Despite further normalisation in FilmArray, bioMerieux witnessed recovery/ healthy momentum in most other routine areas. Although, as expected, group-wide sales growth moderation was evident. Importantly, profitability came in ahead of (consensus) expectations due to temporarily lower costs. While the worsening COVID-19 situation, especially in the US, may render some near-term support to FilmArray, the rebound in routine businesses is a major promising signal. Our positive stock recommendation ....
