Coloplast reported mixed Q3 21 numbers, missing top-line estimates but beating on the bottom line. Sales were up 11% on an organic basis, driven by Urology (+82%) and ‘wound & skin care’ (+17%). Adjusted EBIT was up 16%, with the associated margin at 33%.
FY21 top-line growth is now expected to be at the lower end of 7-8%, while the adjusted EBIT margin is expected to be at the higher end of 32-33%.
We do not expect any significant changes to our estimates.
Companies: Coloplast A/S Class B (COLO.B:CSE)Coloplast (COLO-B:CPH)
Coloplast reported mixed Q2/H1 2021 numbers. Sales were up 2% on an organic basis, driven by ostomy (+4%) and urology (+3%). Adjusted EBIT was up 2% with the associated margin at 33% (+100bp).
FY21 top-line growth outlook was maintained (7-8% organic, 4-5% in DKK), while the adjusted EBIT margin is now expected at 32-33% (vs 31-32% earlier).
We do not expect any significant changes to our estimates, as we believe the soft Q2 showing should be offset by stronger H2 growth.
Coloplast announced good Q1 21 numbers, even though it missed our estimates. Revenue was up 5% on an organic basis, driven by chronic care (+5%) and urology (+5%), which offset soft wound & skin (+1%). Adjusted EBIT came in at DKK1.5bn with the margin at 32% (+100bp).
FY21 outlook remains unchanged with 7-8% top-line growth and a 31-32% EBIT margin.
Factoring in the marginal miss vs our estimates, we will trim our estimates accordingly, with little impact on the target price.
Companies: Coloplast A/S Class B
Coloplast reported mixed Q4 20 numbers – missing revenue estimates and beating on profits. Sales were up 2% to DKK4.6bn – driven by ostomy and continence – while the EBIT margin was unchanged at 32%. The board proposed a final dividend of DKK13/share. For FY21, management expects top-line growth of 7-8% and an EBIT margin of 31-32%, largely in line with estimates. Following the largely expected performance, we do not expect any significant changes in our estimates/recommendation.
Coloplast reported soft Q3 20 numbers as sales declined 2% on an organic basis, while the EBIT margin came in at 31%. The softness was driven by a 40%/6% decline in Urology/Wound & Skin, which more than offset the 4% growth in chronic care. The company lowered FY20 growth expectations (4% vs 4-6% earlier) while increasing the EBIT margin guidance to 31% (vs 30-31% earlier). We will be lowering our estimates to factor in the soft performance.
Coloplast reported strong Q2 20 numbers. Sales (driven by chronic care) rose 9% on an organic basis, with the EBIT margin at 32% (+1pp due to operating leverage and cost-cutting). The company announced a dividend of DKK5/share and re-iterated FY20 expectations (4-6% topline growth, 30-31% EBIT margin). Capex will be increased to DKK950m (vs DKK 850m earlier), in order to boost production. In anticipation of unwinding stockpiling effects, we do not expect any significant changes to our estimates.
Coloplast announced good Q1 20 numbers – trumping estimates on both the topline and bottomline. Sales were up 8% on an organic basis – driven by wound and skin care (+10%), ostomy (+9%), urology (+9%) – and the EBIT margin came in at 31%. Management re-iterated its FY 2020 guidance: topline growth of 7-8%, EBIT margin at ~31%, capex around DKK850m and an effective tax rate of nearly 23%. Following the Q1 numbers, we will be making minor upward revisions in our estimates.
Coloplast reported mixed Q4 19 numbers – in line revenue and a miss on the bottom-line. Sales were up 8% on an organic basis, led by strong growth in Urology (+11%), while the EBIT margin came in at 32%. For FY 20, management expects 7-8% organic top-line growth and an EBIT margin of ~31% at CER with a neutral FX impact. Following the largely in line performance, we do not expect any major changes in our estimates.
Coloplast reported Q3 19 numbers in line with consensus as well as our estimates. Sales were up 8% on an organic basis, driven by broad-based growth across segments, while the EBIT margin came in at 31%. Management re-iterated its FY 2019 expectations: organic growth of ~8% (reported growth of ~9%) and an EBIT margin of 30-31% at CER (~31% reported). Following the largely in line performance, we do not expect any major change in our estimates.
Coloplast reported Q2 19 numbers in line with consensus but marginally above our estimates. Sales were up 8% on a CER basis – driven by urology, continence care and wound care – while the EBIT margin came in at 30.5%. Management re-iterated its FY 2019 growth expectation of ~8% at CER but upgraded reported growth expectations (~9% vs 8-9% earlier). The EBIT margin expectations remain unchanged (30-31% CER; ~31% reported). Following the largely in line numbers, we do not expect any major change i
Coloplast reported mixed Q1 19 numbers – meeting top-line estimates and marginally missing on profitability. Sales grew by 8% – with all segments reporting strong growth. The EBIT margin contracted marginally and came in at 30.4%. FY2019 guidance was maintained. Following the largely in line performance, we do not expect any major change to our estimates or rating.
Coloplast missed the street’s estimates across the board in Q4 18, but largely met our rather conservative estimates. Sales grew by 8% – a strong urology and ostomy performance was partly offset by a mixed performance in wound and skin care. The EBIT margin – helped by margin expansion in urology and wound care – came in above expectations at 31.3%. In spite of the decent Q4, a possibility of further reform headwinds in 2019 keep our estimates and rating largely unchanged.
Coloplast’s Q3 18 top-line came in better than our expectations but missed the street’s expectations by a whisker. The bottom-line, on the other hand, lagged ours as well as the street’s estimates. Wound care and urology reported a sequential acceleration while chronic care (continence and ostomy), even though delivered another quarter of market-beating growth, wasn’t better sequentially. Factoring in the Q3 numbers, we will make minor tweaks to our estimates, but we do not foresee any significa
Coloplast’s Q2 2018 results came in above our estimates on the top line while under-performing our bottom-line estimates. Segment-wise, Ostomy and Continence care maintained momentum, Wound Care bounced back while Skin Care disappointed. The company remained confident of the current investment and cost rationalisation efforts paying off from 2019-20. We have nudged up our long-term margin estimates and forecasts, but maintain a reduce recommendation, and believe that the recent rally has been t
Coloplast’s Q1 18 results came in slightly below expectations, at both the top-line as well as the bottom-line. The strength in the Ostomy and Continence care segments was offset by weakness in wound care. We have tweaked our numbers based on the Q1 results and the Lilial acquisition, but maintain our recommendation on the stock.
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