Quarterly Comment: Sivantos
​Sivantos, the German maker of hearing aids, disclosed relatively soft 1Q earnings with yoy organic sales up only 3.7% to €235m and company-adjusted EBITDA down €4m to €54m, while margin declined 120bps to 22.8%. In the call, management did not flag any specific reason for the temporary underperformance, pointing out (rightly) that the previous quarter had been very strong and that it remained on course to grow at twice the market rate (i.e. 9-10% against 4-5%) this year. We think that the company still benefits from a strong product line, with recent successful launches featuring innovative rechargeable and Bluetooth functionalities. Meanwhile...
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