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The Q3 results fell somewhat short of the street’s expectations, although both the segments saw healthy growth. Meanwhile, the management narrowed its full-year guidance to which the markets expressed their disappointment. Nonetheless, Alcon’s medium-to-long term prospects remain promising, on the back of its dominant position in both segments, material unmet eye care needs across the globe and the ongoing profitability improvements.
Companies: Alcon AG
AlphaValue
The Q2 23 beat was driven by healthy performances from both business segments, and the top-line benefits also percolated down to operating profitability. Moreover, the management upgraded its 2023 guidance. Overall, Alcon’s commanding position in its target markets, promising growth prospects for its offerings and improving profitability all support our positive recommendation.
2023 has started on a strong note, driven by robust performances from both divisions. Even the full-year guidance has been upgraded and, while the management has factored recessionary pressures into its outlook, one cannot rule out another guidance uptick in the event that these pressures are less severe than anticipated. Overall, we reiterate our positive recommendation on Alcon, given its dominant position and consistent outperformance vs. the target markets, together with the ongoing profitab
The Q4 results were driven by healthy performances from both segments, although the dividends was lower than expected. Nonetheless, the 2023 guidance was favourable, pointing to decent top-line growth and the continuation of ‘core’ margin improvements. Overall, Alcon’s strong positioning in its target markets, healthy growth prospects and ongoing profitability improvements underpin our positive recommendation. Also, the upside is supported by the fact that the current relative valuation levels a
The healthy growth trajectory of the last few quarters was maintained in Q3, and as a result, the 2022 guidance in CER growth terms was improved slightly. However, considering the FX headwinds, the guidance, in absolute terms, was moderated. The firm also announced an additional cost-savings plan to fight the challenging macroeconomic environment. Overall, Alcon remains well-positioned to benefit from a dominant position in its markets and a healthy balance sheet – aiding newer growth initiative
Alcon’s Q2 results were in line with our expectations. In Q2, growth was driven by the post-Covid recovery in its target markets and the strength of the portfolio. However, the group revised downwards its full-year outlook due to tough external challenges i.e., adverse FX, spiralling inflation and supply chain challenges. Having said that, our positive outlook on the Swiss giant is reiterated given the group’s dominance in the target markets and the fact that the above challenges are mostly exog
Alcon has started 2022 on a good note, with continued strong growth momentum being witnessed across the segments. While spiralling inflation and FX headwinds, due to rising geopolitical crisis and the worsening Covid-19 situation in China are troublesome, fortunately the Swiss giant has been able to absorb most of the shock by acting swiftly. This has also been reflected in the maintained 2022 outlook despite all the challenges. Hence, our positive stance is reiterated.
Alcon finished 2021 on a high, with strong growth across segments. Moreover, 2022 is guided to be another solid year, which, apart from the strength in its focus areas, should also benefit from the continued recovery in the global ophthalmology market. While ongoing inflationary headwinds and the increase in operating expenses do pose some challenges, the group is confident of successfully mitigating them. Our positive recommendation is reiterated.
Alcon has witnessed a strong 2021, with a healthy performance across (sub-)segments. While eye care markets continue to recover at a varied pace across different regions, the group still delivered impressive results, driven by its robust product portfolio. Although the Omicron variant concerns are likely to result in some near-term moderation, it is not expected to have any major bearing on the group’s longer term fortunes. Hence, our positive stock recommendation is reinforced.
Alcon posted strong results in Q2, driven by robust growth momentum across the segments. While returning demand for eye-care (elective) surgeries drove the Surgical’s segment, the robust uptake for new products bolstered Vision Care. Driven by the solid US market trends (backed by a strong Q2), the group has upgraded its full-year outlook. While resurfacing Delta variant concerns could play spoilsport, management is confident that it is past the worst of the pandemic.
Alcon posted decent Q1 results driven by a strong performance in Surgical – the recovery in elective surgeries bolstered growth for consumables. However, Vision Care was weak as the previous year’s panic stocking played spoilsport. Seasonally weak Q2 is expected to be soft and the group’s H2 21 recovery largely hinges upon an improvement in the pandemic situation. Profitability could also come under pressure for the remainder of the year due to additional promotion efforts and the creation of a
Alcon revealed promising mid-term financial targets at its 2021 CMD. Sales momentum is set to accelerate – driven by increasing market penetration and new product launches in both segments – and the group is on track to outgrow the market. Importantly, steady margin expansion is also on the cards and along with the normalisation of capex should drive sustainable shareholder rewards. Thus, Alcon could be an attractive ophthalmology play for the post-pandemic world.
Benefiting from new product launches and improving ophthalmic market conditions, both the Surgery and Vision care segments returned to growth in Q4 20. In our view, the recently-introduced products (Vivity, Precision1 for Astigmatism and Pataday), along with the geographic expansion of PanOptix and Prescision1, should bolster the top line in the mid-term. Moreover, the favourable product mix and cost-cutting should result in sustained operating margin expansion. Nonetheless, the uncertainty arou
Alcon, a dominant force in the $25bn ophthalmology space, is set to outgrow the industry in the mid-term – driven by the pick-up in demand for recently-launched products, PanOptix and Precision1. Moreover, with robust margin expansion potential – led by an improving product mix and targeted cost-savings – earnings should grow healthily. A sturdy balance sheet increases its appeal further. Interestingly, Alcon is recovering faster than rivals from the COVID-19-hiccups and its sales and profitabil
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Companies: Warpaint London PLC
Shore Capital
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web
Companies: Shield Therapeutics Plc
Edison
Cambridge Nutritional Sciences (CNS) has provided a trading update for the 12 months to 31 March 2024, noting that a combination of strong sales growth and significant margin improvements, driven by operational efficiencies, have played key factors in the group’s expectation of being adjusted EBITDA positive in FY 2024. Revenues are expected to be £9.8m (30% YoY growth), ahead of our £9.0m forecast, with gross profits expected to exceed £6m, which is again ahead of our year-end forecast of £5.6m
Companies: Cambridge Nutritional Sciences PLC
Cavendish
An official NHS Supply Chain case study has quantified the savings made by an NHS Trust from adopting Creo Medical’s Speedboat device to perform Speedboat Submucosal Dissection (SSD) in comparison to surgical alternatives. In total, the net cash saving from 130 SSD procedures for the NHS Trust was calculated at £687k, including savings from reduced length of hospital stay and reduced theatre costs. Notably, these savings did not include the patient and financial benefits associated with reduced
Companies: Creo Medical Group Plc
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We
Companies: e-Therapeutics plc
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol
Companies: NBPE ICGT ARBB RECI CLIG HAT AVO VTA APAX
Hardman & Co
Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli
Companies: Venture Life Group Plc
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Companies: IGP RUA BOOM
Total reported revenues and other income were $17.5m (our forecast $16m) in 2023 vs $5.5m in 2022. The composition of that revenue was different to our expectations such that Accrufer US revenues of $11.6m compared with $3.6m in 2022 but came in below our estimate of $13.6m. In the release, the company has noted that the methodology used by the third-party data provider for US Accrufer scrips has resulted in an overstatement for 2023. Revised figures for 2023 have been given showing 77,000 total
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