Coloplast: Q1 interim results
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In Q1, Coloplast delivered organic revenue growth of 6% and an EBIT margin of 33% at constant exchange rates. The results are in line with expectations.
Coloplast delivered organic growth of 6% in the first three months of the 2016/17 financial year, increasing revenue measured in Danish kroner by 3% to DKK 3,755m. EBIT increased by 3% to reach DKK 1,226m, while the profit for the period was upby 15% to DKK 946m.
Coloplast continued to generate growth in all business areas in the first quarter,delivering organic growth in Ostomy Care at 6%, Continence Care at 5%, Wound &Skin Care at 5% and Urology Care at 8%.
In Continence Care, Coloplast recently launched a new flexible catheter for men, theSpeediCath Flex. The product is now on the market in 11 countries. In addition, inWound & Skin Care, the Biatain Silicone Sizes & Shapes product portfolio had beenlaunched in eight countries on 1 January. Both launches have received very positivefeedback from users and healthcare professionals.
Geographically, Europe was the main growth driver overall, delivering 6% organicgrowth, with sales growth in the UK and France standing out. Other developedmarkets produced 4% growth, while Emerging Markets contributed 7%.
“We delivered satisfactory results in the first quarter of the year, supported by aparticularly strong performance of our European business. Growth in the US wasaffected by inventory reductions of large distributors. Inventory levels are nowback to normal, and we expect this to drive favourable sales growthdevelopments in the coming quarters,” says Lars Rasmussen, CEO of Coloplast.
In a move to support the overall ambition of bringing innovative products andservices to the US market, Coloplast acquired US distributor Comfort Medical inNovember. The acquisition was approved in late December, and the process ofintegrating the company has now been set in motion.
Coloplast continues to expect an organic revenue growth of 7-8% at constantexchange rates. Coloplast now expects organic revenue growth of 7-8% in Danishkroner (DKK) following the acquisition of Comfort Medical and developments in theBritish pound and the US dollar. Coloplast continues to expect the EBIT margin to be33-34% at constant exchange rates and about 33% in DKK.
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