Lifting growth and margins in 2024

Ossur reported strong growth and weak margins in Q4. New Medicare reimbursement could have substantial positive impact. We narrow fair value range to DKK 25-37.

Incremental positive shifts in 2024

Q4e: Tuesday, 30 2 January at 8:00 CET. Focus on 2024 guidance, which should see a growth step-up. Fair value reiterated at DKK 26-40.

Steady as she goes

Solid Q3 with 7% organic growth and 8% EBITDA beat vs. ABGSC. Unchanged guidance leaves a wide Q4 range and question marks. 6-9% negative EPS revisions, narrowing FVR to DKK 26-40.

Solid Q3, wide implicit Q4 guidance range

Solid Q3 in sight

Q3 report due Tuesday, 24 October. Q3e: solid 6% org. growth and continued margin pressure. Fair value ranged narrowed to DKK 30-44.

FY'23 revenue guidance upgrade

Solid Q2'23, providing confidence to upgrade FY'23 organic revenue guidance to 7-8% from 4-8% (cons. 7.8%). Value range reiterated and limited consensus estimate changes expected.

Q2 likely to be uneventful

Q2 likely a solid but uneventful quarter, with consensus leaning towards an upgrade to sales guidance. Fair value range reiterated and limited estimate changes.

Solid start to new strategic era

Solid Q1, in line with consensus. Strategic case remains unchanged after recent CMD. No estimate changes, fair value remains at DKK 24-54.

Q1 likely to be a non-event

Growth'27 targets 7-10% annual LCY growth

Feedback from ABGSC Investor Day