Report
Christophe-Raphaël Ganet

ODDO : Q1 2020 previews

>Recent contact with companies in the sector - Here we outline our main takeaways from our recent contact with a number of companies (Boiron, Bastide, bioMérieux and Ipsen).Generally, the tone was not one of doom and gloom, and the resilience in sales is being confirmed (the defensive qualities of the healthcare sector are coming through fully).Q1 previews (+5% estimated) - In this update, we are giving our previews for the stocks in our coverage...
Underlyings
Amplitude Surgical

Amplitude Surgical SA is a France-based company engaged in the field of orthopedic surgeries. The Company offers the AMPLIVISION system, a computer navigation workstation and its related software, which is fully developed by the Company in collaboration with surgeons. Each implant is validated mechanically by creating models and running tests on simulators. Amplitude Surgical SAS relies on the expertise of its design offices and on scientific partnerships to internally design and develop its implants and automatic or computer-navigated instruments. It operates through ofab Orthopedie, a strategic industrial subcontractor

Bastide Le Confort Medical SA

Bastide le Confort Medical is a holding company. Through its subsidiaries, Co. is engaged in the home health care industry. Co. retails and rents medical equipment and provides medical services. Products include breathing apparatus, orthopedic shoes, walking aids and wheelchairs, home appliances and furniture adapted to the needs of the lesser able, with the recent addition of equipment related to perfusion and nutrition. Co. operates through a number of outlets concentrated mainly in the South of France, offering advice and information to customers along with the provision and maintenance of medical equipment.

BioMerieux SA

Co. specializes in the field of in vitro diagnostics for clinical and industrial applications. Co. designs, develops, manufactures and markets systems used in: Clinical Applications (the diagnosis of infectious diseases such as hepatitis, HIV, tuberculosis and respiratory illnesses, as well as pathologies such as cardiovascular diseases and cancers, based on the analysis of biological samples such as blood, saliva or urine); and Industrial Applications (microbiological analysis of samples of finished or semi-finished products (or of the environment), chiefly in the food processing and biopharmaceutical industries), detecting microorganisms in agri-food, pharmaceutical and cosmetic products.

Boiron SA

Boiron manufactures and markets homeopathic medicines. Homeopathic medicines are prepared from vegetable, animal, mineral, or chemical substances, which are diluted. Co. sells three types of products in 59 countries: Non-proprietary homeopathic medicines, OTC family medication specialties, and Other products. There are two large families of homeopathic medicines: Those associated with precise therapeutic indications and dosage, and those that do not mention a therapeutic indication or dosage. Co. supports homeopathy education and training organizations for healthcare professionals. Some of Co.'s brand names include Oscillococcinum®, Stodal®, S?datif PC®, and Coryzalia.

Eurofins Scientific Societe Europeenne

Eurofins Scientific is an international life sciences company operating in food & pharmaceutical products testings. Co. provides analytical testing services to clients from various industries including pharmaceutical, food, and environmental sectors. Co. offers analytical methods for evaluating the authenticity, origin, safety, identity, composition, and purity of biological substances & products. Co. verifies authenticity of products analyzed to detect dangerous components (pathogens, prions, pesticides, asbestos, mycotoxins, dioxins, toxic substances, etc.). Co. operates in Benelux, France, Germany, North America, Scandinavia, British Isles (U.K. & Republic of Ireland), & other countries.

Guerbet SA

Guerbet is a French pharmaceutical group that develops, markets, and provides maintenance services for medical equipment and devices destined for diagnostic and interventional imaging. Co.'s portfolio comprises media solutions covering MRI, X-rays and products devoted to International Radiology and Theranostics and medical devices. Co. organizes its operation by product family covering Magnetic Resonance Imaging (MRI), X-rays (XR) and Interventional Radiology and Theranostics (IRT). The MRI family includes Dotarem® and Artirem®; Co.'s X-ray product family includes Xenetix®, Optiray®/Optiject®, Oxilan®, and Telebrix®; and the IRT product family has Lipiodol®, Bleu Patente V and Hexabrix®.

Ipsen SA

Ipsen is global biotechnology specialty care company. Co. engages in research, development, manufacture and sale of pharmaceutical products for human healthcare. Co.'s product portfolio includes pharmaceutical products marketed around the world to specialists working in its targeted therapeutic areas (oncology, endocrinology, neurology and haematology). These products are specialist care drugs. Co. also markets products in other therapeutic areas including gastroenterology, cardiovascular and cognitive disorders. These products are primary care drugs. Co.'s brand names include Decapeptyl®, Somatuline®, Dysport®, Nutropin Aq®, Smecta®, Forlax®, Nisis®,Adrovance®, Exforge® and Adenuric®.

Korian SA

Korian is an actor on the temporary and permanent dependency care market in France, Germany and Italy. Co. offers and develops services related to dependency through its retirement homes (116 as of Dec 31 2009), follow-up care and rehabilitation facilities (35 as of Dec 31 2009) and psychiatric clinics (11 as of Dec 31 2009). Co.'s operations can be divided into four geographical segments: Medical and Social activity in France (retirement homes); Sanitary activity in France (follow-up care, rehabilitation, psychiatry and home medical care); Italy; and Germany.

LNA Sante SA

LNA Sante SA Formerly known as Le Noble Age. LNA Sante SA, formerly known as Le Noble Age SA is a France-based company that owns and operates retirement homes and complexes for elderly residents. The Company's residences provide care and assistance for elderly people with a variety of needs, from those with a high level of independence, to those who are completely dependent. LNA Sante SA is also engaged in real estate operations. The Company has residences in France and Belgium. LNA Sante SA operates through its several subsidiaries, including Le Parc de Diane Sarl, Institut Medicalise de Mar Vivo, Gerhome, Residence le Point du Jour and the home healthcare service provider ARAIR Assistance, as well as ARAIR Group's support and training services, among others.

Orpea SA

ORPEA is a dependency, physical and psychiatric care group based in France. Co. operates long-term and short-term care facilities, including medical care facilities, medical and social care facilities and residential facilities for the elderly. Co. provides short, medium and long-term global physical and mental dependency care. Co. also operates residential facilities for disabled people of any age, hotels, and hotel-related, as well as leisure accommodation facilities. Co. operates in France and abroad (Belgium, Italy, Spain and Switzerland) in three business segments: Long-term care facilities (nursing homes); Post-acute and Rehabilitation care facilities; and Psychiatric care facilities.

Sartorius Stedim Biotech SA

Sartorius Stedim Biotech is a provider of equipment and services for the development, quality assurance and production processes of the biopharmaceutical industry. Co.'s solutions cover fermentation, filtration, purification, fluid management and lab technologies and membrane chromatography, including various conventional lab products to biopharmaceutical laboratories. Co.'s technologies, products and services are used to develop and manufacture medications and vaccines using biological methods. Co.'s products covers all upstream and downstream steps in the production of active pharmaceutical ingredients. It specializes in single-use products and offers technical consulting and services.

Vetoquinol SA

V?toquinol is a global player in the animal health sector, serving both the livestock (cattle and pigs) and pet (dogs and cats) markets. Co. designs, develops, and sells veterinary drugs and non-medicinal products in Europe, the Americas and the Asia Pacific region, as an independent entity. Co. is also active in the therapeutic fields of anti-infectives, pain-inflammation and cardiology-nephrology treatment. As of Dec 31 2013, Co.'s product portfolio included brands such as Aurizon®, Epiphen®, Ipakitine®, Marbocyl®, Propalin®, Tolf?dine®, Tolfine®, Clavaseptin®, and Vetprofen®. Co.'s brands are V?toquinol, Tomlyn, and Evsco in the U.S.A. and Equistro for the horse range.

Virbac SA

Virbac is an independent veterinary pharmaceutical laboratory. Co. develops and provides veterinarians and farmers with medicines and vaccines that improve the health of food producing animals. Co. markets a range of products designed for pets and livestock. It offers seven types of products for companion animals (Parasiticides, Immunology, Antibiotics/dermatology, Specialties, Equine, Specialized pet food and Other products), and four types of products for food producing animals (Bovine parasiticides, Bovine products (excluding parasiticides), Pig/poultry antibiotics and Other products). Co. markets its products in the ethical (veterinarian) and OTC markets.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Christophe-Raphaël Ganet

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