Getinge reported mixed Q3 21 numbers, missing the top-line estimates but beating on profits, and highlighting the structural margin improvements. Sales were down 20.1% on an organic basis, hurt by a steep decline in Acute care therapies. Surprisingly, the order book growth was very strong at 21.8%.
Importantly, Getinge has completed the remediation work required under the terms of the FDA consent decree.
FY21 revenue guidance was unchanged. We expect to trim our top-line estimates to factor i
Companies: Getinge (GETI-B:STO)Getinge AB Class B (GETI.B:OME)
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.
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
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Today’s update reveals many of the challenges flagged in September have persisted. Alongside rising input/logistics costs, and volatile customer ordering, revenue guidance has been reduced by 10%. We have rippled a similar reduction through to FY22, leading to EPS downgrades of 27% this year and 38% next year. The company continues to look to 2022 with confidence, and maintains its medium term ambitions for profitable expansion.
Companies: Venture Life Group Plc
Venture Life Group has provided a trading update and details of changes to the company's board. While the recent acquisitions are integrating as planned, COVID-related challenges have persisted including pricing pressure, freight charges and Chinese sales. The company now expects FY21E revenues to be not less than £32m and we have moved our forecasts in-line with this guidance. Venture Life has also announced Dr Drummond and Mr Waters, Chair and CFO, respectively, will retire from the board and
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Trinistar Liverpool S.a r.L announces its potential listing of a newly formed single asset company which will own the Capital Building in Liverpool on the IPSX. Upon admission the Company would become a real estate investment trust (REIT). The Capital Building occupies close to a 3.5 acre freehold site in the centre of Liverpool’s business district; the building comprises c425,000 square feet of predominantly of
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Interim results to 30 September were marked by a return to pre-pandemic sales levels for the core business, with revenues rising 81% to £5.7m, which included c.£1.2m of COVID-related revenues. An adjusted EBITDA loss of £2.4m reflected the incremental costs of gearing up to supply the DHSC with COVID-19 antigen tests, which did not materialise. With the contract with DHSC now having expired, focus turns to other commercial opportunities. The core Health & Nutrition EBITDA of £1.15m covered the c
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OptiBiotix has announced the launch of a new sports nutrition product range, LeanBiome, which has been licensed to a leading global player in the beauty & nutrition market. The partner's new product line, containing LeanBiome, is scheduled to be rolled out from January 2022 in Europe and Asia and could be introduced in North America in due course. First orders worth £200k have been placed and the agreement is expected to generate a minimum of £1m in annualised recurring revenues to OptiBiotix. T
Companies: OptiBiotix Health PLC
ECO’s overweight exposure to China continues to have a bearing on the short term outlook, with volatile pork prices impacting on demand and forward visibility. Whilst prices have rebounded strongly off their lows, stability is needed to restore the market to equilibrium. Trading in the rest of the world remains more positive and in line with expectations. After downgrading at the AGM in September, we push through further China-related downgrades, the net impact is -37% at the EPS level this year
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SkinBioTherapeutics has released its FY21A results for the 12-months to June 21. Calendar 21 has been a landmark year for SkinBioTherapeutics, capped by the launch of the company's first product, AxisBiotix-Ps in October. For FY21A, the pre-tax loss was c£1.5m versus our forecast loss of c£2.4m, which along with lower CAPEX, resulted in a stronger year-end cash balance of £4.6m than we had forecast. We believe the development of the two lead commercial pillars, SkinBiotix and AxisBiotix, is prog
Companies: SkinBioTherapeutics Plc
Interims results reflect the high level of Group corporate activity, but also a better performance on cash preservation with the Group incurring lower expenditure. In H1, focus was on evolving the business with a NASDAQ listing and the collective £23.8m (net) refinancing; in H2 attention turns back to the clinical pipeline. We await important topline efficacy Part A data from the Phase I/II of MRx-4DP0004 in asthma - a moment that may validate the live biotherapeutic approach in asthma. We also
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A positive AGM update from CVS this morning shows an excellent start to FY22, reporting strong 12.4% LFL sales growth. This reflects both the secular tailwind from a growing UK pet population and the continuing focus on optimal patient care/working-up of cases. The company does not comment on the CMA enquiry relating to a recent small acquisition. This is to be expected given the restriction terms under CMA guidelines. The transaction itself is not material in terms of scale. Importantly, the pr
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NetScientific (NSCI), the international life sciences and sustainability technology investment and commercialisation group, has arranged an investment of $1m (ca. £0.75 million) into EpiBone Inc, a Life sciences portfolio company. EpiBone is an innovative regenerative medicine company developing a pioneering technology offering a transformational approach to personalised bone graft development for skeletal repair. NSCI's latest investment in EpiBone comprises $734k from its own balance sheet and
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H1 EBITDA declined by 45% YoY, albeit this was slightly better than we had anticipated after the pre-close update in August. The beat was cost related (efficiencies/savings). There was a significant gross margin drag though and, while transitory in nature and diminishing in H2, this means further savings need to be realised to hit full year forecasts. This is our view and we retain a good level of confidence in next year’s forecasts. Having de-rated, valuation looks very undemanding now on just
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Hostmore plc (MORE.L) has demerged from Electra Private Equity PLC, and the shares admitted to the Premium Segment of the Main Market.. Hostmore is a growing hospitality business with its current operations focused on the American-themed casual dining brand, Fridays, and the cocktail-led bar and restaurant brand, 63rd+1st.
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Ashtead Tech, subsea equipment rental and solutions provider for the g
Companies: VAL ALNOV GMR
On track to meet FYApr22E profit forecasts, as investment in chronic condition management solutions accelerates
The digital clinical decision support company has announced its unaudited interim results for the half year ending 31 October 2021. Revenue for the six-month period has held well at £1,618,439 (2020: £1,716,424). Profit before tax is £21,427 (2020: £150,556) and profit after tax £137,352 (2020: £224,825). DXS finished the period with cash on hand of £543,000.
DXS commented that result
Companies: DXS International Plc
Novo Nordisk reported strong Q3 results, with growth again driven by the GLP-1 diabetes portfolio and launch euphoria for Wegovy (obesity drug). Interestingly, management upgraded its 2021 guidance for the third straight quarter. While the group continues to make sound progress in the diabetes market, with its ever-increasing global market share, lack of immediate growth catalysts beyond the largely mature diabetes market is a key impediment. Hence, our recommendation remains cautious.
Companies: Novo Nordisk (NOVO-B:CPH)Novo Nordisk A/S Class B (NOVO.B:CSE)
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,
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