ABG har mod betaling udarbejdet denne analyse af Össur:
FY’22 guidance downgrade
- As pre-announced, Q2 sales weaker than expected
- FY’22 revenue/EBITDA guidance downgraded
- Fair value range reiterated at DKK 26-56
Weak US/APAC and negative FX impact lower Q2 top line
The company pre-announced Q2 numbers on Monday 18 July as part of its FY’22 guidance downgrade. Q2 was weak, with revenues of USD 181m (-7% vs. ABGSC at 194m and -6% vs. company-collected cons. of 193m), gross profit of USD 111m (-9% vs. ABGSC at 122m and -8% vs. cons. of 121m) and EBITDA of USD 33m (-15% vs. ABGSC at 39m and – 18% vs. cons. of 40m). Sales were weak in both segments, each with negative organic sales growth of 1% in Q2, predominately driven by falling sales on the North American market (-4% organic sales decline) and APAC (mainly China) (-3% organic sales decline), while EMEA was up 3% organically. FX had a negative impact of -6% on the group level (due to stronger USD/EUR). Overall, we expect that at current FX levels, all else equal, the EBITDA margin will be lowered by 50bp in FY’22.
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