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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
Research Tree provides access to ongoing research coverage, media content and regulatory news on Alcon AG. We currently have 64 research reports from 3 professional analysts.
Companies: BILN IGP RBN SBTX
Cavendish
Verici’s $8.2m gross raise means the company can now focus on scaling Tutivia and invest further into the development of existing and new products. With a uniquely well balanced Tutivia test, a growing sales team and LCD coverage expected later this year, we forecast Tutivia revenues of $2.6m/$4.5m in FY24E/FY25E. The Thermo Fisher deal was a huge validation of Clarava and Verici’s technology and in addition to licensing/milestone payments, we forecast double digit royalties on net Clarava sales
Companies: Verici Dx Plc
Singer Capital Markets
26th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object
Companies: BIRD MBH CHRT INSE KMK FNTL HDD JNEO CCS
Hybridan
Companies: Aptamer Group Plc
Turner Pope Investments
SkinBioTherapeutics has reported on the 6-months to December 2023, noting steady revenue growth from lead product AxisBiotix-Ps, progress on the development of SkinBiotix with partner Croda (Sederma) and post-period end, the acquisition of Dermatonics. The company has updated on several positive developments through the start of 2024, including AxisBiotix Acne positive interim results, initiation of research on the MediBiotix Pillar and progress with the oral and inflammation programmes. The com
Companies: SkinBioTherapeutics Plc
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Hardman & Co
Companies: CLBS GHH NANO TRX SAVE TMT GELN
On 18th December 2023 Incanthera announced a deal with Marionnaud in Switzerland to distribute ‘Skin+CELL’, its advanced dermatological solution for the delivery of vitamin B3 for skin protection and cosmetic rejuvenation. This gives Incanthera access to a high-end cosmetics distribution presence in Europe, and in addition, ownership of Marionnaud by AS Watson, the largest cosmetics distributor in Asia, offers significant new market opportunities further afield.
Companies: Incanthera Plc
Stanford Capital Partners
FY EBITDA and EBIT came in materially above consensus FY EBITDA came in at EUR98.8m, down 4% yoy and 12% above consensus. The EBITDA margin was 12.6%. Restated for one-off costs, it was 13.1%, more than 2 percentage points above the guidance. It was fully explained by price increases, notably on X-ray, mix and control of fixed costs. FY EBITA came in at EUR38m, 46% above consensus. 2024 guidance looks conservative Guerbet is aiming for organic growth above 8% (8.8%e). With markets growing at
Companies: Guerbet (GBT:EPA)Guerbet SA (GBT:PAR)
BNP Paribas Exane - Sponsored Research
IRLAB Therapeutics has confirmed the FDA’s alignment with its proposed Phase III programme for mesdopetam in levodopa-induced dyskinesias (PD-LIDs), following receipt of the minutes from its end-of-Phase II (EoP2) meeting held last month. Notably, the FDA has agreed on the primary endpoint being the Unified Dyskinesia Rating Scale (UDysRS), on which mesdopetam demonstrated a statistically significant improvement (p=0.026) in the Phase IIb study (secondary endpoint of that study). IRLAB will now
Companies: Irlab Therapeutics Ab
Edison
Tissue Regenix has reported on strong performance through 2023, noting record revenues driven by product adoption and expanded distribution, positive adjusted EBITDA for the first time and an increased cash position versus H1/23. FY23 revenues grew 20% to $29.5m supported by 25% growth from BioRinse products and 17% growth from dCELL products. Significantly, Tissue Regenix reported its first adjusted EBITDA profit for the year, +$0.9m, supported by revenue growth and cost management. We expect t
Companies: Tissue Regenix Group plc
Creo Medical has published a trading update for the 12 months to December 2023, during which the company focused on commercialising its core technology. Revenue for the period increased 13% YoY to £30.8m, while the underlying operating loss improved to £16.4m. Operationally, during the period, the number of confirmed users of Creo’s Speedboat range more than doubled over the year, the first procedures with MicroBlate Flex to ablate lung tumours were performed and Creo expects to receive regulato
Companies: Creo Medical Group Plc
Companies: NTQ KMK JNEO DCTA
LungLife AI is a medical diagnostics company focused on the development of AI-supported blood-based tests for the early detection of lung cancer. It has identified a significant medical need for non-invasive, sensitive and specific tests in early-stage lung cancer. The company’s core technology, the LungLB test, seeks to detect circulating tumour cells (CTCs) to identify malignant lung nodules. It aims to apply machine learning/AI (ML/AI) to derive algorithms to increase test accuracy. Following
Companies: LungLife AI, Inc.
This month's feature article is entitled 'Gold and a Chinese Credit Event'. A Western phenomenon? If you own, or are considering owning, gold or gold equities, it’s likely that you’re concerned about protecting your wealth, or the performance of your fund, in the expectation of some kind of financial instability. Maybe your confidence in policymakers is ebbing, or you’ve researched debt bubbles in history and concluded that physical gold and silver have been the safest places to be invested whe
Companies: NBPE ICGT ARBB CSN RECI CLIG HAT AVO STX VTA APAX
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