ConvaTec Makes Modest Progress on Turnaround; No Change to Our FVE
Slowly but surely, ConvaTec is making progress on its turnaround with another quarter that delivered slight improvements. Revenue growth in the first half of 2018 was largely consistent with our tempered expectations, and reported margins hit our estimates nearly on the nose. We’re leaving our fair value estimate unchanged. In terms of green shoots, we take the return of organic growth in ostomy care and 5.9% organic growth in continence care as positive signs. In particular, we think this growt...ConvaTec Group is a holding company. Through its subsidiaries, Co. is a global medical products and technologies group. Co. has four franchises: Advanced Wound Care, which provides wound dressings, devices and skin care products used for the management of acute and chronic wounds; Ostomy Care, which focuses on devices, accessories and services for individuals who have a stoma; Continence and Critical Care, which provides products for people with urinary continence issues; and Infusion Devices, which develops and manufactures disposable infusion sets for the suppliers of insulin pumps for diabetes treatment and similar pumps used in continuous infusion treatments for other conditions.
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