Philippe Weber2
Member 
90’000
       
40’000
        
-
                        
11’644
            
141’644
    
-
         
141’644
    
Riccardo Braglia
Member 
90’000
       
20’000
        
-
                        
9’853
              
119’853
    
-
         
119’853
    
TOTAL ALL MEMBERS
720’000
    
120’000
    
24’100
                
70’418
           
934’518
   
-
        
934’518
   
[1] Out-of-pocket expenses incurred by the Board of Directors are duly reimbursed by the Company with the exception of Dr. Alberto Siccardi and Ms. Maria Luisa Siccardi 
Tonolli, who are reimbursed with an annual lump-sum of CHF 16 thousand and CHF 8 thousand, respectively.
[2] Philippe Weber is a Partner at Niederer Kraft Frey AG (NKF), which acted as legal adviser to Medacta in 2021.

Remuneration Report  l   Medacta’s Annual Report 2022 
95
The reconciliation of approved and dispensed compensation for the AGM 2021-2022 and 2022-2023 period is shown in the 
table below:
In addition, with reference to article 25 para. 3 of the Articles of Association, for the period from the AGM 2021 until 
AGM 2022, Niederer Kraft Frey AG, where Philippe Weber is a Partner and that, amongst others, acted as legal adviser to 
Medacta and received fees in the amount of CHF 39 thousand (within the limits of CHF 150 thousand, approved by the 
AGM 2021). For the period from the AGM 2022 until December 31, 2022, Niederer Kraft Frey AG, acted as legal adviser 
and received fees in the amount of CHF 15 thousand (so far within the limits of CHF 150 thousand, approved by the 
AGM 2022). 
4.3	 LOANS AND CREDITS
In accordance with article 28 of Articles of Association, no loans or credits were granted to current or former Members 
of the Board of Directors or to persons closely associated with current or former Members of the Board of Directors. No 
such loans or credits were outstanding at December 31, 2022.
In addition, no compensation, which was not at market terms or standards, was paid or granted to persons closely 
associated with current or former Members of the Board of Directors.
For the related party transactions, refer to Note 6.26 “Related party transactions” of the Financial Report included in this 
Annual Report.
Total remuneration 
granted 
Maximum aggregate amount
available
Status
2021 AGM to 2022 AGM
CHF 0.9 million*
CHF 1.2 million 
Approved 2021 AGM
2022 AGM to 2023 AGM
CHF 0.9 million**
CHF 1.1 million 
Approved 2022 AGM
REMUNERATION APPROVED AND PAID/GRANTED FOR THE MEMBERS OF THE BOARD
* Calculated for the 5 Members of the Board elected in the 2021 AGM.
**  The amount represents an estimate for the term of office from 2022 AGM to 2023 AGM. The final amount will be disclosed in the 2023 Remuneration Report.

Medacta’s Annual Report 2022   l   Remuneration Report
96
5.	 REMUNERATION FRAMEWORK FOR GROUP 
EXECUTIVE MANAGEMENT
5.1	 REMUNERATION APPROACH
Pursuant to article 26 of the Articles of Association, the compensation of the Members of the Group Executive 
Management is determined by the Board of Directors based on the proposal of the Human Resources & Remuneration 
Committee and subject to and within the limits of the aggregate amounts approved by the annual shareholders’ meeting.
The remuneration of the Group Executive Management is comprised of three main elements:
FIXED COMPENSATION
ANNUAL BASE SALARY 
The annual base salary is the main fixed remuneration component paid to Members of the Group Executive Management. 
It is paid in cash in thirteen equal monthly instalments. The level of base salary is determined considering the following 
factors:
•	
scope and responsibilities of the role;
•	
qualifications and experience required to perform the role;
•	
market value of the role; and
•	
skills and expertise of the individual in the role.
The annual base salaries of the Members of the Group Executive Management are reviewed on a yearly basis considering 
the above-mentioned factors and adjustments are made according to alterations in the factors under assessment as 
well as to market developments. Refer to section 3 “Remuneration philosophy and principles” of this report for the 
benchmarking analysis performed.
VARIABLE COMPENSATION
SHORT-TERM INCENTIVE 
The short-term variable compensation is an annual incentive plan intended to compensate the Group Executive 
Management for achieving the short-term business strategy, based on company performance achievements and 
financial targets. In accordance with article 26 of the Articles of Association, the short-term variable compensation is 
paid in cash and depends on the level of achievement of specific pre-defined targets for a one-year performance period.  
The short-term variable compensation of the Group Executive Management is determined based on the reaching of four 
financial targets: Revenue Growth, Adjusted EBITDA Margin, Capital Expenditure and Net Working Capital. The financial 
Element
Type of 
compensation
Form of 
compensation
Description
Fixed 
Compensation
Base salary
Cash
- Fixed compensation is determined based on scope and responsibility of the 
role; qualifications and experience; skill and expertise;
- To attract talents, we offer the market value of the role.
Short-term 
incentive
Cash
- Maximum payout potential is dependent on hierarchy level;
- Performance are measured against business results and financial targets.
Long-term 
incentive
Performance 
Share Units 
(PSUs)
- Performance criteria are 50% driven by Relative TSR and 50% by absolute 
EBIT over three years period;
- the combined vesting multiple cannot exceed 200%;
- three years vesting period.
Pension Plan, 
insurance and 
Health Care
- Pension benefits meet the legal requirements of the Swiss Federal Law on 
Occupational Retirement, Survivors' and Disability Pension Plans (BVG);
- in line with what industry offers.
Other benefits
- May include car, phone allowance and other fringe benefits in line with 
market practices.
Variable 
Compensation
Benefits

Remuneration Report  l   Medacta’s Annual Report 2022 
97
targets are weighted differently for each Member of the Group Executive Management, taking into account position 
and level of responsibility. Revenue Growth target is between 8.9% and 18.1% and weights respectively 45% and 20% to 
30% of the bonus for the CEO and for the other Members of the Group Executive Management, respectively; Adjusted 
EBITDA Margin target is between 28.0% and 29.0% and weights respectively 35% and 20% to 25% of the bonus for 
the CEO and for the other Members of the Group Executive Management, respectively; Capital Expenditure target is 
between 16.2% and 15.0% and weights 10% and 15% to 20% of the bonus for the CEO and for the other Members of 
the Group Executive Management, respectively; and Net Trade Working Capital target is between 7.8% and 7.2% and 
weights respectively 10% and 15% to 20% of the bonus for the CEO and for the other Members of the Group Executive 
Management, respectively. In addition, approximately 25% and 10% of the short-term variable compensation of the 
CFO and Supply Chain Director are determined at the discretion of the Board of Directors, upon recommendation of the 
CEO and the Human Resources & Remuneration Committee, based on the quality of the performance of their duties 
(as described in greater detail below). Upon proposal by the Human Resources & Remuneration Committee, the Board 
of Directors is responsible for the selection and weighting of performance targets during the first quarter of the one-
year performance period as well as determining what the maximum short-term compensation can comprise. For FY 
2022, the short-term variable remuneration for the Group Executive Management represents 137% of the base salary.  
The CEO’s short-term variable remuneration represents a maximum of 302% of the base salary and for other Members 
of the Group Executive Management on average 29% of the base salary. This puts a material portion of the Group 
Executive Management’s remuneration at risk, in alignment with shareholders’ interests.
The variable short-term compensation for the Members of the Group Executive Management for the Financial Year 
2022 was determined by the Board of Directors upon recommendation from the Human Resources & Remuneration 
Committee on the basis of the below described base and maximum amounts, criteria, weightings and other principles. In 
order to calibrate the target achievement curve for one plan cycle, a target achievement level is identified in accordance 
with the overall business plan and the budget for the respective year. Minimum and maximum performance achievement 
levels are defined considering, amongst other metrics, the previous year’s performance level. 
Range of
allocation
from 50%
to 120%
10%
45%
35%
10%
Target 1: Revenue Growth
 Target 2: Adjusted EBITDA margin
Target 3: Capital Expenditure
Target 4: Net Trade Working Capital
Performance target 
Min 8.9% - Max 18.1%
Performance target
Min 28.0% - Max 29.0%
Performance target 
Min 7.8% - Max 7.2%
Performance target 
Min 16.2% - Max 15.0%
Bonus weight 
45%
Bonus weight 
35%
Bonus weight  
10% 
Bonus weight  
10%
CEO
Target 1: Revenue Growth
Target 5: Qualitative
 Target 2: Adjusted EBITDA margin
Target 3: Capital Expenditure
Target 4: Net Trade Working Capital
Performance target
Min 8.9% - Max 18.1%
Performance target
Qualitative
Performance target
Min 28.0% - Max 29.0%
Performance target
Min 7.8% - Max 7.2%
Performance target
Min 16.2% - Max 15.0%
Bonus weight 
range 20% - 30%
Bonus weight 
range 10% - 25%
Bonus weight 
range 20% - 25%
Bonus weight 
range 15% - 20% 
Bonus weight  
range 15% - 20%
Range of
allocation
from 50%
to 120%
All other members of the GEM
20%
30%
-
10%
25%
-
20%
25%
-
15%
20%
-
15%
20%
-

Medacta’s Annual Report 2022   l   Remuneration Report
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The reaching of the above financial targets is determined by the Board of Directors based on the audited Consolidated 
Financial Statements of Medacta Group SA for the Financial Year on December 31, 2022. The Board of Directors 
in calculating the targets achieved in 2022 decided to exclude extraordinary elements that effected current year 
performance.  
Regarding targets “Revenue Growth” and “Adjusted EBITDA Margin”: in the event the actual result is (a) below the 
minimum target, then the respective bonus portion is CHF 0; (b) within the target range linear progression from 0 to 
maximum bonus; (c) above maximum target maximum bonus. In relation to targets “Capital Expenditure” and “Net Trade 
Working Capital”: in the event the actual result is (a) above the minimum target the respective bonus portion is CHF 0; 
(b) within the target range linear progression from 0 to maximum bonus; (c) below maximum target maximum bonus. 
As mentioned above, at the discretion of the Board of Directors upon recommendation of the CEO and the Human 
Resources & Remuneration Committee, it would be possible to raise or to lower the CFO’s and Supply Chain Director’s 
variable components based on the quality of their performance duties as set in the Organizational Regulations.
The qualitative performance represents a maximum of 25% of the CFO’s short-term compensation and is primarily 
based on the performance of:
•	
defining and implementing the finance strategy of the Group;
•	
monitoring financial performance against targets, reports the results to the Audit and Risk Committee and the 
Board of Directors and endorsing these reports in all material respects as to their completeness, reliability and 
accuracy; and
•	
having responsibility for ensuring good financial governance.
The qualitative performance represents 10% of the Supply Chain Director’s short-term compensation and is primarily 
based on the performance of:
•	
direct and coordinate all activities involved in purchasing components, raw materials, production supplies, 
other products, services and aftermarket service parts. Establish and maintain relationships with vendors while 
continually searching for improved costs, materials, suppliers and processes;
•	
set strategic direction and support staff in the development, implementation, and execution of supply chain 
processes in support of business objectives; and
•	
oversee and maintain relationships with cross-functional teams in all areas related to product to market timeline.
For Financial Year 2022, all of the four approved minimum performance thresholds were exceeded, and the targets were 
achieved at different levels within their respective target achievement curve6. After reviewing the 2022 year-end results 
and considering the geopolitical and external factors (i.e. inflation, currency developments and Covid) that affected 
Medacta’s performance, the Board of Directors at the request of the Human Resources & Remuneration Committee, 
decided to measure the reaching of the targets for the Financial Year 2022 short-term compensation against adjusted 
results in order to appropriately take into account extraordinary events in the year 2022. This resulted in an overall short-
term compensation proposed payout to the AGM 2023 for the CEO of CHF 1’050 thousand and an overall proposed 
payout of CHF 140 thousand for the other Members of the Group Executive Management, upon approval by the AGM 
2023. This represents 285% for the CEO and 28% for the other Members of the Group Executive Management base 
salary. 
Since STI reflects the previous year’s performance (i.e. FY 2022), payments will be made in a lump sum cash payment 
following AGM approval. There are no forfeiture or clawback provisions in relation thereto.
LONG-TERM INCENTIVE
In order to reflect Medacta’s positioning as a listed company, reshaping the role and responsibilities of the Members 
of the Group Executive Management, in accordance with article 26 of the Articles of Association, share and business 
performance based Long-Term Incentive Plan (LTIP) was implemented. On March 9, 2022, the Board of Directors 
approved the implementation of the LTIP proposed by the Human Resources & Remuneration Committee, under the 
Performance Share Plan (“the Plan”), that was open to eligible participants starting in April, 2022. The Board is responsible 
for administering and executing the Plan and has full power to construe and interpret the Plan, establish and amend rules 
and regulations for its administration, and perform all other actions relating to the Plan. 
Under the LTIP Members of the Group Executive Management, other selected key managers and employees are eligible 
to participate in the LTIP. A prerequisite for participating in the Plan is an active and ongoing employment (i.e. which is 
6 In assessing the 2022 CAPEX on Revenue, the actual figure was adjusted by all the investments made in 2022 that were not included in the Budget approved by the Board of Directors on 
December 15, 2021. All these extra investments were discussed and approved by the Board of Directors throughout the fiscal year 2022.

Remuneration Report  l   Medacta’s Annual Report 2022 
99
Three-year performance period
GRANT
Year n.
VESTING 
Year n. +3
Company 
shares in % 
of granted PSUs
200%
0%
Company 
shares in % 
of granted PSUs
200%
0%
50% driven by
Relative TSR 
Vesting Multiple
50% driven by
Absolute EBIT 
Vesting Multiple
Individual LTIP award in PSUs
GROUP VESTING MULTIPLE
7 This is the Swiss All Share Index and is excluding the 20 biggest market capitalization companies in the SPI and all companies with a free float of less than 20% or shares of investment companies 
(194 companies).
not under notice of termination). The LTIP is designed to provide Members of the Group Executive Management, other 
selected key managers and employees an opportunity to become shareholders of the Company, to participate in the 
future long-term success and prosperity of the Group, and to enhance and reward loyalty of the employees. Furthermore, 
the LTIP is intended to attract, motivate, and retain participants of the plan, and thus, to enhance the value of the Group 
for the benefit of shareholders.
The incentive plan is measured over a rolling three-year performance period with the purpose of fostering long-term 
value creation for the Group. Eligible plan participants grant a certain number of Performance Share Units (PSUs), which 
represent a contingent entitlement to receive Medacta shares in the future. The number of granted PSUs is dependent 
on the individual LTIP grant level, individually determined by the Board of Directors each year based on the individual’s 
performance, the position, complexity of the function, and level of responsibility. For Members of the Group Executive 
Management, the number of PSUs is subject to the amounts approved at the applicable AGM. In 2022, 22’175 PSUs 
were granted.
The value of the PSUs granted is determined based on the notion that it should accurately reflect the inherent risk of the 
underlying instrument. For the 2022 grant fair value, the Group estimates the PSU reference value by using the fair value 
calculation under the Monte Carlo method that for the 2022 award cycle amounted to CHF 116.27.
The 2022 PSUs grant will vest at the end of the performance period in 2025 and will be converted into shares. The 
number of PSUs that vest is calculated at the Vesting Date by multiplying the number of granted PSUs by the Final 
Vesting Multiple, rounded up to the next whole Share. Ultimately, the number of PSUs which vest shall be determined by 
the Board or a body designated by the Board in a final, conclusive and binding manner. The Final Vesting Multiple equals 
either Group Vesting Multiple (see description below) or Country Vesting Multiple (see description below), whereas the 
latter applies if all of the following three conditions are met:
•	
Group Vesting Multiple is below 0.30;
•	
the respective Participant is eligible for country performance consideration;
•	
the country performance threshold has been met for the entire duration of the Plan.
If any of the above conditions is not met, the Final Vesting Multiple equals the Group Vesting Multiple.
The Group Vesting Multiple is based upon a 50% weighting of the Relative TSR Vesting Multiple and a 50% weighting of 
the Absolute EBIT Vesting Multiple, rounded off to two decimal places, whereby:
•	
the Relative TSR Vesting Multiple is calculated as the (positive or negative) difference between Medacta’s TSR and 
the SPI Extra Total Return TSR7, measured in percentage points (p.p.). Medacta’s TSR is measured considering the 
compound annual growth rate of the Reference Price Ending compared to the Reference Price Beginning over the 
three (3)-year TSR Performance Period and the accumulative, nominal dividends distributed in the same period. To 
be consistent with the index, it is assumed that dividends are reinvested. The Relative TSR Vesting Multiple cannot 
be lower than 0.00 or higher than 2.00, and
•	
the Absolute EBIT Vesting Multiple is calculated based on the EBIT of the Group measured as the sum of the 
absolute EBIT over the three (3)-year Absolute EBIT Performance Period and calculated by the Board or a body 
designated by it, according to the Absolute EBIT Vesting Multiple table. The Absolute EBIT Multiple cannot be lower 
than 0.00 or higher than 2.00.

Medacta’s Annual Report 2022   l   Remuneration Report
100
The Country Vesting Multiple (if relevant) is calculated based upon a 100% weighting of the respective country’s revenues 
and will be either 0.00 or 0.30. For each country, details with regards to performance measure, performance targets, 
performance period and performance calculation are set out in the Allotment Certificate.
For the FY 2022 grant, 100% of the PSUs linked to the Relative TSR Vesting Multiple will vest, if the Medacta’s TSR is 
equivalent to the SPI Extra Total Return TSR10. The maximum vesting multiple of 200% applies if the Medacta’s TSR 
is 30 or more percentage points above the SPI Extra Total Return TSR. Further, the vesting multiple of 0% applies if 
Medacta’s TSR be 30 or more percentage points below the SPI Extra Total Return TSR. Linear interpolation applies 
between the threshold, target and maximum performance levels:
The 2022 Absolute EBIT Vesting Multiple is considered a price-sensitive information and communicating such target 
may create a competitive disadvantage for Medacta. Therefore, we decide not to disclose any specifics of this target 
at the time of their setting, but to explain at the end of the performance period the target achievement. In the 2025 
Remuneration Report we will explain the target achievement for the 2022 PSUs granted.
If the Absolute EBIT Vesting Multiple target is reached, 100% of the respective PSUs granted will vest. If the Absolute 
EBIT Vesting Multiple is at or above the maximum performance level, 200% of respective granted PSUs will vest. If the 
Absolute EBIT Vesting Multiple is at or below the threshold performance level, 0% of PSUs granted under the Absolut 
EBIT performance will vest. Below an illustration of the Absolute EBIT vesting curve for the 2022 PSUs granted.
The absolute EBIT targets for each grant are set by the Board of Directors following an assessment conducted by 
the Human Resources & Remuneration Committee, considering the investor’s return expectations on market value, 
investment projections, current profitability levels. Using statistical analysis we tried to establish an appropriate link 
between LTIP payouts and the value created for investors.
250%
200%
150%
100%
50%
0%
-30%
100%
+30%
Vesting multiple in % of granted PSU
Medacta’s 3-year Relative TSR vs the SPI Extra TSR 
Threshold
Target
Maximum
250%
200%
150%
100%
50%
0%
82%
100%
118%
Vesting multiple in % of granted PSU
Medacta’s 3-year Absolute EBIT Performance in % of target
Threshold
Target
Maximum

Remuneration Report  l   Medacta’s Annual Report 2022 
101
Overall, the combined vesting multiple is expected to never exceed 200%. If the performance of both Group and Country 
(if relevant) Vesting Multiple lies below the respective minimum performance threshold, the resulting combined vesting 
multiple will be 0% and consequently no PSUs vest. In certain circumstances, the termination of employment (e.g. as a 
result of retirement) or a corporate event (e.g. change of control due to a merger), the number of PSUs that continue to 
be eligible for vesting shall be adjusted pro rata on a completed monthly basis to reflect the length of service within each 
award cycle at the relevant termination date. Upon termination of the employment for any other reasons, all unvested 
PSUs of the participant shall lapse without any compensation.
The Board is entitled, at its sole discretion, to cancel or forfeit all or part of any unvested PSUs or, following vesting of 
any PSUs, seek repayment from the participant for all or part of any vested PSUs, shares or cash settlements. Those 
provisions apply in the event of malfeasance, fraud, misconduct, any serious breach of legal or regulatory obligation 
and/or internal policy of the Group, takes part of conduct which leads or contributes to the Company having restate its 
financial statements or inaccurate assessment of any performance.
BENEFITS AND PENSION
Members of the Group Executive Management participate in the Company’s benefits plans, which mainly consist of 
retirement, insurance and health care plans designed to provide a reasonable level of protection for the employees and 
their dependents in the event of retirement, illness/accident, disability or death. Medacta’s pension benefits under Swiss 
contracts meet the legal requirements of the Swiss Federal Law on Occupational Retirement, Survivors’ and Disability 
Pension Plans (BVG) and are in line with what industry offers.
Other benefits may include a car and phone allowance and other fringe benefits that, if any, are disclosed in the 
remuneration table included in sub-heading 5.2 “Remuneration Awarded 2022 (Audited)” of this report. Out-of-pocket 
expenses incurred by Members of the Group Executive Management in connection with their employment services for 
Medacta are duly reimbursed by the Company in accordance with the applicable regulations and are not considered to 
be remuneration subject to approval and, hence, are not further considered in the remuneration tables.
5.2	 REMUNERATION AWARDED 2022 (AUDITED)
COMPENSATION MIX
The Human Resources & Remuneration Committee ensures that the Group Executive Management remuneration focuses 
on pay-for-performance and anchors the strategy of the Group by delivering a substantial portion of remuneration in the 
form of variable and performance-related incentives. Overall, total variable remuneration of the CEO for the Financial 
Year 2022 amounted to 68% of his total remuneration, while other Members of the Group Executive Management’s 
total variable remuneration for the Financial Year 2022 ranged from 24% to 30% of the total remuneration, in each case 
subject to approval of the AGM 2023. 
63%
10%
5%
22%
Base Salary
STI
STI
Benefits, pensions 
and other 
Benefits, pensions 
and other 
LTIP
GEM pay mix
CEO
All other members of the GEM
17%
11%
11%
61%
Base Salary
At risk
compensation
At risk
compensation
LTIP

Medacta’s Annual Report 2022   l   Remuneration Report
102
The total aggregate amount approved by the annual shareholders’ meeting 2021 for the fixed compensation of the 
Group Executive Management for the Financial Year 2022 amounts to CHF 1’200 thousand. The annual shareholders’ 
meeting 2022 approved the same limit for the Financial Year 2023. The sum of the total fixed compensation paid to the 
Group Executive Management (including the CEO) for the relevant period from January 1, 2022 to December 31, 2022 
amounts to CHF 985 thousand, including CHF 116 thousand of pension and social security contribution. It is thus within 
the limits of the amount approved by the annual shareholders’ meeting for the same period.
Variable compensation for the Members of the Group Executive Management includes the annual short-term incentive 
(STI) and the Long-Term Incentive Plan (LTIP). 
The total aggregate amount of short-term remuneration for 2022 proposed by the Board of Directors to the AGM 2023 
for the entire Group Executive Management will be CHF 1’297 thousand, including CHF 107 thousand of pension and 
social security contribution. The limit of the STI for 2022 for the Group Executive Management will be decided at the 
2023 annual shareholders’ meeting. 
The total aggregate amount approved by the annual shareholders’ meeting 2021 for the variable long-term compensation 
of the Group Executive Management for the Financial Year 2022 amounts to CHF 800 thousand. The LTIP Fair Value 
at Grant for Financial Year 2022 recognized for the Group Executive Management (including CEO) is equal to CHF 189 
thousand, including CHF 17 thousand of pension and social security contribution. It is thus within the limits of the 
amount approved by the annual shareholders’ meeting for the same period. The LTIP at vesting may vary based on 
performance outcomes and respective share price at the time of vesting.
During Financial Year 2022, the Group Executive Management consisted of three Members, all of them being Members 
of the Group Executive Management during the entire period. The 2022 Group Executive Management compensation is 
overall in line with prior period.
The following tables show the total aggregate remuneration, including the proposed short-term compensation and the 
fair value at grant under the LTIP, for the Members of the Group Executive Management and the highest amount for an 
individual member (i.e. the CEO), for the period from January 1 to December 31, 2021 and 2022 respectively.
2021 GEM Compensation
CHF
Fixed 
Compensation
Expenses3
Pension & social 
security contribution4
Total
Francesco 
Siccardi (CEO)
367’100
              
1’087’345
          
34’707
      
22’200
               
145’511
                            
1’656’863
       
Other Members of the GEM 
(aggregated)
486’896
              
142’342
             
-
                     
85’584
                              
757’001
          
TTotal all Members of the 
GEM
853’996
             
1’229’687
         
76’886
      
22’200
             
231’095
                          
2’413’864
      
42’179
                
Proposed variable 
short-term 
compensation1
Fair value at 
grant under the 
LTIP2
[1] Approved by the AGM 2022.   
[2] Disclosure reflects the awards for the reporting year, that represents the pro-rata temporis  fair value at grant for FY 2021. The LTIP at vesting may vary based on 
performance outcomes and share price value at the time of vesting. 
[3] Out-of-pocket expenses, including car lease, incurred by Mr. Francesco Siccardi are duly reimbursed  with an annual lump-sum of CHF 22 thousand.
[4] In 2021 to align the timing of social security reporting to the LTIP grant, we included the pro-rata temporis estimates of social security contributions related to the 2021 LTIP 
grant made.
2022 GEM Compensation
CHF
Fixed 
Compensation
Expenses3
Pension & social 
security 
contribution4
Total
Francesco 
Siccardi (CEO)
367’900
             
1’050’309
          
77’896
               
22’200
            
149’524
                
1’667’829
          
Other Members of the GEM 
(aggregated)
501’097
             
140’028
             
94’665
               
279
                 
90’198
                   
826’267
             
Total all Members of the 
GEM
868’997
            
1’190’337
         
172’561
            
22’479
           
239’722
               
2’494’096
         
Proposed variable 
short-term 
compensation1
Fair value at grant 
under the LTIP2
[1] Proposal by the Board of Directors to the AGM 2023.
[2] Disclosure reflects the awards for the reporting year, that represents the pro-rata temporis  fair value at grant for FY 2022. The LTIP at vesting may vary based on 
performance outcomes and share price value at the time of vesting. 
[3] Out-of-pocket expenses, including car lease, incurred by Mr. Francesco Siccardi are duly reimbursed  with an annual lump-sum of CHF 22 thousand.
[4] In 2022 to align the timing of social security reporting to the LTIP grant, we included the pro-rata temporis estimates of social security contributions related to the 2022 
LTIP grant made.

Remuneration Report  l   Medacta’s Annual Report 2022 
103
5.3	 LOANS AND CREDITS
In accordance with article 28 of the Articles of Association, no loans or credits were granted to current or former 
Members of the Group Executive Management or to persons closely associated with current or former Members of the 
Group Executive Management. No such loans or credits were outstanding at December 31, 2021. 
In addition, no compensation, which was not at market terms or standards, was paid or granted to persons closely 
associated with current or former Members of the Group Executive Management. 
For the related party transactions, refer to Note 6.26 “Related party transactions” of the Financial Report included in this 
Annual Report.
6.	 OWNERSHIP OF SHARES AND OPTIONS
As of December 31, 2022, there were no outstanding options to acquire shares in the Company. The following tables 
show the number of shares held by Board of Directors and Group Executive Management as of December 31, 2022: 
SHARES HELD BY MEMBERS OF THE BOARD (AUDITED)
Board Members
Role
Alberto Siccardi
Chairman
2’031’710
               
*
2’022’710
       
Maria Luisa Siccardi Tonolli
Member
3’946’273
               
3’946’273
       
Victor Balli
Lead Independent Director
1’500
                       
**
1’500
               
Philippe Weber
Independent Director
-
-
Riccardo Braglia
Independent Director
43’500
                     
**
43’500
            
SHARES HELD BY MEMBERS OF THE GEM (AUDITED)
GEM Members
Role
Francesco Siccardi
Chief Executive Officer
3’965’672
               
*
3’946’272
       
Corrado Farsetta 
Chief Financial Officer
-
-
Alessandro Siccardi
Supply Chain Director
3’946’273
               
3’946’273
       
* Mr. Francesco Siccardi, CEO of Medacta Group SA, on March 11, 14, 15 and June 16, 17, 20 and 21, 2022 purchased respectively 2'921, 2'527, 3'522, 4'850, 539, 1'157 and 
3'854 share units. These shares purchased are also disclosed in the 2022 Financial Report in Note 6.26 "Related party transactions".
Shares held as at
December 31, 2022
Shares held as at
December 31, 2021
Shares held as at
December 31, 2022
Shares held as at
December 31, 2021
* Alberto Siccardi, Chairman of the Board of Directors of Medacta Group SA, on March 11,  14, and 15 purchased respectively 2'921, 2'528 and 3'551 share units. These 
shares purchased are also disclosed in the 2022 Financial Report Note 6.26 "Related party transactions".
** Shareholdings represent less than 0.3% of the Company's share capital and voting rights.
7.	 OTHER REMUNERATION-RELATED INFORMATION 
UNDER THE OAEC (AUDITED)
For the reporting period, no compensation other than described herein was paid or granted to Members of the Board of 
Directors and the Group Executive Management. 
8.	 RELATED PARTY COMPENSATION
Members of the Board of Directors and of the Group Executive Management who have received consultancy fees 
for services rendered are reported in the 2022 Financial Statements of Medacta Group SA (Note 6.26 “Related party 
transactions”), enclosed in this Annual Report. For the Remuneration paid to the Board of Directors, refer to sub-heading 
4.2 “Remuneration Awarded 2022 (AUDITED)” of this Remuneration Report.

Medacta’s Annual Report 2022   l   Remuneration Report
104
9.	 REPORT OF THE STATUTORY AUDITOR ON THE 
REMUNERATION REPORT
 
 
 
 
 
Deloitte SA 
Via Ferruccio Pelli 1 
Casella Postale 1366 
6901 Lugano 
Svizzera 
 
Telefono: +41 (0)58 279 9400 
Fax: +41 (0)58 279 9500 
www.deloitte.ch 
 
 
Report on the Audit of the Remuneration Report according to Art. 14-16 of the Ordinance  
 
REPORT OF THE STATUTORY AUDITOR 
 
To the general meeting of 
MEDACTA GROUP SA, CASTEL SAN PIETRO 
 
Report on the Audit of the Remuneration Report 
 
Opinion 
We have audited the Remuneration Report of Medacta Group SA (the Company) for the year ended            
31 December 2022. The audit was limited to the information on remuneration, loans and advances 
pursuant to Art. 14-16 of the Ordinance against Excessive Remuneration in Listed Companies Limited by 
Shares (Verordnung gegen übermässige Vergütungen bei börsenkotierten Aktiengesellschaften, VegüV) 
in the in the sections 4.2, 5.2, 6, and 7 labeled “audited” on pages 94, 95, 101, 102 and 103 of the 
Remuneration Report. 
 
In our opinion, the information on remuneration, loans and advances in the Remuneration Report 
complies with Swiss law and Art. 14-16 of the Ordinance. 
 
Basis for Opinion 
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our 
responsibilities under those provisions and standards are further described in the “Auditor’s 
Responsibilities for the Audit of the Remuneration Report” section of our report. We are independent of 
the Company in accordance with the provisions of Swiss law and the requirements of the Swiss audit 
profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for 
our opinion.  
 
Other Information 
The Board of Directors is responsible for the other information. The other information comprises the 
information included in the annual report but does not include the tables marked “audited” in the 
Remuneration Report, the consolidated financial statements, the stand-alone financial statements and 
our auditor’s reports thereon. 
 
Our opinion on the Remuneration Report does not cover the other information and we do not express 
any form of assurance conclusion thereon. 
 
In connection with our audit of the Remuneration Report, our responsibility is to read the other 
information and, in doing so, consider whether the other information is materially inconsistent with the 
audited financial information in the Remuneration Report or our knowledge obtained in the audit or 
otherwise appears to be materially misstated.

Remuneration Report  l   Medacta’s Annual Report 2022 
105
 
 
 Medacta Group SA 
Report on the Audit of the  
Remuneration Report 
 
for the year ended 
31 December 2022 
 
 
 
 
 
If, based on the work we have performed, we conclude that there is a material misstatement of this other 
information, we are required to report that fact. We have nothing to report in this regard. 
 
Board of Directors' Responsibilities for the Remuneration Report 
The Board of Directors is responsible for the preparation of a Remuneration Report in accordance with 
the provisions of Swiss law and the Company's articles of incorporation, and for such internal control as 
the Board of Directors determines is necessary to enable the preparation of a Remuneration Report that 
is free from material misstatement, whether due to fraud or error. The Board of Directors is also 
responsible for designing the remuneration system and defining individual remuneration packages.  
 
Auditor’s Responsibilities for the Audit of the Remuneration Report 
Our objectives are to obtain reasonable assurance about whether the information on remuneration, loans 
and advances pursuant to Art. 14-16 of the Ordinance is 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 Swiss law and 
SA-CH 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 this Remuneration Report. 
 
As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgment and 
maintain professional scepticism throughout the audit. We also: 
 
 Identify and assess the risks of material misstatement in the Remuneration Report, 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. 
  
We communicate with the Board of Directors or its relevant committee 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.

Medacta’s Annual Report 2022   l   Remuneration Report
106
 
 
 Medacta Group SA 
Report on the Audit of the  
Remuneration Report 
 
for the year ended 
31 December 2022 
 
 
 
 
 
We also provide the Board of Directors or its relevant committee with a statement that we have complied 
with relevant ethical requirements regarding independence, and to communicate with them all 
relationships and other matters that may reasonably be thought to bear on our independence, and where 
applicable, actions taken to eliminate threats or safeguards applied. 
 
 
Deloitte SA 
 
 
 
 
Fabien Lussu 
Michele Castiglioni 
Licensed audit expert 
Licensed audit expert 
Auditor in Charge 
 
 
Lugano, 16 March 2023 
FLU/MCA/jba

FINANCIAL REPORT
Medacta’s Annual Report 2022

108
Medacta’s Annual Report 2022   l   Financial Report
INDEX
1.	
CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 
110
2.	
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021
111
3.	
CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021
112
4.	
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021
113
5.	
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021
114
6.	
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021
115
7.	
AUDIT REPORT – CONSOLIDATED FINANCIAL STATEMENTS
163
8.	
STATUTORY FINANCIAL STATEMENTS MEDACTA GROUP SA, CASTEL SAN PIETRO 
171
9.	
AUDIT REPORT – MEDACTA GROUP SA FINANCIAL STATEMENTS
177

109
MYSOLUTIONS 
PERSONALIZED 
ECOSYSTEM
Streamlining the reproducibility of surgical procedures, supporting the surgeon practice, and 
facilitating the adoption of innovative technologies, while improving patient well-being and 
reducing surgical costs. Healthcare sustainability is at the heart of our vision and is always 
supported by our exceptional dedication to innovation and medical education. 
PERSONALIZED 
3D PLANNING
PATIENT 
ENGAGEMENT
PRECISE 
EXECUTION
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MANAGEMENT
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110
Medacta’s Annual Report 2022   l   Financial Report
1.	 CONSOLIDATED STATEMENT OF PROFIT OR LOSS 
FOR THE YEARS ENDED DECEMBER 31, 2022 AND 
2021 
The Notes are an integral part of the Consolidated Financial Statements
(Thousand Euro)
Notes
31.12.2022
31.12.2021
Revenues
6.24.1
437'122
363'126
Cost of Sales
(131'866)
(101'879)
GROSS PROFIT
305'256
261'247
Research and Development expenses
6.24.2
(16'223)
(11'306)
Sales and Marketing expenses
(159'594)
(132'555)
General and Administrative expenses
6.24.2
(65'447)
(58'844)
Other income
6.24.3
1'570
1'536
Other expenses
6.24.3
(4'098)
(1'301)
OPERATING PROFIT (EBIT)
61'464
58'777
Financial income
6.24.4
2'831
2'318
Financial costs
6.24.4
(9'503)
(5'644)
PROFIT BEFORE TAXES
54'792
55'451
Income taxes
6.11
(8'543)
(3'930)
PROFIT FOR THE YEAR
46'249
51'521
ATTRIBUTABLE TO
Equity holders of the parent
6.27
46'249
51'521
Non-controlling interests
-
-
BASIC EARNINGS PER SHARE
6.27
2.32
2.58
DILUTED EARNINGS PER SHARE
6.27
2.31
2.58

Financial Report   l   Medacta’s Annual Report 2022
111
2.	 CONSOLIDATED STATEMENT OF COMPREHENSIVE 
INCOME FOR THE YEARS ENDED DECEMBER 31, 
2022 AND 2021
The Notes are an integral part of the Consolidated Financial Statements
(Thousand Euro)
Notes
31.12.2022
31.12.2021
PROFIT FOR THE YEAR
46'249
51'521
OTHER COMPREHENSIVE INCOME
Remeasurements of defined benefit obligations
6.20
4'915
2'663
Tax effect on remeasurements of defined benefit obligations
(852)
(462)
TOTAL ITEMS NOT TO BE RECLASSIFIED TO PROFIT OR LOSS 
IN SUBSEQUENT PERIODS
4'063
2'201
Currency translation differences
10'112
8'726
TOTAL ITEMS TO BE RECLASSIFIED TO PROFIT OR LOSS 
IN SUBSEQUENT PERIODS
10'112
8'726
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX
14'175
10'927
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
60'424
62'448
ATTRIBUTABLE TO
Equity holders of the parent
60'424
62'448
Non-controlling interests
-
-

Medacta’s Annual Report 2022   l   Financial Report
112
3.	 CONSOLIDATED STATEMENT OF FINANCIAL 
POSITION FOR THE YEARS ENDED DECEMBER 31, 
2022 AND 2021
The Notes are an integral part of the Consolidated Financial Statements
ASSETS
(Thousand Euro)
Notes
31.12.2022
31.12.2021
Property, plant and equipment
6.7
188'235
155'378
Right-of-use assets
6.8
30'264
24'371
Goodwill and intangible assets
6.9
50'188
51'975
Other non-current financial assets
6.10
481
479
Deferred tax assets
6.11
31'659
29'029
TOTAL NON-CURRENT ASSETS
300'827
261'232
Inventories
6.12
160'301
136'091
Trade receivables
6.13
77'957
59'436
Other current financial assets
6.10
802
-
Other receivables and prepaid expenses
6.14
12'340
12'103
Cash and cash equivalents
6.15
32'261
20'404
TOTAL CURRENT ASSETS
283'661
228'034
TOTAL ASSETS
584'488
489'266
LIABILITIES AND EQUITY
(Thousand Euro)
Notes
31.12.2022
31.12.2021
Share capital
6.16
1'775
1'775
Capital contribution reserve
6.16
16'018
21'227
Retained earnings and other reserves
6.16
235'718
192'363
Foreign currency translation reserve
6.16
21'144
11'032
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
274'655
226'397
Non-controlling interests
-
-
EQUITY
274'655
226'397
Non-current financial liabilities
6.17
137'592
49'552
Other non-current liabilities
6.18
4'649
8'123
Non-current provisions
6.19
3'678
1'185
Retirement benefit obligation
6.20
8'862
12'145
Deferred tax liabilities
6.11
44'619
39'837
Non-current lease liabilities
6.17
21'371
15'470
TOTAL NON-CURRENT LIABILITIES
220'771
126'312
Trade payables
6.22
28'480
25'951
Other current liabilities
6.18
15'515
11'002
Current financial liabilities
6.17
7'091
64'486
Current provisions
6.19
120
349
Accrued expenses and deferred income
6.23
31'494
29'055
Current lease liabilities
6.17
6'362
5'714
TOTAL CURRENT LIABILITIES
89'062
136'557
TOTAL LIABILITIES
309'833
262'869
TOTAL LIABILITIES AND EQUITY
584'488
489'266

Financial Report   l   Medacta’s Annual Report 2022
113
4.	 CONSOLIDATED STATEMENT OF CHANGES IN 
EQUITY FOR THE YEARS ENDED DECEMBER 31, 2022 
AND 2021
The Notes are an integral part of the Consolidated Financial Statements
(Thousand Euro)
Share 
capital
Capital 
Contribution 
Reserve
Retained 
earnings and 
other 
reserves
Treasury 
shares
Foreign 
currency 
translation 
reserve
Non-
controlling 
interests
Total equity
BALANCE JANUARY 1, 2022
1'775
21'227
193'605
(1'242)
11'032
-
226'397
Profit for the year
-
-
46'249
-
-
-
46'249
Remeasurements of defined benefit 
obligations
-
-
4'915
-
-
-
4'915
Tax effect on remeasurements of 
defined benefit obligations
-
-
(852)
-
-
-
(852)
Currency translation differences
-
-
-
-
10'112
-
10'112
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR
-
-
50'312
-
10'112
-
60'424
Dividends paid
-
(5'209)
(5'209)
-
-
-
(10'418)
Purchase of treasury shares
-
-
-
(2'917)
-
-
(2'917)
Share-based payment transactions
-
-
1'169
-
-
-
1'169
BALANCE DECEMBER 31, 2022
1'775
16'018
239'877
(4'159)
21'144
-
274'655
(Thousand Euro)
Share 
capital
Capital 
Contribution 
Reserve
Retained 
earnings and 
other 
reserves
Treasury 
shares
Foreign 
currency 
translation 
reserve
Non-
controlling 
interests
Total equity
BALANCE JANUARY 1, 2021
1'775
21'227
139'409
-
2'306
-
164'717
Profit for the year
-
-
51'521
-
-
-
51'521
Remeasurements of defined benefit 
obligations
-
-
2'663
-
-
-
2'663
Tax effect on remeasurements of 
defined benefit obligations
-
-
(462)
-
-
-
(462)
Currency translation differences
-
-
-
-
8'726
-
8'726
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR
-
-
53'722
-
8'726
-
62'448
Purchase of treasury shares
-
-
-
(1'242)
-
-
(1'242)
Share-based payment transactions
-
-
474
-
-
-
474
BALANCE DECEMBER 31, 2021
1'775
21'227
193'605
(1'242)
11'032
-
226'397
Attributable to equity holders of Medacta Group SA
Attributable to equity holders of Medacta Group SA

Medacta’s Annual Report 2022   l   Financial Report
114
5.	 CONSOLIDATED STATEMENT OF CASH FLOWS FOR 
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
The Notes are an integral part of the Consolidated Financial Statements
(Thousand Euro)
Notes
31.12.2022
31.12.2021
PROFIT FOR THE YEAR
46'249
51'521
Adjustments for:
   Income taxes
6.11
8'543
3'930
   Depreciation, amortisation and impairment of tangible, intangible 
   and right-of-use assets
6.24.2
51'510
40'436
   (Gain) / loss on disposal of tangible and intangible assets
(22)
901
   Foreign exchange result
3'183
(357)
   Interest expenses
2'664
1'698
   Change in Provisions and Retirement benefit obligations
6.12; 6.13 ; 6.19 ; 6.20
10'080
9'072
   Share-based payments expense
6.21
1'148
468
Income taxes paid
(8'343)
(25'430)
Interest paid
(2'304)
(1'698)
(Increase) / decrease in trade receivables
(17'738)
(13'941)
(Increase) / decrease in other receivables and prepaid expenses
505
(3'509)
(Increase) / decrease  in inventories
(20'781)
(16'792)
Increase / (decrease) in trade payables
1'432
8'523
Increase / (decrease) in other liabilities and accruals
(2'616)
(761)
CASH FLOW FROM OPERATING ACTIVITIES
73'510
54'061
Purchase of tangible assets
6.7
(63'158)
(46'491)
Purchase of intangible assets *
(8'103)
(8'127)
Proceeds from disposal of tangible assets
6'383
2'566
Cash consideration for acquisitions, net of cash acquired
6.9
(220)
-
Changes in financial assets
(8)
10
CASH FLOW FROM INVESTING ACTIVITIES
(65'106)
(52'042)
Proceeds from borrowings
6.17
59'161
846
Repayment of borrowings
6.17
(35'242)
(24'801)
Repayment of lease liabilities
6.17
(7'146)
(6'015)
Dividends paid
6.16
(10'418)
Purchase of treasury shares
6.16
(2'917)
(1'242)
CASH FLOW FROM FINANCING ACTIVITIES
3'438
(31'212)
NET INCREASE IN CASH AND CASH EQUIVALENTS
11'842
(29'193)
Cash and cash equivalents at the beginning of the year
6.15
20'404
48'068
Net effect of currency transaction on cash and cash equivalent
15
1'529
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
6.15
32'261
20'404
* "Purchase of intangible assets" excludes unpaid acquisitions of development costs and customer list.

Financial Report   l   Medacta’s Annual Report 2022
115
6.	 NOTES TO THE CONSOLIDATED FINANCIAL 
STATEMENTS FOR THE YEARS ENDED DECEMBER 
31, 2022 AND 2021
GENERAL INFORMATION
Medacta Group SA (referred to hereafter as the “Company” or together with its subsidiaries the “Group”) has been 
registered in the Commercial Register of the Canton Ticino since November 30, 2018 and is a limited company 
incorporated and domiciled in Canton Ticino. The registered office is Strada Regina 34, 6874 Castel San Pietro, Ticino, 
Switzerland.
The Company shares are publicly traded and listed on the SIX Swiss Exchange in Zurich.
The Group operates globally to develop, manufacture and distribute orthopedic and neurosurgical medical devices. The 
Group was founded in 1999 with a vision of redefining better through innovation for people needing joint replacement 
and spine surgery. The Group has a Financial Year ending December 31.
STATEMENT OF COMPLIANCE 
The Consolidated Financial Statements as of December 31, 2022 have been prepared in accordance with the International 
Financial Reporting Standards (hereinafter also “IFRS”) as issued by the International Accounting Standards Board 
(IASB). 
The principles and standards utilized in preparing these Consolidated Financial Statements have been consistently 
applied through all periods presented, with the exception of the new standards and interpretations that are effective for 
reporting periods beginning on and after January 1, 2023 as disclosed in Note 6.3 “New accounting and International 
Financial Reporting Standards”. 
These Consolidated Financial Statements are composed of a Consolidated Statement of Profit or Loss, a Consolidated 
Statement of Comprehensive Income, a Consolidated Statement of Financial Position, a Consolidated Statement 
of Changes in Equity, a Consolidated Statement of Cash Flows and the related Notes to the Consolidated Financial 
Statements. 
In the Consolidated Profit or Loss, the Group presents operational expenses by function. The Group presents current and 
non-current assets and current and non-current liabilities as separate classifications in its Consolidated Statement of 
Financial Position. This presentation of the Consolidated Statement of Profit or Loss and of the Consolidated Statement 
of Financial Position is believed to provide the most relevant information. 
The Consolidated Statement of Cash Flows from operating activities was prepared and presented utilizing the indirect 
method and cash flows from investing and financing activities were prepared and presented utilizing the direct method. 
The Consolidated Statement of Cash Flows includes actual inflows and outflows of cash and cash equivalents only; 
accordingly, it excludes all transactions that do not directly affect cash receipts and payments. The reason for excluding 
non-cash transactions in the Statement of Cash Flows and placing them within disclosures keeps the statement’s 
primary focus on cash flows from operating, investing, and financing activities in the original state so that users of 
financial statements can fully understand the importance of what this financial statement does. An example of non-cash 
transactions, as mentioned in IAS7, is the acquisition of assets by assuming directly related liabilities or by means of a 
lease.
BASIS OF MEASUREMENT 
These Consolidated Financial Statements have been prepared using the historical cost convention, with the exception 
of certain financial assets and liabilities for which measurement at fair value is required (see Note 6.5 “Fair value 
measurement and classification”). 
These Consolidated Financial Statements have been prepared on a going concern basis. The Directors believe that there 
are no financial or other indicators presenting material uncertainties that may cast significant doubt upon the Group’s 
ability to meet its obligations in the foreseeable future and in particular in the next 12 months (see also considerations 
reported in Note 6.1 “Significant events and transactions”, paragraph “Macroeconomic environment”).

Medacta’s Annual Report 2022   l   Financial Report
116
PRESENTATION CURRENCY
Items included in the financial statement of each entity of the Group are measured using the currency of the primary 
economic environment in which the entity operates (the “functional currency”). 
The Group’s presentation currency is Euro, while the functional currency of the Parent Company is Swiss Franc. All 
values are rounded to the nearest thousand except where otherwise indicated.
USE OF ESTIMATES AND JUDGEMENTS 
The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting 
estimates and assumptions which influence the value of assets and liabilities in the Consolidated Statement of Financial 
Position and recognition of revenue and expenses in the Consolidated Statement of Profit or Loss, and the disclosures 
included in the Notes of the Consolidated Financial Statements.
The most significant accounting principles which require a higher degree of judgement from management are described 
below:
•	
Leases – Due to the application of IFRS 16, judgement is required to determine the lease term. Management 
considers all circumstances and facts that create an economic incentive to exercise an extension or termination 
option. The assessment is reviewed if a significant event or a significant change in circumstances occurs which 
affects this assessment;
•	
Development costs – Applying IAS 38, the Group recognises an internally-generated intangible asset arising 
from development only if all the conditions specified in the standard have been demonstrated (refer to Note 6.2 
“Consolidation principles, composition of the Group and significant accounting policies” paragraph “Significant 
accounting policies”). Management uses its judgement, based on facts and circumstances of each development 
project, to assess whether the IAS 38 par. 57 conditions have been met.
Estimates are based on historical experience and other factors. The resulting accounting estimates could differ from 
the related actual results. Estimates are periodically reviewed and the effects of each change are reflected in the 
Consolidated Financial Statements in the year in which the change occurs. The key sources of estimation uncertainty 
are the following:
•	
Impairment test for intangible assets – The Group has intangible assets mainly represented by internal capitalized 
development costs, trademarks and customer lists acquired through business combination. Capitalized 
development costs are reviewed on a regular basis and the Group determines annually, in accordance with the 
accounting policy, whether any of the assets should be tested for impairment. In-process development capitalized 
costs are tested for impairment at least annually. For the impairment tests, estimates are made on the expected 
future cash flows from the use of the asset or cash-generating unit. The actual cash flows could vary significantly 
from these estimates. A sensitivity analysis was performed to review the impact of reasonably possible changes in 
key assumptions (see Note 6.9 “Goodwill and intangible assets” paragraph “Impairment test for intangible assets”).
•	
Deferred tax assets – The consolidated balance sheet includes deferred tax assets related to deductible differences 
and, in certain cases, tax losses carried forward, provided that their utilization has been determined to be probable. 
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during 
the periods. Estimates of future taxable income are subject to change due to both markets and government related 
uncertainties, as well as Medacta’s own future decisions.
•	
Valuation of inventories – Inventories are periodically evaluated and written down in the case that their net realizable 
value is lower than their carrying amount. Write-downs for obsolescence or slow moving are calculated on the 
basis of management assumptions and judgements which are derived from experience and historical results. As of 
December 31, 2022, management has not changed the key assumptions underlying the methodology of calculation.
•	
Pension plans – The Group participates in pension plans in various countries. The present value of pension liabilities 
is determined using actuarial techniques and certain assumptions. These assumptions include the discount rate, 
the expected return on plan assets, the rates of future compensation increase and rates related to mortality and 
resignations. Any change in the above-mentioned assumptions could result in significant effects on the employee 
benefit liabilities. The sensitivity analysis related to the changes in the assumptions is reported in Note 6.20 
“Retirement benefit obligations”.
•	
Legal and other contingencies – The Group is involved in various ongoing proceedings, legal actions and claims 
subject to a significant degree of estimation. Provision is recognised for lost contingencies when it is considered 
probable that an adverse outcome will occur and the amount of the loss can be reasonably estimated. Management, 
in making its estimates, takes into account the advice of internal and external legal counsel. The recognised 
provisions are reviewed regularly, and balances are updated where necessary to reflect developments in the 
disputes. See Note 6.25 “Litigations” for further details.

Financial Report   l   Medacta’s Annual Report 2022
117
6.1	 SIGNIFICANT EVENTS AND TRANSACTIONS
MACROECONOMIC ENVIRONMENT
We are monitoring the war in Ukraine and its impact on worldwide geopolitical and macroeconomic uncertainties. The 
war between Russia and Ukraine has resulted in the implementation of sanctions by the EU, Switzerland, United States 
and other governments against Russia and has caused significant volatility and disruptions to the global markets. Our 
direct exposure to both Russia and Ukraine is very limited. Both in 2022 and 2021, we did not have any sales in Russia, 
while in Ukraine we accounted for only Euro 1.1 million in 2022 (Euro 0.6 million in full-year 2021). From Q2 2022, we are 
not entering any new business either onshore or through distributors in both Russia and Ukraine. We do not have any 
of our consolidated assets that are currently in either Russia or Ukraine territory, except for Euro 0.4 million receivables 
towards Ukrainian clients that were entirely written off in 2022.
The conflict has resulted and could continue to result in volatile commodity markets, supply chain disruptions, increased 
risk of cyber incidents or other disruptions to information systems, reduced availability and increased costs for 
transportation, energy, packaging, raw materials, and other input costs. Further, if the war expands beyond Ukraine 
or further intensifies, it could have an adverse impact on our operations in Europe. As a result of these consequences 
from the Russia-Ukraine conflict, we increased our level of attention on inflationary pressures on transportation and 
commodity costs. Our Enterprise Risk Management meetings focused on both supply chain and inflationary risks, to 
identify specific actions needed to mitigate the impact on our performances. Our 2022 profitability was impacted from 
the inflationary costs, which we expect to reduce in 2023. 
Also, to further strengthen our internal measures, to maintain the confidentiality and integrity of our systems, data, and 
products against cyberattacks, we executed a dedicated cybersecurity project designed in 2021. The program included 
the appointment of a Cybersecurity Manager, penetration testing and the creation of a Security Operation Center for H24 
monitoring of cyber events on our IT infrastructure. Regular updates on the program were presented to the Audit and 
Risk Committee. Also, in 2022 periodic training and awareness sessions in the cyber environment have been planned for 
all our Group employees.
Our global operations continue to expose us to risks associated with the Covid-19 pandemic and could materially 
adversely affect our operations, supply chain, manufacturing, product distribution, customers and other business 
activities. Numerous measures have been implemented around the world to try to reduce the spread of the virus and 
these measures have impacted and will continue to impact us and our customers. In 2022 our performances have been 
still affected by the Covid-19 global pandemic, nevertheless, the Group was able to deliver strong top-line growth, and 
solid cash flow results. The vast majority of our net sales are derived from products used in elective surgical procedures. 
In 2022 we witnessed a general recovery of elective procedures as the impact of the Covid-19 pandemic eased in most 
geographies, delivering 15.0% revenue growth at constant currency (20.4% reported). Significant customer acquisition, 
salesforce expansion and successful product introduction drove the growth that was limited by pandemic restrictions 
and hospital staffing shortages in Australia and US which resulted in further deferrals of elective surgical procedures.
The rapidly evolving situation and guidance from international and domestic authorities, including federal, state and 
local public health authorities, regarding the Covid-19 pandemic, could lead to a material adverse impact on our revenue 
growth, operating profit and cash flow. However, despite the unpredictability about the future impact of Covid-19 on the 
results of the Group, the Directors believe that there are no financial or other indicators presenting material uncertainties 
that may cast significant doubt upon the Group’s ability to meet its obligations in the foreseeable future and in particular 
in the next 12 months. 
Following the Covid-19 pandemic, some governments of the countries where the Group operates decided to provide 
assistance in the form of subsidies or government grants to cover part of the cost of personnel incurred during the 
period in which the Group lost part of its profitability. We did not obtain any government grants in 2022 (Euro 99 thousand 
in full-year 2021).
The Group has also assessed the impact of Covid-19 on the expected credit loss (ECL), considering any adjustments 
needed to the provision matrix to reflect current and future economic conditions. The assessment did not lead to any 
material change to the allowance on trade receivables.
The global economy is experiencing increased inflationary pressures primarily due to global supply chain disruptions, 
labor shortages and the current macroeconomic environment which we anticipate will continue. Higher interest rates 
and capital costs, higher shipping costs, increased costs of labor and volatile foreign currency exchange rates are 
creating additional economic challenges. Our operations have been adversely impacted by the inflationary pressures 
primarily related to transportation costs as well as the impact of purchasing packaging, raw materials, and other input 
costs for our manufacturing process.

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118
Management assessed the list of internal and external indicators provided by IAS 36 and, even considering the impact of 
the current macroeconomic environment in the full-year economic performance, does not believe that as of December 
31, 2022 there are observable indicators that Medacta assets’ value may be impaired. External sources of information 
such as adverse effects on market interest rates, market capitalization and market development showed only temporary 
impact that are mostly already reflecting results pre Covid-19. The internal sources of information assessed indicate that 
mid and long-term fundamentals on the expected economic performance have not changed.
NEW EU REGULATION ON MEDICAL DEVICES (MDR)
The Regulation on Medical Devices (MDR) went into effect in May of 2017, effectively replacing decades-old legislation 
and creating new quality and transparency requirements for medical device companies in the European Union. The 
Official Journal of the European Union published the MDR and IVDR. The new rules replace Med Device Directive (93/42/
EEC), the Active Implantable Medical Device Directive (90/385/EEC) and the In-Vitro Diagnostic Medical Device Directive 
(98/79/EC). Although the MDR is technically “in effect”, since 2017 there was a transitional period until May 2021 for 
companies to fully comply with the directives. From a financial and reporting perspective the new EU MDR will bring 
several impacts including a significant increase in pre-CE clinical studies, as competitor predicate device clinical data 
can no longer be used. 
Under the new Regulation on Medical Devices, article 120 “Transitional provisions”, provides that there will be a transition 
period where all the CE registrations obtained under the Medical Device Directive (93/43/EEC) should be resubmitted 
through the new Medical Device Regulation. All the registration costs incurred by Medacta for the transition will be 
expensed in the Research and Development line item. As of December 31, 2022, the costs incurred relating these 
activities amounted to Euro 627 thousand.
6.2	 CONSOLIDATION PRINCIPLES, COMPOSITION OF THE GROUP AND SIGNIFICANT 
ACCOUNTING POLICIES 
CONSOLIDATION PRINCIPLES 
SUBSIDIARIES
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed, or 
has the rights, to variable returns from its involvement with the entity and has the ability to affect those returns through 
its power over the entity.
Changes in the ownership interest of a subsidiary that do not result in a loss of control will be accounted for as an equity 
transaction. Hence, neither goodwill nor any gain or loss will result.
In business combinations achieved in stages, the Group remeasures its previously held equity investment in the acquiree 
at its acquisition date fair value and recognises the resulting gain or loss in the Consolidated Statement of Profit or Loss 
as “Other income” or “Other expenses”. 
BUSINESS COMBINATIONS
Acquisitions of businesses are accounted for using the acquisition method. 
The consideration transferred for the acquisition of a subsidiary is measured as the fair value of the assets transferred, 
the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value 
of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed 
as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are 
measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises 
any non-controlling interest in the acquiree at either fair value or the non-controlling interest’s proportionate share of the 
acquiree’s net assets. 
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition 
date fair value of any previous equity investment in the acquiree over the fair value of the Group’s share of the identifiable 
assets acquired and liabilities and contingent liabilities assumed is recorded as goodwill. If this is less than the fair value 
of the net assets of the subsidiary acquired in the case of a bargain purchase, the Group makes a new assessment of 
the identifiable assets and liabilities and contingent liabilities assumed and any residual difference is recognised directly 
in the Consolidated Statement of Profit or Loss.

Financial Report   l   Medacta’s Annual Report 2022
119
TRANSACTIONS ELIMINATED ON CONSOLIDATION
The Consolidated Financial Statements include the consolidated financial information of the Medacta Group entities. 
All intercompany balances and transactions within the Consolidated Financials are eliminated. Unrealised gains and 
losses arising from transactions with equity accounted investees are eliminated against the investment to the extent 
of the Group’s interest in the investee. The Group accounts for the elimination of the unrealised profits resulting from 
intercompany transactions. These transactions relate to the sales from the Group entities which have not been realised 
externally.
TRANSLATION OF THE FINANCIAL STATEMENTS OF FOREIGN COMPANIES
The Group records transactions denominated in foreign currency in accordance with IAS 21—The Effect of Changes in 
Foreign Exchange Rates. 
The results and Financial Position of all the Group entities (none of which have the currency of a hyperinflationary 
economy) that have a functional currency different from the presentation currency are translated into the presentation 
currency as follows: 
•	
assets and liabilities for each Statement of Financial Position are translated at the closing rate; 
•	
income and expenses for each Statement of Profit or Loss are translated at average exchange rates (unless this 
average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, 
in which case income and expenses are translated at the rate on the dates of the transactions); 
•	
all resulting exchange differences are recorded in Other Comprehensive Income in equity. 
Goodwill and fair value adjustments arising from the acquisition of a foreign entity are treated as assets and liabilities of 
the foreign entity and translated at the closing rate. 
The exchange rates used in translating the results of foreign operations are reported in Note 6.31 “Exchange rates used 
to translate financial statements prepared in currencies other than Euro”. 
COMPOSITION OF THE GROUP 
Entities included in the scope of consolidation are listed below: 
 
Company
% of shares 
held 
December 
2022
% of shares 
held 
December 
2021
Registered office
Registered Capital
Consolidation 
Method
Medacta Group SA
N/A
N/A
Castel San Pietro (CH)
       2'000'000 CHF 
Parent company
Knnex Health Inc. *
100%
-
Wilmington - Delaware (US)
                       1 USD 
Full Consolidation
Medacta Holding SA
100%
100%
Castel San Pietro (CH)
       1'026'010 CHF 
Full Consolidation
Medacta International SA
100%
100%
Castel San Pietro (CH)
       1'000'000 CHF 
Full Consolidation
Medacta Americas Operations Inc.**
100%
-
Wilmington - Delaware (US)
                       1 USD 
Full Consolidation
Medacta Australia PTY Ltd
100%
100%
Lane Cove (AU)
                       4 AUD 
Full Consolidation
Medacta Austria GmbH
100%
100%
Eugendorf (AT)
             35'000 EUR 
Full Consolidation
Medacta Belgium S.r.l.
100%
100%
Nivelles (BE)
        2'018'550 EUR 
Full Consolidation
Medacta Canada Inc.
100%
100%
Kitchener (CA)
                  100 CAD 
Full Consolidation
Medacta España S.L.
100%
100%
Burjassot (ES)
               3'000 EUR 
Full Consolidation
Medacta Europe Operations S.r.l. ***
100%
-
Milan (IT)
           100'000 EUR 
Full Consolidation
Medacta France SAS
100%
100%
Villeneuve la Garenne (FR)
             37'000 EUR 
Full Consolidation
Medacta Germany GmbH
100%
100%
Göppingen (DE)
             25'000 EUR 
Full Consolidation
Medacta Italia S.r.l.
100%
100%
Milan (IT)
        2'600'000 EUR 
Full Consolidation
Medacta Japan Co. Ltd
100%
100%
Tokyo (JP)
      25'000'000 JPY 
Full Consolidation
Medacta UK Ltd
100%
100%
Hinckley (UK)
             29'994 GBP 
Full Consolidation
Medacta USA Inc. 
100%
100%
Franklin - Tennessee (US)
     50'050'000 USD 
Full Consolidation
** This is a new legal entity formed as of February 2022 in Wilmington - Delaware.
*** This is a new legal entity formed as of November 2022 in Milan - Italy.
* This is a new legal entity formed as of November 2022 in Wilmington - Delaware.

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120
The percentages of shares held, reported in the above table, represent both the shares of the capital and the votes 
held. The ultimate parent company is Medacta Group SA. The Group has neither associated companies nor joint 
arrangements. The registered offices for each entity represent the subsidiary’s main place of administration.
SIGNIFICANT ACCOUNTING POLICIES 
CASH AND CASH EQUIVALENT
Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months 
or less, net of outstanding bank overdrafts. Cash and cash equivalent is considered to have low credit risk since it is 
deposited in bank institutions with over BB+ rating. The carrying amount of these assets is approximately equal to their 
fair value. 
INVENTORIES 
Inventories of raw material are stated at the lower of the acquisition cost, determined via “first in, first out” (FIFO) 
methodology, and net realizable value. 
Inventories of finished goods and work in progress are valued at the lower of production cost and net realizable value. 
Production cost comprises the acquisition price of raw materials and consumables, directly attributable costs and a 
proportion of indirectly attributable costs incurred in bringing the inventories to their present location and condition. 
The net realizable value represents the estimated sales price in the ordinary course of business less the estimated costs 
of completion and the estimated costs necessary to make the sale. Provisions for write-downs for raw materials, work 
in progress and finished goods which are considered obsolete or slow moving are determined by taking into account 
their expected future utilization and their net realizable value. The Group also considers other reasons that the cost of 
inventories may not be recoverable such as damage, obsolescence, declines in selling price or allocation to marketing 
purpose. The cost of inventories may not be recoverable if the estimated costs of completion or the estimated costs 
incurred to make the sale would be greater than the net realisable value. 
In addition, when the Group performs its assessment of the net realizable value at the end of each reporting period, it 
considers whether the circumstances that previously caused inventories to be written-down no longer exist or whether 
there is clear evidence of an increase in net realizable value because of changed economic circumstances and, if 
necessary, reverses the amount of the write-down so that the new carrying amount is the lower of the cost and the 
revised net realizable value. 
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are measured at historical cost. Historical cost includes expenditures that are directly 
attributable to the acquisition of the items. After initial recognition, property, plant and equipment are carried at cost 
less accumulated depreciation, calculated from the date the asset is available for use and any accumulated impairment 
loss. The depreciable amount of the items of property, plant and equipment, measured as the difference between their 
historical cost and their residual value, is allocated on a straight-line basis over their estimated useful lives as follows: 
•	
Buildings	
	
	
	
	
	
40 years
•	
Plants	
	
	
	
	
	
10 years
•	
Machinery	
	
	
	
	
	
15 years
•	
Instruments	
	
	
	
	
	
6 years
•	
Other fixtures and fitting, tool and equipment	
	
5-8 years		
	
Depreciation is not accounted for land or assets under construction.
Depreciation is recorded in the Consolidated Statement of Profit or Loss by function in “Cost of Sales”, “Research and 
Development expenses”, “Sales and Marketing expenses” and “General and Administrative expenses”. Instruments 
depreciation is recorded in “Cost of Sales”.
Depreciation ceases when property, plant and equipment is classified as held for sale, in compliance with IFRS 5—Non-
Current Assets Held for Sale and Discontinued Operations. 
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only 
when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item

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can be measured reliably. The carrying amount of the replaced part is derecognised. Repair and maintenance costs are 
charged to the Consolidated Statement of Profit or Loss during the financial period in which they are incurred. 
The net carrying amount of the items of property, plant and equipment is assessed, in the case of impairment indicators, 
at each reporting date. The Group would record a write-down of the net carrying amount if it is higher than the recoverable 
amount. 
Assets’ useful lives are assessed at each reporting date. 
Upon disposal or when no future economic benefits are expected from the use of an item of property, plant and equipment, 
its carrying amount is derecognised. The gain or loss arising from derecognition is included in the Consolidated 
Statement of Profit or Loss. 
NON-CURRENT ASSETS HELD FOR SALE
Non-current assets (and disposal groups) classified as held for sale are measured at the lower of carrying amount and 
fair value less costs to sell.
Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through 
a sale transaction rather than through continuing use. This condition is met only when the sale is highly probable and the 
asset (or disposal group) is available for immediate sale in its present condition.
Management must be committed to the sale which should be expected to qualify for recognition as a completed sale 
within one year from the date of classification.
LEASES
The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-
of-use asset and a corresponding lease liability with respect to all lease arrangements in which the lessee is, except for 
short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as 
tablets and personal computers, small items of office furniture and telephones). For these leases, the Group recognises 
the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic 
basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement 
date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its 
incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
•	
fixed lease payments (including in-substance fixed payments), less any lease incentives receivable;
•	
variable lease payments that depend on an index or rate, initially measured using the index or rate at the 
commencement date;
•	
the amount expected to be payable by the lessee under residual value guarantees;
•	
the exercise price of purchase options, if the lessee is reasonably certain to exercise the options;
•	
payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the 
lease.
The lease liability is presented as a separate line in the Consolidated Statement of Financial Position.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability 
(using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) 
whenever:
•	
the lease term has changed or there is a significant event or change in circumstances resulting in a change in the 
assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the 
revised lease payments using a revised discount rate;

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•	
the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed 
residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an 
unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which 
case a revised discount rate is used);
•	
a lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case 
the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease 
payments using a revised discount rate at the effective date of the modification.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at 
or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently 
measured at cost less accumulated depreciation and impairment losses. Whenever the Group incurs an obligation for 
costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to 
the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. 
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a 
lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to 
exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The 
depreciation starts at the commencement date of the lease. 
The right-of-use assets are presented as a separate line in the Consolidated Statement of Financial Position. 
The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified 
impairment loss as described in the “Property, plant and equipment” policy.
INTANGIBLE ASSETS (INCLUDING GOODWILL)
Intangible assets are non-monetary assets which are separately identifiable, have no physical nature, are under the 
company’s control and are able to generate future economic benefits. Such assets are recognised at acquisition cost 
and/or development cost, including all costs directly attributable to make the assets available for use, net of accumulated 
amortisation and any impairment. Amortisation of intangible assets (excluding goodwill) commences when the asset is 
available for use and is calculated on a straight-line basis over the asset’s estimated useful life.
Goodwill 
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling 
interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the 
net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, 
the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum 
of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the 
acquirer’s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a 
bargain purchase gain.
Goodwill is not amortised but is tested for impairment at least annually to identify any impairment losses. This test 
is carried out with reference to the cash-generating unit (CGU) or group of CGUs to which goodwill is allocated and 
monitored. Reductions in the value of goodwill are recognised if the recoverable amount of goodwill is less than its 
carrying amount. Recoverable amount is defined as the higher of the fair value of the CGU or group of CGUs, less costs 
to sell and the related value in use. An impairment loss recognised against goodwill cannot be reversed in a subsequent 
period. If an impairment loss identified by the impairment test is higher than the value of goodwill allocated to that 
CGU or group of CGUs, the residual difference is allocated to the other assets included in the CGU or group of CGUs in 
proportion to their carrying amount.
Research and Development
Expenditure on research activities is recognised as an expense in the period in which it is incurred. 
An internally-generated intangible asset arising from development (or from the development phase of an internal project) 
is recognised if, and only if, all of the following conditions have been demonstrated:
•	
the technical feasibility of completing the intangible asset so that it will be available for use or sale;
•	
the intention to complete the intangible asset and use or sell it;

Financial Report   l   Medacta’s Annual Report 2022
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•	
the ability to use or sell the intangible asset;
•	
how the intangible asset will generate probable future economic benefits;
•	
the availability of adequate technical, financial and other resources to complete the development and to use or sell 
the intangible asset;
•	
the ability to measure reliably the expenditure attributable to the intangible asset during its development.
Expenditures which fulfil these criteria are limited to the development of new prosthesis and/or surgical instruments 
as well as costs related to the development of existing products in the pipeline which require significant improvements. 
Expenditures which do not fulfil these criteria, and costs incurred after that the development phase is completed (typically 
when the product obtains certification) are expensed as incurred (i.e. post-market surveillance, maintenance and other 
minor improvements activities). In addition to the internal costs (direct personnel and other operating costs, depreciation 
on research and development equipment and allocated occupancy costs), total costs also include externally contracted 
development work. Such capitalized intangibles are recognised at cost less accumulated amortisation and impairment 
losses. 
After initial recognition, if the development of the project is abandoned, fails, or the requirements for recognition under 
IAS 38 and Group’s accounting policies cease to be met, the project is disposed, and the related loss is recognised in the 
Consolidated Statement of Profit or Loss, in the line “Research and Development expenses”.
The estimated useful lifetime of development projects is 5 years applying the straight-line method. 
Amortisation of Development is recorded in the Consolidated Statement of Profit or Loss in the line “Research and 
Development expenses”.
Trademarks, concessions, patents and other intangible assets 
Assets, including distribution networks and franchise agreements acquired in a business combination, are recognised 
at fair value at the acquisition date. Trademarks and licenses have a definite useful life and are carried at cost less 
accumulated amortisation and accumulated impairment losses. Amortisation is calculated using the straight-line 
method to allocate the cost of trademarks and licenses over their estimated useful lives. 
Contractual customer relationships acquired in a business combination are recognised at fair value at the acquisition 
date. The contractual customer relations have a definite useful life and are carried at cost less accumulated amortisation 
and accumulated impairment losses. Amortisation is recognised over the expected life of the customer relationship and 
it is recorded in the Consolidated Statement of Profit or Loss in line “Sales and Marketing expenses”.
All intangible assets are subject to impairment tests, as required by IAS 36—Impairment of Assets, if there are indicators 
that the assets may be impaired, with the exception of in-process development projects that are tested for impairment 
at least once a year. 
Trademarks are amortised on a straight-line basis over periods of 5 years. Distributor network and contractual customer 
relationships (customer lists) are amortised on a straight-line basis over periods of 15 years. Other intangible assets are 
amortised on a straight-line basis over periods of 5 years.
IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT, RIGHT-OF-USE ASSETS AND INTANGIBLE ASSETS
Goodwill and intangible assets with indefinite life are not subject to amortisation but are tested at least annually for 
impairment. All other assets within the scope of IAS 36 are tested for impairment whenever there are indicators that 
those assets may be impaired. If such indicators exist, the assets’ net carrying amount is compared to their estimated 
recoverable amount. An impairment loss is recognised if the carrying amount is higher than the recoverable amount. 
For the purposes of assessing impairment, property, plant and equipment, right-of-use assets and intangible assets 
are grouped at the lowest levels for which there are separately identifiable cash flows (Cash-Generating Unit or “CGU”). 
Intangible assets with a definite useful life are reviewed at each reporting date to assess whether there is an indication 
that an impairment loss recognised in prior periods may no longer exist or has decreased. If such an indication exists, 
the loss is reversed and the carrying amount of the asset is increased to its recoverable amount, which may not exceed 
the carrying amount that would have been determined if no impairment loss had been recorded. 
The reversal of an impairment loss is recorded in the Consolidated Statement of Profit or Loss. The impairment loss 
incurred on goodwill cannot be reversed.

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Property, plant and equipment, right-of-use assets and definite-life intangible assets are analysed at each reporting date 
for any evidence of impairment. If such evidence is identified, the recoverable amount of these assets is estimated, and 
any impairment loss related to carrying amount is recognised in Profit or Loss. The recoverable amount is the higher 
of the fair value of an asset, less selling costs and its value in use, where the latter is the present value of the estimated 
future cash flows of the asset. The recoverable amount of an asset which does not generate largely independent cash 
flows is determined in relation to the cash-generating unit to which the asset belongs. In calculating an asset’s value 
in use, the expected future cash flows are discounted using a discount rate reflecting current market assessments of 
the time value of money, in relation to the period of the investment and the specific risks associated with the asset. An 
impairment loss is recognised in the Profit or Loss when the asset’s carrying amount exceeds its recoverable amount. If 
the reasons for impairment cease to exist, the asset’s carrying amount is restored with the resulting increase recognised 
through Profit or Loss; however, the carrying amount may not exceed the net carrying amount that this asset would have 
had if no impairment had been recognised and the asset had been depreciated/amortised instead.
Goodwill and intangible assets with indefinite life are tested annually for impairment or whenever there are impairment 
indicators. Impairment is determined by assessing the recoverable amount of the cash-generating units to which the 
goodwill and intangible assets with indefinite life relate. Where the recoverable amount of the cash-generating units is 
less than their carrying amount an impairment loss is recognised. Impairment losses relating to goodwill cannot be 
reversed in future periods. 
Intangible assets for development costs are tested whenever there is an indicator of impairment. Medacta Group on a 
quarterly basis performs an assessment on the existence of impairment indicators. If an impairment loss is identified, 
it is recognised in the Consolidated Statement of Profit or Loss. The Group performs its annual impairment test of in-
process development projects at September 30. Medacta usually applies the value in use method for its impairment 
assessment. The estimates used are highly sensitive and depend on assumptions specific to the nature of the Group’s 
activities with regard to: amount and timing of expected cash flows, long-term sales forecasts, sales erosion from 
competitors, outcome of research and development activities, amount and timing of projected costs to develop in-
process research and development in commercially viable products, tax rates, discount rates.
FINANCIAL INSTRUMENTS 
Financial assets (classification)
Financial assets are initially measured at fair value. IFRS 9 contains three principal classification categories for financial 
assets: measured at amortised cost, FVTOCI and FVTPL. The classification of financial assets under IFRS 9 is based on 
the business model within which a financial asset is managed and its contractual cash flow characteristics. The Group 
is subject to two principal classifications:
•	
amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent 
solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that 
is subsequently measured at amortised cost and is not part of a hedging relationship is recognised in Profit or 
Loss when the asset is derecognised or impaired. Interest income from these financial assets is included in finance 
income using the effective interest rate method;
•	
fair value through Profit or Loss (FVTPL): Assets that do not meet the criteria for amortised cost or FVTOCI are 
measured at fair value through Profit or Loss.
Trade and other receivables 
Trade and other receivables are stated at amortised cost, less expected credit losses. 
The Group writes off the receivables when there is information indicating that the debtor is in severe financial difficulty 
and there is no realistic prospect of recovery. 
Trade receivables do not contain any significant financing element as of December 31, 2022 and 2021.
Impairments of financial assets
The Group recognises a loss allowance for expected credit losses on financial assets measured at amortised cost or at 
FVTOCI. The expected credit loss model requires the Group to account for expected credit losses at each reporting date 
to reflect changes in credit risk since initial recognition of the financial assets.

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With respect to IFRS 9, the Group recognises a loss allowance for expected credit losses on:
•	
Other non-current financial assets;
•	
Other receivables and prepaid expenses;
•	
Trade receivables.
For trade receivables, the Group has applied the simplified approach in IFRS 9 to measure the loss allowance at lifetime 
expected credit loss. The Group determines the expected credit losses in these items by using a provision matrix on 
historical credit loss experience based on the past due status of the debtors, adjusted as appropriate to reflect current 
condition and estimates of future economic condition. In addition, the Group considers a trade receivable “credit 
impaired”, and consequently subject to a specific loss allowance, when there is evidence that the recoverability of the 
asset is deteriorating, i.e. when specific events has occurred, such as: the customer is experiencing significant financial 
difficulties; or it is becoming probable that the customer will enter bankruptcy or other financial reorganization.
For all other assets, the Group recognises lifetime expected credit losses when there is a significant increase in credit risk 
since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly 
since initial recognition, the Group measures the allowance for these financial instruments an amount equal to 12 
months expected credit loss.
In assessing whether the financial credit risk of the instrument has increased significantly since initial recognition, the 
Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of 
a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the 
Group considers both quantitative and qualitative information that is reasonable and supportable, including historical 
and forward-looking information. In particular, the following information is taken into account when assessing whether 
credit risk has increased significantly since initial recognition:
•	
an actual or expected significant deterioration in the financial instrument’s external (if available) or internal credit 
rating;
•	
significant deterioration in external market indicators of credit risk for a particular financial instrument;
•	
existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a 
significant decrease in the debtor’s ability to meet its debt obligations;
•	
an actual or expected significant deterioration in the operating results of the debtor;
•	
significant increases in credit risk on other financial instruments of the same debtor;
•	
an actual or expected significant adverse change in the regulatory, economic, or technological environment of the 
debtor that results in a significant decrease in the debtor’s ability to meet its debt obligations.
The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude 
of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given 
default is based on historical data adjusted by forward-looking information.
For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are 
due to the Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at 
the original effective interest rate.
Derecognition of financial assets
The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or 
when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. 
If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group 
continues to recognise the financial asset.
On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount 
and the sum of the consideration received and receivable is recognised in Profit or Loss.

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Derivative financial instruments
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently 
re-measured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value 
depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged 
and the type of hedge relationship designated.
The Group entered into several forward contracts during the years 2022 and 2021, selling USD and buying CHF. None of 
these contracts were designated in hedge relationships. These instruments have a duration between 1 and 12 months.
Financial derivatives with a positive fair value are recorded in other current financial assets and those with a negative fair 
value in current financial liabilities. Fair value changes of financial derivatives are booked as financial income/(costs) into 
the Consolidated Statement of Profit or Loss (refer to Note 6.24 “Information on the Consolidated Statement of Profit 
or Loss”).
Trade payables and other current liabilities
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business 
from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less from the 
reporting date. If not, they are presented as non-current liabilities. 
Trade payables are initially recognised at fair value. Subsequent measurement is made using the amortised cost using 
the effective interest rate method.
Borrowings and other financial liabilities
Borrowings from banks or financial institutions and other financial liabilities are initially recorded at fair value. Subsequent 
measurement is made using the amortised cost using the effective interest rate method.
Borrowings and other financial liabilities are classified among current liabilities, unless the Group has an unconditional 
right to defer their payment for at least 12 months after the reporting date. 
Borrowings and other liabilities are removed from the Statement of Financial Position when they are extinguished, i.e. 
when the obligation specified in the contract is discharged, cancelled or expires.
DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES / TAXES (P&L)
Income taxes include all taxes based on the taxable profits of the Group. Current and deferred taxes are recognised as a 
benefit or expenses and are included in the Consolidated Statement of Profit or Loss for the year, except tax arising from:
•	
a transaction or event which is recognised, in the same or a different period, either in Other Comprehensive Income/
(Loss) or directly in equity;
•	
a business combination.
Income taxes include all domestic and foreign taxes which are based on taxable profits. Income taxes also include taxes, 
such as withholding taxes, which are payable by a subsidiary, associate or joint venture on distributions to the reporting 
entity.
Income tax expenses comprise current and deferred income tax. 
Current income tax
Current income tax assets and liabilities for the current period are measured at the amount expected to be received from 
or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted, 
or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income.
Tax expenses are recognised in the Consolidated Statement of Profit or Loss, except to the extent that they relate to 
items recognised in Other Comprehensive Income (OCI) or directly in equity. 
In this case, taxes are also recognised in OCI or directly in equity, respectively. 
Management periodically takes positions in tax returns with respect to situations in which applicable tax regulation

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is subject to interpretation and establishes provisions where appropriate, based on the amounts expected to be paid 
to the tax authorities. Interest and penalties associated with these positions are included in “Income taxes” within the 
Consolidated Statement of Profit or Loss.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and 
liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred taxes are determined using tax rates (and laws) that have been enacted or substantially enacted as of the 
reporting date and are expected to apply when the related deferred tax asset is realised, or the deferred tax liability is 
settled. 
Deferred tax liabilities are recognised for all taxable temporary differences, except:
•	
when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction 
that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor 
taxable Profit or Loss;
•	
in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in 
joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable 
that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent that it is probable that sufficient taxable profit will be available to allow 
the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets is dependent 
on the Group’s ability to generate sufficient future taxable income in the period in which it is assumed that the deductible 
temporary differences reverse and tax losses carried forward can be utilized. In making this assessment the Group 
considers future taxable income arising on the most recent budgets and plans, prepared by using the same criteria 
described for testing the impairment of assets and goodwill. Moreover, the Group estimates the impact of the reversal of 
taxable temporary differences on earnings and it also considers the period over which these assets could be recovered.
The above-mentioned estimates and assumptions are subject to uncertainty especially as it relates to future performance 
or tax rates applicable. Therefore, changes in current estimates due to unanticipated events could have a significant 
impact on the Consolidated Financial Statements. 
RETIREMENT BENEFIT OBLIGATIONS
Pension obligations 
Most employees are covered by post-employment plans sponsored by corresponding Group companies in the Medacta 
Group. Such plans are mainly defined contribution plans (future benefits are determined by reference to the amount of 
contributions paid) and are generally administered by autonomous pension funds or independent insurance companies. 
These pension plans are financed through employer and employee contributions. The Group’s contributions to defined 
contribution plans are charged to the Profit or Loss in the year to which they relate. 
The Group also has defined benefit pension plans. Accounting and reporting of these plans are based on annual actuarial 
valuations. Defined benefit obligations and service costs are assessed using the projected unit credit method: the cost 
of providing pensions is charged to the Profit or Loss to spread the regular cost over the service lives of employees 
participating in these plans. The pension obligation is measured as the present value of the estimated future outflows 
using interest rates of government securities which have terms to maturity approximating the terms of the related 
liability. Service costs from defined benefit plans are charged to the appropriate Profit or Loss heading within the 
operating results.
A single net interest component is calculated by applying the discount rate to the net defined benefit asset or liability. The 
net interest component is recognised in the Profit or Loss in the financial result.
Remeasurements of defined benefit obligations, resulting from changes in actuarial assumptions and differences 
between assumptions and actual experiences, are recognised in the period in which they occur in “Other Comprehensive 
Income” in equity.

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Short-term employee benefits
Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the 
benefits expected to be paid in exchange for the related service. 
Other non-current benefits
Other non-current benefits mainly comprise length of service compensation benefits in certain Group companies. 
Contributions made by employees or third parties reduce service cost upon payment of these contributions to the plan. 
When the formal terms of the plans specify that there will be contributions from employees or third parties, the accounting 
depends on whether the contributions are linked to service, as follows: 
•	
if the contributions are not linked to services (e.g. contributions are required to reduce a deficit arising from losses on 
plan assets or from actuarial losses), they are recorded in Other Comprehensive Income (OCI) as remeasurements 
of employee benefits;
•	
if contributions are linked to services, they reduce service costs. 
SHARE-BASED COMPENSATION 
In 2021 the Board of Directors approved the implementation of the LTIP proposed by the Remuneration Committee, 
under the Performance Share Plan (“The Plan”). The purpose of the plan is to provide the eligible Medacta employees 
with an opportunity to become shareholders of the company, and hence align their interests to those of Medacta’s 
other shareholders, to participate in the future long-term success and prosperity of the Group, and to enhance and 
reward loyalty of the employees, especially in this extraordinary period. Ultimately, the number of PSUs which vest shall 
be determined by the Board or a body designated by the Board in a final, conclusive and binding manner. The Final 
Vesting Multiple equals either Group Vesting Multiple or Country Vesting Multiple, whereas the latter applies if all of the 
following three conditions are met: Group Vesting Multiple is below 0.30, and; the respective Participant is eligible for 
country performance consideration, and; the country performance threshold has been met for the entire duration of the 
plan. If any one of the above conditions is not met, the Final Vesting Multiple equals the Group Vesting Multiple. The 
Group Vesting Multiple consists of two components that are weighted equally: (i) a component with a market condition 
that is based on the total shareholders’ return (TSR) measured over three years relative to the SPI Extra Index and (ii) a 
component with a performance condition that is based on the Company’s Absolute EBIT Vesting Multiple performance.
Participants to the Plan receive part of their remuneration in the form of share-based payment transactions, whereby 
these individuals render services as consideration for equity instruments (equity-settled transactions). The fair value 
determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the 
vesting period, based on the Group’s estimate of the number of equity instruments that will eventually vest. At each 
reporting date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the 
effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised 
in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to 
reserves. The fair value of performance stock units (PSUs) granted under TSR performance component is estimated 
using the Monte Carlo simulation methodology. The Monte Carlo simulation input assumptions are determined 
based on available internal and external data sources. The expected volatility of the share price returns is based on 
the historic volatility of daily share price returns of the Company, derived from Revolut and measured over a historical 
period matching the performance period of the awards. Further details are provided in Note 6.21 “Share-based payment 
transactions”. No expense is recognised for awards that do not ultimately vest. An additional expense is recognised for 
any modification that increases the total fair value of the share-based payment arrangement or is otherwise beneficial 
to the employee as measured at the date of modification. Where an equity-settled award is cancelled, it is treated as if 
it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. 
However, if a new award is substituted for the cancelled award and designated as a replacement award on the date of 
grant, the cancelled and new awards are treated as if they were a modification of the original award, as described in the 
previous paragraph. The dilutive effect of outstanding performance share units (PSUs) is reflected as additional share 
dilution in the computation of earnings per share (Note 6.27 “Earnings per share”).
TREASURY SHARES 
Equity instruments which are re-acquired by Medacta Group SA (treasury shares) are deducted from equity and disclosed 
separately. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group’s own 
equity instruments.

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PROVISIONS
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, 
where it is probable that an outflow of resources will be required to settle the obligation, and where a reliable estimate 
can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are 
determined by discounting the expected future cash flows. The expense relating to any provision is presented in the 
income statement, net of any reimbursement and where discounting is used, the increase in the provision is recognised 
as a finance expense.
REVENUE RECOGNITION
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue 
can be reliably measured, regardless of when the payment is received. Revenue is measured at the fair value of the 
consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or 
duty. Revenue is recognised primarily when control of the promised goods is transferred to the customer, which typically 
occurs at the point in time upon delivery, shipment or utilization. There is no significant revenue associated with the 
provision of services. 
The Group sells products mainly through the following channels:
•	
healthcare institutions (hospitals, clinics). Inventory is generally consigned to sales agents or customers before 
surgery is planned, so that the products are available when needed. Revenue is recognised at the point in time when 
notification is received that the product has been implanted or used, i.e. when surgery occurs; 
•	
external distributors. Medacta sells products to distributors in countries where Medacta has no presence of its own. 
Revenue is generally recognised when control of products is transferred to the customer, which typically occurs 
upon shipment of the product. 
Sales commissions to employees or agents are contract costs and are recorded in the Consolidated Statement of Profit 
or Loss, at the point in time when related revenues are recognised. The Group does not incur other significant costs to 
obtain contracts. There are no significant contract assets, liabilities or future performance obligations.
The transaction price may comprise both fixed and variable components. Products are in most transactions sold at pre-
defined fixed prices. However, transaction price may also include in some instances variable considerations contingent to 
future events in the form discounts, rebates or paybacks. Revenue is recognised, as soon as the performance obligation 
is satisfied, at the transaction price identified. Medacta applies the “most likely amount” method or the “expected value 
method” in order to estimate the variable consideration, whichever is more predictive based on the terms of the contracts. 
The amount of variable consideration is included in the transaction price only to the extent that it is highly probable that a 
significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with 
the variable consideration is subsequently resolved.
GOVERNMENT GRANTS
Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions 
attaching to them and that the grants will be received. 
Government grants are recognised in profit or loss on a systematic basis over the periods in which the Group recognises 
as expenses the related costs for which the grants are intended to compensate.
Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of 
giving immediate financial support to the Group with no future related costs are recognised in profit or loss in the period 
in which they become receivable.
Following the Covid-19 pandemic, some governments of the countries where the Group operates decided to provide 
assistance to the Group’s entities in the form of subsidies or government grants, mainly related to short-term working 
subsidies. The total amount of government grants was recognised in the Consolidated Profit or Loss, applying the 
accounting policy of the Group, as a deduction of the underlying costs for which the subsidies were granted.

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6.3	 NEW ACCOUNTING AND INTERNATIONAL FINANCIAL REPORTING STANDARDS 
NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS THAT ARE EFFECTIVE FOR REPORTING PERIODS BEGINNING ON 
JANUARY 1, 2022 
AMENDMENTS TO IFRS 3 REFERENCE TO THE CONCEPTUAL FRAMEWORK
The Group has adopted the amendments to IFRS 3 Business Combinations for the first time in the current year. The 
amendments update IFRS 3 so that it refers to the 2018 Conceptual Framework instead of the 1989 Framework. They 
also add to IFRS 3 a requirement that, for obligations within the scope of IAS 37 Provisions, Contingent Liabilities and 
Contingent Assets, an acquirer applies IAS 37 to determine whether at the acquisition date a present obligation exists 
as a result of past events.
The adoption did not have any material impact on the disclosures or on the amounts reported in these financial 
statements.
AMENDMENTS TO IAS 16 PROPERTY, PLANT AND EQUIPMENT - PROCEEDS BEFORE INTENDED USE
The Group has adopted the amendments to IAS 16 Property, Plant and Equipment for the first time in the current year. 
The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling 
items produced before that asset is available for use, i.e. proceeds while bringing the asset to the location and condition 
necessary for it to be capable of operating in the manner intended by management. Consequently, an entity recognises 
such sales proceeds and related costs in profit or loss. The entity measures the cost of those items in accordance with 
IAS 2 Inventories.
The amendments also clarify the meaning of “testing whether an asset is functioning properly”. IAS 16 now specifies this 
as assessing whether the technical and physical performance of the asset is such that it is capable of being used in the 
production or supply of goods or services, for rental to others, or for administrative purposes. If not presented separately 
in the statement of comprehensive income, the financial statements shall disclose the amounts of proceeds and cost 
included in profit or loss that relate to items produced that are not an output of the entity’s ordinary activities, and which 
line item(s) in the statement of comprehensive income include(s) such proceeds and cost. 
The amendment did not have any material impact on the Consolidated Financial Statements of the Group.
AMENDMENTS TO IAS 37 ONEROUS CONTRACTS - COST OF FULFILLING A CONTRACT 
The Group has adopted the amendments to IAS 37 for the first time in the current year. The amendments specify that the 
cost of fulfilling a contract comprises the costs that relate directly to the contract. Costs that relate directly to a contract 
consist of both the incremental costs of fulfilling that contract (examples would be direct labor or materials) and an 
allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation 
charge for an item of property, plant and equipment used in fulfilling the contract). 
The amendment did not have any material impact on the Consolidated Financial Statements of the Group.
ANNUAL IMPROVEMENTS TO IFRS ACCOUNTING STANDARDS 2018-2020 CYCLE
The Group has adopted the amendments included in the Annual Improvements to IFRS Accounting Standards 2018-
2020 Cycle for the first time in the current year. The Annual Improvements include amendments to three standards 
applicable for the Group.
IFRS 1 FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
The amendment provides additional relief to a subsidiary which becomes a first-time adopter later than its parent in 
respect of accounting for cumulative translation differences. As a result of the amendment, a subsidiary that uses the 
exemption in IFRS 1:D16(a) can now also elect to measure cumulative translation differences for all foreign operations 
at the carrying amount that would be included in the parent’s Consolidated Financial Statements, based on the parent’s 
date of transition to IFRS Accounting Standards, if no adjustments were made for consolidation procedures and for 
the effects of the business combination in which the parent acquired the subsidiary. A similar election is available to an 
associate or joint venture that uses the exemption in IFRS 1:D16(a).
IFRS 9 FINANCIAL INSTRUMENTS
The amendment clarifies that in applying the “10 per cent” test to assess whether to derecognise a financial liability, an 
entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received 
by either the entity or the lender on the other’s behalf.

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131
IFRS 16 LEASES
The amendment removes the illustration of the reimbursement of leasehold improvements.
NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS THAT ARE EFFECTIVE FOR REPORTING PERIODS BEGINNING ON AND 
AFTER JANUARY 1, 2023 AND NOT YET ADOPTED BY THE GROUP
At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS 
Standards that have been issued but are not yet effective:
•	
IFRS 10 and IAS 28 (amendments) “Sale or Contribution of Assets between an Investor and its Associate or Joint 
Venture”. Effective date of the amendments has yet to be set by the IASB. 
•	
amendments to IAS 1, “Classification of liabilities as current or non-current (effective for annual reporting periods 
beginning on or after January 1, 2023);
•	
amendments to IAS 1 and IFRS Practice Statement 2 on disclosure of accounting policies (effective for annual 
periods beginning on or after January 1, 2023);
•	
amendments to IAS 8 on accounting estimates (effective for annual periods beginning on or after January 1, 2023);
•	
amendments to IAS 12, “Deferred Tax related to Assets and Liabilities arising from a Single Transaction” (effective 
for annual periods beginning on or after January 1, 2023);
The Group has not early adopted any of the listed amendments that have been issued but not yet effective. The future 
adoption of the above amendments is not expected to have any material impact on the disclosures or on the amounts 
reported in the financial statements.    
6.4	 FINANCIAL RISKS MANAGEMENT
The Board of Directors is responsible for the Group’s internal control system, which provides the ultimate oversight for 
Medacta’s strategy, operation and finances. 
The internal control system of Medacta is structured to ensure the correct disclosure and adequate coverage of control 
over all Group activities, with particular attention on areas considered potentially at risk. Each Board Member is entitled 
to request information concerning all affairs of the Company and the Group reasonably necessary to fulfil his fiduciary 
duties. 
The risk management strategy of the Group aims to stabilize the results of the Group by minimizing the potential effects 
due to volatility in financial markets. 
The Group uses derivative financial instruments to mitigate exchange rate risks.
According to the Organizational Regulations, the CFO, in cooperation with the CEO, ensures good financial governance, 
overseeing all financial planning, budgeting (short- and midterm), reporting and risk management activities. Furthermore, 
the CFO leads the implementation of systems and procedures to seek to ensure compliance with regulatory requirements 
for financial information, reporting, disclosure requirements, and internal control.
Liquidity risk is managed centrally for the whole Group including necessities of foreign subsidiaries.
The assets of the Group are exposed to different types of financial risk:
•	
market risk (which includes exchange rate risks and cash flow uncertainty); 
•	
credit risk; 
•	
liquidity risk.  
MARKET RISK 
EXCHANGE RATE RISK
The Group operates internationally and is, therefore, exposed to exchange rate risk related to the various currencies with 
which the Group operates. Trade receivables are the most significant amount in foreign currency and Medacta used 
foreign currency denominated debt to manage this exposure.

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132
Additionally, a foreign currency transaction risk exists in relation to future commercial transactions which are denominated 
in a currency other than the functional currency.
The Group only enters into foreign exchange forward contracts, selling USD and buying CHF. 
The financial instruments have a duration between 1 and 12 months. These financial instruments are not designated in 
hedging relationships.
As of December 31, 2022, forward currency contracts with a nominal value of USD 36’000 thousand (2021: USD 
34’000 thousand) and positive fair value of Euro 802 thousand (2021: negative fair value of Euro 39 thousand) were 
open. Financial derivatives with a positive fair value are recorded in other current financial assets and those with a 
negative fair value in other current financial liabilities. Fair value changes of financial derivatives are booked as financial 
income/(costs) into the Consolidated Statement of Profit or Loss (refer to Note 6.24.4 “Information on the Consolidated 
Statement of Profit or Loss - Financial income/(costs)”).
Furthermore, the Group uses Euro as presentation currency and holds net assets in different functional currencies, 
hence is exposed to foreign currency translation risk. This risk is not hedged. 
The Group is exposed to foreign exchange risk mainly related to financial instruments (including trade and other 
receivables, trade and other liabilities, financial and lease liabilities) held by Medacta International SA, whose functional 
currency is Swiss Franc.
The sensitivity analysis considers major foreign currency risk exposures, and it is based on the deviation from the closing 
exchange rates of the Swiss Franc (increase/decrease of 10% of the closing exchange rate as of December 31, 2022 and 
as of December 31, 2021).
The following tables demonstrate the sensitivity to a reasonable possible currency rate change of the Group’s Profit 
before taxes and of the Group’s Equity, with all other variables held constant. 
 
As at December 31, 2021
(Thousand Euro)
Currency *
USD/CHF
0.9122
10%
5'135
-
EUR/CHF
1.0370
10%
1'379
-
JPY/CHF
0.0079
10%
508
-
AUD/CHF
0.6623
10%
(148)
-
USD/CHF
0.9122
(10%)
(5'135)
-
EUR/CHF
1.0370
(10%)
(1'379)
-
JPY/CHF
0.0079
(10%)
(508)
-
AUD/CHF
0.6623
(10%)
148
-
* The amounts in the table above are calculated in CHF, which is the functional currency of Medacta International SA. The figures summarized in the table are reported in 
thousand Euro, which is the presentation currency of the Group.
Increase / 
(Decrease)
Profit Before 
Taxes
Equity
Closing 
exchange rate
EXCHANGE RATES SENSITIVITY
As at December 31, 2022
(Thousand Euro)
Currency *
USD/CHF
0.9244
10%
9'202
-
EUR/CHF
0.9893
10%
1'816
-
JPY/CHF
0.0070
10%
645
-
AUD/CHF
0.6298
10%
156
-
USD/CHF
0.9244
(10%)
(9'202)
-
EUR/CHF
0.9893
(10%)
(1'816)
-
JPY/CHF
0.0070
(10%)
(645)
-
AUD/CHF
0.6298
(10%)
(156)
-
* The amounts in the table above are calculated in CHF, which is the functional currency of Medacta International SA. The figures summarized in the table are reported in 
thousand Euro, which is the presentation currency of the Group.
Increase / 
(Decrease)
Profit Before 
Taxes
Equity
Closing 
exchange rate

Financial Report   l   Medacta’s Annual Report 2022
133
Category 
Description
Basis for recognising 
expected credit losses 
Performing
The counterparty has a low risk of default and does not have any past-due amounts
12m ECL
Doubtful
Amount is >30 days past due or there has been a significant increase in credit risk
since initial recognition
Lifetime ECL – not 
credit impaired
Impaired
There is evidence indicating the asset is credit-impaired
Lifetime ECL- credit 
impaired
Write-off
There is evidence indicating that the debtor is in severe financial difficulty and the 
Group has no realistic prospect of recovery
Amount is written-off
INTEREST RATE SENSITIVITY - IMPACT ON PROFIT OR LOSS
(Thousand Euro)
As of December 2021
(633)
As of December 2022
(702)
50 basis points 
increase
INTEREST RATE RISK
Interest rate risk is the risk that future cash flows of a financial instrument will fluctuate due to changes in market interest 
rates. 
The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s current interest-
bearing assets and current and non-current debts with floating interest rates. No hedging activities (such as interest rate 
swaps) were conducted during the 2022 and 2021 closing periods. 
The Group has only limited exposure to interest rate changes. The most substantial interest risk exposure on liabilities 
relates to the bank loans with variable rates. 
The following table shows the sensitivity to interest rate changes, with all other variables held constant, of the Group’s 
Profit or Loss and Equity:
 
CREDIT RISK
Credit risk exists in relation to trade and other receivables, cash and deposits in banks. 
The Group performs recurring credit checks on its receivables. Due to customer diversity there is no single credit limit for 
all customers, however the Group assesses its customers taking into account their Financial Position, past experience, 
and other factors.
Trade receivables’ balance at the end of the year is equal to Euro 77’957 thousand (Euro 59’436 thousand in 2021), out 
of which Euro 5’466 thousand are due from a single customer (Euro 5’118 thousand in 2021). Apart from this, the Group 
does not have significant credit risk exposure to any single counterparty or any group of counterparties having similar 
characteristics. The concentration of credit risk related to largest trade customer did not exceed 10% of gross monetary 
assets at any time during the year. The concentration of credit risk to any other counterparty did not exceed 5% of gross 
monetary assets at any time during the year. The concentration of credit risk is limited due to the fact that the customer 
base is large and unrelated. Core banking relations are maintained with at least “BB+” rated (S&P) financial Institutions.
The Group does not expect any significant losses either from receivables or from other financial assets. Low credit risk 
of internal default is defined based on review of Financial Position of counterparties including review of the industry.
The Group’s current credit risk grading framework comprises the following categories:
 
The tables below detail the credit quality of the Group’s financial assets and other items, as well as the Group’s maximum 
exposure to credit risk by credit risk rating grades:
 December 31, 2022
(Thousand Euro)
Note
External 
credit rating
Internal 
credit rating
12m or lifetime ECL
Gross 
carrying 
amount
Loss 
allowance
Net carrying 
amount
Trade receivables (not 
credit impaired)
6.13
N/A
*
Lifetime ECL (simplified 
approach)
78'000
(872)
77'128
Trade receivables (credit 
impaired)
6.13
N/A
**
Lifetime ECL (credit 
impaired)
2'406
(1'577)
829

Medacta’s Annual Report 2022   l   Financial Report
134
As at December 31, 2022
(Thousand Euro)
Up to 
1 year
1 year to 
5 years
More than 
5 years
Total
Trade payables
28'480
-
-
28'480
Financial accrued expenses
11'911
-
-
11'911
Current financial liabilities
9'886
-
-
9'886
Non-current financial liabilities
-
121'416
29'242
150'658
Current lease liabilities
7'046
-
-
7'046
Non-current lease liabilities
-
17'508
5'487
22'995
Net derivative financial (assets)/liabilities  
(802)
-
-
(802)
     Gross outflows
33'718
-
-
33'718
     Gross inflows
(34'520)
-
-
(34'520)
As at December 31, 2021
(Thousand Euro)
Up to 
1 year
1 year to 
5 years
More than 
5 years
Total
Trade payables
25'951
-
-
25'951
Financial accrued expenses
10'111
-
-
10'111
Current financial liabilities *
65'736
-
-
65'736
Non-current financial liabilities
-
46'332
7'292
53'624
Current lease liabilities
5'868
-
-
5'868
Non-current lease liabilities
-
12'417
3'940
16'357
Net derivative financial (assets)/liabilities  
39
-
-
39
     Gross outflows
29'692
-
-
29'692
     Gross inflows
(29'653)
-
-
(29'653)
* In 2021, “Current financial liabilities” include Euro 38'572 thousand related to credit lines with no maturity date.
LIQUIDITY RISK 
The management of the liquidity risk which originates from the normal operations of the Group involves the maintenance 
of an adequate level of cash and cash equivalents as well as financial resources through an adequate amount of credit 
lines. 
The Group aims to grow further and wants to remain flexible in making time-sensitive investment decisions. This overall 
objective is included in the asset allocation strategy. A rolling forecast based on the expected cash flows is conducted 
and updated regularly to monitor and control liquidity.
The following tables include a summary, by maturity date, as of December 31, 2022 and 2021. 
The reported balances are contractual and undiscounted figures including repayments and interests. 
December 31, 2021
(Thousand Euro)
Note
External 
credit rating
Internal 
credit rating
12m or lifetime ECL
Gross 
carrying 
amount
Loss 
allowance
Net carrying 
amount
Trade receivables (not 
credit impaired)
6.13
N/A
*
Lifetime ECL (simplified 
approach)
59'693
(695)
58'998
Trade receivables (credit 
impaired)
6.13
N/A
**
Lifetime ECL (credit 
impaired)
2'295
(1'857)
438
* For trade receivables (not credit impaired), the Group has applied the simplified approach in IFRS 9 to measure the loss allowance at lifetime ECL. The Group determines 
the expected credit losses on these items by using a provision matrix, estimated based on historical credit loss experience based on the past due status of the debtors, 
adjusted as appropriate to reflect current conditions and estimates of future economic conditions. 
** The Group considers a trade receivable “credit impaired”, and consequently subject to a specific loss allowance, when there is evidence that the recoverability of the asset 
is deteriorating, i.e. when specific events has occurred, such as: the customer is experiencing significant financial difficulties; or it is becoming probable that the customer 
will enter bankruptcy or other financial reorganization.

Financial Report   l   Medacta’s Annual Report 2022
135
As at December 31, 2022
(Thousand Euro)
Level 1
Level 2
Level 3
Total carrying 
amount
Other non-current financial assets
481
-
-
-
481
-
Trade receivables
77'957
-
-
-
77'957
-
Other current financial assets
-
-
802
-
802
-
Cash and cash equivalents
32'261
-
-
-
32'261
-
Non-current financial liabilities
137'592
-
-
-
137'592
-
Other non-current liabilities
4'649
-
-
-
4'649
-
Non-current lease liabilities
21'371
-
-
-
21'371
-
Trade payables
28'480
-
-
-
28'480
-
Other current liabilities
15'515
-
-
-
15'515
-
Current financial liabilities
7'091
-
-
-
7'091
-
Current lease liabilities
6'362
-
-
-
6'362
-
Asset and
Liabilities at
amortised cost
Assets / Liabilities as FVTPL
Carrying amount (based on measurement basis)
Fair Value
6.5	 FAIR VALUE MEASUREMENT AND CLASSIFICATION
IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly 
transaction between market participants at the measurement date (i.e. an exit price). That definition of fair value 
emphasises that fair value is a market-based measurement, not an entity-specific measurement. When measuring fair 
value, use the assumptions that market participants would use when pricing the asset or liability under current market 
conditions, including assumptions about risk. As a result, an entity’s intention to hold an asset or to settle or otherwise 
fulfil a liability is not relevant when measuring fair value.
For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the 
nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy, as explained above.
The following tables show the carrying amounts and fair values of financial assets and liabilities by category of financial 
instrument in the Consolidated Statement of Financial Position. The fair value hierarchy level is shown for those financial 
assets and liabilities that are carried at fair value in the balance sheet. 
For financial instruments held by the Group and measured at amortised costs, the fair value usually approximates the 
carrying amount, in which case the column “Fair Value” in the table below is left empty.
The following tables summarize the financial instruments carried at fair value, by valuation method as of December 31, 
2022 and 2021. 
The different levels have been defined as follows:
•	
level 1: the fair value of financial instruments traded in active markets is based on quoted market prices at the 
balance sheet date;
•	
level 2: the fair value of financial instruments that are not traded in an active market is determined by using valuation 
techniques. These valuation techniques are based on observable market data, where applicable. If all significant 
inputs required to fair value an instrument are observable, the instrument is included in level 2;
•	
level 3: if a significant amount of inputs is not based on observable market data the instrument is included in level 3. 
For this level other techniques, such as discounted cash flow analysis, are used to determine fair value.

Medacta’s Annual Report 2022   l   Financial Report
136
SALES AND PROPERTY, PLANT AND EQUIPMENT 
(Thousand Euro)
Net sales
Property, plant 
and equipment
Net sales
Property, plant 
and equipment
Europe*
187'355
154'529
156'405
127'088
North America**
136'770
31'057
109'225
25'970
Asia Pacific***
94'364
2'649
84'911
2'320
RoW
18'633
-
12'585
-
TOTAL CONSOLIDATED
437'122
188'235
363'126
155'378
31.12.2022
* Property, plant and equipment located in Switzerland represented 78.4% and 79.8% of the Group’s total property, plant and equipment as at December 31, 2022 and 
2021, respectively. Net sales recorded in Switzerland were Euro 44'804 thousand and Euro 38'172  thousand as at December 31, 2022 and 2021, respectively.
** Property, plant and equipment located in the United States represented 16.2% and 16.7% of the Group’s total property, plant and equipment as at December 31, 2022 
and 2021, respectively. Net sales recorded in the United States were Euro 136'086 thousand and Euro 108'452 thousand as at December 31, 2022 and 2021, respectively.
*** Property, plant and equipment located in Australia represented 0.7% and 0.7% of the Group’s total property, plant and equipment as at December 31, 2022 and 2021, 
respectively. Net sales recorded in Australia were Euro 54'005 thousand and Euro 50'636 thousand as at December 31, 2022 and 2021, respectively.
31.12.2021
As at December 31, 2021
(Thousand Euro)
Level 1
Level 2
Level 3
Total carrying 
amount
Other non-current financial assets
479
-
-
-
479
-
Trade receivables
59'436
-
-
-
59'436
-
Cash and cash equivalents
20'404
-
-
-
20'404
-
Non-current financial liabilities
49'552
-
-
-
49'552
-
Other non-current liabilities
8'123
-
-
-
8'123
-
Non-current lease liabilities
15'470
-
-
-
15'470
-
Trade payables
25'951
-
-
-
25'951
-
Other current liabilities
11'002
-
-
-
11'002
-
Current financial liabilities
64'447
-
39
-
64'486
-
Current lease liabilities
5'714
-
-
-
5'714
-
Asset and
Liabilities at
amortised cost
Assets / Liabilities as FVTPL
Carrying amount (based on measurement basis)
Fair Value
The level 2 balance relates to forward currency contracts (foreign exchange contracts, selling USD and buying CHF; the 
financial instruments have a duration between 1 and 12 months) described in Note 6.4 “Financial risks management”, 
“Market risk - exchange rate risk” sections. 
6.6	 SEGMENT INFORMATION 
The Group has only one operating segment.
The criteria applied to identify the operating segments are consistent with the way the Group is managed. In particular, 
the segment reporting reflects the internal organizational and management structure used within the Group as well as 
the internal management reporting reviewed regularly by the Chief Operating Decision Maker (CODM), who has been 
identified as the Chief Executive Officer Francesco Siccardi.
Therefore, Medacta constitutes with only one segment which is represented by the whole Group itself. In 2022 and 
2021 no single customer represents 10% or more of the total Group revenues. Resource allocation and performance 
assessment are performed at Group level and not at single-component level. 
The operating segments subject to disclosure are consistent with the organization model adopted by the Group during 
the Financial Year as of December 31, 2022. 
INFORMATION BY GEOGRAPHIC AREA
The Group operates in Europe, North America (which includes the United States of America and Canada), Asia-Pacific 
(which includes Australia, Japan, Indonesia, Malaysia, New Zealand, Taiwan, Vietnam) and Rest of the World (RoW) 
area (which includes all other geographic locations, including the Middle East and Latin America). Sales are attributed 
to geographic areas based on the customer’s location, whereas property, plant and equipment based on the geographic 
area where legal entities are located. The Group did not report other non-current assets by geographic area since the 
cost to develop the information would be excessive and will not provide any material value to the reader.

Financial Report   l   Medacta’s Annual Report 2022
137
6.7	 PROPERTY, PLANT AND EQUIPMENT
 
December 31, 2022
(Thousand Euro)
HISTORICAL COST
BALANCE JANUARY 1, 2022
7'733
44'115
31'308
213'383
25'568
43
322'150
Additions
4'753
1'958
1'855
51'138
2'811
643
63'158
Disposals
-
-
(176)
(9'533)
(170)
-
(9'879)
Transfers *
-
-
4'470
-
-
-
4'470
Exchange differences
446
2'156
1'608
10'058
1'045
1
15'314
BALANCE DECEMBER 31, 2022
12'932
48'229
39'065
265'046
29'254
687
395'213
ACCUMULATED DEPRECIATION
BALANCE JANUARY 1, 2022
-
(5'284)
(17'552)
(125'184)
(18'752)
-
(166'772)
Depreciation of the year and 
impairment loss
-
(1'273)
(2'098)
(28'498)
(2'403)
-
(34'272)
Disposals
-
-
138
3'285
170
-
3'593
Transfers *
-
-
(2'348)
-
-
-
(2'348)
Exchange differences
-
(285)
(916)
(5'189)
(789)
-
(7'179)
BALANCE DECEMBER 31, 2022
-
(6'842)
(22'776)
(155'586)
(21'774)
-
(206'978)
NET BOOK VALUE
BALANCE JANUARY 1, 2022
7'733
38'831
13'756
88'199
6'816
43
155'378
BALANCE DECEMBER 31, 2022
12'932
41'387
16'289
109'460
7'480
687
188'235
Assets 
under 
constru-
ction
Total
* The total balance of “Transfers” refers to the reclassification from right-of-use assets to property plant and equipment due to the purchase of the leased assets.
Land
Buildings
Plants & 
Machinery
Instruments
Other fixtures 
and fitting, 
tool and 
equipment
December 31, 2021
(Thousand Euro)
HISTORICAL COST
BALANCE JANUARY 1, 2021
7'420
36'298
25'410
172'133
21'298
3'287
265'846
Additions
-
314
2'943
37'445
3'397
2'392
46'491
Disposals
-
-
-
(4'663)
(112)
(12)
(4'787)
Transfers *
-
5'720
1'684
-
39
(5'720)
1'723
Exchange differences
313
1'783
1'271
8'468
946
96
12'877
BALANCE DECEMBER 31, 2021
7'733
44'115
31'308
213'383
25'568
43
322'150
ACCUMULATED DEPRECIATION
BALANCE JANUARY 1, 2021
-
(3'898)
(14'449)
(99'617)
(16'240)
-
(134'204)
Depreciation of the year and 
impairment loss
-
(1'169)
(1'711)
(22'803)
(1'917)
-
(27'600)
Disposals
-
-
-
1'604
135
-
1'739
Transfers *
-
-
(675)
-
(32)
-
(707)
Exchange differences
-
(217)
(717)
(4'368)
(698)
-
(6'000)
BALANCE DECEMBER 31, 2021
-
(5'284)
(17'552)
(125'184)
(18'752)
-
(166'772)
NET BOOK VALUE
BALANCE JANUARY 1, 2021
7'420
32'400
10'961
72'516
5'058
3'287
131'642
BALANCE DECEMBER 31, 2021
7'733
38'831
13'756
88'199
6'816
43
155'378
* The total balance of “Transfers” refers to the reclassification from right-of-use assets to property plant and equipment due to the purchase of the leased assets.
Land
Buildings
Plants & 
Machinery
Instruments
Other fixtures 
and fitting, 
tool and 
equipment
Assets 
under 
constru-
ction
Total

Medacta’s Annual Report 2022   l   Financial Report
138
Additions for the year ended 2022 equal to Euro 63’158 thousand (Euro 46’491 thousand in 2021) are primarily related to 
investments made on instruments equal to Euro 51’138 thousand (Euro 37’445 thousand in 2021).
As of December 31, 2022, tangible fixed assets for a total amount of Euro 20’267 thousand have been pledged as 
collateral for borrowing facilities (2021: Euro 16’494 thousand). 
During the years 2022 and 2021 no impairment losses have been recognised on property, plant and equipment.
6.8	 LEASES
RIGHT-OF-USE ASSETS
The tables below show the movement of right-of-use assets for the years ended December 31, 2022 and 2021:
 
December 31, 2022
(Thousand Euro)
HISTORICAL COST
BALANCE JANUARY 1, 2022
13'543
5'314
141
18'279
454
37'731
Additions
3'018
2'398
38
7'087
175
12'716
Disposals 
(44)
(1'277)
(31)
-
-
(1'352)
Transfers *
-
-
-
(4'470)
-
(4'470)
Exchange differences
255
1
-
922
25
1'203
BALANCE DECEMBER 31, 2022
16'772
6'436
148
21'818
654
45'828
ACCUMULATED DEPRECIATION
BALANCE JANUARY 1, 2022
(4'924)
(2'728)
(82)
(5'611)
(15)
(13'360)
Depreciation
(2'304)
(1'715)
(33)
(1'508)
(67)
(5'627)
Disposals 
44
1'277
31
-
-
1'352
Transfers *
-
-
-
2'348
-
2'348
Exchange differences
(19)
2
-
(258)
(2)
(277)
BALANCE DECEMBER 31, 2022
(7'203)
(3'164)
(84)
(5'029)
(84)
(15'564)
NET BOOK VALUE
BALANCE JANUARY 1, 2022
8'619
2'586
59
12'668
439
24'371
BALANCE DECEMBER 31, 2022
9'569
3'272
64
16'789
570
30'264
Total
* The total balance included in “Transfers” refers to the re-classification from "Right-of-Use Assets" to "Property, plant and Equipment" after the leased assets were 
acquired.
Land and 
Building
Motor 
vehicles
ITC 
Equipment
Plant and 
Machinery
Other 
tool and 
equipment

Financial Report   l   Medacta’s Annual Report 2022
139
The Group leases several assets. The average lease term is 7 years for buildings, 3 years for motor vehicles, 5 years ITC 
equipment, 7 years for plants and machineries and 6 years for other fixtures and fittings, tool and equipment.
The Group has options to purchase certain manufacturing equipment for a nominal amount at the end of the lease term. 
The Group’s obligations are secured by the lessors’ title to the leased assets for such leases.
For the disclosure of the related lease liabilities see Note 6.17 “Financial and lease liabilities” paragraph “Lease liabilities”.
AMOUNTS RECOGNISED IN PROFIT OR LOSS
Medacta Group recognised the following amounts in the Consolidated Statement of Profit or Loss as of December 31, 
2022 and 2021:
 
December 31, 2021
(Thousand Euro)
HISTORICAL COST
BALANCE JANUARY 1, 2021
10'485
4'456
159
16'991
39
32'130
Additions
3'049
1'675
29
2'234
434
7'421
Disposals 
(276)
(843)
(50)
-
-
(1'169)
Transfers *
-
-
-
(1'684)
(39)
(1'723)
Exchange differences
285
26
3
738
20
1'072
BALANCE DECEMBER 31, 2021
13'543
5'314
141
18'279
454
37'731
ACCUMULATED DEPRECIATION
BALANCE JANUARY 1, 2021
(3'393)
(2'051)
(89)
(4'843)
(32)
(10'408)
Depreciation
(1'759)
(1'507)
(44)
(1'216)
(14)
(4'540)
Disposals 
276
843
50
-
-
1'169
Transfers *
-
-
-
675
32
707
Exchange differences
(48)
(13)
1
(227)
(1)
(288)
BALANCE DECEMBER 31, 2021
(4'924)
(2'728)
(82)
(5'611)
(15)
(13'360)
NET BOOK VALUE
BALANCE JANUARY 1, 2021
7'092
2'405
70
12'148
7
21'722
BALANCE DECEMBER 31, 2021
8'619
2'586
59
12'668
439
24'371
Total
* The total balance included in “Transfers” refers to the re-classification from "Right-of-Use Assets" to "Property, plant and Equipment" after the leased assets were 
acquired.
Land and 
Building
Motor 
vehicles
ITC 
Equipment
Plant and 
Machinery
Other 
tool and 
equipment
(Thousand Euro)
31.12.2022
31.12.2021
Depreciation charge of right-of-use assets
(5'627)
(4'543)
Interest expense (included in financial costs)
(496)
(324)
Expense relating to short-term leases
(129)
(123)
Expense relating to leases of low-value assets that are not short-term leases
(41)
(50)
The total cash outflow for leases including short-term leases and low-value-assets in 2022 amount to Euro 7’813 
thousand (Euro 6’512 thousand in 2021).

Medacta’s Annual Report 2022   l   Financial Report
140
6.9	 GOODWILL AND INTANGIBLE ASSETS  
 
INTANGIBLE FIXED ASSETS
December 31, 2022
(Thousand Euro)
HISTORICAL COST
BALANCE JANUARY 1, 2022
55'992
15'975
59
24'169
96'195
Additions
6'659
-
-
1'203
7'862
Disposals
(74)
-
-
-
(74)
Exchange differences
2'801
152
-
946
3'899
BALANCE DECEMBER 31, 2022
65'378
16'127
59
26'318
107'882
ACCUMULATED AMORTISATION
BALANCE JANUARY 1, 2022
(20'124)
(5'160)
-
(18'936)
(44'220)
Amortisation of the year
(7'866)
(1'077)
-
(2'151)
(11'094)
Impairment loss
(517)
-
-
-
(517)
Disposals
-
-
-
-
-
Exchange differences
(1'095)
(27)
-
(741)
(1'863)
BALANCE DECEMBER 31, 2022
(29'602)
(6'264)
-
(21'828)
(57'694)
NET BOOK VALUE
BALANCE JANUARY 1, 2022
35'868
10'815
59
5'233
51'975
BALANCE DECEMBER 31, 2022
35'776
9'863
59
4'490
50'188
Development 
Costs
Customer 
Lists
Goodwill
Other 
intangible 
assets
Total
INTANGIBLE FIXED ASSETS
December 31, 2021
(Thousand Euro)
HISTORICAL COST
BALANCE JANUARY 1, 2021
46'059
15'641
59
21'541
83'300
Additions
8'091
220
-
1'818
10'129
Disposals
(419)
-
-
-
(419)
Exchange differences
2'261
114
-
810
3'185
BALANCE DECEMBER 31, 2021
55'992
15'975
59
24'169
96'195
ACCUMULATED AMORTISATION
BALANCE JANUARY 1, 2021
(14'165)
(4'098)
-
(16'240)
(34'503)
Amortisation of the year
(4'765)
(1'052)
-
(2'082)
(7'899)
Impairment loss
(397)
-
-
-
(397)
Disposals
-
-
-
-
-
Exchange differences
(797)
(10)
-
(614)
(1'421)
BALANCE DECEMBER 31, 2021
(20'124)
(5'160)
-
(18'936)
(44'220)
NET BOOK VALUE
BALANCE JANUARY 1, 2021
31'894
11'543
59
5'301
48'797
BALANCE DECEMBER 31, 2021
35'868
10'815
59
5'233
51'975
Development 
Costs
Customer 
Lists
Goodwill
Other 
intangible 
assets
Total
Development mainly consists of cost incurred for the development of new products or modification of existing products 
in the pipeline. The Group capitalizes internal payroll cost, if these costs are attributable to a specific development project 
that is expected to generate probable future economic benefits. Research costs are directly recognised as costs in the 
Profit or Loss.

Financial Report   l   Medacta’s Annual Report 2022
141
Other intangible assets mainly consist of costs recognised to deposit and renew trademarks, software, patents and 
licenses to distribute products.
The increase of Customer list in 2021 was related to the acquisition of Levante Medica 2008 S.L. for Euro 220 thousand 
through an Asset Purchase agreement finalized by Medacta España S.L. in November 2021. Management assessed 
that this agreement meets the definition of a business as provided by the IFRS 3, since Medacta acquired 12 employees, 
customer lists and specific contracts capable of creating outputs in the distribution business. The consideration for this 
deal was fully allocated to the customer list acquired while the related pay-out occurred in 2022.
The residual balance of Customer lists relates to business combinations occurred in 2018 and 2017. In particular they 
are related to the acquisition of ASD “Advanced Surgical Devices” in 2018 and Medacare GmbH and Vivamed GmbH in 
2017. 
IMPAIRMENT TEST FOR INTANGIBLE ASSETS
As described in Note 6.2 “Consolidation principles, composition of the Group and significant accounting policies” 
paragraph “Significant accounting policies”, on a quarterly basis management performs an assessment of the existence 
of impairment indicators for intangible assets (development projects). Any impairment loss or any loss relating the 
disposal of in progress development projects are recognised in Profit or Loss. Based on the quarterly analysis performed 
during the year, Medacta recognised a loss for impairment amounting to Euro 517 thousand in 2022 (Euro 397 thousand 
in 2021), and losses for the derecognition of projects amounting as of December 31, 2022 to Euro 74 thousand (Euro 
419 thousand in 2021).
For the purpose of the annual impairment test, performed on data as of September 30, 2022, In-Process Research 
and Development projects (IPR&D) for a total amount of Euro 9’818 thousand were allocated to cash-generating-units 
(CGU) corresponding to Product Families. 35 Product Families were tested for impairment through the estimation of 
the value in use of the IPR&D projects allocated to each CGU, none of which is significant in comparison to the total 
carrying amount of IPR&D. The annual impairment test did not lead to any impairment loss of the carrying amount of the 
development projects in 2022 and 2021.
The discount rate applied in the valuation model, amounting to 8.3%, considers the Group’s weighted average cost of 
capital, adjusted to approximate the weighted average cost of capital of a comparable market participant. 
The value in use was reviewed for the eventual impact of reasonably possible changes in key assumptions: 
•	
an increase of 2 percentage points in the discount rate would lead to an impairment loss amounting to Euro 157 
thousand.
•	
a decrease of 25.0% in forecasted revenues would lead to an impairment loss amounting to Euro 983 thousand.
Note 6.2 “Consolidation principles, composition of the Group and significant accounting policies” provides additional 
disclosure on how the Group performs the impairment testing.
6.10	
OTHER FINANCIAL ASSETS 
Other financial assets include the following items:
 (Thousand Euro)
31.12.2022
31.12.2021
Forward Currency Contracts 
802
-
Rent deposit
481
479
TOTAL OTHER FINANCIAL ASSETS
1'283
479
Current
802
-
Non-Current
481
479
Forward Currency Contracts as of December 31, 2022 is related to the positive fair value of derivative financial instruments, 
amounting to Euro 802 thousand. As of December 31, 2021, the fair value of derivative financial instruments was negative 
(Euro 39 thousand), and therefore was classified within Current Financial Liabilities (see Note 6.17 “Financial and lease 
liabilities”).

Medacta’s Annual Report 2022   l   Financial Report
142
6.11	
DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES / INCOME TAXES (P&L) 
 
INCOME TAXES
(Thousand Euro)
31.12.2022
31.12.2021
Current income taxes
7'699
8'504
Deferred income taxes                 
844
(4'574)
TOTAL INCOME TAXES
8'543
3'930
RECONCILIATION OF TAX EXPENSE
(Thousand Euro)
31.12.2022
31.12.2021
Profit before taxes
54'792
55'451
AVERAGE TAX RATE
19.1%
16.8%
TAX AT AVERAGE TAX RATE
10'461
9'310
Patent Box deduction
(1'746)
(3'517)
AVERAGE TAX RATE NET OF DEDUCTIONS
15.9%
10.4%
+ / - EFFECTS OF
Expenses not subject to tax, net
558
394
Revenues not subjected to tax, net
(7)
(14)
Effects from previous years
(23)
(798)
Change in tax rates on deferred tax balances
(849)
(1'532)
Other
149
87
TOTAL INCOME TAXES
8'543
3'930
EFFECTIVE INCOME TAX RATE (%)
15.6%
7.1%
Current income taxes consist of taxes paid or due on the results of the individual companies for the Financial Year in 
accordance with local regulation as well as charges and credits from previous year. The following elements explain the 
difference between the Group’s average tax rate and the effective income tax rate: 
 
The Group’s average tax rate is calculated as the weighted average tax rate applicable to the profits in the countries 
where Medacta Group operates. Management believes that the “average tax rate” reported in the disclosure above 
provides the most meaningful information to the users of the financial statements. Deferred taxes relate to temporary 
differences generated by the companies of the Group. 
The Group’s average tax rate increased to 19.1% in 2022 from 16.8% in 2021, negatively affected by a change in the profit 
mix. This effect is the consequence of the increasing profitability of Medacta USA compared to prior period, also due to 
the impact of the provision accrued in 2021 on the MicroPort litigation, which resulted in a lower average tax rate due to 
the recognition of a deferred tax asset on tax losses generated by the entity.
Medacta International SA benefits, since 2020, from a special tax deduction from taxable profits for qualifying profits 
arising from patent rights (“Patent Box deduction”), which has a positive impact in 2022 amounting around Euro 1.7 
million (Euro 3.5 million in 2021), corresponding to a positive impact on the effective tax rate for 3.2% (6.3% in 2021).
The Swiss tax reform enacted a lower tax rate that will apply starting from January 1, 2025. This change in tax rate 
resulted in a lower net deferred tax liability due to the revaluation of temporary differences expected to reverse after 
2024, with a positive impact on temporary differences amounting to Euro 0.8 million in 2022 (around Euro 1.4 million in 
2021). 
Finally, in 2021 Medacta International SA recognised a positive impact amounting to approximately Euro 0.9 million due 
to the settlement of previous years’ taxes accrued in excess.
The Group has not recognised deferred tax liabilities in respect of taxable unremitted earnings that are considered 
indefinitely invested in foreign subsidiaries. As of December 31, 2022, those unremitted earnings retained by consolidated 
entities amount to Euro 9’302 thousand (2021: Euro 2’717 thousand).

Financial Report   l   Medacta’s Annual Report 2022
143
DEFERRED INCOME TAXES
The Group recognises in the Consolidated Financial Statements as of December 31, 2022 the gross amounts of Deferred 
tax assets and Deferred tax liabilities, respectively amounting to Euro 31’659 thousand and to Euro 44’619 thousand.
Deferred tax assets are mainly related to our US subsidiary. The Group considers the amount of deferred taxes recoverable. 
The recoverability is based on the estimated future profits that are expected to be generated by the subsidiary, also 
considering that the current federal tax legislation does not provide any temporal limit to the future utilization.
As of December 31, 2022, the amount of Deferred tax liabilities net of the Deferred tax assets, where the offsetting is 
allowed according to IAS 12 (par 74), is as follows:
 NET DEFERRED TAXES
(Thousand Euro)
31.12.2022
31.12.2021
Net deferred tax assets
31'659
29'029
Net deferred tax liabilities
(44'619)
(39'837)
TOTAL NET DEFERRED TAXES 
(12'960)
(10'808)
DEFERRED TAX ASSETS
as at December 31, 2022
(Thousand Euro)
BALANCE JANUARY 1, 2022
1'978
33'409
2'683
38'070
Deferred taxes recognised in the income statement
196
2'018
(1'374)
840
Deferred taxes recognize in OCI 
-
(852)
-
(852)
Exchange differences
15
1'743
172
1'930
BALANCE DECEMBER 31, 2022
2'189
36'318
1'481
39'988
Property, plant and 
equipment
Inventories, 
receivables, 
provisions and 
other liabilities
Tax losses carried 
forward
Total
DEFERRED TAX ASSETS
as at December 31, 2021
(Thousand Euro)
BALANCE JANUARY 1, 2021
1'719
26'451
1'571
29'741
Deferred taxes recognised in the income statement
175
5'737
958
6'870
Deferred taxes recognize in OCI 
-
462
-
462
Exchange differences
84
759
154
997
BALANCE DECEMBER 31, 2021
1'978
33'409
2'683
38'070
Property, plant and 
equipment
Inventories, 
receivables, 
provisions and 
other liabilities
Tax losses carried 
forward
Total
The amount netted between deferred tax assets and deferred tax liabilities is equal to Euro 8’329 thousand. For a better 
comprehension of deferred tax assets and liabilities, the schemes below show the respectively gross amounts.
The movement in deferred income tax assets and liabilities is as follows:

Medacta’s Annual Report 2022   l   Financial Report
144
 
As per December 31, 2022 and 2021, there were no unrecognised tax losses carried forward.
 
Trade receivables are recognised at amortised cost. The Group expected credit losses are based on historical credit loss 
experience, adjusted as appropriate to reflect current condition and estimates of future economic condition. On that 
base the amount of the expected loss is recognised in the income statement. 
DEFERRED TAX LIABILITIES
as at December 31, 2022
(Thousand Euro)
BALANCE JANUARY 1, 2022
24'052
5'195
19'631
48'878
Deferred taxes recognised in the income statement
1'206
(679)
1'157
1'684
Deferred taxes recognize in OCI
-
-
-
-
Exchange differences
1'343
95
948
2'386
BALANCE DECEMBER 31, 2022
26'601
4'611
21'736
52'948
DEFERRED TAX LIABILITIES
as at December 31, 2021
(Thousand Euro)
BALANCE JANUARY 1, 2021
21'188
5'432
17'802
44'422
Deferred taxes recognised in the income statement
1'675
(430)
1'051
2'296
Deferred taxes recognize in OCI
-
-
-
-
Exchange differences
1'189
193
778
2'160
BALANCE DECEMBER 31, 2021
24'052
5'195
19'631
48'878
Property, plant and 
equipment
Intangible assets
Inventories, 
receivables, 
provisions and 
other liabilities
Total
Property, plant and 
equipment
Intangible assets
Inventories, 
receivables, 
provisions and 
other liabilities
Total
INVENTORIES
(Thousand Euro)
31.12.2022
31.12.2021
Raw materials
26'705
19'128
Work in progress and semifinished goods
18'050
14'484
Finished goods
115'546
102'479
TOTAL INVENTORIES
160'301
136'091
(Thousand Euro)
31.12.2022
31.12.2021
Trade receivable, gross
80'406
61'988
Loss allowance on trade receivables
(2'449)
(2'552)
TOTAL TRADE RECEIVABLES
77'957
59'436
6.12	
INVENTORIES 
Inventories are composed of the following items: 
 
The cost of inventories recognised in “Cost of Sales” as of December 31, 2022 includes Euro 3’392 thousand (Euro 2’592 
thousand in 2021) in respect of write-downs of inventory to net realisable value for slow moving, phase out and obsolete 
stock. In 2022 the inventory reserve has been utilized by Euro 690 thousand (Euro 1’183 thousand in 2021). 
6.13	
TRADE RECEIVABLES

Financial Report   l   Medacta’s Annual Report 2022
145
The following tables show the expected credit loss allowance calculated on trade receivables “credit impaired” and the 
aging against the expected credit loss allowance calculated on trade receivables “not credit impaired”, according to the 
application of the Group’s accounting policies:
 December 31, 2022
(Thousand Euro)
Not Credit 
Impaired
Credit 
Impaired
Total
Trade receivables, gross
78'000
2'406
80'406
Expected Credit Loss 
allowance
(872)
(1'577)
(2'449)
TRADE RECEIVABLES AGING (NOT CREDIT IMPAIRED)
December 31, 2022
(Thousand Euro)
Total
Not 
past due
0-30 
days
31-60 
days
61-90 
days
91-180 
days
181-360 
days
Over 360 
days
Trade receivables (not 
credit impaired), gross
78'000
57'380
11'066
3'320
2'160
2'364
953
757
Expected Credit Loss 
rate (%) *
0.2%
0.6%
1.4%
2.0%
7.7%
23.1%
29.4%
Expected Credit Loss 
allowance
(872)
(90)
(69)
(45)
(43)
(183)
(220)
(222)
* Expected Credit Loss rates are estimated based on historical credit loss experience, adjusted to reflect current conditions, estimates of future economic conditions and 
macroeconomic factors in each of the countries where the Group operates.
December 31, 2021 
(Thousand Euro)
Not Credit 
Impaired
Credit 
Impaired
Total
Trade receivables (credit 
impaired), gross
59'693
2'295
61'988
Expected Credit Loss 
allowance
(695)
(1'857)
(2'552)
TRADE RECEIVABLES AGING (NOT CREDIT IMPAIRED)
December 31, 2021 
(Thousand Euro)
Total
Not 
past due
0-30 
days
31-60 
days
61-90 
days
91-180 
days
181-360 
days
Over 360 
days
Trade receivables (not 
credit impaired), gross
59'693
45'566
7'697
2'388
1'684
1'288
502
568
Expected Credit Loss 
rate (%) *
0.2%
1.1%
2.3%
1.9%
13.6%
11.6%
35.1%
Expected Credit Loss 
allowance
(695)
(93)
(82)
(55)
(33)
(175)
(58)
(199)
* Expected Credit Loss rates are estimated based on historical credit loss experience, adjusted to reflect current conditions, estimates of future economic conditions and 
macroeconomic factors in each of the countries where the Group operates.
The following table summarizes the movements in the loss allowance for expected credit losses:
 (Thousand Euro)
2022
2021
BALANCE AS AT JANUARY 1
(2'552)
(988)
Change in loss allowance and write-offs
(59)
(1'618)
Amounts recovered (utilization of loss allowance)
226
62
Exchange differences
(64)
(8)
TOTAL LOSS ALLOWANCE ON TRADE RECEIVABLES AS AT DECEMBER 31
(2'449)
(2'552)

Medacta’s Annual Report 2022   l   Financial Report
146
(Thousand Euro)
31.12.2022
31.12.2021
Other tax receivables
6'445
7'343
Advance to suppliers
1'949
1'469
Prepaid expenses
3'183
2'779
Other receivables
763
512
TOTAL OTHER RECEIVABLES AND PREPAID EXPENSES
12'340
12'103
Bank accounts and term deposits are mainly denominated in CHF, EUR and USD. For details of the movements in cash 
and cash equivalents refer to the Consolidated Statement of Cash Flows.
6.16	
MEDACTA GROUP STOCKHOLDERS’ EQUITY  
SHARE CAPITAL
The subscribed capital of Medacta Group SA amounts to CHF 2’000 thousand equivalent to Euro 1’775 thousand and is 
divided into 20’000 thousand nominal shares fully paid-up with a nominal value of CHF 0.10 each. 
All issued ordinary shares give the same voting and dividend rights. Also, all the issued shares by Medacta Group SA are 
authorized and fully paid by the ultimate shareholders. 
RETAINED EARNINGS
These include subsidiaries’ earnings that have not been distributed as dividends and the amount of consolidated 
companies’ equities in excess of the corresponding carrying amounts of equity investments.
DIVIDEND
On May 19, 2022 shareholders approved the distribution of CHF 10.7 million or CHF 0.535 per share (Euro 10’418 
thousand), half of it distributed as dividend out of available earnings and half of it distributed out of accumulated 
reserves from capital contribution.
The Board of Directors proposes to the Annual General Meeting of Medacta Group SA on April 27, 2023, a distribution 
of CHF 10.8 million (CHF 0.54 per share), half of it as dividend out of retained earnings and half of it out of the total of 
reserves from capital contribution. All the remaining retained earnings as well as accumulated reserves from capital 
contributions will be carried forward.
TREASURY SHARES
In 2021 Medacta Group SA, following the approval of a Long-Term Incentive Plan for our Group Executive Management, 
selected key managers and employees, started to repurchase its own outstanding shares to fund the share-based 
compensation award cycles. Treasury shares are valued at weighted average cost and have been deducted from 
equity. As of December 31, 2022 the number of treasury shares amounted to 39’857 (10’007 as of December 31, 2021), 
corresponding to CHF 4’272’340 equivalent to Euro 4’159 thousand (CHF 1’342’660 equivalent to Euro 1’242 thousand 
as of December 31, 2021).
6.14	
OTHER RECEIVABLES AND PREPAID EXPENSES
 
(Thousand Euro)
31.12.2022
31.12.2021
Cash on hand
133
32
Current bank accounts
32'128
20'372
TOTAL CASH AND CASH EQUIVALENTS
32'261
20'404
Other tax receivables are mainly represented by VAT credits. Prepaid expenses are mainly composed by operating 
expenditures incurred during the relevant Financial Year but relating to a subsequent business year. 
6.15	
CASH AND CASH EQUIVALENTS 
Cash and cash equivalents are comprised of the following items:

Financial Report   l   Medacta’s Annual Report 2022
147
FOREIGN CURRENCY TRANSLATION RESERVE
Currency translation differences are generated by the translation into Euro of Financial Statements of subsidiaries 
prepared in currencies other than Euro. 
6.17	
FINANCIAL AND LEASE LIABILITIES
FINANCIAL LIABILITIES
Following table summarizes the composition of Financial liabilities:
 
As of December 31, 2022, financial liabilities include bank loans and credit facilities for a total amount of Euro 142’515 
thousand (Euro 111’478 thousand as of December 31, 2021). The net change is primarily related to proceeds from 
borrowings (amounting to Euro 59’161 thousand) to finance investments, operating activities and the payment of 
dividends. The repayments in 2022 amount to Euro 35’242 thousand. In May 2022, the Group amended some of the 
credit agreements, changing the payment terms of some of the existing bank loans and credit facilities, prolonging the 
payments originally due in 2022 until 2024 to a new amortisation schedule that extends the terms until 2028. This is 
reflected in the classification within current or non-current financial liabilities in the Consolidated Statement of Financial 
Position as of December 31, 2022: Euro 6’619 thousand current and Euro 135’896 thousand non-current. As of December 
31, 2021, current bank loans and credit facilities amounted to Euro 63’776 thousand, non-current bank loans amounted 
to Euro 47’702 thousand.
Bank loans reflect credit and loan facilities with third party financial institutions and are recognised at amortised 
cost using the effective interest method. The interest rates on these facilities are floating and based on internal bank 
refinancing rate + Spread of between 0.75% and 1.00%.
Certain of the credit agreements include financial covenants requiring Medacta International SA to maintain a debt to 
EBITDA ratio of no more than 3.0x (as defined in the relevant agreement), a pari passu clause, and various negative 
covenants restrictions, among other things (and typically subject to certain exceptions): the incurrence of further 
indebtedness, the granting of security for indebtedness, and the consummation of certain acquisitions, disposals or 
re-organizations. 
As of December 31, 2022 and 2021, the Group had unused current credit lines of Euro 109’316 thousand and Euro 
103’886 thousand, respectively.
At December 31, 2022, “Other financial liabilities” refers to the contractual liabilities for the acquisition of exclusive rights 
to use and develop technologies for a total amount of Euro 2’168 thousand (Euro 2’300 thousand in 2021), of which 
Euro 1’696 thousand within “Other non-current financial liabilities” (Euro 1’850 thousand in 2021) and Euro 472 thousand 
within “Other current financial liabilities” (Euro 450 thousand in 2021). In addition, “Other current financial liabilities” at 
December 31, 2021 included Euro 220 thousand related to the acquisition of a customer list, entirely paid during 2022 
(see Note 6.9 “Goodwill and intangible assets”).
FINANCIAL LIABILITIES
(Thousand Euro)
31.12.2022
31.12.2021
Bank loans and credit facilities, current *
6'619
63'776
Forward Currency Contracts
-
39
Other current financial liabilities
472
671
TOTAL FINANCIAL LIABILITIES, CURRENT
7'091
64'486
Bank loans, non-current
135'896
47'702
Other non-current financial liabilities
1'696
1'850
TOTAL FINANCIAL LIABILITIES, NON-CURRENT
137'592
49'552
TOTAL FINANCIAL LIABILITIES
144'683
114'038
Total secured bank loans
20'267
16'494
Total non-secured bank loans
122'248
94'984
* In 2021, “Bank loans and credit facilities, current” included Euro 38'572 thousand related to credit lines with no maturity date.

Medacta’s Annual Report 2022   l   Financial Report
148
The following table provide the breakdown of financial liabilities by currency:
  
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
  
(Thousand Euro)
BALANCE JANUARY 1, 2022
49'552
64'486
114'038
Increase in financial debts *
55'715
3'770
59'485
Repayment of financial debts **
(2'070)
(33'641)
(35'711)
Change in fair values and other changes
-
-
-
Reclass from non-current to current
29'908
(29'908)
-
Currency translation differences
4'487
2'384
6'871
BALANCE DECEMBER 31, 2022
137'592
7'091
144'683
(Thousand Euro)
BALANCE JANUARY 1, 2021
65'044
66'339
131'383
Increase in financial debts *
2'191
1'136
3'327
Repayment of financial debts **
(675)
(24'605)
(25'280)
Change in fair values and other changes
-
39
39
Reclass from non-current to current
(19'018)
19'018
-
Currency translation differences
2'010
2'559
4'569
BALANCE DECEMBER 31, 2021
49'552
64'486
114'038
** "Repayment of financial debts" includes repayment of borrowings for Euro 24'801 thousand and Euro 479 thousand related to the repayment of contractual liabilities for 
the acquisition of development intangible assets classified in the Consolidated Statement of Cash Flow in "Purchase of intangible assets" within cash flow from investing 
activities.
* "Increase in financial debts" includes proceeds from borrowings amounting to Euro 846 thousand, Euro 2'261 thousand related to the acquisition of development 
intangible assets recognised as a non-cash increase in financial debts and Euro 220 thousand related to the acquisition of customer list (see Note 6.9 "Goodwill and 
intangible assets").
Non-current 
financial debts
Current 
financial debts
Total
** "Repayment of financial debts" includes repayment of borrowings for Euro 35'242 thousand, Euro 249 thousand related to the repayment of contractual liabilities for the 
acquisition of development intangible assets classified in the Consolidated Statement of Cash Flow within "Purchase of intangible assets" within cash flow from investing 
activities and Euro 220 thousand related to the payment of the Levante medica asset purchase acquisition, presented in the Consolidated Statement of Cash Flow within 
"Cash consideration for acquisition, net of cash acquired".
Non-current 
financial debts
Current 
financial debts
Total
* "Increase in financial debts" includes proceeds from borrowings amounting to Euro 59'161 thousand and Euro 324 thousand related to the unpaid accrued interests.
(Thousand Euro)
31.12.2022
31.12.2021
Australian Dollar (AUD)
1'910
1'916
Euro (EUR)
2'500
6'220
Japanese Yen (JPY)
3'206
3'439
Swiss Franc (CHF)
89'507
33'588
US Dollar (USD)
47'560
68'875
TOTAL FINANCIAL LIABILITIES
144'683
114'038

Financial Report   l   Medacta’s Annual Report 2022
149
The Group does not face a significant liquidity risk with regard to its lease liabilities. As of December 31, 2022 the Group 
is committed to leases not yet commenced for approximately Euro 4.8 million.
The table below shows the movement of lease liabilities for the years ended December 31, 2022 and December 31, 2021:
LEASE LIABILITIES
Total lease liabilities amount to Euro 27’733 thousand as of December 31, 2022 (Euro 21’184 thousand in 2021), thereof 
Euro 6’362 thousand current (Euro 5’714 thousand in 2021) and Euro 21’371 thousand non-current (Euro 15’470 thousand 
in 2021). Maturity analysis of undiscounted lease liabilities less unearned interests is reported in the table below: 
 as at December 31, 2022
(Thousand Euro)
Up to 
1 year
1 year to 
5 years
More than 
5 years
Less: unearned 
interests
Total
Lease liabilities
7'046
17'508
5'487
(2'308)
27'733
as at December 31, 2021
(Thousand Euro)
Up to 
1 year
1 year to 
5 years
More than 
5 years
Less: unearned 
interests
Total
Lease liabilities
5'868
12'417
3'940
(1'041)
21'184
(Thousand Euro)
2022
2021
BALANCE AT JANUARY 1
(21'184)
(19'043)
Additions
(12'716)
(7'421)
Modification, termination, expiration
23
(3)
Repayment of lease liabilities
7'146
6'015
Exchange differences
(1'002)
(732)
BALANCE AT DECEMBER 31
(27'733)
(21'184)
 
The incremental borrowing rates used for IFRS 16 purposes have been defined based on the risk-free rates of the 
underlying countries, a company specific adjustment and an asset class weighted average incremental borrowing rate.
6.18	
OTHER LIABILITIES
(Thousand Euro)
31.12.2022
31.12.2021
Liabilities to tax authorities
189
2'202
Legal matters
4'388
5'891
Other
72
30
TOTAL OTHER NON-CURRENT LIABILITIES
4'649
8'123
Liabilities to tax authorities
9'422
6'843
Liabilities to social security
2'933
1'684
Other debts towards employees
1'198
146
Legal matters
1'869
1'759
Other
93
570
TOTAL OTHER CURRENT LIABILITIES
15'515
11'002
“Legal matters” include the liability relating to the settlement agreement signed in 2021 with MicroPort Inc. According to 
the agreement, in 2021 Medacta USA paid to MicroPort Inc. the sum of USD 7 million and committed to pay the sum of 
USD 5 million over a term of seven years and to contribute to marketing activities to be paid over a period of four years. 
As of December 31, 2022 the total liability is equal to Euro 6’257 thousand (Euro 7’650 thousand as of December 31, 
2021), out of which Euro 4’388 thousand classified as non-current and Euro 1’869 thousand classified as current.

Medacta’s Annual Report 2022   l   Financial Report
150
6.19	
PROVISIONS
Provisions are mainly related to pending legal claims and accruals for indemnity to agents. The movements are as 
follows:
 
In 2022, “Increases” include the accruals for: the Italian payback scheme litigation, amounting to Euro 3’085 thousand; 
the patent matter with Conformis, amounting to Euro 2’208 thousand; the patent matter with RSB, amounting to Euro 
332 thousand. “Decreases” are related to the payments according to the settlement agreements with the counterparts: 
Euro 2’914 thousand for the patent matter with Conformis; Euro 332 thousand for the patent matter with RSB; Euro 
247 thousand for the settlement of product related liabilities. For further information related to the above-mentioned 
litigations, refer to Note 6.25 “Litigations”. 
In 2021, “Increases” was primarily related to the accrual, amounting to Euro 4’821 thousand, to align the provision 
already recognised in 2020 to the settlement agreement with MicroPort. “Decreases” included the reclassification from 
“Provisions” to “Other liabilities” related to the MicroPort matter after the settlement agreement for Euro 13’572 thousand, 
out of which Euro 5’922 thousand were paid in 2021 and Euro 1’901 thousand in 2022. 
6.20	
RETIREMENT BENEFIT OBLIGATIONS 
DEFINED CONTRIBUTION PLANS 
Medacta’s retirement plans include defined contribution pension plans in most of the countries where the Group 
operates. The employer’s contributions, amounting to Euro 4’142 thousand in the year ended December 31, 2022 (2021: 
Euro 3’682 thousand), are recognised directly in the income statement.
DEFINED BENEFIT PLANS 
Medacta Group’s retirement plans include defined benefit pension plans for all qualifying employees in Switzerland 
and Italy. These plans are determined by local regulations using independent actuarial valuations according to IAS 19. 
Medacta Group’s major defined benefit plan is located in Switzerland.
The following table summarizes the total retirement benefit obligation at December 31, 2022 and 2021:
 
(Thousand Euro)
2022
2021
BALANCE AT JANUARY 1
1'534
9'636
Increases
5'724
5'006
Decreases
(3'493)
(13'717)
Exchange differences
33
609
BALANCE AT DECEMBER 31
3'798
1'534
Thereof current
120
349
Thereof non-current
3'678
1'185
AMOUNT RECOGNISED IN THE BALANCE SHEET 
(Thousand Euro)
31.12.2022
31.12.2021
Defined benefit plan Switzerland
5'462
8'926
Defined benefit plan Italy
442
388
Other non-current employee benefits
     Retention plan Switzerland
1'319
1'378
     French collective conventions
199
303
     Retention plan Australia
600
518
     Retention plan Austria
108
69
     Retention plan Japan
732
563
RETIREMENT BENEFIT OBLIGATIONS
8'862
12'145

Financial Report   l   Medacta’s Annual Report 2022
151
The macroeconomic environment had a significant impact on asset prices as well as yields. The discount rate utilized 
for the actuarial evaluation of the Switzerland defined benefit plan increased from 0.2% as of December 31, 2021 to 2.3% 
as of December 31, 2022. As a consequence, the Group recognised a remeasurement of defined benefit obligations 
amounting to a gain of Euro 4’915 thousand in the Consolidated Statement of Comprehensive Income in 2022, primarily 
related to the remeasurement of defined benefit pension plans in Switzerland due to the changes in the discount rates 
used to calculate the actuarial defined benefit obligations, partially offset by actuarial losses from valuation impact on 
plan assets (refer also to the following paragraph “Components of remeasurement of defined benefit plans recognised 
in OCI”).
PENSION PLANS IN SWITZERLAND
The current pension arrangement for employees in Switzerland is made through a plan governed by the Swiss 
Federal Occupational Old Age, Survivors and Disability Pension Act (BVG). The plan of Medacta’s Swiss companies is 
administered by a separate legal foundation, which is funded by regular employer and employee contributions defined in 
the pension fund rules. The Swiss pension plan contains a cash balance benefit which is, in essence, contribution-based 
with certain minimum guarantees. Due to these minimum guarantees, the Swiss plan is treated as a defined benefit plan 
for the purposes of these IFRS financial statements. The plan is invested in a diversified range of assets in accordance 
with the investment strategy and the common criteria of an asset and liability management. A potential under-funding 
may be remedied by various measures such as increasing employer and employee contributions or reducing prospective 
benefits. Medacta pension plan is a cash balance plan where contributions are expressed as a percentage of the 
pensionable salary. The pension plan guarantees the amount accrued on the members’ savings accounts, as well as a 
minimum interest on those savings accounts.
As of December 31, 2022, 831 employees (2021: 713 employees) and 7 beneficiaries (2021: 3 beneficiaries) are insured 
under the Swiss plan. The defined benefit obligation has a duration of 15.1 years (2021: 19.1 years).
The plan contains a cash balance benefit formula. Under Swiss law, the collective foundation guarantees the vested 
benefit amount as confirmed annually to members. Interest may be added to member balances at the discretion of 
the collective foundation. At retirement date, members have the right to take their retirement benefit as a lump sum, 
an annuity or part as a lump sum with the balance converted to a fixed annuity at the rates defined in the rules of the 
collective foundation.
The result of the Swiss benefit plan is summarised below:
 AMOUNT RECOGNISED IN THE BALANCE SHEET 
(Thousand Euro)
31.12.2022
31.12.2021
Present value of defined benefit obligations
(35'463)
(37'827)
Fair value of plan assets
30'001
28'901
RETIREMENT BENEFIT OBLIGATIONS
(5'462)
(8'926)
REMEASUREMENT RECOGNISED IN EQUITY
(Thousand Euro)
2022
2021
BALANCE AT JANUARY 1
487
3'130
Remeasurement of defined benefit obligations
(8'057)
(1'472)
Return on plan assets excl. interest income
3'142
(1'191)
Exchange differences
(53)
20
BALANCE AT DECEMBER 31
(4'481)
487
COMPONENTS OF REMEASUREMENT OF DEFINED BENEFIT PLANS RECOGNISED IN OCI
(Thousand Euro)
31.12.2022
31.12.2021
Changes in financial assumptions
(8'905)
-
Changes in demographical assumptions
-
(2'337)
Experience adjustments
847
865
Return on plan assets excluding interest income
3'143
(1'191)
REMEASUREMENT OF DEFINED BENEFIT PLANS
(4'915)
(2'663)

Medacta’s Annual Report 2022   l   Financial Report
152
In 2022, “Changes in financial assumptions” is related to the change in the discount rate, which increased from 0.2% in 
2021 to 2.3% in 2022.
In 2021, “Changes in demographical assumptions” was due to the use of the most recent tables for demography actuarial 
assumptions (BVG 2020 GT). 
“Experience adjustments”, both in 2022 and in 2021, is mainly due to the combined effect of increase in workforce and 
higher insured salary and retirement assets.
 
MOVEMENT IN THE PRESENT VALUE OF THE DEFINED BENEFIT OBLIGATIONS 
(Thousand Euro)
2022
2021
BALANCE AT JANUARY 1
37'827
34'002
Interest cost
82
72
Current service cost
2'789
2'547
Contribution by plan participants
1'615
1'368
Benefits deposited/(paid), net
(573)
(236)
Administration cost
20
17
Actuarial loss on obligation
(8'057)
(1'472)
Exchange differences
1'760
1'529
PRESENT VALUE OF OBLIGATIONS AT DECEMBER 31
35'463
37'827
PLAN ASSETS
(Thousand Euro)
31.12.2022
31.12.2021
Cash and cash equivalents
1'221
1'055
Equity instruments
14'512
10'060
Debt instruments (e.g. bonds)
12'731
10'277
Real estate
-
6'688
Others
1'537
821
TOTAL
30'001
28'901
PLAN ASSETS 
Plan assets are composed of the retirement assets, the mathematical reserve for annuities and the account balances 
of the AXA-Winterthur:
 
AMOUNTS RECOGNISED IN THE INCOME STATEMENT
(Thousand Euro)
31.12.2022
31.12.2021
Current service cost
2'789
2'547
Participants’ contributions
(1'748)
(1'465)
Administration cost
20
17
Net interest cost
19
21
TOTAL EMPLOYEE BENEFIT EXPENSES
1'080
1'120
The amounts recognised in the Consolidated Profit or Loss have been charged to:
•	
Cost of Sales Euro 440 thousand (2021: Euro 422 thousand);
•	
Research and Development Euro 126 thousand (2021: Euro 146 thousand);
•	
Sales and Marketing expenses Euro 216 thousand (2021: Euro 235 thousand);
•	
General and Administrative expenses Euro 278 thousand (2021: Euro 297 thousand).

Financial Report   l   Medacta’s Annual Report 2022
153
MOVEMENT IN THE FAIR VALUE OF THE PLAN ASSETS 
(Thousand Euro)
2022
2021
BALANCE AT JANUARY 1
28'901
23'895
Interest income on plan asset 
62
51
Employer’s contributions paid 
1'748
1'465
Participants’ contributions 
1'615
1'368
Benefits deposited/(paid), net 
(573)
(236)
Return on plan assets excluding interest income 
(3'142)
1'191
Exchange differences
1'390
1'167
FAIR VALUE OF PLAN ASSETS AT DECEMBER 31
30'001
28'901
The principal actuarial assumptions are as follows:
 
31.12.2022
31.12.2021
Discount rate
2.3%
0.2%
Future salary increase
1.0%
1.0%
Interest rate on retirement saving capital *
2.3%
0.5%
Demography
BVG2020GT
BVG2020GT
* Medacta is applying risk sharing.
The following sensitivity analysis shows how the present value of the benefit obligation for the Swiss retirement benefit 
plan would change if one of the principal actuarial assumptions were changed. 
For the analysis, changes in the assumptions were considered separately and no interdependencies were taken into 
account.
SENSITIVITY ANALYSIS – DEFINED BENEFIT OBLIGATION
(Thousand Euro)
31.12.2022
31.12.2021
DISCOUNT RATE
Discount rate + 0.25%
34'202
36'102
Discount rate - 0.25%
36'818
39'706
SALARY GROWTH
Salary growth + 0.25%
35'757
38'232
Salary growth - 0.25%
35'177
37'435
INTEREST RATE GROWTH
Interest rate growth + 0.25%
36'063
38'521
Interest rate growth - 0.25%
34'882
37'155
LIFE EXPECTANCY
Life expectancy + 1 year
35'847
38'471
Life expectancy - 1 year
35'074
37'186
 
The most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried 
out at December 31, 2022 by Allvisa Services AG. To determine the present value of the defined benefit obligation and the 
related current service cost and, where applicable, past service cost, the Projected Unit Credit Method has been used. 
This method is based on the amount of working years at the date of the actuarial valuation and considers the future by 
including: 
•	
a discount rate;
•	
the salary development and leaving probability up to the beginning of the benefit payment;
•	
inflation adjustments for the years after the first payment for recurring benefits. 
The plan in Switzerland typically exposes the Group to actuarial risks such as: interest rate risk, longevity risk and salary 
risk.

Medacta’s Annual Report 2022   l   Financial Report
154
The Group expects to make a contribution of Euro 1.9 million to the defined benefit plans during the next Financial Year 
2023.
INTEREST RATE RISK
The rate used to discount post-employment benefit obligations has been determined by reference to market yields at the 
balance sheet date on high quality corporate bonds. 
A decrease in the bond interest rate will increase the plan liability.
LONGEVITY RISK
The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of 
plan participants, both during and after their employment. 
An increased life expectancy of the plan participants will increase the plan’s liability.
SALARY RISK
Salary increase is Company specific. The present value of the defined benefit plan liability is calculated by reference to 
the future salaries of plan participants. 
As such, an increase in the salary of the plan participants will increase the plan’s liability. 
OTHER NON-CURRENT EMPLOYEE BENEFITS 
Medacta has programs in Switzerland, France, Australia, Austria and Japan which are dependent on length of years of 
service.
These programs are classified as other non-current payments due to employees and amounted to Euro 2’958 thousand 
at December 31, 2022 (2021: Euro 2’832 thousand).
6.21	
SHARE-BASED PAYMENT TRANSACTIONS
In 2021 the Board of Directors implemented the Performance Share Plan (“The Plan”) proposed by the Remuneration 
Committee. On March 9, 2022, the Board of Directors approved the 2022 share-based payment cycle proposed by the 
Human Resources & Remuneration Committee, that was open to eligible participants starting in April, 2022. The Board 
is responsible for administering and executing the Plan and has full power to construe and interpret the Plan, establish, 
and amend rules and regulations for its administration, and perform all other actions relating to the Plan.
The LTIP is an incentive measured over a rolling three-year performance period with the purpose of fostering long-term 
value creation for the Group. Eligible plan participants will be granted a certain number of Performance Share Units 
(PSUs), which represent a contingent entitlement to receive Medacta shares in the future. The number of granted PSUs 
will depend on the individual LTIP grant level, individually determined by the Board of Directors each year based on 
the individual’s performance, the position, complexity of the function, and level of responsibility. For members of the 
Group Executive Management, the number of PSUs will be subject to the amounts approved at the applicable AGM. 
The number of PSUs that vest for a specific participant is calculated at the Vesting Date by multiplying the number of 
granted PSUs by the Final Vesting Multiple, rounded up to the next whole Share. Ultimately, the number of PSUs which 
vest shall be determined by the Board or a body designated by the Board in a final, conclusive and binding manner. The 
Final Vesting Multiple equals either Group Vesting Multiple (see description below) or Country Vesting Multiple (see 
description below), whereas the latter applies if all of the following three conditions are met:
•	
Group Vesting Multiple is below 0.30, and,
•	
the respective Participant is eligible for country performance consideration, and,
•	
the country performance threshold has been met for the entire duration of the plan.
The Group Vesting Multiple is based upon a 50% weighting of the Relative TSR Vesting Multiple and a 50% weighting of 
the Absolute EBIT Vesting Multiple, rounded off to two decimal places, whereby:
•	
the Absolute TSR Vesting Multiple is calculated as the (positive or negative) difference between Medacta’s TSR and 
the SPI Extra Total Return TSR10, measured in percentage points (p.p.). Medacta’s TSR is measured considering the 
compound annual growth rate of the Reference Price Ending compared to the Reference Price Beginning over the 
three (3)-year TSR Performance Period and the accumulative, nominal dividends distributed in the same period. To

Financial Report   l   Medacta’s Annual Report 2022
155
be consistent with the index, it is assumed that dividends are reinvested. The Relative TSR Vesting Multiple cannot 
be lower than 0.00 or higher than 2.00, and 
•	
the Absolute EBIT Vesting Multiple is calculated based on the EBIT of the Group measured as the sum of the 
absolute EBIT over the three (3)-year Absolute EBIT Performance Period and calculated by the Board or a body 
designated by it, according to the Absolute EBIT Vesting Multiple table. The Absolute EBIT Multiple cannot be 
lower than 0.00 or higher than 2.00. The Country Vesting Multiple (if relevant) is calculated based upon a 100% 
weighting of the respective country’s revenues and will be either 0.00 or 0.30. For each country, details with regards 
to performance measure, performance targets, performance period and performance calculation are set out in the 
Allotment Certificate.
Overall, the combined vesting multiple is expected to never exceed 200%.
The expense recognised for share-based payments in 2022 is equal to Euro 1’148 thousand.
 RECONCILIATION OF OUTSTANDING PERFORMANCE SHARE UNITS
2022
2021
TOTAL AT JANUARY 1
20'226
-
Granted
22'175
20'810
Exercised 
-
-
Forfeited
(847)
(584)
TOTAL AT DECEMBER 31
41'554
20'226
Exercisable at December 31
-
-
In 2022, 22’175 PSUs were granted under the LTI (2021: 20’810). The total fair value has been determined using a Monte 
Carlo simulation algorithm and amounts to CHF 116.27 (2021: CHF 101.47).
Underlying assumptions for the fair value of the PSUs are presented below:
 INPUTS TO THE MODEL
Award Cycle 
2022
Award Cycle 
2021
Dividend yield (in %)
-
-
Expected volatility (in %)
41.14%
42.32%
Risk-free interest rate (in %)
-
-
Expected life of PSUs (in years)
3
3
Share price (in CHF) at grant date in April 
114.72
104.74
Fair value (in CHF) 
116.27
101.47
(Thousand Euro)
31.12.2022
31.12.2021
Consulting fees
4'915
3'995
Royalties and commissions due
6'996
6'115
Accrued vacation expenses
3'688
3'703
Accrued bonuses
12'396
12'317
Assurances
215
75
Other accrued expenses/deferred income
3'284
2'850
TOTAL ACCRUED EXPENSES AND DEFERRED INCOME
31'494
29'055
The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the 
instruments is indicative of future trends, which may not necessarily be the actual outcome. 
6.22	
TRADE PAYABLES
Accounts payable of Euro 28’480 thousand (2021: Euro 25’951 thousand) mainly consist of commercial payables due 
within 12 months. The increase is primarily due to the increase of volumes and to the timing of payments by the Group.
6.23	
ACCRUED EXPENSES AND DEFERRED INCOME

Medacta’s Annual Report 2022   l   Financial Report
156
6.24	
INFORMATION ON THE CONSOLIDATED STATEMENT OF PROFIT OR LOSS
6.24.1	
ANALYSIS OF REVENUE 
The following table presents revenue of the Group’s product lines for the years ended December 31, 2022 and 2021 
respectively:
 
In 2022, revenues include a negative impact, amounting to Euro 872 thousand, established in connection with the 
activation of the Italian government payback provision. Such reserves were estimated based on the publicly available 
information and considering Medacta’s current year sales to Italian government hospitals. The Italian payback law is a 
mechanism to obtain from suppliers a contribution to offset variances occurring when Italian government expenditures 
exceed their ceiling for the purchase of medical devices.
6.24.2	
ANALYSIS OF EXPENSES 
PERSONNEL EXPENSES
Personnel expenses as of December 31, 2022 and 2021 are as follows:
 
(Thousand Euro)
31.12.2022
31.12.2021
Hip
203'588
179'285
Knee
164'477
131'062
Shoulder
26'284
18'424
Spine
41'536
33'792
Sportsmed
1'237
563
TOTAL
437'122
363'126
(Thousand Euro)
31.12.2022
31.12.2021
Wages and salaries
112'417
93'568
LTIP Employee benefit expense
1'148
468
Social security costs
13'472
11'311
Pension costs and other personnel expense
9'948
9'020
TOTAL PERSONNEL EXPENSES
136'985
114'367
PERSONNEL EXPENSES BY FUNCTION
(Thousand Euro)
31.12.2022
31.12.2021
Cost of Sales
20'542
15'908
Research and Development expenses
4'727
3'958
Sales and Marketing expenses
75'825
63'799
General and Administrative expenses
35'891
30'702
TOTAL PERSONNEL EXPENSES BY FUNCTION
136'985
114'367
AVERAGE NR OF EMPLOYEES DURING THE YEAR
1'439
1'262
(Thousand Euro)
31.12.2022
31.12.2021
Cost of Sales
34'048
27'567
Research and Development expenses
8'386
5'162
Sales and Marketing expenses
3'905
3'536
General and Administrative expenses
5'171
4'171
TOTAL DEPRECIATION, AMORTISATION AND IMPAIRMENT BY FUNCTION
51'510
40'436
The recognition of the personnel expenses by function is as follows:
 
DEPRECIATION, AMORTISATION AND IMPAIRMENT
Depreciation, Amortisation and Impairment, at December 31, 2022 and 2021 are as follows:

Financial Report   l   Medacta’s Annual Report 2022
157
Impairment included in line Research and Development is equal to Euro 517 thousand in 2022 (Euro 397 thousand in 
2021). See Note 6.9 “Goodwill and intangible assets” paragraph “Impairment test for intangible assets”.
GENERAL AND ADMINISTRATIVE EXPENSES
General and Administrative expenses as of December 31, 2022 and 2021 are composed of the following expense 
categories:
 (Thousand Euro)
31.12.2022
31.12.2021
Personnel expenses
35'891
30'702
Depreciation and amortisation
5'171
4'171
Consulting expenses
9'578
9'930
Business and administrative expenses (i.e. insurance, maintenance, BoD and audit fees)
9'288
6'959
Provisions
2'610
4'941
Travel and accommodation
614
308
Various taxes
1'062
1'106
Miscellaneous expenses
1'233
727
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES BY NATURE
65'447
58'844
In 2022 “Consulting expenses” include: approximately Euro 2’051 thousand (Euro 3’428 thousand in 2021) of legal 
expenses, out of which Euro 1’224 thousand related to patent matters (Euro 2’966 thousand in 2021 related to MicroPort 
and patent matters); Euro 7’527 thousand (Euro 6’502 thousand in 2021) related to clinical studies, IT, Audit, Tax and 
other consulting expenses. 
In 2022 “Provisions” include the settlement of the legal claims with Conformis and RSB, respectively equal to Euro 
2’207 thousand and Euro 332 thousand, in 2021 it included the accrual for the MicroPort matter after the settlement 
agreement, amounting to Euro 4’601 thousand. 
RESEARCH AND DEVELOPMENT EXPENSES
Research and Development costs that are not eligible for capitalization have been expensed in the period incurred and 
they are recognised in Research and Development expenses along with amortisation and impairment, for a total amount 
in 2022 of Euro 16’223 thousand (Euro 11’306 thousand in 2021).
Development costs eligible for capitalization amounts to Euro 6’659 thousand in 2022 and Euro 8’091 thousand in 2021.
6.24.3	
OTHER INCOME / (EXPENSES)
Other income amount to Euro 1’570 thousand as of December 31, 2022 (Euro 1’536 thousand in 2021) and are mainly 
related to miscellaneous expenses rebilled to third parties.
Other expenses amount to Euro 4’098 thousand as of December 31, 2022 (Euro 1’301 thousand in 2021) and include:
•	
Euro 3’085 thousand related to the provision for the Italian payback on medical devices (see Note 6.25 “Litigations”, 
paragraph “Italian Payback scheme litigation”);
•	
Euro 498 thousand (Euro 324 thousand in 2021), related to contributions made to non-profit organizations. 
6.24.4	
FINANCIAL INCOME/(COSTS) 
 
FINANCIAL INCOME
(Thousand Euro)
31.12.2022
31.12.2021
Interest income loans and receivables
348
332
Foreign exchange gains
2'483
1'986
TOTAL FINANCIAL INCOME
2'831
2'318

Medacta’s Annual Report 2022   l   Financial Report
158
Financial income amounts to Euro 2’831 thousand as of December 31, 2022 (Euro 2’318 thousand in 2021). Financial 
income as of December 31, 2022 includes realized and unrealized foreign exchange profit for Euro 2’483 thousand (Euro 
1’986 thousand in 2021). 
 FINANCIAL (COSTS)
(Thousand Euro)
31.12.2022
31.12.2021
Interest on loans and borrowings
(3'167)
(3'118)
Losses on revaluation of financial instruments at fair value through profit or loss
(381)
(1'248)
Foreign exchange losses
(5'459)
(954)
Interest expense on lease contracts
(496)
(324)
TOTAL FINANCIAL (COSTS)
(9'503)
(5'644)
TOTAL FINANCIAL INCOME/(COSTS), NET
(6'672)
(3'326)
Financial costs amount to Euro 9’503 thousand as of December 31, 2022 (Euro 5’644 thousand in 2021). Financial costs 
include interest on borrowings for Euro 2’168 thousand (Euro 1’374 thousand in 2021), bank commissions and other 
interest expenses for Euro 999 thousand (Euro 1’744 thousand in 2021), losses on revaluation of financial instruments 
at fair value for Euro 381 thousand (Euro 1’248 thousand in 2021), realized and unrealized foreign exchange losses for 
Euro 5’459 thousand (Euro 954 thousand in 2021). 
6.25	
LITIGATIONS
PATENT MATTERS
RSB SPINE, LLC V. MEDACTA USA, INC.
On December 13, 2018, RSB filed a patent infringement complaint alleging Medacta’s MectaLIF Anterior Stand Alone – 
Flush implant infringes two patents directed to spinal implants. RSB is seeking monetary damages and a permanent 
injunction. Medacta has responded to the complaint by asserting defenses that the patent claims are not infringed and 
are invalid. The case was stayed because Medacta, with co-petitioners, filed petitions for Inter Partes Review before the 
Patent Trial and Appeals Board challenging the validity of the patents. In its final written decision, the PTAB did not find 
any of the claims to be unpatentable. The co-petitioners have appealed this ruling. The stay has been lifted in the district 
court litigation, RSB dropped its infringement allegations involving one patent, and RSB added an infringement allegation 
against Medacta’s Mecta-C Stand Alone – Flush implant. The district court entered its Markman opinion about the scope 
of the asserted patent, and the parties completed fact discovery in February 2022. 
After the completion of the fact discovery in February, 2022, Medacta and RSB have finally agreed to settle the case for 
USD 350 thousand. The settlement agreement has been signed on June 8, 2022. Therefore, on June 22, 2022 the Court 
granted the Parties joint stipulation of dismissal: this order formally ended the lawsuit.
CONFORMIS, INC. VS MEDACTA USA, INC. AND CONFORMIS, INC. VS MEDACTA INTERNATIONAL SA AND MEDACTA GERMANY 
GMBH
On August 29, 2019, Conformis filed a patent infringement complaint against Medacta USA, Inc. in the District of Delaware 
(USA) alleging that Medacta’s MyKnee, MyHip, and MyShoulder products infringe four patents directed to spinal implants. 
Conformis was seeking monetary damages. Medacta’s response to the complaint was filed on December 2, 2019, and 
as a result, the MyHip product was dismissed from the case. Medacta believes the accused products do not infringe 
the patents- in-suit and that these patents are invalid. The parties initially completed fact discovery and exchanged 
expert reports. However, the Court permitted Conformis to file an amended complaint adding Medacta International 
as a defendant. Therefore, the parties engaged in limited supplemental fact and expert discovery periods. After the 
completion of fact and expert discovery, the Court permitted Conformis to file an amended complaint adding Medacta 
International as a defendant. Trial was set to begin October 30, 2022.
With complaint dated October 18, 2021, Conformis, Inc. also filed a patent infringement complaint against Medacta 
Germany GmbH with the District of Düsseldorf (Germany) alleging that Medacta’s MyKnee, MyHip, and MyShoulder 
products infringe the national German part of Conformis, Inc.’s European Patent No. 2 710 967. Conformis, Inc. was 
seeking claims to cease-and-desist from manufacturing, advertising and selling the MyKnee, MyHip, and MyShoulder 
products in Germany, claims to information regarding the production and sale of the products, claims to recall the 
products from the market and destruction of the products as well as a declaratory judgement for damages. In response

Financial Report   l   Medacta’s Annual Report 2022
159
to Conformis Inc.’s complaint, that has been served on Medacta International as well in May 2022, Medacta GmbH and 
Medacta International have both summarized their argumentations in front of the Court in Dusseldorf in July 2022. 
Besides, as counter-attack, Medacta filed the nullity action against Conformis to the Federal Patent Court in Munich. 
Meanwhile, the Court ordered Conformis Inc. to pay Euro 73 thousand as security for the legal expenses concerning 
Medacta GmbH and have filed the same in favour of Medacta International S.A.
The discussions held between the Parties have led to a settlement and license agreement that resolves all patent 
disputes between the companies: the agreement has been signed on November 8, 2022, enshrining the end of both 
lawsuits, for a total amount of USD 3.1 million due to Conformis, Inc.
The Group, according to IAS 37, recognised a provision equal to USD 3.1 million (Euro 2.9 million) fully paid in 2022 (Euro 
0.7 million were already accrued in 2020). 
MIGHTY OAK MEDICAL VS MEDACTA USA AND MEDACTA INTERNATIONAL
A patent infringement case was filed on December 22, 2022 against Medacta USA and Medacta International in the 
District of Delaware. The plaintiff is Mighty Oak Medical, and it is alleging infringement of five patents by several of the 
MySpine products. They are also alleging that the infringement has been willful. 
The case is still pending and at this stage of the proceedings, we are unable to conclude that the likelihood of an 
unfavourable outcome. Accordingly, in connection with this matter we have not made any provisions.
ITALIAN PAYBACK SCHEME LITIGATION
In 2011, during a period of severe crisis in the Italian economy the payback scheme was introduced, a mechanism to 
obtain from suppliers a contribution to offset variances occurring when Italian government expenditures exceed their 
ceiling for the purchase of medical devices. Such a measure was similar to the payback scheme introduced in 2008 
in relation to overruns of the pharmaceutical expenditure ceiling, which for many years has been the subject of legal 
disputes that have often led to its significant containment.
At the end of September 2022, three measures had been issued in Italy:
•	
article 18 of Law Decree 115/2022, known as the “Aiuti bis” decree, converted into Law 142/2022, gave the starting 
signal for the payback procedure and set out its timeframe;
•	
a decree of the Ministry of Health in agreement with the Ministry of Economics and Finance, dated July 6, 2022 and 
published in the Official Gazette of September 15, 2022. This certifies the spending overrun for medical devices at 
a national and regional level for the years 2015-2018, by approximately Euro 2 billion;
•	
a decree of the Ministry of Health in agreement with the Ministry of Economics and Finance, dated October 6, 2022 
and published in the Official Gazette of October 26, 2022. This decree provides for the guidelines for the issuance 
of the regional measures for the 2015-2018 medical device payback rules.
There are strong doubts as to the legitimacy of the payback system for medical devices overall, especially in terms 
of the retroactivity of the measures, numerous critical issues in the application of the rules and in relation to possible 
calculation errors. Medacta legal representation, along with all the Italian Medical devices associations, decided to 
appeal the Decree of the Ministry of Health dated October 6, 2022 and the consequent deeds of the Regions which asked 
for the payment by January 30, 2023 (deadline postponed by the Government to April 30, 2023).
In connection with the above litigation, the Group recognised a provision of approximately Euro 3.1 million accrued in 
2022.

Medacta’s Annual Report 2022   l   Financial Report
160
6.26	
RELATED PARTY TRANSACTIONS 
Related parties primarily comprise members of Group Executive Management (GEM), Members of the Board of Directors 
and significant shareholders.
The following shareholders hold a participation of more than 3% of the issued share capital of the Group’s ultimate 
parent Medacta Group SA:
Transactions with related parties are carried out at arm’s length. Details of transactions between the Group and its 
related parties are disclosed below.
Alberto Siccardi  
(Chairman)
Maria Luisa Siccardi Tonolli 
(Member of the Board of Directors)
Francesco Siccardi  
(CEO and Member of GEM)
Alessandro Siccardi  
(Member of GEM)
Artisan Partners 
Limited Partnership
69.45%
4.95%
31.12.2022
Alberto Siccardi  
(Chairman)
Maria Luisa Siccardi Tonolli 
(Member of the Board of Directors)
Francesco Siccardi  
(CEO and Member of GEM)
Alessandro Siccardi  
(Member of GEM)
Artisan Partners 
Limited Partnership
MainFirst SICAV
69.31%
4.95%
3.02%
31.12.2021
(Thousand Euro)
31.12.2022
31.12.2021
Fees, salaries and other short-term benefits
2'933
2'748
Post-employment pension and medical benefits
308
279
Share-based  payments
172
71
TOTAL COMPENSATION OF KEY MANAGEMENT PERSONNEL
3'413
3'098
OPERATING TRANSACTIONS
In 2022 Medacta International made contributions to Medacta for Life Foundation for Euro 498 thousand (Euro 324 
thousand in 2021), a non-profit organization owned by the Siccardi Family.
Mr. Philippe Weber is a member of the Board of Directors of Medacta Group SA. Niederer Kraft Frey Ltd, a law firm 
at which Mr. Philippe Weber is a partner, provided legal services to the Group. The fees for his professional services 
provided during the year 2022 are recognised in the General and Administrative expense line item for an amount equal 
to Euro 24 thousand (in 2021 Euro 40 thousand).
Dr. Alberto Siccardi, Chairman of the Board of Directors of Medacta Group SA, and Mr. Francesco Siccardi, CEO of 
Medacta Group SA, during the year 2022 purchased respectively 9’000 and 19’400 share units.
COMPENSATION OF KEY MANAGEMENT PERSONNEL
The following table shows the compensation of Key Management Personnel recognised in Profit or Loss in line with the 
Group’s accounting policies.
 
Key Management Personnel comprises of the Board of Directors and the Group Executive Management (GEM). The 
compensation of the GEM consists of a fixed portion and variable portion, which depends on the course of business and 
individual performance.

Financial Report   l   Medacta’s Annual Report 2022
161
6.27	
EARNINGS PER SHARE
Basic earnings per share is calculated as the profit for the year attributable to equity holders of the parent divided by the 
weighted average number of outstanding shares of the Company during the year, excluding ordinary shares purchased 
by the Group and held as treasury shares.
 
Diluted earnings per share are calculated by dividing the net profit for the year attributable to ordinary shareholders of 
Medacta Group SA by the weighted average number of ordinary shares outstanding during the year, plus the weighted 
average number of ordinary shares that would be issued on the conversion of all the dilutive potential of outstanding 
equity instruments into ordinary shares. The number of shares, as above calculated, is compared with the number of 
shares that would have been issued assuming the exercise of the Performance Share Units.
 
31.12.2022
31.12.2021
Net profit attributable  to shareholders (in Euro thousand)
46'249
51'521
Weighted average number of ordinary shares outstanding
19'977'035
19'996'308
BASIC EARNINGS PER SHARE (in Euro)
2.32
2.58
(Thousand Euro)
31.12.2022
31.12.2021
Net profit used to determine diluted earnings per share (in Euro thousand)
46'249
51'521
Weighted average number of ordinary shares outstanding
19'977'035
19'996'308
Adjustments for performance stock units issued
18'927
7'966
Weighted average number of ordinary shares for diluted earnings per share
19'995'962
20'004'274
DILUTED EARNINGS PER SHARE (in Euro)
2.31
2.58
6.28	
ATYPICAL AND/OR UNUSUAL OPERATIONS
The Group did not carry out any atypical and/or unusual operations.
6.29	
CONTINGENCIES AND COMMITMENTS
The Group, as of December 31, 2022, contracted purchase commitments, mainly relating the acquisition of instruments, 
for a total amount of Euro 28.4 million (Euro 16.8 million in 2021).
As of December 31, 2022, tangible fixed assets for a total amount of Euro 20’267 thousand (2021: Euro 16’494 thousand) 
have been pledged as collateral for borrowing facilities.
The Group as of December 31, 2022 and 2021 had unused current credit lines of Euro 109’316 thousand and Euro 
103’886 thousand, respectively.
6.30	
SUBSEQUENT EVENTS 
There have been no events occurring after the reported period which would have a material effect on the Medacta Group 
Financials as of December 31, 2022.

Medacta’s Annual Report 2022   l   Financial Report
162
6.31	
EXCHANGE RATES USED TO TRANSLATE FINANCIAL STATEMENTS PREPARED IN 
CURRENCIES OTHER THAN EURO 
EXCHANGE RATES
Items included in the financial statement of each entity of the Group are measured using the currency of the primary 
economic environment in which the entity operates (the “functional currency”). The Group’s presentation currency is 
Euro, while the functional currency of the Parent Company is Swiss Franc. All values are rounded to the nearest thousand 
except where otherwise indicated.
 
Average
Closing
2022
2021
31.12.2022
31.12.2021
CHF
0.9955
0.9253
1.0108
0.9643
GBP
1.1736
1.1638
1.1303
1.1901
AUD
0.6597
0.6350
0.6366
0.6387
USD
0.9505
0.8460
0.9344
0.8797
JPY
0.0073
0.0077
0.0071
0.0076
CAD
0.7304
0.6749
0.6895
0.6960

Financial Report   l   Medacta’s Annual Report 2022
163
7.	 AUDIT REPORT – CONSOLIDATED FINANCIAL 
STATEMENTS
 
 
 
 
Deloitte SA 
Via Ferruccio Pelli 1 
Casella Postale 1366 
6901 Lugano 
Svizzera 
 
Telefono: +41 (0)58 279 9400 
Fax: +41 (0)58 279 9500 
www.deloitte.ch 
 
 
Report of the Statutory Auditor 
 
To the General Meeting of 
MEDACTA GROUP SA, CASTEL SAN PIETRO 
 
Report on the Audit of the Consolidated Financial Statements  
 
Opinion 
We have audited the consolidated financial statements of Medacta Group SA (the Company) and its 
subsidiaries (the Group), which comprise the consolidated statement of financial position as at                     
31 December 2022, the consolidated statement of profit or loss, the consolidated statement of 
comprehensive income, the consolidated statement of changes in equity and the consolidated statement 
of cash flows for the year then ended, and notes to the consolidated financial statements, including a 
summary of significant accounting policies. 
 
In our opinion, the consolidated financial statements (pages 110 to 162) give a true and fair view of the 
consolidated financial position of the Group as at 31 December 2022 and of its consolidated financial 
performance and its consolidated cash flows for the year then ended in accordance with International 
Financial Reporting Standards (IFRS) and comply with Swiss law. 
 
Basis for Opinion 
We conducted our audit in accordance with Swiss law, International Standards on Auditing (ISA) and Swiss 
Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further 
described in the “Auditor's Responsibilities for the Audit of the Consolidated Financial Statements” section 
of our report. We are independent of the Group in accordance with the provisions of Swiss law, together 
with the requirements of the Swiss audit profession, as well as those of the International Ethics Standards 
Board for Accountants’ International Code of Ethics for Professional Accountants (including International 
Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in 
accordance with these requirements. 
 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for 
our opinion.

Medacta’s Annual Report 2022   l   Financial Report
164
 
Medacta Group SA 
Report of the statutory auditor 
for the year ended 
31 December 2022 
 
Our Audit Approach 
Summary 
 
Key audit matters 
We identified the following key audit matters: 
- Capitalisation and measurement of development projects 
- Existence of inventory  
- Existence of instruments (Property, Plant and Equipment) 
Materiality 
Based on our professional judgement, we determined materiality for 
the Group as a whole to be EUR 3.5 million. 
Scoping 
We defined 6 components operations in 5 countries to be in scope for 
group reporting purposes. The ratios of coverage for group revenue, 
group total assets, and group profit before tax are disclosed below. 
 
Key Audit Matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in our 
audit of the consolidated financial statements of the current period. These matters were addressed in the 
context of our audit of the consolidated financial statements as a whole, and in forming our opinion 
thereon, and we do not provide a separate opinion on these matters. 
Capitalisation and measurement of development projects 
Key audit matter 
How the scope of our audit responded to the 
key audit matter 
As described in Note 6.9 to the consolidated 
financial statements, the intangible assets balance 
amounts to EUR 50 million (2021: EUR 52 million), 
including development projects capitalised at   
31 December 2022 amounting to EUR 36 million 
(2021: EUR 36 million).  
 
As described in Note 6.2 to the consolidated 
financial statements, the Group distinguishes 
between research costs, which are recognized in the 
statement of profit or loss as incurred, and 
development costs, which are capitalised provided 
that the technical and commercial feasibility of the 
asset has been established, the related costs can be 
measured reliably, and it can reasonably be 
expected that the costs will be recovered in the 
future.  
 
 
We gained an understanding of the key controls 
relevant to the development projects process 
and the impairment process. 
 
We performed test of details, using statistical 
sampling method, on the projects capitalised 
during the year. We obtained technical 
information relating to the selected projects to 
verify 
whether 
the 
costs 
qualified 
as 
development costs.  
 
We analyzed the evidence obtained to evaluate 
the usefulness of the assets for the Group and 
we inquired about the Group’s intention, as well 
as verified its ability to complete these projects. 
We furthermore inquired about the Group's 
assessment of the future economic benefits, and 
its intention to use or sell the assets.

Financial Report   l   Medacta’s Annual Report 2022
165
 
 
Medacta Group SA 
Statutory Auditor’s Report 
for the year ended 
31 December 2022 
 
 
The costs relating to projects for which the 
development phase has been completed as of   
31 December 2022, are amortised over the useful 
life of the related products.  
 
Projects which are still in early phases of 
development as of the financial statement date are 
not amortised as they are considered as being 
intangible assets with indefinite useful life (“In 
Progress Development Projects”). Development 
projects are allocated to Product Families based on 
their purpose. 
 
Capitalisation of development projects requires the 
Group to apply judgement to evaluate whether the 
development expenditure incurred qualifies for 
recognition as an asset in accordance with IAS 38.   
 
Whenever there are indications of impairment, and 
at least once a year for “In Progress Development 
Projects”, the Group tests these assets for 
impairment. For the impairment test of “In Progress 
Development 
Projects”, 
the 
Group 
applies 
judgements and defines assumptions in areas such 
as revenue growth, estimates in connection with 
the “costs to complete" and WACC. For these 
projects, the impairment test is done at the level of  
Product Families.  
 
Due to the significant amount of costs capitalised 
and the judgements applied by the Group, we 
consider the capitalisation and measurement of 
development projects to be a key audit matter.  
 
In addition, we tested on a sample basis whether 
the costs for development projects were eligible 
for capitalization and whether the amounts were 
capitalised accurately. Furthermore, we verified 
the supporting evidence such as third-party 
invoices and salary costs of the development 
teams. 
 
We have involved internal valuation specialists 
to assist us in challenging the valuation model 
(i.e. validity of the methodology and its 
application, completeness, and mathematical 
accuracy) and the WACC applied.  
 
In addition, we have challenged the Group’s 
judgements and assumptions used in its 
impairment model and we have tested their 
historical accuracy. 
 
We assessed the adequacy and completeness of 
the disclosures included in the accompanying 
consolidated financial statements (Notes 6.9). 
 
Based on the procedures performed, we 
obtained sufficient audit evidence to address the 
risks around capitalisation and measurement of 
development projects.

Medacta’s Annual Report 2022   l   Financial Report
166
 
 
Medacta Group SA 
Statutory Auditor’s Report 
for the year ended 
31 December 2022 
 
 
Existence of inventory 
Key audit matter 
How the scope of our audit responded to the key 
audit matter 
As described in Note 6.12 to the consolidated 
financial statements the balance of inventory 
amounts 
to 
EUR 
160 
million 
as 
of   
31 December 2022 (2021: EUR 136 million). 
 
Inventory is mainly composed of prosthesis and 
implants. The inventory is held in warehouses and 
in consignment at the premises of Medacta’s 
customers to ensure continuity of supply. 
 
Given the significant balance of inventory in 
relation to the Group's total assets, and the 
number of locations in which inventory is located, 
we consider the existence of inventory to be a key 
audit matter in our audit. 
 
 
We assessed the appropriateness of the Group’s 
process for inventory, including inventory counts 
procedures which are performed for inventory 
located 
at 
Medacta's 
premises 
and 
in 
consignment. 
 
As part of this work, we gained an understanding 
of the key controls relating to the existence of 
inventory. 
We 
also 
tested 
the 
operating 
effectiveness of the key controls. 
 
We have performed physical inventory counts for 
items selected through statistical sampling 
methods. Our work was performed in Switzerland, 
Italy, Belgium, and in the USA. The counts also 
covered inventory in consignment.  
 
For locations where our participation in the 
inventory counts procedures performed by the 
Group was possible, we attended these and 
compared the results of our own work with the 
results of the counts performed by the Group. 
 
We assessed the adequacy and completeness of 
the disclosures included in the accompanying 
notes to the consolidated financial statements 
(Notes 6.12). 
 
Based on the procedures performed, we obtained 
sufficient audit evidence to address the risk of the 
existence of inventory.

Financial Report   l   Medacta’s Annual Report 2022
167
 
 
Medacta Group SA 
Statutory Auditor’s Report 
for the year ended 
31 December 2022 
 
 
Existence of instruments  
Key audit matter 
How the scope of our audit responded to the key 
audit matter 
As described in Note 6.7 to the consolidated 
financial statements, the balance of property, 
plant and equipment amounts to EUR 188 million 
as at 31 December 2022 (2021: EUR 155 million), 
including instruments for a net balance of   
EUR 109 million (2021: EUR 88 million).  
 
The instruments are held in warehouses and at 
Medacta’s 
customers 
premises 
to 
ensure 
continuity of supply. 
 
Given the significant balance of instruments in 
relation to the Group's total assets, and the 
number of locations in which instruments are 
consigned, 
we 
consider 
the 
existence 
of 
instruments to be a key audit matter in our audit. 
 
We assessed the appropriateness of the Group’s 
process for instruments, including instruments 
counts 
procedures, 
which 
are 
done 
for 
instruments located at Medacta's premises and in 
consignment. 
 
As part of this work, we gained an understanding 
of the key controls relating to the existence of 
instruments. We also tested the operating 
effectiveness of the key controls. 
 
We have performed physical instruments counts 
for items selected through statistical sampling 
methods. Our work was performed in Switzerland, 
Italy, Belgium, and in the USA. This work covered 
also instruments in consignment.  
 
For locations where our participation in the 
instruments counts procedures performed by the 
Group was possible, we attended these and 
compared the results of our own work with the 
results of the counts performed by the Group. 
 
When the performance of instruments counts was 
not possible because the instruments were held in 
a 
sterilised 
environment, 
we 
obtained 
confirmations from the hospitals and the clinics on 
the existence of the instruments in consignment. 
 
We assessed the adequacy and completeness of 
the disclosures included in the accompanying 
consolidated financial statements (Notes 6.7). 
 
Based on the procedures performed, we obtained 
sufficient audit evidence to address the risk of the 
existence of instruments.

Medacta’s Annual Report 2022   l   Financial Report
168
 
 
Medacta Group SA 
Statutory Auditor’s Report 
for the year ended 
31 December 2022 
 
 
Our application of materiality 
We define materiality as the magnitude of misstatement in the consolidated financial statements that 
makes it probable that the economic decisions of a reasonably knowledgeable person would be changed 
or influenced. We use materiality both in planning the scope of our audit work and in evaluating the 
results of our work. 
 
We determined materiality for the group to be EUR 3.5 million (2021: EUR 3.6 million) which is 6.5% of 
profit before taxes (6.5% of profit before taxes in prior year) and 1.3% of equity (1.6% of equity in prior 
year). 
 
We agreed with the Audit and Risk Committee that we would report to the Committee all audit differences 
in excess of EUR 0.175 million (2021: EUR 0.180 million), as well as differences below that threshold that, 
in our view, warranted reporting on qualitative grounds. We also report to the Audit and Risk Committee 
on disclosure matters that we identified when assessing the overall presentation of the consolidated 
financial statements. 
 
An overview of the scope of our audit 
Our group audit was scoped by obtaining an understanding of the group and its environment, including 
group-wide controls, and assessing the risks of material misstatement at the group level. Based on that 
assessment, we focused our group audit scope primarily on the audit work at 6 components. 3 of these 
were subject to a full audit, whilst the remaining 3 were subject to an audit of specified account balances 
where the extent of our testing was based on our assessment of the risk of material misstatements and 
of the materiality of the group’s operations at those locations. These 6 components represent the 
principal business units and account for 94% (2021: 95%) of the group’s total assets, 76% (2021: 76%) of 
the group’s revenue and 77% (2021: 92%) of the group’s profit before tax. They were also selected to 
provide an appropriate basis for undertaking audit work to address the risk of material misstatements 
identified above. The audit work at the 6 components was executed at levels of materiality applicable to 
each individual component and were lower than group materiality, ranging from EUR 0.340 to EUR 2.240 
million (2021: EUR 0.360 to EUR 2.430 million).  
 
At the parent entity level we also tested the consolidation process and carried out analytical procedures 
to confirm our conclusion that there was no significant risk of material misstatements of the aggregated 
financial information of the remaining components not subject to audit or audit of specified account 
balances. 
 
Other Information 
The Board of Directors is responsible for the other information. The other information comprises the 
information included in the annual report, but does not include the consolidated financial statements, the 
stand-alone financial statements, the remuneration report and our auditor’s reports thereon. 
 
Our opinion on the consolidated financial statements does not cover the other information and we do not 
express any form of assurance conclusion thereon.

Financial Report   l   Medacta’s Annual Report 2022
169
 
 
Medacta Group SA 
Statutory Auditor’s Report 
for the year ended 
31 December 2022 
 
 
In connection with our audit of the consolidated financial statements, our responsibility is to read the 
other information and, in doing so, consider whether the other information is materially inconsistent with 
the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be 
materially misstated.  
 
If, based on the work we have performed, we conclude that there is a material misstatement of this other 
information, we are required to report that fact. We have nothing to report in this regard. 
 
Board of Directors’ Responsibilities for the Consolidated Financial Statements 
The Board of Directors is responsible for the preparation of the consolidated financial statements, which 
give a true and fair view in accordance with IFRS and the provisions of Swiss law, and for such internal 
control as the Board of Directors determines is necessary to enable the preparation of consolidated 
financial statements that are free from material misstatement, whether due to fraud or error. 
 
In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the 
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern, 
and using the going concern basis of accounting unless the Board of Directors either intends to liquidate 
the Group or to cease operations, or has no realistic alternative but to do so. 
 
Auditor's Responsibilities for the Audit of the Consolidated Financial Statements 
Our objectives are to obtain reasonable assurance about whether the consolidated 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 Swiss law, ISA and SA-CH 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 consolidated financial statements. 
 
A further description of our responsibilities for the audit of the consolidated financial statements is 
located on EXPERTsuisse’s website at: https://www.expertsuisse.ch/en/audit-report. This description 
forms an integral part of our report.

Medacta’s Annual Report 2022   l   Financial Report
170
 
 
Medacta Group SA 
Statutory Auditor’s Report 
for the year ended 
31 December 2022 
 
 
Report on Other Legal and Regulatory Requirements 
In accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system 
exists, which has been designed for the preparation of the consolidated financial statements according to 
the instructions of the Board of Directors. 
 
We recommend that the consolidated financial statements submitted to you be approved. 
 
 
Deloitte SA 
 
 
 
 
Fabien Lussu 
 Michele Castiglioni 
Licensed Audit Expert 
Licensed Audit Expert 
Auditor in Charge 
 
 
Lugano, 16 March 2023 
FLU/MCA/jba

Financial Report  l   Medacta’s Annual Report 2022 
171
8.	 STATUTORY FINANCIAL STATEMENTS MEDACTA 
GROUP SA, CASTEL SAN PIETRO 
BALANCE SHEET
 
ASSETS
(Swiss Francs)
31.12.2022
31.12.2021
Cash and cash equivalents
114'439
705'642
Short-Term receivables towards group companies
8.3.1
1'220'627
3'023'871
Accrued income and prepaid expenses
8.3.2
15'036'592
16'035'728
TOTAL CURRENT ASSETS
16'371'658
19'765'241
Investment in subsidiaries
8.3.3
135'510'491
135'510'490
Long-Term loans towards group companies
8.3.4
51'500'000
46'750'000
TOTAL NON-CURRENT ASSETS
187'010'491
182'260'490
TOTAL ASSETS
203'382'149
202'025'731
LIABILITIES AND EQUITY
(Swiss Francs)
Account payables
260'694
346'210
Deferred income and accrued expenses
1'739'351
1'697'559
Other current liabilities
439'566
143'293
TOTAL CURRENT LIABILITIES
2'439'611
2'187'062
TOTAL NON-CURRENT LIABILITIES
                         -                            -  
Share capital
8.3.5
2'000'000
2'000'000
General capital reserve
131'000'000
131'000'000
Capital contribution reserve
8.3.6
18'170'836
23'520'000
General legal reserve from earnings
1'000'000
1'000'000
Treasury Shares reserve
8.3.7
(4'272'340)
(1'342'660)
Retained earnings brought forward
8.3.8
38'312'165
27'915'426
Profit for the year
14'731'878
15'745'903
TOTAL SHAREHOLDER'S EQUITY
200'942'538
199'838'669
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
203'382'149
202'025'731
Notes
Notes
31.12.2022
31.12.2021

Medacta’s Annual Report 2022   l   Financial Report
172
NOTES 
8.1	
GENERAL INFORMATION 
Medacta Group SA (the “Company”) has been registered in the Commercial Register of the Canton Ticino, Switzerland 
since November 30, 2018, with legal office in Castel San Pietro and with a share capital of CHF 2’000’000. The 2022 
Medacta Group SA Profit or Loss recognizes the full year of transactions, from January 1, 2022 to December 31, 2022. 
The company went public on April 4, 2019 and is listed at the SIX Swiss Stock Exchange.
The activity of the Company is to indirectly or directly acquire, hold and manage investments in domestic and foreign 
companies, in particular controlling investments in industrial and trading companies active in the field of orthopedics, 
the management and sustainable development of these investment companies within a group of companies as well as 
the provision of financial and organizational means for the management of a group of companies. The Company may 
acquire, mortgage, utilize and sell real estate properties and intellectual property rights in Switzerland and abroad as 
well as incorporate and finance subsidiaries and branches. The Company may engage in all kinds of commercial and 
financial transactions that are beneficial for the realisation of its purpose, in particular provide and receive loans, issue 
bonds, provide suretyships and guarantees, provide collateral as well as make investments in all marketable investment 
classes.
Medacta Group SA, controlling company of Medacta Group, prepares Consolidated Financial Statements for the Group 
in accordance with the International Financial Reporting Standards (IFRS), in compliance with articles 963 and following 
of the Swiss Code of Obligations (CO), subject to ordinary audit as per Swiss Law.
Furthermore, as the Company issues a Consolidated Financial Statement under IFRS, the Company is and will be exempt 
from additional disclosure requirements for larger companies in accordance with Art. 961d para 1 CO.  
During 2022 and 2021 the number of full-time positions on annual average is less than 10.
8.2	
ACCOUNTING PRINCIPLES 
These Financial Statements have been prepared in compliance with the Swiss Code of Obligations (CO).
TRANSLATION OF FOREIGN CURRENCIES 
The receivables and payables in foreign currencies are translated into Swiss Francs at the exchange rate prevailing at 
the balance sheet date.
During the year, the transactions in foreign currencies are translated into Swiss Francs at the exchange rate prevailing in 
the day of the transaction.
INCOME STATEMENT
 
(Swiss Francs)
Dividend income
8.3.9
15'000'000
16'000'000
Interest Income
500'048
467'500
Other Revenues
8.3.10
3'417'323
3'552'071
TOTAL REVENUE
18'917'371
20'019'571
Personnel costs
(3'175'964)
(3'378'158)
Legal and administrative expenses
8.3.11
(651'224)
(689'145)
Other expenses
(147'024)
(46'296)
TOTAL OPERATING COSTS
(3'974'212)
(4'113'599)
OPERATING PROFIT
14'943'159
15'905'972
Other financial costs
(22'281)
(5'039)
TOTAL FINANCIAL INCOME / (COSTS)
(22'281)
(5'039)
PROFIT BEFORE TAXES
14'920'878
15'900'933
Taxes
8.3.12
(189'000)
(155'030)
PROFIT FOR THE YEAR
14'731'878
15'745'903
Notes
31.12.2022
31.12.2021

Financial Report  l   Medacta’s Annual Report 2022 
173
Unrealized foreign exchange gains are deferred in the Balance Sheet whereas unrealized foreign exchange losses are 
recognized in the Income Statement. Realized foreign exchange gains and losses are recorded in the Income Statement.
RELATED PARTIES 
Related parties include direct and indirect subsidiaries, associated and controlled companies and the Members of the 
Board of Directors as well as the shareholders of the Company. All transactions with those related parties are carried out 
at market conditions (at arm’s length principle). 
INVESTMENT IN SUBSIDIARIES 
The investment in subsidiaries is evaluated at acquisition costs, adjusted for impairment losses if any. 
TAXES
Taxes are accrued based on the annual profit and the taxable capital at the balance sheet date. 
INCOME AND COSTS 
The income and costs are recorded in accordance with the economic competence. 
The dividends of the fiscal period have been recorded according to the principle of simultaneous registration of dividends. 
Furthermore, the principles of realization, of prudence, of imparity and of continuity are applied. 
USE OF ESTIMATES AND JUDGEMENTS BY THE MANAGEMENT 
The annual Financial Statements prepared in conformity with the Swiss Code of Obligations (CO) require the use of 
accounting estimates and assumptions by the management, based on historical experience and other factors (such as 
anticipation of results and future events, where appropriate and based on all circumstances and in compliance with the 
accounting principles of reference). Being the case of estimates, the relevant effects, when they occur, could differ from 
such estimates and expectations.
The main Financial Statements positions based on estimates and assumptions by the management are the following: 
• 
Investment in subsidiaries;  
• 
Deferred income and accrued expenses;
• 
Taxes.
8.3	 INFORMATION, SPLIT AND EXPLANATIONS WITH REGARD TO ITEMS OF THE BALANCE 
SHEET AND THE INCOME STATEMENT 
8.3.1	
SHORT-TERM RECEIVABLES TOWARDS GROUP COMPANIES
The Company has short-term receivables towards Medacta International SA for CHF 1’220’627 
8.3.2	
ACCRUED INCOME AND PREPAID EXPENSES
This position includes dividend from Medacta Holding SA for CHF 15’000’000 related to the result of the year 2022 
(simultaneous registration of dividend) and insurance prepaid expenses.
8.3.3	
INVESTMENT IN SUBSIDIARIES 
The investment in subsidiaries consist of: 
• 
Direct investment in subsidiaries: 
 
Company
% of shares 
held 
December 
2022
% of shares 
held 
December 
2021
Registered office
Country
Share Capital
31.12.2022
Medacta Holding S.A.
100%
100%
Castel San Pietro
Switzerland
1'026'010 CHF
135'510'490 CHF
Knnex Health Inc. *
100%
-
Wilmington
Delaware (USA)                    1 USD 
1 CHF
* This is a new legal entity formed as of November 2022 in Wilmington - Delaware.

Medacta’s Annual Report 2022   l   Financial Report
174
• 
Indirect investment in subsidiaries: 
 
The participation held in the capital of the direct and indirect investment in subsidiaries corresponds to the relevant 
voting rights. 
8.3.4	
LONG-TERM LOANS TOWARDS GROUP COMPANIES
This position refers to the interest-bearing loan towards Medacta International SA. The long-term loan during 2022 
increased to CHF 51’500’000 (2021 amounted to CHF 46’750’000).
8.3.5	
SHARE CAPITAL 
The share capital amounts to CHF 2’000’000 and is divided into 20’000’000 registered shares with a nominal value of 
CHF 0.10 each.
8.3.6	
CAPITAL CONTRIBUTION RESERVE
In 2022 the company distributed an amount of CHF 5’349’164. Following the 2022 repayment, the capital contribution 
reserve amounts to CHF 18’170’836. The capital contribution reserve was made up through cash contributions of CHF 
6’450’000 and CHF 17’070’000 paid in 2019 by the majority shareholders to the company for a total amount of CHF 
23’520’000. Tax rulings have been received by Swiss federal tax authorities in order that these cash contributions can 
be recognized as qualifying capital contribution reserves (Kapitaleinlagereserve KER) in the sense of Swiss federal 
anticipatory (withholding) tax law. The final formal approval has been obtained by federal tax authorities in the year 2020.
8.3.7	
TREASURY SHARES RESERVE
Own shares purchased as of December 31, 2022 amounts to 39’857 corresponding to CHF 4’272’340. In 2022 the 
Company purchased 29’850 own shares for an average price of around CHF 98.14 for an amount of CHF 2’929’680, 
(10’007 in 2021 for an average price of around CHF 134.17 equal to CHF 1’342’660). The Shares are dedicated to 
satisfying the PSUs granted by the employees participating to the Long-Term Incentive Plan (LTIP) approved in March 
2021. LTIP has a vesting period for a duration of 3 years. More detail at Note 6.16 “Medacta Group stockholders’ equity” 
paragraph “Treasury shares”. 
8.3.8	
RETAINED EARNINGS – DIVIDEND PAID OUT
On May 19, 2022 shareholders approved the distribution of CHF 10’698’328 equal to CHF 0.535 per share, half of it CHF 
5’349’164 distributed as dividend out of available earnings and half of it distributed out of accumulated reserves from 
capital contribution reserve. Dividend was settled on May 25, 2022.
Company
% of shares 
held 
December 
2022
% of shares 
held 
December 
2021
Registered office
Country
Registered Capital
Medacta International SA
100%
100%
Castel San Pietro
Switzerland
                1'000'000 CHF 
Medacta Americas Operations Inc.*
100%
-
Wilmington - Delaware
USA
                                1 USD 
Medacta Australia PTY Ltd
100%
100%
Lane Cove
Australia
                               4 AUD 
Medacta Austria GmbH
100%
100%
Eugendorf
Austria
                      35'000 EUR 
Medacta Belgium S.r.l.
100%
100%
Nivelles
Belgium
                2'018'550 EUR 
Medacta Canada Inc.
100%
100%
Kitchener
Canada
                           100 CAD 
Medacta España S.L.
100%
100%
Burjassot
Spain
                        3'000 EUR 
Medacta Europe Operations S.r.l. **
100%
-
Milan
Italy
                   100'000 EUR 
Medacta France SAS
100%
100%
Villeneuve la Garenne
France
                      37'000 EUR 
Medacta Germany GmbH
100%
100%
Göppingen
Germany
                      25'000 EUR 
Medacta Italia S.r.l.
100%
100%
Milan
Italy
                2'600'000 EUR 
Medacta Japan Co. Ltd
100%
100%
Tokyo
Japan
               25'000'000 JPY 
Medacta UK Ltd
100%
100%
Hinckley
UK
                      29'994 GBP 
Medacta USA Inc. 
100%
100%
Franklin - Tennessee
USA
              50'050'000 USD 
* This is a new legal entity formed as of February 2022 in Wilmington - Delaware.
** This is a new legal entity formed as of November 2022 in Milan - Italy.

Financial Report  l   Medacta’s Annual Report 2022 
175
8.3.9	
DIVIDEND INCOME 
Dividend income accrued as of December 31, 2022 for CHF 15’000’000 refers to the 2022 dividend from the subsidiary 
Medacta Holding SA (simultaneous registration of dividend). Dividend accrued as of December 31, 2022 has not been 
cashed in as of the balance sheet date. The 2021 dividend income for CHF 16’000’000 was settled by Medacta Holding 
SA in May 2022.
8.3.10	
OTHER REVENUES 
Other revenues equal to CHF 3’417’323 as of December 31, 2022 (CHF 3’552’071 in 2021), relates to the re-billing 
to Group’s subsidiaries for an amount of CHF 3’411’820 (CHF 3’547’363 in 2021), which include payroll, general and 
administrative expenses to ensure that the costs will be incurred to the relevant parties following the accuracy assertion. 
8.3.11	
LEGAL AND ADMINISTRATIVE EXPENSES 
2022 audit fees of the standalone and Consolidated Financial Statements amount to CHF 307’650 (CHF 307’650 in 
2021). Fiscal, legal and administrative fees are equal to CHF 343’574 (CHF 381’495 in 2021).
8.3.12	
TAXES 
The Company is subject to direct taxes on profit and capital. Taxes as of December 31, 2022 amount to CHF 189’000 
(CHF 155’030 in 2021) out of which CHF 131’000 (CHF 130’957 in 2021) relates to capital tax and CHF 58’000 (CHF 
24’073 in 2021) to profit.
8.4	 OTHER INFORMATION NOT RESULTING FROM THE BALANCE SHEET OR THE INCOME 
STATEMENT 
8.4.1	
NET RELEASE OF REPLACEMENT RESERVES AND OTHER HIDDEN RESERVES 
During the fiscal period no release or use of replacement reserves or other hidden reserves has taken place. 
8.4.2	
OWN SHARES 
In 2022 Medacta Group SA purchased own shares as mentioned in the Note 8.3.7 “Treasury share reserve”. Neither other 
Group Company nor the subsidiaries owned, held or purchased own shares of the Company during the fiscal period.
8.4.3	
EQUITY INSTRUMENTS OF THE BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT
The number of shares held by Board of Directors and Group Executive Management as of December 31, 2022 are 
mentioned in section 6 “Ownership of shares and options” of Remuneration Report.
8.4.4	
RESIDUAL AMOUNT OF LIABILITIES RESULTING FROM LEASE COMMITMENTS 
The Company has no leasing contracts in force. 
8.4.5	
LIABILITIES TOWARDS PENSION INSTITUTIONS 
Liabilities towards pension institutions as of December 31, 2022 amounts to CHF 126’987 (2021 CHF 62’457).
8.4.6	
COLLATERALS, GUARANTEE LIABILITIES AND CONSTITUTION OF PLEDGES IN FAVOUR OF THIRD 
PARTIES 
In order to guarantee the commitments undertaken by the affiliated Medacta International SA, as of December 31, 2022 
the Company has letters of patronage in favour of banking institutions for an amount of CHF 107’500’000 (2021: CHF 
107’500’000).
8.4.7	
ASSETS USED TO SECURE OWN LIABILITIES 
The company has not constituted pledges or collaterals on own assets to secure own liabilities.
8.4.8	
CONTINGENT LIABILITIES
There are no contingent liabilities as at the balance sheet date.
8.4.9	
SUBSCRIPTION OR OPTION RIGHTS
As of December 31, 2022, the Company neither owns nor has released subscription or option rights on its proper shares 
or on the shares of other group companies.

Medacta’s Annual Report 2022   l   Financial Report
176
(Swiss Francs)
31.12.2022
31.12.2021
Retained earnings brought forward
38'312'165
27'915'426
Profit for the year
14'731'878
15'745'903
RETAINED EARNINGS AVAILABLE FOR DISTRIBUTION
53'044'043
43'661'329
DISTRIBUTION OF PROFIT
Dividend paid out of the available earnings *
(5'389'239)
(5'349'164)
Allocation to general reserves
                         -                            -  
Allocation to other reserves
                         -                            -  
CARRY FORWARD RETAINED EARNINGS
47'654'804
38'312'165
* Depends on the number of dividend-entitled shares, max. 19'960'143 shares, as of December 31, 2022. The own shares held by Medacta Group SA are not entitled to the 
distribution of dividends.
(Swiss Francs)
2023
2022
RESERVE FROM CAPITAL CONTRIBUTION
BALANCE JANUARY 1
18'170'836
23'520'000
Distribution of reserves from capital contribution *
(5'389'239)
(5'349'164)
CARRY FORWARD RESERVES FROM CAPITAL CONTRIBUTION
12'781'597
18'170'836
* The own shares held by Medacta Group SA are not entitled to the distribution out of reserves from capital contribution.
8.4.10	
IMPORTANT SUBSEQUENT BALANCE SHEET DATE EVENTS 
There have been no events occurring after the reported period which would have a material effect on the Medacta Group 
Financials as of December 31, 2022.
8.5	 PROPOSAL OF THE BOARD OF DIRECTORS TO THE ANNUAL GENERAL MEETING
The Board of Directors proposes to the Annual General Meeting of Medacta Group SA on April 27, 2023 a distribution of CHF 
10’778’478 (CHF 0.54 per share), half of it as dividend out of retained earnings and half of it out of the total of reserves from 
capital contribution. All the remaining retained earnings as well as accumulated reserves from capital contribution will be 
carried forward.
In deciding on the appropriation of dividends and the distribution of reserves from capital contribution, the Shareholders’ 
General Meeting shall take into account that the Company will not pay such distribution on treasury shares held by the 
Company.
8.6	 PROPOSED APPROPRIATION OF THE AVAILABLE RETAINED EARNINGS
The Board of Directors proposes the following appropriation of the retained earnings:
 
8.7	 PROPOSED APPROPRIATION OF RESERVES FROM CAPITAL CONTRIBUTION
The Board of Directors proposes the following appropriation of reserves from capital contribution.

Financial Report  l   Medacta’s Annual Report 2022 
177
9.	
AUDIT REPORT – MEDACTA GROUP SA FINANCIAL 
STATEMENTS
 
 
 
 
Deloitte SA
Via Ferruccio Pelli 1 
Casella Postale 1366 
6901 Lugano 
Svizzera 
 
Telefono: +41 (0)58 279 9400 
Fax: +41 (0)58 279 9500 
www.deloitte.ch 
 
 
Report of the Statutory Auditor 
 
To the General Meeting of 
MEDACTA GROUP SA, CASTEL SAN PIETRO 
 
Report on the Audit of the Financial Statements  
 
Opinion 
We have audited the financial statements of Medacta Group SA (the Company), which comprise the 
balance sheet as at 31 December 2022, the statement of income for the year then ended, and notes to 
the financial statements, including a summary of significant accounting policies. 
 
In our opinion, the financial statements (pages 171 to 176) comply with Swiss law and the Company’s 
articles of incorporation. 
 
Basis for Opinion 
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our 
responsibilities under those provisions and standards 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 provisions of Swiss law and the requirements of the Swiss audit 
profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for 
our opinion. 
 
Key Audit Matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in our 
audit of the financial statements of the current period. These matters were addressed in the context of 
our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not 
provide a separate opinion on these matters.

Medacta’s Annual Report 2022   l   Financial Report
178
 
 
 Medacta Group SA 
Statutory Auditor’s Report 
for the year ended 
31 December 2022 
 
 
Valuation of investments in subsidiaries and long-term Loans towards group companies 
Key audit matter 
How the scope of our audit responded to the key 
audit matter 
As described in Notes 8.3.3 and 8.3.4 to the stand-
alone financial statements, investments and long-
term loans amount to CHF 187 million (2021:   
CHF 182 million), or represent 92% (2021: 90%) of 
total assets as at 31 December 2022. 
 
The Company assesses the valuation of its 
investments and long-term loans and determines 
potential impairment indicators on an individual 
basis, in accordance with the provisions of Swiss 
Law. 
 
Due to the significance of the carrying amount of 
the investments and long-term loans, and due to 
the judgement involved in the determination of 
potential 
impairments, 
this 
matter 
was 
considered as a key audit matter in our audit. 
We have assessed the appropriateness of the 
Company’s accounting policy for the valuation of 
investments and long-term loans. 
 
We gained an understanding of the key controls in 
connection with the valuation of investments and 
long-term loans. 
 
We challenged the assessment of impairment 
indicators made by the Company’s management. 
 
We compared the carrying amount of the 
investments with the equity balances of the 
relevant entities.  
 
We challenged the recoverability of the long-term 
loans towards group companies. 
 
We assessed the adequacy and completeness of 
the related disclosures in the Notes 8.3.3 and 8.3.4 
to the stand-alone financial statements. 
 
Based on the procedures performed, we obtained 
sufficient audit evidence to address the risk 
around valuation of investments and long-term 
loans. 
 
Other Information 
The Board of Directors is responsible for the other information. The other information comprises the 
information included in the annual report, but does not include the consolidated financial statements, the 
stand-alone financial statements, the remuneration report and our auditor’s reports thereon. 
 
Our opinion on the financial statements does not cover the other information 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 the other information 
and, in doing so, consider whether the other information is materially inconsistent with the financial 
statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated.

Financial Report  l   Medacta’s Annual Report 2022 
179
 
 
 Medacta Group SA 
Statutory Auditor’s Report 
for the year ended 
31 December 2022 
 
 
If, based on the work we have performed, we conclude that there is a material misstatement of this other 
information, we are required to report that fact. We have nothing to report in this regard. 
 
Board of Directors’ Responsibilities for the Financial Statements 
The Board of Directors is responsible for the preparation of the financial statements in accordance with 
the provisions of Swiss law and the Company's articles of incorporation, and for such internal control as 
the Board of Directors 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, the Board of Directors 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 unless the Board of Directors either intends to liquidate the 
Company or to cease operations, or has no realistic alternative but to do so. 
 
Auditor's Responsibilities for the Audit of the Financial Statements 
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 Swiss law and SA-CH 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. 
 
A further description of our responsibilities for the audit of the financial statements is located on  
EXPERTsuisse’s website at: https://www.expertsuisse.ch/en/audit-report. This description forms an 
integral part of our report.

Medacta’s Annual Report 2022   l   Financial Report
180
 
 
 Medacta Group SA 
Statutory Auditor’s Report 
for the year ended 
31 December 2022 
 
 
Report on Other Legal and Regulatory Requirements 
In accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system 
exists, which has been designed for the preparation of the financial statements according to the 
instructions of the Board of Directors. 
 
Furthermore, we confirm that the proposed appropriation of available earnings complies with Swiss law 
and the Company’s articles of incorporation. We recommend that the financial statements submitted to 
you be approved. 
 
 
Deloitte SA 
 
 
 
 
Fabien Lussu 
Michele Castiglioni 
Licensed Audit Expert 
Licensed Audit Expert 
Auditor in Charge 
 
 
Lugano, 16 March 2023 
FLU/MCA/jba

ADDITIONAL INFORMATION 
FOR INVESTORS
Medacta’s Annual Report 2022

Medacta’s Annual Report 2022   l   Additional Information For Investors
182
FINANCIAL CALENDAR
ANNUAL 
GENERAL MEETING
APRIL 27
2023
PUBLICATION 
OF 2023 HALF-YEAR 
RESULTS
SEPTEMBER 22
2023
PUBLICATION OF 2023 
HALF-YEAR UNAUDITED 
TOP-LINE FIGURES
JULY 28
2023
FORWARD-LOOKING INFORMATION DISCLAIMER
This Annual Report has been prepared by Medacta and includes forward-looking information and statements concerning 
the outlook for our business. These statements are based on current expectations, estimates and projections about the 
factors that may affect our future performance. These expectations, estimates and projections are generally identifiable by 
statements containing words such as “expects”, “believes”, “estimates”, “targets”, “plans”, “outlook” or similar expressions. 
There are numerous risks and uncertainties, many of which are beyond our control, that could cause our actual results 
to differ materially from the forward-looking information and statements made in this Annual Report. Important factors 
that could cause such differences include: changes in the global economic conditions and the economic conditions of the 
regions and markets in which the Group operates; changes in healthcare regulations (in particular with regard to medical 
devices); the development of our customer base; the competitive environment in which the Group operates; manufacturing 
or logistics disruptions; the impact of fluctuations in foreign exchange rates; and such other factors as may be discussed 
from time to time. Although we believe that our expectations reflected in any such forward-looking statement are based 
upon reasonable assumptions, we can give no assurance that those expectations will be achieved.
RELATED TRADEMARKS
Medacta Group Related Trademarks are registered at least in Switzerland.	
 
The products and services listed below may not be all inclusive, and other Medacta products and services not listed 
below may be covered by one or more trademarks. The below products and services may be covered by additional 
trademarks not listed below. Note that Swiss trademarks may have foreign counterparts.	
	
 
3D Metal®, 3D Metal® B-Cage, AMIS®, AMIS® Bikini®, AMIS®-K Long, Augments 3D Metal®, GMK® Efficiency, GMK® Hinge, 
GMK® Primary, GMK® Revision, GMK® System, GMK® Sphere, GMK® UNI, E-Cross®, M-ARS ACL®, M.U.S.T.®, M.U.S.T.® LT, 
M.U.S.T.® MC, M.U.S.T.® Mini, MasterLoc®, Mecta-C® System, Mecta-C®, Stand Alone, Mecta®Fix, Mecta®Grip, MectaLIF® 
Anterior, MectaLIF® System, Mecta®Lock, Mecta®Lock PEEK, Mecta®Lock C, Mecta®Lock TI, Mecta®QTH, Mecta®Screw, 
Mecta®Tap TI, MiniMAX®, Mpact®, Mpact® 3D Metal®, Mpact® 3D Metal® Multi-Hole, Mpact® Multi-Hole, Mpact® System, 
MOTO® Lateral, MOTO® Medial, MOTO® PFJ, MOTO® System, MyHip®, MyHip® Planner, MyHip® Verifier, MyKA™, MyKnee®, 
MyKnee® R, MyPAO®, MyShoulder®, MySolutions™ Personalized Ecosystem, MySpine®, MySpine® Anchor, MySpine® Cervical, 
MySpine® MC, MySpine® S2AI, M-Vizion®, NextAR™, NextAR™ Knee, NextAR™ Shoulder, NextAR™ Spine, PowerKnot®, Quadra®-P, 
Quadra®-R, SensiTiN™, SMS®, Versafitcup®.
CONTACTS
Medacta International IR Contact 
Strada Regina 
6874 Castel San Pietro - Switzerland
Phone:	
+41 91 696 60 60 
Fax:	
+41 91 696 60 66
Mail:	
investor.relations@medacta.ch
Discover more
www.medacta.com/EN/home-investors-global

Additional Information For Investors  l   Medacta’s Annual Report 2022
183

Ref: 99.99AR.11  Rev.00-2022