Tristel’s H1 FY26: double-digit growth, fat margins, and a US spark
Tristel PLC’s half-year numbers to 31 December 2025 are out, and they read well. Revenue rose 14% to £25.65m, adjusted EBITDA grew 17% to £7.34m, and adjusted profit before tax nudged up 11% to £5.47m. Gross margin held at a lofty 81% and the dividend is maintained. The company remains cash generative with no debt.
The headline that will catch attention: US revenue surged 542% year-on-year from a small base, helped by favourable clinical guidance and new product launches. There is also a CEO transition on the way, with Matt Sassone stepping down at year-end, and a new CFO already in-seat.
Key figures at a glance
| Metric | H1 FY26 | H1 FY25 |
|---|---|---|
| Revenue | £25.65m | £22.57m |
| Gross margin | 81% | 82% |
| Reported EBITDA | £6.83m | £5.02m |
| Adjusted EBITDA | £7.34m | £6.27m |
| Reported profit before tax | £4.96m | £3.66m |
| Adjusted profit before tax | £5.47m | £4.91m |
| Basic reported EPS | 8.28p | 5.72p |
| Adjusted EPS | 9.36p | 8.17p |
| Cash and short-term investments | £13.29m | £11.74m |
| Interim dividend | 5.68p | 5.68p |
What drove the growth
Core products doing the heavy lifting
Medical device decontamination – Tristel’s core franchise – rose 15% to £22.62m. The Cache surface disinfection range grew 30% to £2.33m as hospitals lean into chlorine dioxide-based products. Group gross margin stayed robust at 81%, with segment margins of 84% for medical device decontamination, 60% for surface disinfection, and 57% for other revenues.
Geography: broad-based, with a notable US pop
- UK revenue up 13% to £9.88m; overseas up 14% to £15.77m.
- On a local currency basis, EMEA markets were strong: Netherlands +22%, France +13%, Germany +12%, Italy +13%.
- APAC was mixed: Australasia +2%, rest of region -2%.
- Americas revenue up 236% overall, with the United States up 542% year-on-year.
Let’s size the US result. Total US revenue in the half was £262,000 (direct product sales £146,300 and royalties £115,700). That is small in absolute terms but the trajectory matters: clinical validation is improving, guidance is turning supportive, and customer utilisation is deepening.
Why the US matters now
Guideline tailwinds and product launches
Two important catalysts are at play. First, updated American Institute of Ultrasound in Medicine (AIUM) guidelines now include chlorine dioxide for high-level disinfection (HLD) of ultrasound probes, which strengthens the case for Tristel’s ULT product in the US. Second, the company launched Tristel OPH, an HLD foam for ophthalmic devices, and early adoption has been brisk, with some customers buying without evaluation.
Tristel also introduced VISICLEAN, a colour-indicating detergent designed to make cleaning visible and consistent before disinfection – bundled with DUO ULT and DRY WIPES in the VISI Combination Pack and connected to digital traceability via the 3T platform. It is the kind of workflow-friendly innovation that can win hospital teams over.
Clinical adoption building from lighthouse centres
Adoption by leading US healthcare institutions is referenced in the RNS, which is useful for credibility and selling into the wider market. The company also flags progress with device manufacturers on compatibility and inclusion in instructions for use (IFUs) for OPH – a practical step that removes purchasing friction.
My take: the US is still early-stage for Tristel in revenue terms, but the ingredients for scale-up look better than a year ago. Expect lumpy progress, but the direction of travel is positive.
Cash, costs and margins
Adjusted EBITDA margin came in at 29%, comfortably above the company’s 25% medium-term target. Administration and distribution costs, excluding non-cash items and exceptionals, increased to £13.7m from £12.3m as Tristel invested in sales infrastructure, marketing and R&D. Exceptional items of £0.13m relate to succession costs, and share-based payments were £0.39m.
Cash and short-term investments totalled £13.29m at period end, up from £11.74m a year ago, after paying £4.07m of dividends. The balance sheet remains debt-free. The company completed the transition to making wipes in-house; unit costs are now materially lower and management expects greater benefit to flow in H2.
Dividend, guidance and near-term catalysts
The interim dividend is held at 5.68p per share, payable on 9 April 2026, ex-dividend on 19 March 2026 with a record date of 20 March 2026. Guidance is steady: management says trading is comfortably in line with expectations for the year to 30 June 2026.
Operational catalysts to watch include continued US hospital wins for ULT and OPH, further progress on device manufacturer compatibility listings, and the roll-out of VISICLEAN and the 3T traceability platform. If the in-house wipes cost savings expand as planned, margin resilience could remain a feature even as Tristel invests for growth.
Leadership changes: what to make of them
Tristel appointed Anna Wasyl as CFO during the period. CEO Matt Sassone will step down at the end of the financial year to take a role with a US multinational; a formal search for a successor is underway. The Board highlights leadership depth and does not expect trading or execution to be impacted during the transition.
My view: CEO transitions are never a free hit, but the timing is manageable given the upgraded US backdrop and a relatively straightforward strategy. Continuity through year-end helps.
The good, the bad, and the watch list
Positives
- Double-digit revenue growth with standout 542% US advance from a small base.
- Margin quality intact: 81% gross and 29% adjusted EBITDA.
- Balance sheet strength: £13.29m cash and investments, no debt, dividend maintained.
- Clear product momentum with OPH and VISICLEAN, plus supportive US guidance for chlorine dioxide HLD.
Negatives and risks
- US revenue is still small at £262,000, so execution risk remains despite the pace of growth.
- Cost base is rising with investment in commercial and R&D capabilities.
- APAC performance outside Australasia slipped 2% on a local currency basis.
- CEO transition adds uncertainty until a successor is named.
Bottom line
This is a strong half from Tristel. Core markets are humming, margins are sticky, and the US growth engine has finally started to turn over with the right clinical and product support. The company is balancing investment with profitability, maintaining its dividend, and keeping the balance sheet clean.
If Tristel can convert lighthouse US accounts into broader adoption while scaling OPH and VISICLEAN, today’s small US revenue contribution could look very different in a few reporting periods. For now, the story is tracking to plan and the risk-reward tilts positive, with the CEO handover the main near-term variable to monitor.
