Initiating Coverage on ConvaTec With a Narrow Moat
We have initiated coverage on ConvaTec, which has recently emerged from under private equity ownership with plans to press its advantage in advanced wound care and enhance its ostomy business where it is playing catch-up. By and large, we like ConvaTec’s businesses that focus on chronic care, which translates into an ongoing stream of revenue. However, we recognize the firm has lagged significantly behind its key competitor, Coloplast. From our perspective, there is plenty of opportunity for Con...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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