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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 t...
SIVANTOS Soft 2Q15/16 results
​The new results showed continuity with the previous set of quarterlies, as commercial momentum remained buoyant but profitability was hampered by pricing pressure and growth expenditures. Organic growth softened to 7.2% from above 8% in the previous quarter but remains well above industry trends, given the global hearing market is growing at 4 to 5%.
finalement
​Sivantos, the world’s third-largest hearing aid producer, reported mixed 1Q15/16 results (ended 31 December), as growth remained buoyant, but margin pressure intensified. Since 2012, focus on innovation and a shift of commercial efforts toward independent distributors have paved the way for higher growth. In 1Q15/16, organic revenue grew a still impressive 7% to €225m, driven by the ramp-up of the newlyintroduced micon and binax lines in 2012 and 2014.
4Q14/15 SIVANTOS Results: Solid momentum maintained
AUDIOL 8% 01/2023 (call 01/2018 @ 104) @ 110.375, YTW=4.61%, Z+465bps , Caa1 / B- Sivantos, the world’s third-largest hearing aid producer, reported solid 4Q14/15 results (ended 30 September), although profitability was a touch below that at the beginning of the year.
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