Max Noble
The Max Noble Integrity Score · the report4 November 2025

Max Noble

Coloplast

Kristian Villumsen promised >30% margin; 7–9% growth. Now it is 28% margin; 7% growth.

🇩🇰 Denmark · Medical devicesColoplast100IntegrityKVKristian VillumsenCEO, 2018–2025, ColoplastPromisedhow much profit it keeps from each krone of sales>30% margin; 7–9% growth30 September 2020
He promised

Sales would grow 7–9% a year and the margin would be above 30%.

Kristian Villumsen, CEO, 2018–2025, on 30 September 2020.

He got

7% growth and a 28% margin in the final year.

Stamp: Partly kept.

Why, says the company

Product recalls, inflation and acquisitions weighed on profits.

How bad

Near miss. Growth reached only the bottom of the range and the margin goal was missed. Score 100 → 95.

In the company’s own words

Coloplast named product recalls in Urology and Advanced Wound Care, inflation and higher interest rates that raised input costs, weaker China and the effects of acquisitions. Villumsen stepped down on 5 May 2025; interim CEO Lars Rasmussen reported the final year.

The sources

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