Ambu (Buy, TP: DKK135.00) - A ‘low-quality’ miss
The Q2 results were worse than expected, but as this was driven by its legacy business, it was a ‘low-quality’ miss. The key growth driver Endoscopy Solutions was much stronger than expected, with bronchoscopy back to growth after two years of declines. While the legacy business is set to be more of a drag than expected, we still find the maintained 2023 guidance conservative. We reiterate our BUY and DKK135 target price.Ambu develops, produces and markets diagnostic and life-supporting devices. Co. has three business areas: Airway Management; Patient Monitoring & Diagnostics; and Emergency Care. Co.'s Airway Management products include laryngeal masks, face masks for artificial ventilation and scopes. The target groups for these products are hospitals and ambulance services. The Patient Monitoring & Diagnostics products comprise single-use electrodes for neurological and cardiological examinations. The target groups for these products are hospitals, clinics, ambulance services and sleep labs. The Emergency Care products comprise ventilation bags, neck collars and manikins for first-aid training.
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