Anish Bafna is resigning as CEO and Managing Director of KKR-owned Healthium Medtech, transitioning to a non-executive chairman position. The company, a major player in medical devices, is currently searching for a new chief executive. This leadership change comes amid recent profitability challenges and a slowdown in the broader Indian surgical products market.
What Happened
Anish Bafna, who has served as the CEO and Managing Director of Healthium Medtech since 2018, is stepping down from his executive responsibilities. He will transition to the role of non-executive chairman. This change is part of a planned leadership move at the Bengaluru-based medical device company, which is currently backed by the global investment firm KKR. According to reports, the company is in the process of identifying a successor and expects to appoint a new CEO within the next month. Bafna will continue to be involved during this transition period to assist with the selection and onboarding of the new leader.
Bafna’s Tenure and Company Expansion
Bafna has been a central figure in Healthium’s growth since joining in 2018, shortly after private equity firm Apax Partners took control. During his tenure, the company expanded its presence in the medical device sector, growing its annual revenue from ₹589 crore in fiscal year 2019 to ₹870 crore in fiscal year 2025. This growth reflects the company’s focus on scaling its operations in surgical consumables, such as sutures and other medical devices. In 2024, KKR acquired the company from Apax Partners for approximately ₹7,000 crore, marking a significant change in ownership for the medical device firm.
Financial and Operational Challenges
While the company has seen revenue growth, its financial performance has faced recent headwinds. After a period of robust profitability, Healthium has reported a decline in earnings over the past two fiscal years. Financial reports show a drop in profit after tax to ₹37 crore in FY24, followed by a loss of ₹38 crore in FY25, despite generating record revenue levels. These figures reflect the difficulty in balancing top-line growth with bottom-line stability in a highly competitive sector.
Market Dynamics and Competitive Pressure
Healthium operates in a challenging market environment. In the Indian surgical products segment, the company faces strong competition from established multinational corporations, most notably Johnson & Johnson’s Ethicon brand. This competition has often limited the pricing power of domestic players, putting pressure on profit margins. Additionally, the broader medical technology sector has experienced a slowdown in growth momentum since the latter half of FY25, according to industry reports. These external factors, combined with the need for high investments in distribution and regulatory approvals, create a demanding environment for any new leadership to navigate.
What to Watch Next
The key focus for stakeholders will be the appointment of the new CEO and the strategic direction they take under KKR’s ownership. Investors and observers will track whether the new leadership can improve operational efficiency to return the company to profitability. Other monitorables include the company's ability to maintain its market share against large global competitors, the impact of the ongoing sector slowdown, and how KKR integrates its business strategy to handle the recent margin pressure.