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Uncertainties abound

  • 10 Feb 17

Getinge’s disappointing run continued in Q4, with both the top- and bottom-line coming below consensus expectations. Both sales (SEK9.5bn) and order intake (organic basis) contracted 2.3% and 1.1%, respectively, primarily due to weak Surgical Workflows following the subdued infection control and integrated workflow businesses. Organic sales declined by 0.9% at the Patient & Post-Acute Care (P&PAC) segment on account of the dip in hygiene-related products; sales of medical beds added further to the weakness. Fortunately, the Acute Care Therapies segment remained resilient (+2.5% vs. 1.3% in Q3 16, positive momentum in cardiac surgery, vascular interventions, cardiopulmonary and critical care), offering the lone bright spot in an otherwise overall weak performance. Currency tailwinds contributed c.3ppt to revenue growth. The adjusted operating profit expanded 3%, supported by the ongoing cost savings (SEK140-150m), but the restructuring and integration expenses (SEK321m vs. SEK174m in Q4 15) outweighed, contracting reported operating profit by 6%. A rather vague FY 17 outlook with a “slightly positive” organic sales growth but no margin details makes the situation only worse for Getinge. Additionally, management expects a negative SEK50m impact on operating profit from the consent decree with the FDA and a positive currency transaction impact of SEK200m on earnings. After maintaining the dividend per share at SEK2.80 in the last two years, management has cut it to SEK2 for FY 16 which, in our view, is likely to spook investors further (investor confidence has already taking a beating amid a host of issues such as remediation charges and weakening underlying growth among others) and indicates the continuation of a challenging environment (last time when management cut the dividend in FY 14, FDA troubles had started to appear on the horizon).

Q2 16 offers little respite

  • 25 Jul 16

Getinge’s Q2 16 performance, although a significant improvement over the disastrous first quarter, continued to be tepid, with the company under-delivering on all counters against consensus expectations (c.3% and c.43% miss on top-line and bottom-line, respectively). Q2 16 sales were down 0.3% yoy to SEK6.9bn, mainly due to the continued weakness in the Patient & Post-Acute Care segment (erstwhile Extended Care); this, despite a resilient performance by Acute Care and a trend reversal in the Surgical Workflows segment. Unfavourable currency movements further pulled down reported growth to -3.5% yoy. However, benefits from the ongoing cost savings programme (c.SEK80-90m of cost savings realised in the quarter) reflected in the improved profitability, with adjusted operating income increasing c.18% to SEK606m (margin up 150bp to 8.7%). Net profit was up 28% to SEK227m, mainly on account of lower interest expenses (margin up 80bp to 3.3%). Another positive came in the form of an improved order intake (3% organic growth yoy vs. a 2% decline in the previous quarter). Following the results, management has ‘reworded’ its sales guidance for FY 16 – the company now expects a moderate organic sales growth for the year vs. the earlier expectation of a positive revenue growth. It also declined to comment on the Brexit impact (c.7.5% of total revenue came from the UK in 2015), stating that it’s too early to assess any long-term repercussions. The company also announced the appointment of Jens Viebke as the new president of Acute Care Therapies segment, replacing Heinz Jacqui.

No abating of near-term headwinds

  • 01 Apr 16

Disappointing Q4 15 and FY 15 results for Getinge (ahead of consensus on top-line but profitability missing market expectations). Full-year net sales (sales and order intake growth rates are on an organic basis, unless specified otherwise) were up 1.8% yoy (13.4% in SEK) to SEK30.2bn (in line with our estimate), while Q4 15 sales increased 4.3% (11.3% in SEK) to SEK9.4bn. Profitability remained under pressure, with adjusted EBIT declining 11.1% for the full year to SEK3.4bn (margin deteriorated c.3ppts yoy to c.11.2%) and 4% for the quarter to SEK1.7bn (margin deteriorated c.3ppts to c.18.3%), primarily impacted by the unfavourable product mix in the Medical Systems’ surgical workplaces division, pricing pressure in the Extended Care’s DVT (Deep Vein Thrombosis) and rental businesses, and loss of revenue and costs associated with the consent decree with the FDA. However, excluding SEK110m of provision recognised in relation to the ongoing litigation in the US in the Medical Systems’ segment and the SEK108m of loss recognised in connection with the disposal of MK Metallkomponenten, adjusted EBIT was up 7.8% in Q4 15 to SEK1.9bn. Net profit for the full year came in at SEK1.5bn, slightly below our expectation of SEK1.6bn. Management has proposed a per share dividend of SEK2.80 for FY 15 (unchanged from 2014). Pernille Fabricius joined as CFO in February 2016, replacing Ulf Grunander. For 2016, management expects organic sales growth to be within its 2016-19 target of 2-4%. It sees positive growth from the EMEA and North America regions and weak demand from the Latin America region. Restructuring charges are expected to be SEK800m (per earlier guidance) while the consent decree is expected to have a negative SEK130m impact (excluding costs associated with the remediation programme) on operating profit.

Solid order intake but margins continue to concern

  • 02 Dec 15

In its first results following the announcement of the restructuring plan, Getinge announced better than expected Q3 15 numbers (ahead of consensus estimates), reporting its best quarterly performance in terms of order intake (5.2% organic growth vs. a 0.2% decline in Q3 14) since Q4 13. Net sales, however, were more subdued, increasing 1.1% organically (11.2% reported) to SEK6.9bn, driven by a revival in demand from the North American market and robust returns from the rest of the world. Segment-wise, both Medical Systems and Infection Control chalked in encouraging numbers, 5.9% and 14.8% increase in order intake, 2% and 6% improvement in sales growth, respectively. However profitability remained constrained (adjusted EBITDA and EBIT down c.2% and c.14%, respectively) due to lower utilisation as well as negative currency transaction effects (although margins were better than market expectations). Key highlights include a reduction in costs related to the consent decree (from SEK500m previously to now SEK375m, SEK275m already charged in the first three quarters of the year) as well as an increase in restructuring expenses in FY15 from SEK540m to SEK630m (following management’s decision to expedite certain restructuring activities, SEK213m recorded in Q3, including an SEK50m payment to the US government). Management now expects the net currency exchange effect to be in the range of SEK50m (from the earlier SEK10m).

All for One ‘Getinge’

  • 14 Sep 15

Five months after assuming his role as CEO of Getinge, Alex Myers finally presented the long-awaited transformation/ restructuring plan for the group, with a primary focus on consolidating and streamlining group functions under “One Getinge” (in sharp contrast to its historical federation-type structure). Courtesy its ‘big five’ initiatives, the 3-4 year plan (2016-19) aims at restoring growth and profitability through cost optimisation (by delayering the group, supply chain and procurement management), portfolio rebalancing and customer-centricity. With effect from 1 January 2016, the business would be reorganised into – Surgical Workflows (a mix of Medical Systems and Infection Control, c.35% of sales), Acute Care (primarily Medical Systems, c.40% of sales) and Patient & Post-Acute Care (Extended Care, c.25% of sales). The programme is expected to translate into an SEK2.5–3bn EBITA savings by 2019, but will cost the company upwards of c.SEK1.5bn in restructuring expenses, with an anticipated headcount reduction of 1,000 (primarily in the office/ admin functions). The management also aims at significantly deleveraging its balance sheet, improving net debt/EBITDA from the current 4.3x to 1.5x by 2019. The new financial targets for 2016–19 on CMD were: annual organic growth of 2–4% (before currency and acquisition impacts); EBITA improvement of >10% yoy and dividend payout of 30–50% (currently c.33%). In addition to its focus on organic growth, the company has also made clear its intentions to continue to look out for attractive targets, to facilitate its expansion plans.