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Getinge reported strong Q3 23 numbers, beating estimates across the board. Importantly, the growth was underpinned by encouraging trends across the segments. However, the firm surprisingly maintained its FY23 growth outlook of 2-5%. This comes across as very conservative in our view, given the 9M development and the broad-based improvements across the target markets. Hence, we expect to raise our estimates to factor in the high probability of a positive FY23 earnings surprise.
Companies: Getinge (GETI-B:STO)Getinge AB Class B (GETI.B:OME)
AlphaValue
Getinge reported mixed Q2 2023 numbers beating revenue estimates but missing on the bottom line. The 1.3% increase in sales was driven by a strong performance in surgical workflows (+13.4%) which offset the expected weakness in acute care therapies (-5.4%). The adjusted EBITA margin, hurt by the flagged SEK400m headwinds, more than halved to 6.9%, although we expect an improvement henceforth. The FY23 outlook of 2-5% organic growth remains unchanged. Overall, we expect the recovery to gather pac
Getinge flagged a SEK400m on Q2 23 EBITA due to additional quality and supply challenges in Acute Care Therapies. These issues are likely to affect sales, mix, and earnings for the remainder of the year. The headwinds should decrease to around SEK200m in Q3, with the belief that lost revenue is temporary. Our FY23 estimates will be reduced by double-digits, but the impact on FY24 is expected to be less severe.
Getinge reported solid Q1 22 earnings with revenue up 7.5% on an organic basis, driven by surgical workflows (+19.6%) and acute care therapies (+6.5%). The order intake returned to positive growth (+2.9%). Gross margins came in at 52.3%, 200bps ahead of the consensus. The management re-iterated its FY23 growth expectation of 2-5% but this comes across as conservative in view of the improving operating environment. Our estimates will be upgraded by mid-to-high single digits to reflect the strong
Getinge reported mixed Q422 earnings, beating the top-line consensus but missing on profits. For FY23, the firm expects 2-5% top-line growth, which is soft vs the consensus at about 6% and AV at 7%. Importantly, margin-negative headwinds are expected to persist through H1 23 sending the stock 5% lower in initial trading. However, the stock has rebounded by ~16% since then, underpinned by the margin-supportive conference call commentary. We will trim our FY23 estimates by high-single digits.
Getinge reported a mixed Q3 22 update, beating estimates but trimming the FY22 outlook due to continuing supply chain bottlenecks and Covid-19 lockdowns in China, sending the stock down 4.8% at pixel time. Getinge now expects FY 22 organic sales to decline by 3-6% (vs in line previously). We expect the soft organic growth development to be offset by higher FX tailwinds, resulting in no significant change to our estimates.
Getinge’s Q2 numbers missed estimates, sending the stock lower by over 6% at the open. Q2 sales down 7.5% organically, hurt by the 17.7% drop in Acute care therapies (ACT). The adjusted EBITA margin contraction (-470bp) was attributable to the lower volumes and supply-chain challenges. The firm maintained its FY22 outlook (organic revenues flat vs FY21). We will trim our estimates, but re-iterate our positive stance on the stock.
Getinge reported soft Q1 22 numbers, missing estimates across the board and sending the stock down >15%. Sales were down 6.4% on an organic basis, attributable to acute care therapies (-14.3%) and supply chain challenges. The impact of multiple headwinds was felt on operating margins too (-350bps). Encouragingly, the FY 22 outlook (upper end of 4-6% organic growth) was maintained. We will be trimming our estimates to factor in the soft Q1 showing, which should be partly offset by stronger H2
Getinge reported mixed Q4 21 results, missing top-line expectations but beating on profits. Sales declined by 9.6%, largely attributable to ‘Acute care therapies’ (-22.1%). Adjusted EBITA margin (+100bp) leveraged productivity improvements and cost control, leading to a 33% hike in the dividend (SEK 4/share). FY22 growth is expected to be at the higher end of 4-6%. We will trim our top-line estimates, which will be partly offset by a margin upgrade in the forecast period, resulting in little c
Getinge reported mixed Q3 21 numbers, missing the top-line estimates but beating on profits, and highlighting the structural margin improvements. Sales were down 20.1% on an organic basis, hurt by a steep decline in Acute care therapies. Surprisingly, the order book growth was very strong at 21.8%. Importantly, Getinge has completed the remediation work required under the terms of the FDA consent decree. FY21 revenue guidance was unchanged. We expect to trim our top-line estimates to factor i
Getinge reported solid Q2 21 numbers. Sales were up 3.6% on an organic basis, driven by 36.5% growth in life science and 1.3% in acute care. As expected, the order book continued to decline (-6.1%) on account of tough comps. Profit margins (adjusted EBITA margin +150bp) were well ahead of estimates, thanks largely to improved cost controls. Surprisingly, FY21 revenue guidance was unchanged (at least SEK27bn). We will upgrade our estimates to factor in the solid margin trajectory.
Getinge reported strong Q1 21 numbers, beating estimates. Sales were up 12.6% on an organic basis, driven by the strength in acute care (+12.9%) and life science (+38%). The order book decline (-22.8%) was expected given the exceptional order build-up in Q1 21. Profit margins (adjusted EBITA margin +650bp) were well ahead of estimates, thanks to improved cost controls. FY21 guidance was unchanged (revenue of at least SEK27bn). We will upgrade our estimates to factor in the strong margin traject
Getinge’s Q4 results were ahead of consensus. Sales were up 11.1% organically, driven by ACT (+35.5%), which offset declines in the other segments. Order book growth of 6% was attributable to LS (+70.5%), which offset SWF weakness (-7.1%). Adjusted EBITA came in at SEK1.82bn, with the associated margin of 20.6% (+90bp). The board proposed a FY20 dividend of SEK3/share. Looking ahead, FY21 sales are expected to be at least SEK27bn. We will be raising our estimates marginally.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Getinge. We currently have 20 research reports from 2 professional analysts.
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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
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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
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Hardman & Co
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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
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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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