ConvaTec is struggling to overcome operational problems, but its narrow moat is intact.
We're putting ConvaTec under review and plan to moderately lower our fair value estimate following CEO Paul Moraviec’s resignation and changes in inventory management at Medtronic--ConvaTec’s largest customer for infusion sets--that will materially lower infusion set sales in the fourth quarter. ConvaTec’s progress since its initial public offering could be characterized as one step forward, two steps back, in our opinion. Overall, we expect to further dial down our already-tempered projections ...
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