- Underwhelming Q3, with sales ~6% below consensus
- Greater than expected FY’21 guidance downgrade
- Fair value range lowered to DKK 36-68 (38-71)
Q3’21 continues to see supply chain/COVID implications
Q3’21 was weaker than the company-collected consensus, with sales growing by 4% organically (cons. 9%) to USD 180m (cons. 191m). The sales growth was driven by prosthetics, which was up 7% organically (vs. cons of 9%) due to strong bionic sales in EMEA, and while the American prosthetics markets was hurt by the delta COVID variant, it was softened by the limited launch of the new power knee. The B&S segment growth was flat (vs. cons. of 10%), primarily due to soft sales in the US. In terms of profitability, we saw an EBITDA margin of 21% (cons. 23%), as it was hurt by soft sales in the US and further supply chain-related cost issues e.g., increased freight costs.
Generalt om Commissioned Research: Bemærk, at man bør se bort fra eventuelle kursestimater i såkaldt commissioned research, og den underliggende analyse skal også tolkes med forsigtighed, da negative aspekter ikke nødvendigvis fremhæves.