Getinge reported solid Q2 21 numbers. Sales were up 3.6% on an organic basis, driven by 36.5% growth in life science and 1.3% in acute care. As expected, the order book continued to decline (-6.1%) on account of tough comps. Profit margins (adjusted EBITA margin +150bp) were well ahead of estimates, thanks largely to improved cost controls.
Surprisingly, FY21 revenue guidance was unchanged (at least SEK27bn). We will upgrade our estimates to factor in the solid margin trajectory.
Companies: Getinge (GETI-B:STO)Getinge AB Class B (GETI.B:OME)
Getinge reported strong Q1 21 numbers, beating estimates. Sales were up 12.6% on an organic basis, driven by the strength in acute care (+12.9%) and life science (+38%). The order book decline (-22.8%) was expected given the exceptional order build-up in Q1 21. Profit margins (adjusted EBITA margin +650bp) were well ahead of estimates, thanks to improved cost controls.
FY21 guidance was unchanged (revenue of at least SEK27bn). We will upgrade our estimates to factor in the strong margin traject
Getinge’s Q4 results were ahead of consensus. Sales were up 11.1% organically, driven by ACT (+35.5%), which offset declines in the other segments. Order book growth of 6% was attributable to LS (+70.5%), which offset SWF weakness (-7.1%). Adjusted EBITA came in at SEK1.82bn, with the associated margin of 20.6% (+90bp).
The board proposed a FY20 dividend of SEK3/share. Looking ahead, FY21 sales are expected to be at least SEK27bn. We will be raising our estimates marginally.
Companies: Getinge AB Class B
Getinge announced good Q3 20 numbers, as sales and adjusted EBITA rose strongly, thanks to Acute Care Therapies and Life Sciences, which offset the weakness in Surgical Workflows. The order intake (-5.3%) was the only sore spot in the quarter, suggesting the COVID-19-driven momentum was starting to fade. However, we will upgrade our FY20 estimates as we expect a strong Q4, and lower our FY 21 estimates due to phasing effects. Hence, we expect no significant target price impact.
Getinge announced strong Q2 20 numbers, with revenue up by 9.1% to SEK6.97bn and the adjusted EBITA margin increasing by 8.1%. The strong showing was attributable to acute care therapies, which registered 20.8% topline growth and a 10.2% expansion in the adjusted EBITA margin. The order intake was up by an impressive 17.5% (also driven by acute care therapies), implying a strong Q3 showing. Following the strong performance, we will be upgrading our estimates.
Getinge reported strong Q1 20 numbers. Sales were up 3.8% organically to SEK6,033m, led by Acute Care Therapies (ACT), which benefited from COVID-19-driven demand. The solid order intake (+47.2%) was also attributable to ACT (+96.4%). Adjusted EBITA came in at SEK661m, with the margin at 10.9% (+420bp), benefiting from the higher margin ACT sales. However, management has withdrawn its FY20 guidance due to the COVID-19 uncertainties. Following the Q1 performance, we will be upgrading our near-ter
The COVID-19 outbreak, spreading like wildfire across the globe, has turned out to be tailwind for Getinge’s critical care business. With the infection spreading to more countries/regions, this brings added business to the firm’s acute care business, which could help support Getinge’s stock price in these volatile times.
Getinge reported strong Q4 19 numbers – beating ours as well as consensus estimates. Growth was driven by Acute Care Therapies and Life Science, which offset the weakness in Surgical Workflows. Regionally, the softness in APAC was partly offset by strong performance in the Americas. Adjusted EBIT came in at SEK1.55bn (margin at 18.2%) and proposed dividend of SEK 1.5/share. Looking ahead, management expects 2-4% organic growth in FY 20. Following the strong numbers, we will be upgrading our esti
Getinge reported strong Q3 19 numbers – beating estimates on the top-line as well as the bottom-line. Net sales came in at SEK6,236m, up 4.8% on an organic basis, and the order intake came in at SEK6,678m, up 3.5%. Adjusted EBIT came in at SEK554m, with the associated margin at 8.9%. Looking ahead, management continues to expect 2-4% organic growth in FY19.
Following the strong Q3 numbers, we will be upgrading our estimates as well as the target price and recommendation.
Getinge reported good Q2 19 numbers – beating top-line estimates and meeting bottom-line estimates. Net sales were up 4% on an organic basis – driven by Acute Care Therapies and Life Sciences. Regionally, the muted performance in EMEA was more than offset by the strength in APAC and the Americas. Adjusted EBIT (SEK 466m) met estimates with the associated margin at 7.4%. Management continues to expect 2-4% organic growth in FY19. Following the good Q2 numbers, we will be raising our estimates.
Getinge reported strong Q1 2019 numbers – beating estimates on the topline as well as bottomline. The growth was driven by good performance in the Acute Care Therapies and Life Science segments. Regionally, muted performance in Americas was offset by strong performance in APAC and EMEA. Adjusted EBITA came in at SEK 369m with associated margin at 4.5%. For FY19, management continues to expect 2-4% organic growth. Following the strong Q1 numbers, we will be upgrading our estimates.
Getinge reported mixed Q4 numbers. Q4 sales were up 2.4% to SEK7.9bn, ahead of our conservative estimates, but missing the street’s consensus. The order book came in at SEK6.7bn, contracting by 3.1%. NB all growth numbers are on an organic basis, unless mentioned otherwise.
Segment-wise, the life sciences segment was the clear outperformer (+15.5% vs -9.8% in Q3 18, +32.7% in Q2 18, -2.5% in Q1 18), making up for a muted performance from the acute care therapies (ACT) segment (+0.3% vs +12.2% i
Getinge reported a strong top line and profitability in Q3, driven by capital goods in the acute care therapies segment. Order book growth, however, was disappointing, indicating a weak Q4. The quarter also saw multiple one-offs hurting the bottom line. Organic top-line guidance was maintained at 2%-4%, which looks conservative. The company also announced the sale of the mesh business, which is embroiled in litigation, forcing SEK1.8bn of provisioning.
Getinge today announced the recognition of a SEK1.8b provision with respect to hernia mesh product liability claims the company’s subsidiary Atrium medical is currently facing in the US and Canada. The provision, the company says, includes provisioning for legal fees as well as potential product liability claims. Although management believes that the provisioning will be able to cover the pending lawsuits, it has not ruled out a possibility of a further increase in the future. While the legal fe
Getinge reported mixed Q2 numbers – top-line and order beat, and bottom-line miss. The order book was driven by the life science business and the EMEA region, while sales were driven by life science and APAC. Margin contraction, on the other hand, to a large extent, was a function of a higher sales contribution from emerging markets and capital goods. Given that the order book development was strong but driven again by emerging markets, we expect margin pressure to persist.
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In its first Litmus test after an ‘ambitious’ CMD in June 2021, the British giant has put up a decent show. The group witnessed recovery in the base business, particularly in vaccines which benefited from the sales of COVID-19 vaccine adjuvant. While the near term continues be tricky due to resurfacing COVID-19 concerns, encouraging trends on the COVID-19 vaccine / treatment front and growing HIV and oncology prowess should calm the nerves.
Companies: GlaxoSmithKline plc
ANGLE announced its second pharma services contract with an undisclosed drug development company, using Parsortix firstly to develop two custom CTC assays to look at biomarkers of DNA damage repair, for which it will be paid c.$0.4m and, secondly, if successful, to use these validated assays for longitudinal analysis in a subsequent clinical trial planned to start in H2 2022. The revenue from the first phase of the contract is expected to be recognised over a 12-month period. ANGLE also confirme
Companies: ANGLE plc
Cambridge Cognition has released a very encouraging H1 update which was well ahead of our forecasts and we have upgraded our FY21 revenue estimate by +19%. Order intake in the period leapt +74% to £8.6m (H1 2020: £4.9m), including £6.4m of previously-announced large orders, including two very significant wins totalling £3.6m. H1 revenues rose +50% to £4.5m, well ahead of DCe £3.8m and the group delivered Adjusted EBITDA of £0.2m vs DCe breakeven. Customer prepayments from contracts resulted in a
Companies: Cambridge Cognition Holdings Plc
In Q2, Astra reported strong sales growth momentum, (again) driven by a strong showing in oncology, diabetes drug Farxiga and COVID-19 vaccine sales. Although there were some issues in R&I and CVRM. More importantly, at cost vaccine sales and mandatory VBP discounts in China weighed on profitability. While the profitability strain can sustain in H2 as well, one should find confidence from the robust potential of core pharma offerings and the addition of high-growth and excellent-margin Alexion,
Companies: AstraZeneca PLC
A positive trading update for H1 2021 prompts full-year upgrades to forecasts and provides the basis for the introduction of FY 2022 forecasts. H1 2021 sales orders increased 74% to £8.6m; up from £4.9m in H1 2020, with a 50% increase in revenues and a £0.5m increase in adjusted EBITDA to £0.2m. A record contracted order backlog (up 36% or £4.0m from 31 December 2020 to £15.2m), which contains several large contracts with revenues to be recognised over up to six years, provides improved long-ter
Smith & Nephew reported consensus beating Q2 21 sales growth of 40.3%, thanks to a strong recovery in Orthopaedics (+43.4%) and ‘sports medicine & ENT’ (+50.9%). Regionally, growth was driven by the established markets (+46.8%).
For H1, revenue growth came in at 27.8% with a trading margin of 17.6% (+920bps, 40bps ahead of consensus). Guidance of 10%-13% top-line growth and an 18%-19% trading margin was re-iterated.
Following the broadly in-line performance, we do not expect any significant ch
Companies: Smith & Nephew PLC
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
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Doctor Care Anywhere Group's (DOC) Q221 update highlights that underlying revenue has continued to increase, driven by its expanding internet hospital and subsequent growth in diagnostic referrals. Management remains confident that FY21 revenue will be at least 100% above FY20 levels, implying a total revenue of at least £23.2m. Its balance sheet remains strong with net cash of £31.5m. The expected Q421 launch of its digitally integrated virtual and in-person primary care service with Nuffield H
Companies: Doctor Care Anywhere Group PLC Shs Chess Depository Interests Repr 1 sh
In our second edition of “Trend spotting” we note how in the last three weeks the defensive rotation trend has gathered pace and further evidence has emerged of the “relative fading” in the UK economy. However we now see early signs of the “risk on” trend starting to reassert itself in equity markets and we look at small cap laggards plus European exposure as ways to play this.
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SDL delivered a better than forecast H1, outperforming sales and AOP estimates. Revenues moderated by just 1% to £180.7m, with AOP up 1% to £16.3m. Increased demand from strongly performing verticals (Online Retail, Technology) has offset declining volumes from CV19 impacted sectors (Leisure, Travel, Automotive). KPIs continue to move in the right direction, with ARCV rising 7% y/y, and Linguistic Productive Utilisation stable at 67%. The Group delivered 60 new technology customer wins in H1, an
Companies: RWS Holdings plc
Warpaint’s interim results for FY2020 reflect the impact from Covid-19, with revenues of £13.5m, down 29% year-on-year (yoy) and adjusted profits from operations of £0.4m. Importantly, net cash has improved to £3.8m, up from £2.7m at the end of December 2019. We highlight the outlook statement, in particular, the recovering revenue in H2, the proposed interim dividend of 1.5p, together with an additional 1.3p to reflect no final dividend was paid for 2019, as signs of confidence from the Board.
Companies: Warpaint London PLC
Q4 trading has led sales to guidance being raised 8%. This has been driven by better than expected UK sales, incl. success with new customers like Wilko/Tesco. Some of the benefit is offset by a non-cash FX debit, but it still leads to an upgrade and higher net cash. As a result of successful trials in Tesco Express, W7 is also being rolled out to 469 more stores. This, and previously announced distribution gains, bodes well for incremental sales/PBT in 2021, and underlines the appeal of its val
With the audit process having been further complicated by the impact of the pandemic, ECO’s delayed results for the year ending Mar-20 and the half year ending Sep-20 have now been published. In headline terms, they are both very much in line with expectations. As previously discussed, trading suffered in H1-20 as the African Swine Fever outbreak in key market China impacted on demand. H2 was significantly stronger (60% of FY20 revenues) and that momentum has continued into FY21, with two signif
Companies: ECO Animal Health Group plc
AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intend
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