ABG har mod betaling udarbejdet denne analyse af Össur:
FY’22 guidance downgrade
- Organic growth down to 4-6% (cons. 6.2%)
- EBITDA down to 18-20% (cons. 19.9%)
- Expecting slight share decline, as cons were already low
Downgrade driven by higher costs and weak Q2 sales
Össur downgrade FY’22 guidance and now expects organic growth of 4- 6% (ABGSCe 6.2%, company collected cons 6.2%) for FY 2022 (previous 6-9%) and EBITDA margin before special items of 18-20% (ABGSCe 19.6%, cons. 19.9%) for FY 2022 (previous 20-21%). Currently, management estimates that organic sales growth and EBITDA margin before special items for FY 2022 will be around the middle of the new guidance range. Other guidance parameters remain unchanged. The revisions to its financial guidance is due to lower-than-expected sales and higher-than-expected supply chain cost for FY 2022.
With weak Q2, FY’22 will still be back-end-loaded
Q2’22 preliminary revenues are USD 181m (-7% vs. ABGSC at 194 and -6% vs. cons. of 193), gross Profit USD 111m (-9% vs. ABGSC at 122 and -8% vs. cons. of 121) and EBITDA of USD 33m (-15% vs. ABGSC at 39 and -18% vs. cons. of 40).
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