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Sartorius reported weak Q3 23 preliminary numbers while also issuing a second profit warning for FY23, citing longer-than-expected inventory rationalisation and the weak demand recovery. Moreover, the firm is also reviewing its mid-term (FY25) outlook. Although the double-digit decline in the share price (-11% at pixel time) is likely an over-reaction, the uncertainty around the mid-term outlook may well scuttle any near-term recovery.
Companies: Sartorius AG Pref
AlphaValue
Sartorius announced soft Q2 23 numbers, missing estimates. Sales declined by 17.5% while order intake fell by 33.5%. However, the management’s confidence in returning to growth in Q3/Q4 led to a 9% rebound in the share price late in the session. The FY23 outlook, re-iterated by the company, projects a low-to-mid teens sales decline and an EBITDA margin of ~30%. The broad-based pressure is expected to ease, and the recently-downgraded guidance appears achievable with order book growth set to re
Sartorius reported lower-than-expected Q1 23 sales, down 13.2% YoY in constant currency terms, with a 400bps contraction in the EBITDA margin to 30.1%. This disappointing performance was mainly due to the weak volume development, especially within the bioprocessing segment. With order intake down 32%, the near-term remains uncertain, sending the stock price >10% lower. Although the company maintained its FY 23 guidance, this weak start to the year will see us trim our estimates by mid-to-high si
Sartorius reported a marginal FY22 beat. Sales were up 15% in cc terms with underlying EBITDA margin of 33.8% coming in 30bp ahead of estimates. For FY23, Sartorius expects soft sales growth of a low single-digit with a stable EBITDA margin. However, the bigger news was a 10% upgrade to the firm’s FY25 sales estimate. We expect a high single-digit cut to our FY23 top-line estimates, the impact of which should be buffered by the more promising longer-term outlook.
Sartorius reported soft Q3 22 numbers with revenue growth of 8.7% on a cc basis vs the double-digit growth posted in the last few quarters causing the stock to dive by 10%+ following the announcement. The firm cut its FY22 top-line growth expectation to the lower end of the earlier 15-19% range while re-iterating its EBITDA margin expectations of 34%. We will trim our estimates to reflect the weak Q3 performance and the muted growth in the order book.
Sartorius reported estimate-beating Q2 22 numbers with revenue of €1.04bn, up 16.6% on a cc basis, leveraging broad-based growth. EBITDA, at €348.5m, resulted in a margin of 33.7%, down 110bp due to planned increases in opex. The firm re-iterated FY22 guidance of 15-19% with an EBITDA margin at 34%, effectively upgrading its core business guidance as COVID-19-related vaccine normalisation was steeper than expected. We will raise our estimates.
Sartorius reported a strong set of Q1 22 numbers as sales rose 25.4%, driven by broad-based growth. The EBITDA margin rose to 34.1% (+80bps), as operational leverage more than offset the currency headwinds. Order intake was down 5.8%, largely attributable to the expected decline in bioprocessing. Encouragingly, the order intake figures were up sequentially. FY 22 guidance – 15-19% top-line growth and a 34% EBITDA margin – was surprisingly unchanged. We will upgrade our forecasts to reflect th
Sartorius reported strong Q4 21 numbers with revenue/EBITDA growth of 37.2%/53.7%, respectively. Order book growth, though down to 4%, was expected. Guidance for FY22 – top-line growth of 14-18% and an EBITDA margin at the 2021 level of 34% – was well ahead of expectations while the FY 25 margin outlook was lifted to 34% (+2pp). We will upgrade our top-line forecasts to account for both the strong FY 21 showing as well as improved momentum in the forecast period.
Sartorius delivered another strong quarterly showing (+43.8/59.5% sales/EBITDA growth, respectively), trumping estimates on the top line as well as the bottom line. However, the re-iterated guidance implies a very conservative end to FY21. Moreover, with FY22 expected to benefit from similar pandemic tailwinds, a mid-term (FY25) guidance upgrade is likely. We will upgrade our estimates to factor in the strong showing as well as quicker than expected mid-term execution.
Sartorius announced expected Q2/H1 21 earnings, which had little element of surprise following the preliminary announcement on 6 July. H1 sales (+60.1%), EBITDA margins (34.1%) as well as guidance (FY21 top line +45%, margin at 34%) were in line with the preliminary numbers. The segmental results (BPS +62.6% with 36.3% EBITDA margin; LPS +52% with 26.2% EBITDA margin) were also broadly in line with the preliminary numbers. We do not foresee any significant change to our estimates or target pric
Sartorius Q1 21 numbers trumped estimates. Sales were up 61.6% on a cc basis – driven by both bioprocessing solutions (+61.4%) and lab products and services (+62.3). Order intake (+89.2%) implies further acceleration in the near term. EBITDA was up by 91.2%, with the associated margin expanding by 630bp. FY21 guidance was unchanged: revenue growth of 35% and EBITDA margin of 32%. We will upgrade our estimates and target price to factor in the strong performance.
Sartorius reported street-beating FY20 numbers with 30.2%/49% growth in revenue/order book, respectively. Growth was largely driven by bioprocessing (+34.4%/+56.4% revenue/order growth). EBITDA came in at €692.2m (+39.6%), with the associated margin at 29.6%. For FY21, top-line growth is expected at 19-25% with the EBITDA margin at about 30.5%. Sartorius also raised its mid-term outlook – FY25 revenue of €5bn (vs €4bn previously) and EBITDA margin of 32% (vs 28% earlier). We will upgrade our est
Sartorius reported stronger than expected Q3 20 numbers, as sales grew by 39.5% to €623.2m, driven by 44.1% growth in bioprocessing and 26.2% growth in lab products. EBITDA was up 58.1% to €195.1, with the associated margin at 31.3% (+450 bp), benefitting from operating leverage. Management now expects FY20 growth at the top end/above the previous guidance of 22%-26% and EBITDA margin at 29.5%. We will upgrade our estimates to factor in the strong Q3 showing and sustained bioprocessing tailwinds
Companies: SRT3 SRT3 SRT3N SRT3 SUVPF
Sartorius reported solid Q2 20 numbers, with sales rising by 19.2% to €546.9m and the EBITDA margin at 28.5%, both ahead of our estimates as well as consensus. Momentum was driven by strength across Bioprocessing Solutions (BPS, +20.2%) and Lab Products (LPS, +16.1%). Management upgraded its FY20 expectations (growth of 22-26% vs 15-19% earlier; EBITDA margin at 28.5% vs 27.5% previously), thanks to COVID-19-driven momentum for BPS. Following the strong performance, we will be upgrading our es
Companies: Sartorius AG
Sartorius reported strong Q1 20 numbers (16.5% growth, 27% EBITDA margin), driven by Bioprocess solutions (BPS). Management now expects FY 20 topline growth of 15-19% (vs 10-13% earlier) with unchanged EBITDA margin expectations (27.5%). The COVID-19 impact has so far been neutral, with BPS benefiting from stocking tailwinds and LPS hurt by worsening macro conditions. In light of the ongoing uncertainties, the firm may reduce its FY19 dividend proposal. Factoring in the strong performance, we
Research Tree provides access to ongoing research coverage, media content and regulatory news on Sartorius AG. We currently have 10 research reports from 3 professional analysts.
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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
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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 (
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Hardman & Co
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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
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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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