Carl Zeiss Meditec : Q1 review - Sales in-line, strong order intake, but margins weak
>Strong order growth of 24%, but only 18.1% margin - Carl Zeiss Meditec reported a solid sales performance with sales having increased by c. 11% y-o-y (€ 410.2m), in-line with the consensus (Vara), 2% ahead of our forecast. While Ophthalmic Devices came in broadly in line with our forecast and consensus, Microsurgery was a slight positive surprise. Order intake growth was even 24% y-o-y in Q1 (to € 498.3m). However, the company also talked about constrained suppl...Carl Zeiss Meditec is a holding company. Co.'s businesses are focused on two primary areas: Ophthalmology and Microsurgery. In Ophthalmology, Co.'s operations are divided in to two strategic business units: Ophthalmic Systems, which includes a range of laser and diagnostic systems for ophthalmology; and Surgical Ophthalmology, which consists of activities in the field of ophthalmic implants and consumables. In Microsurgery, Co. provides surgical microscopes and visualization solutions, e. g. for ear, nose and throat surgery, or neurosurgery. These products are mainly used to assist with the removal of tumors, as well as the treatment of vascular diseases and functional disorders.
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