ABG har mod betaling udarbejdet denne analyse af Össur:
- Slower-than-expected Q3, especially in EMEA
- FY’22 guidance trending towards lower end
- Scenario-based fair value range reiterated
FX drives neg. revenue drag of -8% (cons. -6%) for Q3
Q3’22 sales came in at USD 177m, (5% below ABGSCe, 4% below company-collected consensus), corresponding to a 2% decline, while Ossur saw strong sales growth in APAC (14%, driven by China + Australia), a solid Americas (2%). Meanwhile, EMEA was down by -10%, predominantly due to FX headwinds, which impacted sales in the region by -16% and -8% on a group level (consensus ~-6%). inflation in the cost base also negatively impacted Q3, with EBITDA 3% below cons. and, EBIT 63% below (4% below when adj. for one-off costs of USD ~14m related to i) the implementation of a cost savings initiatives -15m, ii) settlement of legal dispute for USD 4m and iii) -3m in M&A-related activities.
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