Q2 organic growth of 7.5% YOY was in line with our forecast and consensus, but the EBIT margin (b.s.i.) of 27.2% missed. Coloplast revised its 2023/24 reported revenue growth guidance to 10–11% (previously c11%) on FX, but kept its c8% organic growth and 27–28% EBIT margin (b.s.i.) guidance. At the upcoming ‘Meet the Management’ event, we expect an update on its clinical performance programme and a deep-dive into Kerecis. We reiterate our BUY and DKK1,050 target price.
We view the CMD as another step in rebuilding credibility. Key highlights included new financial aspirations for 2025–2028, insights into the One-GN strategy and deep dives into key markets, with management providing long-term market growth outlooks. We believe GN is ahead of its deleveraging plan and investor focus has shifted to the underlying business. We reiterate our BUY and DKK250 target price.
>Q2 review – Miss on top and bottom line - Coloplast’s Q2 2024 revenues of DKK 6,586m (+8.7% y-o-y) were -1%/-2% vs ODDO BHF/consensus, driven by organic growth of 8% (7.3%/7.6% ODDO BHF/consensus). External growth contributed to the tune of 4% and forex created a headwind of 300bp. Coloplast achieved an EBIT of DKK 1,772m (+7.3% y-o-y, margin 26.9%), which was -3%/-4% vs expectations. Profitability was supported by operating leverage and efficiency savings but impact...
A director at Novo Nordisk AS sold 6,311,250 shares at 860.020DKK and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...
Coloplast styrker stomiporteføljen med tre nye produktlanceringer Selskabet har fået refusionsgodkendelse i Storbritannien for Heylo™, verdens første digitale notifikationssystem til at opdage lækage, og udvider samtidig sin SenSura® Mio-produktserie med to nye lanceringer. Da vi lancerede vores 2025-strategi, Strive25, satte vi et klart mål om at hæve behandlingsstandarden for vores brugere og bringe nye produkter hurtigere til markedet. Jeg glæder mig over at se, at vores innovationsteam bliver ved med at levere, senest med lanceringen af disse tre nye stomiprodukter, fortæller Colopl...
Coloplast strengthens ostomy care portfolio with three significant product launches The company has received reimbursement approval in the UK for Heylo™, the world’s first digital leakage notification system, and expands its SenSura® Mio ostomy range with two new products. As part of our 2025 strategy, Strive25, we set an ambition to significantly raise the standard of care for our users and bring new products to market at a higher pace. I am excited to see that our Innovation unit continues to deliver on this commitment, latest with these three new products in Ostomy Care, says Executiv...
Coloplast A/S - Selskabsmeddelelse nr. 02/2024 - Regnskabsmeddelelse, 1. halvår 2023/24 H1 2023/24Regnskabsmeddelelse, 1. halvår 2023/241. oktober 2023 – 31. marts 2024 Coloplast leverede et solidt 2. kvartal med 8% organisk vækst og en overskudsgrad1) på 27%. Den rapporterede omsætning målt i danske kroner steg 9% med 4 procentpoint bidrag fra Kerecis (underliggende vækst på ca. 35%), delvist udlignet af valutaer. Den organiske vækst pr. forretningsområde var 7% i Stomi, 8% i Kontinens, 13% i Stemme og Respiratorisk Pleje, 8% i Avanceret Sårpleje (8% i Avancerede Sårbandag...
Coloplast A/S - Announcement no. 02/2024 - Interim Financial Report, H1 2023/24 H1 2023/24Interim financial results, H1 2023/241 October 2023 - 31 March 2024 Coloplast delivered a solid Q2 with 8% organic growth and an EBIT margin1) of 27%. Reported revenue in DKK grew 9% with 4%-points contribution from Kerecis (underlying growth of around 35%), partly offset by currencies. Organic growth rates by business area: Ostomy Care 7%, Continence Care 8%, Voice and Respiratory Care 13%, Advanced Wound Care 8% (Advanced Wound Dressings 8%) and Interventional Urology 5%.Continu...
Q1 organic growth was a soft c3% YOY on tough comparables, reflecting growth of c4% for Hearing Aids and c7% for Diagnostics, but a weak c0% for Hearing Care due to slowing momentum in France. We expect 2024 to be back-end loaded and driven by Oticon Intent. The 2024 guidance was unchanged for key lines, including organic growth of 4–8%, EBIT of DKK4.6bn–5.0bn, and share buybacks of DKK2.0bn+. We reiterate our BUY and DKK400 target price.
>Q1 review – slower organic growth leads to miss on sales forecast - Demant’s Q1 revenues of DKK 5,423m (-1.5% y-o-y,) were driven by organic growth of 3% (vs ODDO BHF 6.2%/consensus 4.7%) and were -3%-2% vs ODDO BHF/consensus. The Communication business is excluded from the operating development as the asset is booked as discontinued operation. No bottom line was reported on a quarterly basis.Hearing aids impacted by flat growth in Europe - Hearing a...
The Q1 results beat our expectations and consensus, with c5% organic growth and a 12.5% EBITA margin, driven by the Hearing division, while Enterprise and Gaming & Consumer saw c0% organic revenue growth in still-muted markets. The 2024 guidance was maintained for organic sales growth of 2–8%, an EBITA margin of 12–14%, and FCF of >DKK700m. At the upcoming CMD, we expect focus to be on One-GN and market outlook. We reiterate our BUY, and have raised our target price to DKK250 (230).
Q1 LCY figures beat consensus due to US rebate adjustments related to 2023 adding c5%-points to LCY growth and low SG&A cost boosting EBIT growth in Q1. Wegovy sales were below consensus but above our forecast, and we have therefore adjusted our rebate assumptions for 2024. The 2024 guidance was raised to LCY sales growth of 19–27% (18–26%) and LCY operating profit growth of 22–30% (21–29%). We reiterate our BUY and DKK1,100 target price.
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