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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 0 research reports from 3 professional analysts.
Companies: Totally Plc
Canaccord Genuity
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
4basebio’s half-year results for the period ended 30 June 2023 reflect continued progress towards its main objective of producing GMP-grade synthetic DNA, with a focus on building out its commercial footprint. It generated revenues of £0.24m (+57%, with all growth coming from the sale of DNA and Hermes™ nanoparticles) with an adjusted net loss of £3.5m (H1 2022: £2.4m, +46%) and period-end cash of £3.6m, having drawn a further €4m from its €23m loan facility that gives it a cash runway into 2025
Companies: 4basebio PLC
Cavendish
Poolbeg Pharma has announced FY 2023 results to end December 2023, which positively reflect the company’s capital-efficient operating model with net cash of £12.2m being reported, significantly ahead of our expectations (2023E: £10.9m). Meaningful R&D progress whilst maintaining financial prudence means that Poolbeg enters 2024 with a strong balance sheet in absolute terms and relative to many biotech peers, with a cash runway (to fund the existing R&D pipeline) we forecast will extend into 2026
Companies: Poolbeg Pharma PLC
Companies: Warpaint London PLC
Shore Capital
17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
Hybridan
7th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Dual Listing: Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hyb
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8th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange
Companies: CSFS APH MBT XPF
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Avon Protection’s capital markets day highlighted its continued focus on medium-term margin expansion (targeting operating margin of 14–16%), concentrating on its core business of respirators and head protection. The unwinding of the armour business, alongside the consolidation of Team Wendy (acquired in H220) should enable Avon to benefit from rising global defence spending. Its strong relationship with the US DoD, and organic growth opportunities with recurring revenue from necessary product r
Companies: Avon Protection PLC
Edison
Creo Medical has presented real-world evidence of the economic utility of its minimally invasive electrosurgical devices, based on NHS data from 130 submucosal dissection procedures using Creo’s flagship Speedboat Inject device. The data demonstrated net cash savings of £687k for the NHS trust, driven by a significant reduction in both hospitalisation and critical care costs. We believe this provides external validation to Creo’s pursuit of improving patients’ outcomes through its novel suite of
Companies: Creo Medical Group Plc
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol
Companies: NBPE ICGT ARBB RECI CLIG HAT AVO VTA APAX
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
Following Creo Medical’s H123 trading update (see our August note), management has reported detailed results, including a 42% increase (sequentially over H222) in the volume of Speedboat Inject procedures, coupled with expansion into the US consumables business market. Creo continues to build momentum with its Pioneer training programme. Management remains active on licensing and regulatory fronts, through its robotic deals with Intuitive and CMR, further exploration of potential licensing for i
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