CONVATEC - 4Q15 RESULTS

​4Q15 results gave a fresh lease of life to ConvaTec, the US manufacturer of medical devices, whose past results have been plagued by a string of legal and sanitary issues in the US and lack of innovation.4Q15 organic sales climbed 14.4% yoy to $435m. Admittedly, this reflected a favorable comparison basis, with 4Q14 hit by sizeable inventory destocking by wholesalers. Still, management flagged a step up in underlying growth to about 5%, reverting to historical trends from just 1.1% in 9M15.