Gentherm Raises 2026 Guidance, Secures FDA Clearance for ThermaFix, and Acquires IME for $34M
THRM sits 66% above its 52-week low of $27 on elevated volume (4.8× avg).
Summary
Gentherm posted record Q2 revenue of $416M, raised full-year 2026 guidance, and announced FDA clearance for ThermaFix plus the $34M acquisition of IME, reinforcing growth ahead of the Modine merger.
Key Events · Earnings and Guidance · THRM
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Record Q2 Revenue and Raised Guidance
Q2 product revenue reached a record $416 million, up 11% year-over-year, driven by automotive climate and comfort solutions. Full-year 2026 guidance raised to ~$1.6 billion revenue, adjusted EBITDA of $185–$200 million, and adjusted free cash flow of $85–$100 million.
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FDA Clearance for ThermaFix
Received FDA 510(k) clearance for ThermaFix, a conductive air-free patient warming device for robotic surgeries. Initial sales expected in Q3 2026, with strong market interest and potential to establish a new standard of care.
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Acquisition of Innovative Medical Equipment
Completed the $34 million acquisition of IME, a provider of non-opioid thermal therapy devices. IME projects 2026 revenue of $17 million with 20% EBITDA margins, and Gentherm expects to double its revenue by 2030.
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Modine Merger Progress and Financing
Merger with Modine Performance Technologies expected to close early Q4 2026. Secured $800 million in committed financing ($550M revolver + $250M term loan), with pro forma net leverage of ~1x at close.
Analysis · THRM · Manufacturing
Gentherm delivered a strong Q2 with record revenue of $416 million, up 11% year-over-year, and raised full-year 2026 guidance across revenue, adjusted EBITDA, and free cash flow. The company also announced FDA 510(k) clearance for ThermaFix, a new patient warming device, with initial sales expected in Q3, and completed the $34 million acquisition of Innovative Medical Equipment, adding a non-opioid pain management device with $17 million in projected 2026 revenue. These developments, alongside progress on the Modine Performance Technologies merger expected to close early Q4, signal accelerating momentum in both core automotive and new medical markets.
At the time of this filing, THRM was trading at $44.80 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $27.00 to $45.96. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.