Ossur (Buy, TP: DKK52.00) - Delta variant could slow recovery
Helped by still-easy comparables, we expect Ossur to report solid Q3 results, but as the Delta variant probably slowed the recovery in the US, we are slightly below consensus for the quarter. Similarly, we believe the Delta variant could prompt Ossur to narrow its full-year guidance to the lower end of its range, just below consensus. However, any consensus reductions could be offset by Ossur’s strong M&A pipeline. We have cut our target price to DKK52 (54), and reiterate our BUY.Ossur is an orthopaedics solutions group based in Iceland. Co. specializes in the manufacture and sale of high quality orthopaedic solutions. Co. is engaged in the development and manufacturing of products in three categories: Bracing and Support (products are primarily used to support joints and other body parts, both for therapeutic and preventive purposes); Prosthetics (products include artificial limbs and related products for individuals without limbs or with limbs amputated); and Compression Therapies (treatment for venous ulcers and edema). Co.'s product line includes brands: RHEO KNEE®, POWER KNEE™ and PROPRIO FOOT®. Co. orthopaedic market includes the Americas, EMEA and Asia.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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