STRATEC Biomedical AG : Downgrade to Reduce after weak H1 results and revised outlook for 2018
>Weak H1 2018 results miss our estimates - Stratec published H1 18 results. Consolidated sales fell 10.5% (nominally) to € 90.2m (Oddo BHFe: € 96.1m; H1 2017: € 51.2m). Organically, sales declined 3.9% yoy. Note that the nominal sales decline of 10.5% includes exchange rate effects and the first-time adoption of IFRS 15 each of each negatively impacted sales growth by 3.3pp.H1 2018 adj. EBIT fell 31% yoy to € 8.9m (Oddo BHFe: € 11.2m, H1 2017: € 12.8m). The adj. ...STRATEC Biomedical designs and manufactures automation solutions and technologies for use mainly in in-vitro diagnostics (IVD) and in other regulated markets. IVD refers to those diagnostics activities performed outside the body in a glass or in test receptacles in a laboratory. Co. operates through two segments: Instrumentation and All Other. In the Instrumentation segment, Co. designs and manufactures fully automated analyzer systems for its clinical diagnostics and biotechnology customers. In its all other segment, Co. develops workflow software for networking several analyzer systems and develops and sells scientific materials and technologies such as nucleic acid purification.
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.
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