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Coloplast’s Q3 23 earnings missed consensus, reporting revenue of DKK6.11bn, up 8% organically. The Chronic care business excelled with ~8.5% growth, driven by the strong performances in China and the US. Urology maintained stability with 7% growth, despite challenging comparisons. However, Wound & Skin disappointed due to lower growth in Europe and timing issues. Adjusted EBIT margin contracted to 28%, and will trigger a downward adjustment to our FY23 margin estimates.
Companies: Coloplast A/S Class B (COLO.B:CSE)Coloplast (COLO-B:CPH)
AlphaValue
Coloplast has reported a 8% rise in Q2 23 revenue, driven by double-digit growth in wound and skin care, and in interventional urology. However, gross margin erosion and higher distribution costs caused a contraction in the adjusted EBIT margin to 28%. The FY23 guidance for organic growth is now 8% and the adjusted EBIT margin is expected to be in the lower half of the previous range. We will cut our FY23 estimates by low-to-mid single digits.
Coloplast reported in line sales but softer than expected profits for Q1 23. Q1 sales were up 7% on an organic basis. In spite of the in line adjusted EBIT, the higher interest costs meant the firm missed EPS estimates by ~10%. FY23 underlying guidance was unchanged while reported growth is now expected at 9-10% (-2ppts). We will trim our FY 23 estimates by high single-digits, attributable to lower than expected FX tailwinds and softer margin developments.
Coloplast announced soft Q422 numbers with organic sales growth of 5% driven by strong momentum in Interventional urology (+12%), which was well-supported by ostomy (5%) and continence (6%). The adjusted EBIT margin contracted by 200bps, (to 30%), hurt by increased input costs and commercial spending. For the FY23, the management expects revenue growth of 7-8% (in CER) and an EBIT margin at 28-30%, both below estimates. We will downgrade our estimates to factor in the soft Q3 showing and weake
Coloplast announced better than expected Q3 22 numbers with organic sales growth of 8% led by strong momentum in Ostomy care (+10%) and Interventional urology (+11%). The former was the biggest positive, even as China continued to drag. The adjusted EBIT margin stood at 30% (-300bp), hurt by increased distribution costs. The FY22 outlook – 6-7% organic growth and 28-29% reported EBIT margin – was re-iterated. We will upgrade our top-line estimates to factor in the stronger than expected Q3 sho
Coloplast reported marginally softer than expected Q2 22 numbers, as sales were up 7% with broad-based growth across products. Adjusted EBIT margin was down 200bp, hurt by relatively faster operating expense growth. However, management cut FY22 expectations: organic growth of 6-7% (vs 7% earlier), and reported EBIT margin of 28-29% (vs 30% earlier), sending the stock 11% lower since the announcement. We will trim our estimates by 1-2% to factor in the soft FY22 outlook.
Coloplast reported good Q1 22 numbers, beating estimates. Organic growth came in at 6% with an adjusted EBIT margin of 32%. The firm announced a fresh DKK500m share buy-back programme, to be initiated in Q2 22. For FY 22, Coloplast expects 7% growth at CER with an adjusted EBIT margin of ~31%. We will raise our estimates to factor in the better than expected Q1 showing as well as the early closure of the Atos medical acquisition (January end vs expectations of March 2022).
Coloplast reported estimate-beating Q4 21 numbers, with sales up 10% on an organic basis. However, the beat was overshadowed by a soft FY 22 outlook (7% growth vs 7-9% long-term outlook), which was attributable to the COVID-19 uncertainty, especially in the US and China. Given the soft outlook, we will be downgrading our estimates marginally.
Coloplast reported mixed Q3 21 numbers, missing top-line estimates but beating on the bottom line. Sales were up 11% on an organic basis, driven by Urology (+82%) and ‘wound & skin care’ (+17%). Adjusted EBIT was up 16%, with the associated margin at 33%. FY21 top-line growth is now expected to be at the lower end of 7-8%, while the adjusted EBIT margin is expected to be at the higher end of 32-33%. We do not expect any significant changes to our estimates.
Coloplast reported mixed Q2/H1 2021 numbers. Sales were up 2% on an organic basis, driven by ostomy (+4%) and urology (+3%). Adjusted EBIT was up 2% with the associated margin at 33% (+100bp). FY21 top-line growth outlook was maintained (7-8% organic, 4-5% in DKK), while the adjusted EBIT margin is now expected at 32-33% (vs 31-32% earlier). We do not expect any significant changes to our estimates, as we believe the soft Q2 showing should be offset by stronger H2 growth.
Coloplast announced good Q1 21 numbers, even though it missed our estimates. Revenue was up 5% on an organic basis, driven by chronic care (+5%) and urology (+5%), which offset soft wound & skin (+1%). Adjusted EBIT came in at DKK1.5bn with the margin at 32% (+100bp). FY21 outlook remains unchanged with 7-8% top-line growth and a 31-32% EBIT margin. Factoring in the marginal miss vs our estimates, we will trim our estimates accordingly, with little impact on the target price.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Coloplast. We currently have 24 research reports from 3 professional analysts.
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