Sartorius Q1 21 numbers trumped estimates. Sales were up 61.6% on a cc basis – driven by both bioprocessing solutions (+61.4%) and lab products and services (+62.3). Order intake (+89.2%) implies further acceleration in the near term. EBITDA was up by 91.2%, with the associated margin expanding by 630bp.
FY21 guidance was unchanged: revenue growth of 35% and EBITDA margin of 32%. We will upgrade our estimates and target price to factor in the strong performance.
21 Apr 2021
Solid Q1 21, unchanged guidance is surprisingly conservative
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Solid Q1 21, unchanged guidance is surprisingly conservative
Sartorius Q1 21 numbers trumped estimates. Sales were up 61.6% on a cc basis – driven by both bioprocessing solutions (+61.4%) and lab products and services (+62.3). Order intake (+89.2%) implies further acceleration in the near term. EBITDA was up by 91.2%, with the associated margin expanding by 630bp.
FY21 guidance was unchanged: revenue growth of 35% and EBITDA margin of 32%. We will upgrade our estimates and target price to factor in the strong performance.