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Value shifts from microsurgery to ophthalmology

  • 03 Dec 16

Carl Zeiss Meditec (CZM) released Q3 FY16 results broadly in line with market consensus. All the sales growth numbers are at CER unless specified otherwise. Revenue increased by 2.9% (vs Q2 16: +6.7%), largely due to slower growth in the ophthalmic systems segment (+1.7% vs Q2 16: +12.9%; accounts for c.39% of Q3 16 revenue). Stiff competition in the diagnostic business and a high prior year comparable (Q3 15: +12.6%) lowered the growth of the segment. Revenue in the microsurgery segment also slumped by 2.0% (vs Q2 16: 3.5%; accounts for c.25% of Q3 16 revenue), on the back of a tough comparable in the previous year. However, the surgical ophthalmology revenue accelerated by +8.1% (vs Q2 16: +2.9%; accounts for c.36% of Q3 16 revenue), once again fuelled by double-digit growth in the IOL business. Geographically, the APAC region (+25.3% vs Q2 16: +17.1%; accounts for c.36% of Q3 16 revenue) was the largest growth contributor to the business due to strong demand in China and South Korea. However, the growth momentum turned negative in the EMEA region (-6.0% vs Q2 16: +3.7%; accounts for c.33% of Q3 16 revenue) due to sluggish demand in Southern Europe and the Middle East. The dismal performance continued in the Americas region (-6.7% vs Q2 16: -0.4%; accounts for c.31% of Q3 16 revenue), primarily due to the intense competitive environment in the US and ongoing macro headwinds in Brazil. The total reported revenue increased by 2.8% (vs Q2 16: +8.3%) as the FX contribution was minimal during the quarter (-0.1% vs Q2 16: +1.6%). The EBIT margin weakened to 13.7% (vs Q2 16: 15.5%), largely attributable to planned R&D investments in the microsurgery segment (margin down to 16.6% vs Q2 16: 26.1%). Furthermore, unfavourable currency movements led to a net finance expense of €6.9m (vs Q2 16: €1.4m income), lowering the EPS to €0.24 per share (vs Q2 16: €0.38 per share). Management has maintained its FY16 revenue guidance at €1,080-1,120m and the EBIT margin guidance at 13-15%.