ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/15/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 15/05/2025

Syensqo : Q1 25 results. Sequential improvements reiterated

mdxhealth 1Q25 results emphasize tissue-based growth, adj. EBITDA on track

mdxhealth reported 1Q25 results, showing $ 24.3m rev (+22% y/y), driven primarily by a 41% rise in tissue-based test volumes. Company is clearly prioritizing the opportunity in tissue-based with higher ASP and margins, as tandem Confirm/GPS is well received by urology practices and pathology labs. Gross margins made a resulting 3 ppt jump y/y to 63.8% while opex remained largely in line, leading to adj. EBITDA of $ -1.3m. Mgmt reiterated its FY25 revenue guidance of $ 108-110m and confirmed it is on track to achieve adjusted EBITDA profitability in 2Q25. Buy/$ 4.2 TP reiterated.

D'Ieteren DIE CMD Feedback: Steady as she goes, but with some extra colour

Yesterday, D'Ieteren disclosed its new 2024-2028 ambitions during a CMD in London. In general, D'Ieteren's new ambitions were broadly in line with our expectations and reconfirm the structural growth trends of the recent years. We therefore do not expect major changes to css expectations. While the event did not contain any major surprises, we did get some extra colour on certain topics, with the key new elements summarized below. We further also welcome the solid 1Q25 results at Belron. As the CMD reconfirmed our earlier view, we stick to our Buy rating and € 220 TP.

Morning Notes : CPINV BB, DIE BB, ENX FP, MDXH BB, ALFEN NA, SYENS BB

: CPINV BB, DIE BB, ENX FP, MDXH BB, ALFEN NA, SYENS BB